Reserve Bank Deputy Governor appointed

Date 16 February 2007

Grant Spencer has been appointed Deputy Governor of the Reserve Bank, Reserve Bank Governor Alan Bollard announced today.

Dr Bollard said Mr Spencer’s appointment was approved by the Reserve Bank Board on 15 February, and is effective immediately. The appointment follows the recent departure of Adrian Orr to take up the role of Chief Executive of the Guardians of the New Zealand Superannuation Fund.

Mr Spencer is currently Head of Economics, but will leave that role to become Head of the Financial Stability Department on 2 April 2007.

For further information contact:

Mike Hannah

Head of Communications

Ph 04 4713671, 021 497418, mike.hannah@rbnz.govt.nz