Quigley refused to elaborate on why Orr resigned on the day of the resignation, only to say it was a “personal decision”.
Then it June, the bank explained the resignation was due to Orr disagreeing with the board over the amount of government funding to pitch for.
Quigley denied there were conduct issues at play. Indeed, the board agree to bin the letter presented to Orr that flagged concerns over his behaviour in two meetings in late February.
Speaking to Newstalk ZB, Willis said she would have asked Quigley to resign had he not done so himself.
Pushed on whether she had been transparent through the saga, Willis said she reiterated on several occasions that the bank should have been more transparent.
She conceded she knew Orr stepped back from the role before he resigned, but didn’t want to get involved. She said she wanted to uphold the Reserve Bank’s independence from the Government.
Willis said the board’s deputy chairman Rodger Finlay would exercise the functions of the chairman until an appointment was made.
“Mr Quigley departs with a new funding agreement in place, a major review of capital settings out for consultation and the recruitment of a new governor well-advanced,” Willis said.
“He leaves the bank well-positioned for the future. I thank him for his service and wish him well for the future.
“Mr Quigley’s departure creates a vacancy on the board which will be filled in due course.”
More to come