Part-time external monetary policy advisor appointed

The Reserve Bank today announced the appointment of Mr Terry McFadgen as one of the Bank's two part-time external monetary policy advisors.

The Bank employs two people to act as part-time monetary policy advisors to the Governor, their purpose being to bring outside perspectives to the Reserve Bank's decision-making processes. These appointments are for one year, with a possible one year extension, but no more than that, so as to keep their input "fresh".

Mr McFadgen has extensive commercial experience, having had a long involvement in the New Zealand residential and commercial property industries in both professional and executive capacities.

Up until early this year he held a variety of senior executive posts with the Fletcher Challenge Group. He was Chief Executive of the Melbourne based Jennings Group Limited (an FCL affiliate) from 1990-1993, Head of the FCL Executive Office from 1993-95 and Chief Executive of Fletcher Building and subsequently Fletcher Forests.

Mr McFadgen is currently acting as Establishment Director of the College of Law New Zealand and is a consultant to the corporate sector in the areas of strategy and governance.

This appointment follows the completion of two years of service by Ms Kerrin Vautier. The other part-time external monetary policy advisor at present is Mr Malcolm Bailey.

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