The Finance Minister's repeating dismay over the Reserve Bank handling of its Governor's abrupt resignation.
It's been confirmed chair Neil Quigley apologised to Treasury over Adrian Orr's behaviour, just weeks before he quit.
It wasn't released through official information requests - and follows the central bank also apologising over its management of the departure.
Nicola Willis says she was aware emotions were running high at the time.
"Yes, I do have confidence in Neil Quigley. I have also, however, previously shared my disappointment at the way information on the way information on this matter has been shared with New Zealanders."
LISTEN ABOVE
See omnystudio.com/listener for privacy information.
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Ever, duplice Allen.
Speaker 2 (00:02):
There is yet another revelation about Adrian or and emails
now being released in which his boss, Neil Quigley apologizes
to a Treasury staffer about All's behavior in a meeting
which happened two weeks before he quit. Neil Quigley says,
I'm sorry Adrian lost is call with you this afternoon.
He should have been able to give you a more
dispassionate answer. Now this has led to renewed calls for
Neil Quigley to leave his job for misleading the public
(00:23):
because he said Adrianaw's resignation was actually a personal decision.
Nikola Willis is the Finance Minister and with us now
high Nikoler, Hello, when were you informed that there were
concerns about Adrian Oaw's behavior.
Speaker 1 (00:35):
Well, I was obviously aware that our emotions were running
high about discussions over the funding agreement and how that
those were progressing. I was aware that the former governor
was uncomfortable with the way those discussions were progressing, and
I also became aware that he and the Bank board
had differing views about how much funding was necessary for
(00:58):
the bank to meet it.
Speaker 2 (00:59):
Yes, but how different opinions is different to concerns about behavior.
When were you told about concerns about behavior?
Speaker 1 (01:06):
Well, I had heard reports that there had been a
meeting with the Treasury in which emotions ran high. But
I was not at that meeting, and it was clear
to me in my meeting with Adrian Or that emotions
were running high.
Speaker 2 (01:19):
Did he swear in front of you? No, there was
no swearing in the meeting that you were in.
Speaker 1 (01:25):
No.
Speaker 2 (01:26):
Was there swearing in the Treasury meeting.
Speaker 1 (01:29):
Not that I am aware of.
Speaker 2 (01:31):
Okay. Did he quit amid these concerns about his behavior?
Speaker 1 (01:37):
Well, obviously, as I have communicated previously, Adrian Or made
a decision to resign. The employment discussions that preceded that
that occurred between him and the Reserve Bank board. I
was not a party too, and so I am very
conscious of the independence of the Reserve Bank and its
(01:57):
position as the employer both of the former garn and
the future government governor, and it's very important I respect
their independence. The second constraint is that I have had
throughout this, I've been very conscious that my public commentary,
my observations, my speculation could potentially create legal or financial
risk for New Zealand.
Speaker 2 (02:16):
Is Taxpadrian Or may sue you, as.
Speaker 1 (02:20):
In there is an employment relationship that existed between Adrian
Or and the Reserve Bank Board, and as you well know,
employment matters are always very sensitive through that employment relationship.
Speaker 2 (02:35):
No, has he threatened to sue the Reserve Bank?
Speaker 1 (02:39):
No is on the public No, I am not. This
is on the public record. An exit agreement was reached
between the Reserve Bank Board and the former governor. I
have not been informed of the terms of that agreement,
but I am conscious that as the employer, they have
obligations to their former employee.
Speaker 2 (02:58):
Okay, Nicholas, So I have known about concerns about Adrian
Ow's behavior for probably I would say three years, from
the highest levels of the Reserve Bank. When were you
first informed of concerns around Adrian Ow's behavior?
Speaker 1 (03:13):
Well, when I was in opposition, I heard the same
speculation that you did.
Speaker 2 (03:18):
Yes, and when you became the Finance minister, when were
you first informed? Because Treasury has to inform you of
the stuff, When did they first tell you that there
were concerns?
Speaker 1 (03:26):
I did not have formal reports of that nature.
Speaker 2 (03:29):
Not from Treasury. What about from Reserve Bank?
Speaker 1 (03:32):
I had not had formal reports of nature. It is
on the public record, however, that I was made aware
of a complaint by an employee at the New Zealand Initiative,
and that I took that complaint forward to the chair
of the Reserve Bank Board because I viewed that it
went to an employment relationship. And I've been at pains
(03:54):
Heather not to get involved.
Speaker 2 (03:56):
No, I understand.
Speaker 1 (03:57):
Actually the flip side of all of this would be
long after finance gets into the employment relationship between the
Reserve Bank Board and the governor. That is an inappropriate
over Nichola.
Speaker 2 (04:07):
It is becoming increasingly difficult to believe that the reason
that Adrian or quit was just because he had just
made a personal decision one day. It is starting to
look incredibly like something has gone down here with his behavior. So,
given that Neil Quigley has told us, and I would,
I would go so far as to say he's misled
us by saying it was a personal decision, do you
have confidence in Neil Quigley if he is prepared to
(04:29):
go out there and fib to the public like that.
Speaker 1 (04:32):
Well, those are your words, not mine, and yes, I
do have confidence in Neil. Quickly, I have also, however,
previously shared my disappointment at the way information on this
matter has been shared with New Zealanders. Today, I had
appreciateuled meeting with the entire board of the Reserve Bank,
and at that meeting I sought to convey to everyone
(04:52):
present that I was disappointed with the way that this
matter had been handled, given the ongoing public speculation, because
it's in New Zealand's interests that the Reserve Bank maintain
its reputation at all times, and I think would better handling,
we wouldn't still be having these interviews in this discussion.
Speaker 2 (05:14):
Why did Adrian all quit Nicola?
Speaker 1 (05:17):
Well, that is a matter that has been previously communicated
by the Chairman of the Reserve Bank, and I allow
him to characterize that.
Speaker 2 (05:28):
Okay, thank you very much, appreciate your time. That Nicola
will us the Finance Minister.
Speaker 1 (05:31):
For more from Heather Duplessy Allen Drive.
Speaker 2 (05:34):
Listen live to news talks that'd be from four pm weekdays,
or follow the podcast on iHeartRadio.
Ever, duplice Allen.
Speaker 2 (00:02):
There is yet another revelation about Adrian or and emails
now being released in which his boss, Neil Quigley apologizes
to a Treasury staffer about All's behavior in a meeting
which happened two weeks before he quit. Neil Quigley says,
I'm sorry Adrian lost is call with you this afternoon.
He should have been able to give you a more
dispassionate answer. Now this has led to renewed calls for
Neil Quigley to leave his job for misleading the public
(00:23):
because he said Adrianaw's resignation was actually a personal decision.
Nikola Willis is the Finance Minister and with us now
high Nikoler, Hello, when were you informed that there were
concerns about Adrian Oaw's behavior.
Speaker 1 (00:35):
Well, I was obviously aware that our emotions were running
high about discussions over the funding agreement and how that
those were progressing. I was aware that the former governor
was uncomfortable with the way those discussions were progressing, and
I also became aware that he and the Bank board
had differing views about how much funding was necessary for
(00:58):
the bank to meet it.
Speaker 2 (00:59):
Yes, but how different opinions is different to concerns about behavior.
When were you told about concerns about behavior?
Speaker 1 (01:06):
Well, I had heard reports that there had been a
meeting with the Treasury in which emotions ran high. But
I was not at that meeting, and it was clear
to me in my meeting with Adrian Or that emotions
were running high.
Speaker 2 (01:19):
Did he swear in front of you? No, there was
no swearing in the meeting that you were in.
Speaker 1 (01:25):
No.
Speaker 2 (01:26):
Was there swearing in the Treasury meeting.
Speaker 1 (01:29):
Not that I am aware of.
Speaker 2 (01:31):
Okay. Did he quit amid these concerns about his behavior?
Speaker 1 (01:37):
Well, obviously, as I have communicated previously, Adrian Or made
a decision to resign. The employment discussions that preceded that
that occurred between him and the Reserve Bank board. I
was not a party too, and so I am very
conscious of the independence of the Reserve Bank and its
(01:57):
position as the employer both of the former garn and
the future government governor, and it's very important I respect
their independence. The second constraint is that I have had
throughout this, I've been very conscious that my public commentary,
my observations, my speculation could potentially create legal or financial
risk for New Zealand.
Speaker 2 (02:16):
Is Taxpadrian Or may sue you, as.
Speaker 1 (02:20):
In there is an employment relationship that existed between Adrian
Or and the Reserve Bank Board, and as you well know,
employment matters are always very sensitive through that employment relationship.
Speaker 2 (02:35):
No, has he threatened to sue the Reserve Bank?
Speaker 1 (02:39):
No is on the public No, I am not. This
is on the public record. An exit agreement was reached
between the Reserve Bank Board and the former governor. I
have not been informed of the terms of that agreement,
but I am conscious that as the employer, they have
obligations to their former employee.
Speaker 2 (02:58):
Okay, Nicholas, So I have known about concerns about Adrian
Ow's behavior for probably I would say three years, from
the highest levels of the Reserve Bank. When were you
first informed of concerns around Adrian Ow's behavior?
Speaker 1 (03:13):
Well, when I was in opposition, I heard the same
speculation that you did.
Speaker 2 (03:18):
Yes, and when you became the Finance minister, when were
you first informed? Because Treasury has to inform you of
the stuff, When did they first tell you that there
were concerns?
Speaker 1 (03:26):
I did not have formal reports of that nature.
Speaker 2 (03:29):
Not from Treasury. What about from Reserve Bank?
Speaker 1 (03:32):
I had not had formal reports of nature. It is
on the public record, however, that I was made aware
of a complaint by an employee at the New Zealand Initiative,
and that I took that complaint forward to the chair
of the Reserve Bank Board because I viewed that it
went to an employment relationship. And I've been at pains
(03:54):
Heather not to get involved.
Speaker 2 (03:56):
No, I understand.
Speaker 1 (03:57):
Actually the flip side of all of this would be
long after finance gets into the employment relationship between the
Reserve Bank Board and the governor. That is an inappropriate
over Nichola.
Speaker 2 (04:07):
It is becoming increasingly difficult to believe that the reason
that Adrian or quit was just because he had just
made a personal decision one day. It is starting to
look incredibly like something has gone down here with his behavior. So,
given that Neil Quigley has told us, and I would,
I would go so far as to say he's misled
us by saying it was a personal decision, do you
have confidence in Neil Quigley if he is prepared to
(04:29):
go out there and fib to the public like that.
Speaker 1 (04:32):
Well, those are your words, not mine, and yes, I
do have confidence in Neil. Quickly, I have also, however,
previously shared my disappointment at the way information on this
matter has been shared with New Zealanders. Today, I had
appreciateuled meeting with the entire board of the Reserve Bank,
and at that meeting I sought to convey to everyone
(04:52):
present that I was disappointed with the way that this
matter had been handled, given the ongoing public speculation, because
it's in New Zealand's interests that the Reserve Bank maintain
its reputation at all times, and I think would better handling,
we wouldn't still be having these interviews in this discussion.
Speaker 2 (05:14):
Why did Adrian all quit Nicola?
Speaker 1 (05:17):
Well, that is a matter that has been previously communicated
by the Chairman of the Reserve Bank, and I allow
him to characterize that.
Speaker 2 (05:28):
Okay, thank you very much, appreciate your time. That Nicola
will us the Finance Minister.
Speaker 1 (05:31):
For more from Heather Duplessy Allen Drive.
Speaker 2 (05:34):
Listen live to news talks that'd be from four pm weekdays,
or follow the podcast on iHeartRadio.
Popular Podcasts
Las Culturistas with Matt Rogers and Bowen Yang
Ding dong! Join your culture consultants, Matt Rogers and Bowen Yang, on an unforgettable journey into the beating heart of CULTURE. Alongside sizzling special guests, they GET INTO the hottest pop-culture moments of the day and the formative cultural experiences that turned them into Culturistas. Produced by the Big Money Players Network and iHeartRadio.
Dateline NBC
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations. Follow now to get the latest episodes of Dateline NBC completely free, or subscribe to Dateline Premium for ad-free listening and exclusive bonus content: DatelinePremium.com
24/7 News: The Latest
The latest news in 4 minutes updated every hour, every day.