Grant Spencer. Photo: RESERVE BANK
A former acting governor of the Reserve Bank has been appointed to its board.
Finance Minister Nicola Willis has approved the appointment of Grant Spencer for a five-year term to fill one of two vacancies.
"Grant Spencer brings expertise in central banking, financial stability, and monetary policy," Willis said.
Spencer served as a RBNZ Deputy Governor, in charge of the supervision of banking and insurance sectors.
He was appointed acting governor by the former National-led government for six months after the departure of Graeme Wheeler in September 2017 and the appointment of Adrian Orr by the newly elected Labour led government in 2018.
Spencer was critical of the RBNZ's policies which were a factor in setting house prices alight at the start of Covid.
He replaces Rawinia Higgins, whose term has ended.
RBNZ chair Neil Quigley said Spencer would strengthen the board.
"Mr Spencer's appointment will enhance the Board's expertise in prudential regulation, macro-prudential policy, and financial market operations, offering complementary strengths to existing board members, particularly in the context of New Zealand's central banking landscape."
A current member of the board, Byron Pepper, has been reappointed for another five-year term.
There is one remaining vacancy on the RBNZ board, which has come under scrutiny and criticism after the abrupt resignation of Adrian Orr.
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