Reserve Bank Chairman Neil Quigley Refuses to Comment on Adrian Orr’s Resignation Allegations

Reserve Bank chairman Neil Quigley has refused to comment on allegations that there was more to Adrian Orr’s resignation as Governor than the public has been led to believe. The controversy has sparked a wave of speculation and scrutiny, with a former Reserve Bank manager, Michael Reddell, revealing details in a blog post following a leak from an anonymous source close to the matter.

According to the source, Orr allegedly lost his cool and swore at Treasury staff during a meeting on February 21, before behaving badly during a meeting with Finance Minister Nicola Willis on February 24. The source claims Quigley emailed Orr on February 27 with a “Statement of Concerns”, outlining a series of issues with Orr’s behavior over several years. A week later, on March 5, Orr resigned.

When questioned by Newstalk ZB about the alleged “Statement of Concerns”, Quigley stated, “I can’t go into that.” When asked about the swearing allegation, he responded, “I can’t comment on that. That’s a matter of privacy that I don’t think I should discuss.”

Quigley also reiterated that Orr’s resignation was a “personal decision” and that the Reserve Bank would not release any further information beyond its June statement and the documents released under the Official Information Act (OIA). A Reserve Bank spokesman confirmed that they had provided all legally required information and noted that the Ombudsman is investigating a complaint related to their handling of the information requests.

On the day of Orr’s resignation, Quigley refused to elaborate on the reasons behind the surprise decision, which came just a day before the Reserve Bank hosted an international economics conference. In June, the Reserve Bank issued a more detailed statement, saying that Orr resigned because he disagreed with the board over the amount of government funding the bank should seek.

However, Reddell’s source suggests there was an element of Orr being pushed to resign. When questioned on Tuesday about the funding disagreement, Quigley insisted that “there was nothing about that that required Adrian to resign. He chose to make it a personal decision that he would resign at that point.”

Meanwhile, Finance Minister Nicola Willis has remained tight-lipped on the issue. When asked about whether Orr raised his voice during the February 24 meeting, she said, “As I’ve said previously – not that I recall.” She distanced herself from the issue, stating it was an employment matter between Orr and the Reserve Bank board.

The Herald has requested comments from Treasury on the allegation that Orr lost his cool during the February 21 meeting. A copy of the meeting minutes has also been requested.

The Reserve Bank’s official explanation, released in June, stated that by the time the board met on February 27, it was clear that it and Willis were willing to agree to a “considerably lesser amount” of funding for the bank than Orr deemed necessary. This caused distress to Orr, and the impasse risked damaging necessary working relationships, leading to his personal decision to resign.

Since Orr’s departure, the Reserve Bank has undergone a major restructure, with several executives leaving and senior roles being cut. The board is now in the process of finding someone it will recommend Willis appoints as Governor. In the meantime, Orr’s former deputy, Christian Hawkesby, is acting Governor.

Quigley’s involvement in the appointment of the new Governor has also drawn attention, particularly given his role in recommending Orr’s reappointment during his time in opposition. However, Willis reappointed Quigley as chairman until June 2026 last year.

The controversy surrounding Orr’s resignation has raised questions about the independence of the Reserve Bank and the transparency of its decision-making processes. As the search for a new Governor continues, the public and financial markets will be watching closely to see how the Reserve Bank navigates this transition.