Reserve Bank board chairman Neil Quigley has resigned “with immediate effect” in the wake of the shambolic handling of Adrian Orr’s resignation as Governor.

Finance Minister Nicola Willis made the announcement just before 6pm on Friday - the day after the Reserve Bank revealed Orr had stood down as Governor days before the public was told.

Willis said, “Mr Quigley has decided that having overseen a number of key workstreams for the bank, now is the appropriate time for him to hand over to a new chair.

“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.

“He leaves the bank well-positioned for the future. I thank him for his service and wish him well for the future.

“Deputy chair Rodger Finlay will exercise the functions of chair until an appointment is made.

“Mr Quigley’s departure creates a vacancy on the board which will be filled in due course.”

More to come