Banking and financial circles are rife with speculation over the successor to Dr Alan Bollard as the Governor of the Reserve of Bank of New Zealand.
Dr Bollard announced on January 30 that he would like to be relieved of the post when his term ends on September 25.
He succeeded Dr Don Brash (who quit the job to become National Party leader and Member of Parliament) on September 23, 2002 and has served two terms in the top banking post.
TVNZ Business presenter Nadine Chalmers-Ross said several names have been suggested for one of the most prestigious jobs in the country.
According her, Dr Arthur Grimes, Chairman of the Reserve Bank Board, Grant Spencer (Deputy Governor and Head of Financial Stability and John McDermott (Deputy Governor and Head of Economics) and New Zealand Super Fund chief executive Adrian Orr are possible candidates.
Dr Grimes said the Board of Directors would recommend to the finance minister a suitable successor recruited either locally or from overseas.
Dr Bollard said he would continue to focus on the serious economic and financial challenges facing New Zealand.
“The Reserve Bank of New Zealand is ready to respond to ongoing developments overseas, especially in Europe, the US and China, as well as domestically, particularly the Canterbury earthquakes.
“In addition, the Bank’s expanded prudential regulatory responsibilities mean we will continue to introduce new prudential requirements this year, especially in the insurance and non-bank sectors,” he said, announcing his decision to retire from the job.
Ms Chalmers-Ross said the job would be highly challenging.
“If macro-economics is your thing, then it is a particularly desirable job but it would be hard to please all people all the time and you have got a lot of competing forces,” she said.
She said Dr Bollard had a lot to deal with during his ten-years as the Governor, including a housing bubble and the global financial crisis.
“He is generally agreed to have done a solid job,” she said.
