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Reserve Bank Personnel Changes

News Release
Date 3 March 2003
Time Immediate

Reserve Bank Personnel Changes

The Reserve Bank today announced two impending changes in the Bank's senior management team.

These were, firstly, the appointment of Mr Adrian Orr as Head of the Bank's new Financial Stability Department. Mr Orr will also carry the title of Assistant Governor.

Mr Orr was the Manager of the Reserve Bank's Economics Department from 1997 to 2000 and is currently Chief Economist and Head of Government Business at Westpac.

The Financial Stability Department has been created by the amalgamation of the Reserve Bank's Financial Markets and Banking System Departments. Central to its work will be building the Bank's capacity to monitor the financial system, with a view to reducing the probability of shocks to the financial system and increasing the system's capacity to absorb shocks if and when they occur.

Secondly, as of 21 July, Deputy Governor Rod Carr will be taking up an appointment as Chief Executive Officer of Jade Software Corporation Ltd. This follows Dr Carr indicating to the Bank that he will not be renewing his contract with the Bank, which expires on 20 July 2003.

Reserve Bank Governor Alan Bollard commented "The Reserve Bank wishes to congratulate Dr Carr on his appointment and also to thank him for the first-rate contribution that he has made to the Bank over the last five years. Dr Carr has played a crucial role in the Bank. Indeed, the refocusing of the Bank with a greater emphasis on financial stability has been very much the result of his efforts. I am sure he will bring the same clarity and judgement to his new role."

ENDS

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