RBNZ’s Bascand departs RBNZ early

The RBNZ announced in September that Deputy Governor Geoff Bascand would leave the bank in early 2022.

“Geoff has made an incredible contribution to the Bank, and we’re
indebted to his leadership, guidance and wisdom,” RBNZ Governor Orr said.

Evidently, that sentiment wasn’t mutual.

Bascand reportedly made “unauthorized comments about the central banks leadership rejig” and was shown the door early, according to a report from NBR.

“Mr Bascand disclosed that he had shared information about the RBNZ’s leadership reorganisation to a third party which was unauthorised and a breach of protocol,” according to Orr.

It’s like the French Revolution in central banking at the moment except that all the heads are falling because of trading and comments. Wouldn’t it be a shame of someone got the axe for being wrong about… everything?

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