Reserve Bank of New Zealand Press Release

The Reserve Bank will be advertising shortly for a new position in its senior management team.

Reserve Bank Deputy Governor Rod Carr commented "The recent appointment of the Bank's Financial Markets Department Head Michael Reddell to a position offshore has presented the Bank with an opportunity to refocus some of its activities.

"To that end, the Reserve Bank has decided to amalgamate its Financial Markets and Banking System Departments into a single new Financial Stability Department. The post of Head of the new department will be advertised shortly.

"The amalgamation is not part of a downsizing and staff losses are not intended. Rather, it reflects the Reserve Bank's view that preserving and enhancing financial stability will be an increasingly important priority in the years ahead. Thus we have concluded that a more integrated effort is required to ensure that this challenge is met.

"In terms of the Reserve Bank's overall structure, the Economics Department and the Bank's operational departments will remain for the most part unchanged. There will be three direct reports to the Governor. I will continue as Deputy Governor and Deputy Chief Executive and will be Head of Operations. Assistant Governor David Archer will continue as Head of the Economics Department. The third direct report will be the Head of the new Financial Stability Department," Dr Carr concluded.