Dr Bollard’s term as Governor has been extended a further five years, expiring in September 2012.
"Alan has demonstrated his integrity and outstanding general management skills in performing his duties as Governor over the past five years so I am pleased to accept the Reserve Bank Board’s recommendation to reappoint him for another five year term," said Dr Cullen
The Minister and the Governor agreed that the current PTA continues to ensure transparency and provides an appropriate basis for accountability in the conduct of monetary policy.
"As Minister of Finance my priority is to maintain a disciplined fiscal policy approach to help the Governor achieve the inflation outcomes in the PTA."
Dr Bollard said he was pleased to accept another term as Governor of the Reserve Bank.
Dr Cullen and Dr Bollard added that if their understanding of the appropriate targets and mechanisms changed for the operation of monetary policy, which could arise from the select committee inquiry into monetary policy, then Dr Cullen and Dr Bollard could agree to amend the Policy Targets Agreement at that time.
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