Wednesday 26 April 2017 10:49 AM
RBNZ's Geoff Bascand to take over as financial stability head in September
By Paul McBeth
April 26 (BusinessDesk) - Reserve Bank deputy governor Geoff Bascand will take charge of the monetary authority's financial stability function when Grant Spencer fills in as governor in September.
Bascand, a former government statistician, is currently head of operations at the central bank overseeing much of the bank's day-to-day management. From Sept. 27, he will shift to head of financial stability, where he'll be in charge of the bank's prudential supervision functions and with developing policies to ensure the stability of the wider financial system.
The reshuffle comes as governor Graeme Wheeler's five-year term is set to expire on Sept. 26, three days before the general election, prompting the government to appoint Spencer as acting governor for six months once Wheeler departs.
"Geoff brings considerable leadership experience, economics and public policy background to the role," Wheeler said in a statement. "Through his participation in the bank’s governing committee, financial policy committees, and chairing of the bank’s assets and liabilities committee, Geoff is very familiar with the bank’s work programmes and policy issues in the area of financial stability."
Bascand had been tipped as a contender to replace Wheeler on a permanent basis. The finance minister appoints the governor on the recommendation of the Reserve Bank's board