John McDermott appointed Head of Economics

Release date
09 February 2007

Dr John McDermott has been appointed Head of Economics at the Reserve Bank. 

Governor Alan Bollard said today he was pleased to announce the appointment following the announcement last month that the current Head of Economics, Grant Spencer, will take over as Head of Financial Stability.  The moves come after the recent departure of Adrian Orr to take up the role of Chief Executive of the Guardians of the New Zealand Superannuation Fund.

Dr McDermott will commence at the Bank on 11 June 2007.  He is currently Associate Professor at Victoria University's School of Economics and Finance.  Dr McDermott has held positions at the ANZ National Bank of New Zealand and the International Monetary Fund. He has also previously worked at the Reserve Bank in various roles.

"Dr McDermott brings to the position a strong and broad background in economics," Dr Bollard said. 

Once Mr Spencer moves to the Financial Stability Department, Bernard Hodgetts will be acting Head of Economics until Dr McDermott takes up his appointment. 

For further information contact:
Mike Hannah
Head of Communications
Ph 04 4713671, 021 497418, mike.hannah@rbnz.govt.nz