Reserve Bank of New Zealand#Governors

File:Dominion_Farmers'_Institute,_Ballance_Street_frontage_from_Featherston_Street.jpg

The Reserve Bank of New Zealand was established from 1 August 1934 by the Reserve Bank of New Zealand Act 1933.{{Cite web|url=http://nzlii.org/nz/legis/hist_act/rbonza193324gv1933n11316/|title=Reserve Bank of New Zealand Act 1933 (24 GEO V 1933 No 11)|access-date=17 May 2024|website=nzlii.org|format=PDF}} The Reserve Bank first issued banknotes in 1934, see New Zealand pound.

The Banking (Prudential Supervision) Act 1989,{{Cite web|url=https://www.legislation.govt.nz/act/public/1989/0157/latest/DLM199364.html|title=Banking (Prudential Supervision) Act 1989|date=20 December 1989|access-date=17 May 2024|website=www.legislation.govt.nz}} which came into effect in February 1990, resulted in the Reserve Bank becoming independent of government control in RBNZ's role of managing monetary policy by introducing an inflation targeting mandate. New Zealand was the first country in the world to try this regime, which was later adopted in other countries.{{cite web |url=https://www.rba.gov.au/publications/confs/2018/mcdermott-williams.html#:~:text=The%20Reserve%20Bank%20of%20New%20Zealand%20Act%201989%20(RBNZ%20Act,as%20we%20now%20know%20it. |title=Inflation Targeting in New Zealand: An Experience in Evolution |year=2018 |publisher=Reserve Bank of Australia conference |last1=McDermott |first1=John |last2=Williams |first2=Rebecca}}

The Reserve Bank of New Zealand Amendment Act 2008{{Cite web|url=https://www.legislation.govt.nz/act/public/2008/0059/latest/DLM1106230.html|title=Reserve Bank of New Zealand Amendment Act 2008|date=9 September 2008|access-date=17 May 2024|website=www.legislation.govt.nz}}

included amendments to the BPSA 1989, including the introduction of capital requirements for deposit takers.

The Non-Bank Deposit Takers Act 2013{{Cite web|url=https://www.legislation.govt.nz/act/public/2013/0104/latest/DLM3918915.html|title=Non-bank Deposit Takers Act 2013|date=3 December 2013|access-date=17 May 2024|website=www.legislation.govt.nz}}

gave RBNZ the role of prudential regulator and licensing authority for non-bank deposit takers.

In December 2018, the Sixth Labour Government of New Zealand passed the Reserve Bank of New Zealand (Monetary Policy) Amendment Act 2018,{{Cite web|url=https://www.legislation.govt.nz/act/public/2018/0059/latest/LMS65426.html|title=Reserve Bank of New Zealand (Monetary Policy) Amendment Act 2018|date=20 December 2018|access-date=17 May 2024|website=www.legislation.govt.nz}} which created the bank's monetary policy committee and codified "maximum sustainable employment" as an objective of monetary policy alongside price stability.{{cite web |title=Our legislation- Renewing our Reserve Bank Act |url=https://www.rbnz.govt.nz/about-us/responsibility-and-accountability/our-legislation |publisher=Reserve Bank of New Zealand |access-date=28 January 2024 |archive-url=https://web.archive.org/web/20231001060216/https://www.rbnz.govt.nz/about-us/responsibility-and-accountability/our-legislation |archive-date=1 October 2023 |date=1 July 2022}}

In 2021, the Government passed the Reserve Bank of New Zealand Act 2021,{{Cite web|url=https://www.legislation.govt.nz/act/public/2021/0031/latest/LMS286978.html|title=Reserve Bank of New Zealand Act 2021|date=20 December 2021|access-date=17 May 2024|website=www.legislation.govt.nz}} which created a new statutory governance board that was appointed by the Governor-General of New Zealand at the advice of the Government and Reserve Bank Governor.{{cite news |url=https://www.insurancebusinessmag.com/nz/news/breaking-news/government-introduces-new-reserve-bank-board-411927.aspx |title=Government introduces new Reserve Bank board |date=July 5, 2022 |publisher=Insurance Business}} The RBNZA 2021 also designated the New Zealand Treasury as the bank's external monitor, mandated that the bank publish annual performance expectations and financial risk management statements, and establish a new Foreign Reserves Coordination Framework.{{cite web |title=Reserve Bank of New Zealand Act 2021 |url=https://www.rbnz.govt.nz/about-us/responsibility-and-accountability/our-legislation/reserve-bank-of-new-zealand-act-2021 |publisher=Reserve Bank of New Zealand |access-date=28 January 2024 |archive-url=https://web.archive.org/web/20240116092518/https://www.rbnz.govt.nz/about-us/responsibility-and-accountability/our-legislation/reserve-bank-of-new-zealand-act-2021 |archive-date=16 January 2024 |date=28 February 2022 |url-status=live}}

2021 also saw the Financial Market Infrastructures Act 2021{{Cite web|url=https://www.legislation.govt.nz/act/public/2021/0013/latest/LMS102906.html|title=Financial Market Infrastructures Act 2021|date=10 May 2024|access-date=17 May 2024|website=www.legislation.govt.nz}} enacted, creating a regulatory regime for financial market infrastructures.{{Cite web |title=Our oversight of financial market infrastructures |url=https://www.rbnz.govt.nz/ |date=2025-03-21 |access-date=2025-05-01 |publisher=Reserve Bank of New Zealand}}

In December 2023, the Sixth National Government of New Zealand passed the Reserve Bank of New Zealand (Economic Objective) Amendment Act 2023{{Cite web|url=https://www.legislation.govt.nz/act/public/2023/0064/latest/whole.html|title=Reserve Bank of New Zealand (Economic Objective) Amendment Act 2023|date=19 December 2023|access-date=17 May 2024|website=www.legislation.govt.nz}} eliminating the "maximum sustainable employment" objective.{{cite web |title=Reserve Bank of New Zealand (Economic Objective) Amendment Bill |url=https://bills.parliament.nz/v/6/c2a1d856-adc2-4b6a-19e5-08dbfadead1f?Tab=hansard |publisher=New Zealand Parliament |access-date=28 January 2024 |date=19 December 2023 |archive-url=https://web.archive.org/web/20240128033030/https://bills.parliament.nz/v/6/c2a1d856-adc2-4b6a-19e5-08dbfadead1f?Tab=hansard|archive-date=28 January 2024}}{{cite news |last1=Coughlan |first1=Thomas |title=New Government passes its first bill, reverting Reserve Bank to single mandate |url=https://www.nzherald.co.nz/nz/politics/new-government-passes-its-first-bill-reverting-reserve-bank-to-single-mandate/PUIWN7KPURB75PXELR4DTBHQIU/ |access-date=28 January 2024|work=The New Zealand Herald |date=13 December 2023 |archive-url=https://web.archive.org/web/20231213163451/https://www.nzherald.co.nz/nz/politics/new-government-passes-its-first-bill-reverting-reserve-bank-to-single-mandate/PUIWN7KPURB75PXELR4DTBHQIU/ |archive-date=13 December 2023}}

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|image1=Reserve Bank of New Zealand building, Wellington.jpg|image2=Wellington (6793353469).jpg|footer=RBNZ headquarters in Wellington}}

The Reserve Bank Museum, based at the bank's headquarters in Wellington Central, has been open to the public since 2006.{{cite web |title=The Reserve Bank of New Zealand Museum and Education Centre |date=28 February 2022 |url=https://www.rbnz.govt.nz/education/museum |publisher=Reserve Bank of New Zealand}}{{cite web |title=The Reserve Bank Of New Zealand Museum on NZ Museums |url=https://nzmuseums.co.nz/collections/3369/the-reserve-bank-of-new-zealand-museum |website=nzmuseums.co.nz |publisher=Te Papa}}

The Reserve Bank has been wholly owned by the New Zealand Government since 1936. The Reserve Bank is established by the Reserve Bank of New Zealand Act 2021 and has statutory independence. The Reserve Bank is accountable to Parliament and provides an annual dividend to the Government.{{cite web|url=https://www.rbnz.govt.nz/-/media/ReserveBank/Files/Publications/Factsheets%20and%20Guides/ownership.pdf|title=Ownership of the Reserve Bank of New Zealand|publisher=Reserve Bank of New Zealand|access-date=7 April 2020}}

The Reserve Bank is responsible for independent management of monetary policy to maintain price stability. The degree of price stability is determined through a Policy Target Agreement with the Minister of Finance.{{cite web|url=http://www.rbnz.govt.nz/-/media/ReserveBank/Files/Publications/Policy%20targets%20agreements/4944826.pdf/|title=Policy Targets Agreement|work=rbnz.govt.nz}} Policy Target Agreements are public documents and hence a government cannot secretly change the targets to gain a short term surge in economic growth.

The mechanism of this is the official cash rate which affects short-term interest rates. The Reserve Bank will provide cash overnight at 0.50% above the cash rate to banks against good security with no limit. Furthermore, the bank will accept deposits from financial institutions with interest usually at the official cash rate.

Banks that offer loans to other financial institutions with interest more than 50 basis points above the OCR will be undercut by the Reserve Bank. Banks that offer loans below the OCR will generate less revenue than if they deposited money in the Reserve Bank instead. This ensures wholesale interest rates remain between the OCR and 50 basis points above it.

By directly controlling wholesale interest rates, the Reserve Bank can indirectly control retail interest rates, such as those on home or business loans. If retail interest rates decrease, discretionary income increases as the cost of housing and doing business decreases. This leads to increased spending

Adjustments to the official cash rate are made seven times a year. It can make unscheduled adjustments but does not usually do so.{{cite web |title=The official cash rate (OCR) |url=https://www.rbnz.govt.nz/monetary-policy/about-monetary-policy/the-official-cash-rate |website=Reserve Bank of New Zealand |access-date=12 March 2025}}

Like all modern monetary systems, the monetary system in New Zealand is based on fiat and fractional-reserve banking. In a fractional-reserve banking system, the largest portion of money created is not created by the Reserve Bank itself. Private sector commercial banks create 80% or more.

The bank by virtue of the Reserve Bank Act has the sole right of issuing New Zealand legal tender notes and coins. The Reserve Bank controls the issuing of currency to banks and also replaces used and damaged money from circulation. In March 2005, the bank decided to remove the 5 cent coin from circulation (the following year), as well as reducing the size of 10, 20 and 50 cent coins.{{Cite web |date=28 February 2022 |title=The History of New Zealand Coins |url=https://www.rbnz.govt.nz/money-and-cash/coins/the-history-of-new-zealand-coins |access-date=27 March 2023 |website=RBNZ}}

The Reserve Bank accepts all New Zealand currency for payment at face value. This applies to all demonetised or withdrawn currency, however such currency need not be accepted by money changers as it is no longer legal tender. All decimal notes are legal tender except $1 and $2 notes as these have been withdrawn.

Damaged notes are still worth something so long as they are recognisable. The Reserve Bank website notes that as a rule of thumb if there is more than half a bank note they will pay its full value. To receive payment people have to turn in the note to either the Reserve Bank in Wellington or any bank.

New Zealand Banknotes are signed by the RBNZ Governor. Between 1940 and 1984 they were signed by the RBNZ Chief Cashier, the first of whom was T. P. Hanna.{{Cite web|url=https://www.rbnz.govt.nz/money-and-cash/banknotes/signatories-on-our-banknotes|title=signatories on our banknotes|date=27 September 2023|access-date=15 November 2024|website=www.rbnz.govt.nz}}

The RBNZ has been evaluating the pros and cons of issuing a central bank digital currency since 2018.

In April 2024, the RBNZ held a public consultation on the move toward a digital dollar. This digital currency would coexist with physical cash while offering privacy, security, and trust for users.{{Cite web|url=https://www.rbnz.govt.nz/hub/news/2024/04/consultation-opens-on-a-digital-currency-for-new-zealand|title=Consultation opens on a digital currency for New Zealand|date=17 April 2024|access-date=17 May 2024|website=www.rbnz.govt.nz}}{{Cite news|url=https://www.rnz.co.nz/news/business/514454/reserve-bank-considers-the-digital-dollar-nz-s-money-must-innovate-to-stay-relevant|title=Reserve Bank considers the digital dollar: 'NZ's money must innovate to stay relevant '|date=17 April 2024|publisher=RNZ }}

The Reserve Bank from time to time produces limited runs of legal tender coins for collectors and have a New Zealand theme and design. These coins generally do not circulate, but are legal tender. The coins are sold for the Reserve Bank via New Zealand Post's business unit.{{cite web|url=http://www.nzcoins.co.nz|title=New Zealand Post Coins|work=nzcoins.co.nz}}

The Reserve Bank is responsible for the Prudential regulation of the New Zealand banking system to ensure that the system remains healthy, however it does not guarantee that a bank will not fail, or face problems.

{{As of| April 2023}} there are 27 registered banks.{{cite web|url=https://www.rbnz.govt.nz/regulation-and-supervision/cross-sector-oversight/registers-of-entities-we-regulate/registered-banks-in-new-zealand|title=Registered banks in New Zealand - Reserve Bank of New Zealand|accessdate=11 July 2023|website=www.rbnz.govt.nz|date=28 February 2022 |publisher=Reserve Bank of New Zealand - Te Pūtea Matua}}{{cite web|url=https://www.rbnz.govt.nz/regulation-and-supervision/oversight-of-banks/standards-and-requirements-for-banks|title=Standards and requirements for banks - Te Pūtea Matua|accessdate=11 July 2023|website=www.rbnz.govt.nz|date=28 February 2022 }}{{Cite web|url=https://legislation.govt.nz/act/public/1989/0157/latest/DLM199364.html?src=qs|title=Banking (Prudential Supervision) Act 1989|date=1 March 2024|access-date=16 November 2024|website=legislation.govt.nz}}

{{Main|Capital requirement}}

New Zealand-incorporated registered banks are required to maintain a minimum level of capital relative to their risk-weighted assets, measured by their Capital adequacy ratio. This helps ensure that banks have enough money to cover any losses they might incur.{{cite web|url=https://www.rbnz.govt.nz/regulation-and-supervision/oversight-of-banks/standards-and-requirements-for-banks/key-prudential-requirements|title=Key prudential requirements - Reserve Bank of New Zealand|accessdate=11 July 2023|website=www.rbnz.govt.nz|date=28 February 2022 }}

{{Main|Reserve requirement}}

policy mandating the minimum amount that a commercial bank must hold in liquid assets. The liquidity policy of New Zealand's locally incorporated registered banks is primarily governed by two banking prudential requirements documents: 'Liquidity policy' (BS13) and 'Liquidity policy annex – liquid assets' (BS13A). These documents are part of the banks' conditions of registration. Additionally, reporting requirements are imposed under section 93 of the Banking (Prudential Supervision) Act 1989.{{cite web|url= https://www.rbnz.govt.nz/regulation-and-supervision/oversight-of-banks/standards-and-requirements-for-banks/liquidity-policy-for-banks|title=liquidity policy for banks|website=www.rbnz.govt.nz|date=28 February 2022 |accessdate=12 July 2023}}

All registered banks operating in New Zealand must issue a quarterly disclosure statement, which the Reserve Bank scrutinise. The purpose of these disclosure statements is to assist depositors to make sound decision and encourage banks to maintain sound banking practices

The disclosure comprises:

• A key information summary that provides a brief overview of the bank's financial condition
• General disclosure statement to provide comprehensive information on the bank
• Supplemental disclosure statement

Under section 80 of the BPSA 1989, the RBNZ requires that all registered banks must have a valid credit rating for their long-term, senior, unsecured obligations in New Zealand dollars. These ratings, provided by independent agencies, assess a bank's financial stability and likelihood of repaying its debts. The RBNZ maintains a register of these ratings for each registered bank, which are also disclosed in the banks' semi-annual statements.{{cite web|url=https://www.rbnz.govt.nz/regulation-and-supervision/oversight-of-banks/standards-and-requirements-for-banks/bank-credit-ratings|title=Information on bank credit ratings|website=rbnz.govt.nz|access-date=28 Apr 2025|date=21 Dec 2022}}

The RBNZ outsourcing policy, Banking Standard 11, applies to large New Zealand-incorporated registered banks.

Outsourcing occurs when a bank uses another party to perform business functions that would traditionally have been undertaken by the bank itself. Common examples include IT processing, accounting, and call centers.

The outsourcing policy aims to ensure that large banks have the legal and practical ability to control and execute outsourced functions. It ensures that outsourcing arrangements do not compromise a bank's ability to be effectively administered under statutory management and operate for the purposes of continuing to provide and circulate liquidity to the financial system and the wider economy.

The bank must be able to facilitate basic banking services by any new owner of all or part of the bank. They must also address the impact of service or function provider failures on the bank's ability to carry on its business.

Large banks must achieve specific outcomes, including:

• Meeting daily clearing, settlement, and other time-critical obligations.
• Monitoring and managing financial positions (credit, liquidity, and market risk).
• Providing basic banking services to existing customers, including liquidity and account activity reporting.{{cite web|title=Major Banks Compliant With RBNZ Outsourcing Policy|url=https://www.scoop.co.nz/stories/BU2312/S00139/major-banks-compliant-with-rbnz-outsourcing-policy.htm|website=www.scoop.co.nz}}

NZ registered banks are required to report their large exposures to RBNZ. This includes not only the large exposures but also the 20 largest exposures, even if they do not meet the large exposure threshold.

Connected exposures occur when multiple counterparties are linked through control relationships or economic interdependence. For example, if one company controls another, or if the financial health of one entity directly affects another, they are considered connected.

The Basel Committee on Banking Supervision (BCBS) has set guidelines to limit large exposures. A large exposure is defined as any exposure that is 10% or more of a bank’s Tier 1 capital. For global systemically important banks (G-SIBs), the limit is stricter, capping exposures to other G-SIBs at 15% of Tier 1 capital.

These regulations aim to prevent banks from incurring significant losses due to the default of a single counterparty or a group of connected counterparties. This helps in maintaining the stability of the financial system by reducing the risk of cascading failures.{{Cite journal|url=https://www.bis.org/fsi/fsisummaries/lex.htm|title=Large exposures standard – Executive Summary|date=29 August 2022|access-date=16 November 2024|website=www.bis.org|language=english}}{{Cite web|url=https://www.rbnz.govt.nz/regulation-and-supervision/oversight-of-banks/standards-and-requirements-for-banks/connected-exposures-policy-for-banks|title=Connected exposures policy for banks|date=29 September 2023|access-date=16 November 2024|website=www.rbnz.govt.nz}}

'Open Bank Resolution (OBR)' is a tool for dealing with a bank failure. OBR allows authorities to reopen a failed bank the next day under statutory control. It seeks to prevent abrupt disruptions to the bank's essential functions. while a long-term solution to the bank's failure is found, customers can promptly access their accounts to make and receive payments.

OBR places the cost of a bank failure on the bank's shareholders and creditors, rather than taxpayers. Shareholders lose their investment first, followed by creditors if necessary.

Creditor claims may be frozen to absorb losses, and they may suffer financial loss if the bank is unable to satisfy its obligations.

In the absence of OBR, the only ways to deal with a bank failure are liquidation, government bailout, or acquisition by a competitor.

OBR covers banks with local incorporation that have more than $1 billion in retail deposits. The OBR programme is voluntary for other registered banks to participate in.{{cite web|url=https://www.stuff.co.nz/business/opinion-analysis/10701659/Spectre-of-a-banking-system-meltdown|title=Spectre of a banking system meltdown|author=Chalkie|date=5 November 2014|accessdate=3 April 2024|website=www.stuff.co.nz}}

The goal of Macroprudential regulation is to reduce the likelihood of a financial crisis by limiting excessive lending during upturns and making banks and households more resilient during downturns. It focuses on risks to the financial system as a whole.

A Memorandum of Understanding between the Minister of Finance and the RBNZ Governor defines macroprudential policy and has guidelines for how we use the policy.{{Cite web|url=https://www.rbnz.govt.nz/regulation-and-supervision/oversight-of-banks/standards-and-requirements-for-banks/macroprudential-policy|title=Macroprudential policy|date=18 September 2024|access-date=18 November 2024|website=www.rbnz.govt.nz}}

The RBNZ is a member of the council, which promotes the coordination and harmonisation of trans-Tasman bank regulation, where appropriate. Its mandate also covers potential issues relating to financial stability, efficiency, and integration throughout the wider financial sector.

{{main|Basel Committee on Banking Supervision}}

The Reserve Bank largely follows the 2010 Basel III standards in implementing its bank capital requirements.{{Cite web|url=https://www.rbnz.govt.nz/hub/publications/bulletin/2015/rbb2015-78-00-02|title=The Reserve Bank's application of the Basel III capital requirements for banks|date=24 June 2015|access-date=19 November 2024|website=www.rbnz.govt.nz|last=Barker|first=Felicity}}

In June 2023 the Deposit Takers Act replaced the RBNZ Act 1989 and the NBDTA 2013 as the foundational law regulating Deposit Takers (New Zealand banks, building societies and credit unions).

It creates a single regulatory regime for all deposit takers and a deposit insurance scheme.{{Cite web |date=27 February 2023 |title=Proposed Deposit Takers Act |url=https://www.rbnz.govt.nz/about-us/responsibility-and-accountability/our-legislation/proposed-deposit-takers-act |access-date=27 March 2023 |website=www.rbnz.govt.nz}}{{Cite web |url=https://www.beehive.govt.nz/release/deposit-compensation-scheme-becomes-law |title=Deposit compensation scheme becomes law |date=2023-06-29 |access-date=2023-06-30 |website=www.beehive.govt.nz}}

Under section 12 of the Insurance (Prudential Supervision) Act 2010,{{Cite web |title=Insurance (Prudential Supervision) Act 2010 No 111 (as at 27 October 2022), Public Act Contents – New Zealand Legislation |url=https://legislation.govt.nz/act/public/2010/0111/latest/DLM2478115.html?search=ts_act@bill@regulation@deemedreg_Prudential_resel_25_a&p=1 |access-date=2023-03-28 |website=legislation.govt.nz}} the RBNZ is charged with the prudential supervision of the New Zealand insurance industry. This includes the licensing of persons to carry on insurance business in New Zealand.

Under Part 5D of the RBNZ Act 1989, the RBNZ was charged with the enforcement of the credit rating and prudential requirements applying to non-bank deposit takers (NBDTs) in New Zealand. These functions were introduced by the enactment of the Reserve Bank of New Zealand Amendment Act 2008.

Under the NBDT 2013 the RBNZ acts as the prudential regulator and licensing authority for NBDTs.{{cite web|url=http://www.rbnz.govt.nz/regulation-and-supervision/non-bank-deposit-takers/overview-of-nbdt-regime|title=Overview of NBDT regime|work=rbnz.govt.nz|date=28 February 2022 }}

File:Portrait of Leslie Lefeaux.jpg

The Governor is accountable for the Bank’s performance in maintaining price stability, promoting a sound and efficient financial system, and meeting the currency needs of the public but retains statutory independence as to how these key outcomes are achieved.{{Cite web|url=https://www.rbnz.govt.nz/education/our-history/chronology-of-reserve-bank-governors|title=Chronology of Reserve Bank Governors|date=2 December 2022|access-date=15 November 2024|website=www.rbnz.govt.nz}}

The following have served as governors of the Reserve Bank:

• Leslie Lefeaux (1 January 1934 – 31 December 1940)
• William Fox Longley Ward (Acting Governor: 1 May 1941 – 1 February 1944), (1 February 1944 – 8 July 1948)
• Edward Coldham Fussell (21 July 1948 – 20 July 1962)
• Gilbert Wilson (21 July 1962 – 20 July 1967)
• Sir Alan Low (21 July 1967 – 31 August 1973)
• Sir Henry George Lang (1 September 1973 - 11 February 1977 )
• Raymond W. R. White (12 February 1977 – 11 February 1982)
• Dick L. Wilks (12 February 1982 – 17 May 1984)
• Sir Spencer Russell (18 May 1984 – 31 August 1988)
• Dr Donald Brash (1 September 1988 – 26 April 2002)
• Dr Alan Bollard (23 September 2002 – 25 September 2012){{Cite book|title=Crisis: one central bank governor and the global financial collapse|last1=Bollard|first1=Alan|last2=Gaitanos|first2=Sarah|publisher=Auckland University Press|year=2010|location=Auckland|isbn=9781869404697|oclc=641984225}}
• Graeme Wheeler (26 September 2012 – 27 September 2017)
• Grant Spencer (Acting Governor: October 2017 - March 2018)
• Adrian Orr (27 March 2018 – 5 March 2025){{cite news |last1=Cole |first1=Wayne |last2=Jose |first2=Renju |title=New Zealand's central bank loses its head as Adrian Orr suddenly resign |url=https://www.reuters.com/world/asia-pacific/new-zealand-central-bank-announces-surprise-exit-governor-2025-03-05/ |access-date=6 March 2025 |agency=Reuters |date=5 March 2025}}
• Christian Hawkesby, (Acting Governor: 6 March 2025 – Present)

All current New Zealand banknotes are signed by the governor of the RBNZ, however between 1940 and 1984 banknotes were signed by the chief cashier. Signatories since 1934 are as follows:{{cite web |title=Timeline of our banknote signatories |url=https://www.rbnz.govt.nz/museum/signatories-on-our-banknotes |website=Reserve Bank of New Zealand |access-date=3 February 2025}}

• Leslie Lefeaux, Governor, 1934-1940
• T. P. Hanna, Chief Cashier, 1940-1953
• Gilbert Wilson, Chief Cashier, 1953-1956
• Neal Fleming, Chief Cashier, 1956-1967
• Dick L Wilks, Chief Cashier, 1967-1973
• Lindsay Knight, Chief Cashier, 1973-1977
• Ray Hardie, Chief Cashier, 1977-1984
• Sir Spencer T Russell, Governor, 1984-1988
• Dr Donald T Brash, Governor, 1988-2002
• Dr Alan E Bollard, Governor, 2002-2012
• Graeme Wheeler, Governor, 2012-2017
• Grant Spencer, Acting Governor, 2017-2018
• Adrian Orr, Governor 2018-present

{{Infobox COA wide

|name = the Reserve Bank of New Zealand

|image = Coat of Arms of the Reserve Bank of New Zealand.svg

|imagesize =

|bannerimage =

|badgeimage =

|notes = The Arms of the Reserve Bank of New Zealand was granted on 1 June 1965{{cite web |title=Reserve Bank of New Zealand Coat of Arms Letters Patent, 1965 |url=https://www.kotuia.org.nz/collection-item/31493567/ |website=kotuia.org.nz |publisher=Museum of New Zealand Te Papa Tongarewa |access-date=14 October 2023 |language=en-NZ}}{{cite web |title=Our coat of arms |url=https://www.rbnz.govt.nz/education/our-history/our-coat-of-arms |website=www.rbnz.govt.nz |date=28 February 2022 |publisher=Reserve Bank of New Zealand |access-date=14 October 2023}}

|year_adopted =

|crest = A wreath of the colours Out of a Mural Crown Sable charged with three Bezants a demi Griffin Or holding between the paws a Portcullis Sable

|torse =

|helm =

|escutcheon = Gules two Keys in saltire wards downwards and outward, Argent in chief a representation of the Head of King Tāwhiao couped proper and in base an ancient Ship sail furled pennon and flags flying oars in action and in fess a Bull's Head couped and a Fleece Or

|supporters = On either side a Lion Sable each gorged with a collar of Bezants pendant therefrom a Key wards downwards and inwards Or

|compartment =

|motto = Securitas et Vigilantia (Latin: security and vigilance)

|orders =

|other_elements =

|banner =

|badge =

|symbolism =

|previous_versions =

}}

• New Zealand dollar
• Banks in New Zealand
• Financial Markets Authority (New Zealand)
• List of central banks
• List of International Financial Reporting Standards
• Australian Prudential Regulation Authority

{{reflist}}

{{subject bar|auto=y|d=y|portal=New Zealand|banks}}

• {{Official website|http://www.rbnz.govt.nz/ }}
• [http://www.rbnz.govt.nz/regulation-and-supervision/banks/list-of-registered-banks-in-new-zealand-past-and-present List of registered banks in New Zealand]
• [http://www.rbnz.govt.nz/about-us/what-we-do Overview of the role, structure and governance arrangements of the Reserve Bank]
• [http://www.rbnz.govt.nz/about-us Reserve Bank of New Zealand, Who They Are]
• {{Cite web|url=https://teara.govt.nz/en/reserve-bank|title=Story: Reserve Bank|access-date=17 November 2024|website=Te Ara|last=Singleton|first=John}}

{{Central banks}}

{{New Zealand currency and coinage}}

{{Economy of New Zealand}}

{{authority control}}

{{DEFAULTSORT:Reserve Bank Of New Zealand}}

Category:Banks of New Zealand

Category:Banking in New Zealand

New Zealand

Category:Government agencies of New Zealand

Category:Economy of New Zealand

Category:Financial regulatory authorities of New Zealand

Category:Banks established in 1934

Category:1934 establishments in New Zealand