RBNZ Deputy Governor Leaves Post Earlier Than Planned After Protocol Breach

New Zealand’s central bank said that Deputy Governor Geoff Bascand left his role earlier than planned after breaching the bank’s protocol by sharing information about a leadership restructure unauthorized.

Bascand, whom the Reserve Bank of New Zealand (RBNZ) announced in September would be leaving his post in early January, had agreed to move the schedule earlier and left the central bank on Dec. 17.

“Bascand apologized for his actions and accepts it was a lapse in judgement. The RBNZ Board and the Minister of Finance have been informed,” an RBNZ spokesman said.

Last year, the Reserve Bank implemented a leadership restructure that expanded the senior leadership team from six to eight roles in a bid to strengthen the team after several senior officials, including Bascand and Chief Economist Yuong Ha, decided to leave.

RBNZ Governor Adrian Orr told a parliament committee in December that the high staff turnover resulted from operational changes and individual choices rather than issues with his leadership.

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