Promoted To Levels Beyond One's Competence
Columnist Kate MacNamara has written a piece severely criticising the present Governor of the Reserve Bank, Adrian Orr. He has, apparently, been acting like a loose cannon which is exhibiting the same kind of self-regard more usually on display by pompous politicians rather than prudent, wise central bank governors.
Governor Orr is running a campaign to ensure that big Australian banks commit more prudential capital to their businesses in New Zealand. In other words, Orr wants to see more reserves in the tank, should there be a crisis in the banking sector in New Zealand. Now this is not an unworthy or inappropriate issue. It is very definitely a legitimate and appropriate concern for the Reserve Bank of New Zealand, and its governor, Adrian Orr.
What is not legitimate nor appropriate is Orr's behaviour or the reported nasty manner in which he has been conducting business. MacNamara writes:
