Christian Hawkesby (pictured) has been named interim governor of the Reserve Bank of New Zealand (RBNZ), as the central bank undertakes both a leadership transition and a broader evaluation of its regulatory capital settings.
The six-month appointment, effective April 8, follows the departure of former Governor Adrian Orr and was made by the minister of finance on the advice of the RBNZ’s board.
Hawkesby has been serving in an acting capacity since March 5 and could remain in the role for up to nine months if an extension is granted while the search for a full-term governor continues.
Hawkesby’s responsibilities during this interim period include serving as the central bank’s chief executive, a member of its board, and chairing the Monetary Policy Committee (MPC).
“I am proud to step into the role of governor and continue contributing to our mission of working to enable economic prosperity and well-being for all New Zealanders,” Hawkesby said in a statement.
Board chair Neil Quigley highlighted Hawkesby’s prior leadership within the bank.
“Mr Hawkesby’s leadership and expertise have been invaluable to Te Pūtea Matua since he joined the RBNZ in 2019. His appointment reflects both his contributions and our confidence in his ability to continue strengthening New Zealand’s financial system, chair the Monetary Policy Committee, and be CEO of RBNZ,” he said.
The selection process for a new five-year governor is underway. During this period, the MPC will consist of three internal and three external members, with the chair holding a deciding vote in the event of a split.
Hawkesby joined the RBNZ in 2019 and has held several senior roles, including deputy governor and general manager of the Financial Stability Group.
Earlier in his career, he worked at the Bank of England and co-founded Harbour Asset Management.
The interim leadership shift coincides with rising scrutiny over the central bank’s capital requirements, which several bank leaders argue may be having unintended consequences on lending costs and market competition.
During a recent parliamentary inquiry into banking sector competition, senior executives from major banks – including BNZ, ASB, and ANZ – urged lawmakers to revisit the capital framework.
These rules, designed to ensure banks can withstand a financial shock occurring once every 200 years, were introduced in 2019 and are being phased in through 2028.
