RBNZ Deputy Governor Geoff Bascand stepping up as Head of Financial Stability from September

Geoff Bascand, currently a Reserve Bank Deputy Governor and Head of Operations and touted as a potential successor to departing Governor Graeme Wheeler, will succeed Grant Spencer as Head of Financial Stability from September 27.

The Reserve Bank says Bascand will also become Deputy CEO, stepping into the new roles as Spencer becomes Acting Governor for six months from the same September date.

Meanwhile, the Reserve Bank says a board recruitment process to find Wheeler’s permanent successor will begin later in the year. Wheeler will depart in September after a five year term in the job. He is not seeking a second term. Separately, the Reserve Bank will advertise the Head of Operations role in May, which will remain an Assistant Governor level position.

Before joining the Reserve Bank in 2013, Bascand was Government Statistician and CEO of Statistics New Zealand. Prior to that he worked in senior roles at the Department of Labour and Treasury, and was a staff economist at the International Monetary Fund. 

“Geoff brings considerable leadership experience, economics and public policy background to the [financial stability] role. Through his participation in the [Reserve] Bank’s Governing Committee, financial policy committees, and chairing of the Bank’s Assets and Liabilities Committee, Geoff is very familiar with the Bank’s work programmes and policy issues in the area of Financial Stability,” Wheeler said.

As Head of Financial Stability, Bascand will oversee the Reserve Bank’s macro-prudential policy.

Below is the Reserve Bank’s current top brass hierarchy.