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Reserve Bank of New Zealand Act 2021

Reserve Bank of New Zealand - Governor

96: Minister must make temporary appointment if office of Governor is vacant

You could also call this:

"The Minister chooses a temporary boss for the Reserve Bank if the main boss leaves."

Illustration for Reserve Bank of New Zealand Act 2021

If the Governor of the Reserve Bank of New Zealand leaves their job, you know the Minister has to choose someone to take their place for a little while. The Minister picks someone to be the temporary Governor for up to six months, and they do this after the board recommends someone. You can find out more about the old law by looking at s 48 of the 1989 law. The board has to give the Minister their recommendation within 28 days of the Governor leaving. The Minister can then extend the temporary Governor's time in the job by up to three months if they want to. They do this by sending a written notice to the temporary Governor and a copy to the board. If someone used to be the Governor and their term ended, they cannot be chosen as the temporary Governor. The temporary Governor can also work for the Bank in another job, but when they are acting as Governor, they are not an employee. The Minister makes these decisions to ensure the Reserve Bank of New Zealand keeps running smoothly.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS287123.

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Part 2Reserve Bank of New Zealand
Governor

96Minister must make temporary appointment if office of Governor is vacant

  1. If the office of Governor becomes vacant, the Minister must, on the recommendation of the board, appoint a person (A) as Governor for a period not exceeding 6 months.

  2. The board must make a recommendation within 28 days after the office of Governor becomes vacant.

  3. The Minister may extend A’s term of appointment by up to 3 months by written notice to A (with a copy to the board).

  4. A Governor who has ceased to hold office (for example, at the end of the Governor’s term) may not be appointed under subsection (1).

  5. A may separately hold a position as an employee of the Bank, but A is not an employee in their capacity as the Governor.

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