1 00:00:00,480 --> 00:00:01,760 Speaker 1: Ever, duplice Allen. 2 00:00:02,240 --> 00:00:05,040 Speaker 2: There is yet another revelation about Adrian or and emails 3 00:00:05,040 --> 00:00:08,200 Speaker 2: now being released in which his boss, Neil Quigley apologizes 4 00:00:08,240 --> 00:00:11,000 Speaker 2: to a Treasury staffer about All's behavior in a meeting 5 00:00:11,119 --> 00:00:13,920 Speaker 2: which happened two weeks before he quit. Neil Quigley says, 6 00:00:14,000 --> 00:00:16,800 Speaker 2: I'm sorry Adrian lost is call with you this afternoon. 7 00:00:16,880 --> 00:00:18,520 Speaker 2: He should have been able to give you a more 8 00:00:18,560 --> 00:00:21,479 Speaker 2: dispassionate answer. Now this has led to renewed calls for 9 00:00:21,520 --> 00:00:23,840 Speaker 2: Neil Quigley to leave his job for misleading the public 10 00:00:23,880 --> 00:00:26,880 Speaker 2: because he said Adrianaw's resignation was actually a personal decision. 11 00:00:27,200 --> 00:00:29,240 Speaker 2: Nikola Willis is the Finance Minister and with us now 12 00:00:29,320 --> 00:00:32,479 Speaker 2: high Nikoler, Hello, when were you informed that there were 13 00:00:32,479 --> 00:00:34,040 Speaker 2: concerns about Adrian Oaw's behavior. 14 00:00:35,760 --> 00:00:41,080 Speaker 1: Well, I was obviously aware that our emotions were running 15 00:00:41,159 --> 00:00:45,120 Speaker 1: high about discussions over the funding agreement and how that 16 00:00:45,200 --> 00:00:47,680 Speaker 1: those were progressing. I was aware that the former governor 17 00:00:47,720 --> 00:00:51,720 Speaker 1: was uncomfortable with the way those discussions were progressing, and 18 00:00:51,760 --> 00:00:54,720 Speaker 1: I also became aware that he and the Bank board 19 00:00:55,040 --> 00:00:58,360 Speaker 1: had differing views about how much funding was necessary for 20 00:00:58,440 --> 00:00:59,160 Speaker 1: the bank to meet it. 21 00:00:59,360 --> 00:01:02,920 Speaker 2: Yes, but how different opinions is different to concerns about behavior. 22 00:01:02,960 --> 00:01:05,160 Speaker 2: When were you told about concerns about behavior? 23 00:01:06,160 --> 00:01:08,640 Speaker 1: Well, I had heard reports that there had been a 24 00:01:08,680 --> 00:01:11,760 Speaker 1: meeting with the Treasury in which emotions ran high. But 25 00:01:11,840 --> 00:01:15,000 Speaker 1: I was not at that meeting, and it was clear 26 00:01:15,040 --> 00:01:18,640 Speaker 1: to me in my meeting with Adrian Or that emotions 27 00:01:18,640 --> 00:01:19,360 Speaker 1: were running high. 28 00:01:19,440 --> 00:01:22,880 Speaker 2: Did he swear in front of you? No, there was 29 00:01:22,920 --> 00:01:24,480 Speaker 2: no swearing in the meeting that you were in. 30 00:01:25,400 --> 00:01:25,600 Speaker 1: No. 31 00:01:26,240 --> 00:01:28,120 Speaker 2: Was there swearing in the Treasury meeting. 32 00:01:29,600 --> 00:01:30,800 Speaker 1: Not that I am aware of. 33 00:01:31,280 --> 00:01:35,520 Speaker 2: Okay. Did he quit amid these concerns about his behavior? 34 00:01:37,040 --> 00:01:41,960 Speaker 1: Well, obviously, as I have communicated previously, Adrian Or made 35 00:01:42,000 --> 00:01:46,199 Speaker 1: a decision to resign. The employment discussions that preceded that 36 00:01:46,200 --> 00:01:49,760 Speaker 1: that occurred between him and the Reserve Bank board. I 37 00:01:49,920 --> 00:01:53,800 Speaker 1: was not a party too, and so I am very 38 00:01:53,840 --> 00:01:56,960 Speaker 1: conscious of the independence of the Reserve Bank and its 39 00:01:57,080 --> 00:02:00,360 Speaker 1: position as the employer both of the former garn and 40 00:02:00,400 --> 00:02:02,720 Speaker 1: the future government governor, and it's very important I respect 41 00:02:02,720 --> 00:02:05,920 Speaker 1: their independence. The second constraint is that I have had 42 00:02:05,960 --> 00:02:10,119 Speaker 1: throughout this, I've been very conscious that my public commentary, 43 00:02:10,200 --> 00:02:15,480 Speaker 1: my observations, my speculation could potentially create legal or financial 44 00:02:15,560 --> 00:02:16,400 Speaker 1: risk for New Zealand. 45 00:02:16,600 --> 00:02:20,280 Speaker 2: Is Taxpadrian Or may sue you, as. 46 00:02:20,080 --> 00:02:25,359 Speaker 1: In there is an employment relationship that existed between Adrian 47 00:02:25,520 --> 00:02:27,960 Speaker 1: Or and the Reserve Bank Board, and as you well know, 48 00:02:28,680 --> 00:02:35,079 Speaker 1: employment matters are always very sensitive through that employment relationship. 49 00:02:35,880 --> 00:02:38,200 Speaker 2: No, has he threatened to sue the Reserve Bank? 50 00:02:39,440 --> 00:02:44,400 Speaker 1: No is on the public No, I am not. This 51 00:02:44,480 --> 00:02:47,200 Speaker 1: is on the public record. An exit agreement was reached 52 00:02:47,240 --> 00:02:50,480 Speaker 1: between the Reserve Bank Board and the former governor. I 53 00:02:50,520 --> 00:02:52,880 Speaker 1: have not been informed of the terms of that agreement, 54 00:02:53,200 --> 00:02:56,120 Speaker 1: but I am conscious that as the employer, they have 55 00:02:56,160 --> 00:02:58,160 Speaker 1: obligations to their former employee. 56 00:02:58,280 --> 00:03:02,080 Speaker 2: Okay, Nicholas, So I have known about concerns about Adrian 57 00:03:02,160 --> 00:03:06,600 Speaker 2: Ow's behavior for probably I would say three years, from 58 00:03:06,600 --> 00:03:09,200 Speaker 2: the highest levels of the Reserve Bank. When were you 59 00:03:09,400 --> 00:03:12,520 Speaker 2: first informed of concerns around Adrian Ow's behavior? 60 00:03:13,840 --> 00:03:17,080 Speaker 1: Well, when I was in opposition, I heard the same 61 00:03:17,120 --> 00:03:18,399 Speaker 1: speculation that you did. 62 00:03:18,560 --> 00:03:21,440 Speaker 2: Yes, and when you became the Finance minister, when were 63 00:03:21,440 --> 00:03:23,560 Speaker 2: you first informed? Because Treasury has to inform you of 64 00:03:23,560 --> 00:03:25,160 Speaker 2: the stuff, When did they first tell you that there 65 00:03:25,200 --> 00:03:26,079 Speaker 2: were concerns? 66 00:03:26,320 --> 00:03:29,120 Speaker 1: I did not have formal reports of that nature. 67 00:03:29,639 --> 00:03:31,600 Speaker 2: Not from Treasury. What about from Reserve Bank? 68 00:03:32,840 --> 00:03:35,720 Speaker 1: I had not had formal reports of nature. It is 69 00:03:35,760 --> 00:03:39,560 Speaker 1: on the public record, however, that I was made aware 70 00:03:40,200 --> 00:03:43,800 Speaker 1: of a complaint by an employee at the New Zealand Initiative, 71 00:03:44,560 --> 00:03:49,520 Speaker 1: and that I took that complaint forward to the chair 72 00:03:49,600 --> 00:03:51,720 Speaker 1: of the Reserve Bank Board because I viewed that it 73 00:03:51,760 --> 00:03:54,560 Speaker 1: went to an employment relationship. And I've been at pains 74 00:03:54,560 --> 00:03:56,800 Speaker 1: Heather not to get involved. 75 00:03:56,840 --> 00:03:57,560 Speaker 2: No, I understand. 76 00:03:57,680 --> 00:03:59,720 Speaker 1: Actually the flip side of all of this would be 77 00:04:00,320 --> 00:04:03,760 Speaker 1: long after finance gets into the employment relationship between the 78 00:04:03,800 --> 00:04:07,080 Speaker 1: Reserve Bank Board and the governor. That is an inappropriate 79 00:04:07,120 --> 00:04:07,760 Speaker 1: over Nichola. 80 00:04:07,840 --> 00:04:11,440 Speaker 2: It is becoming increasingly difficult to believe that the reason 81 00:04:11,440 --> 00:04:13,400 Speaker 2: that Adrian or quit was just because he had just 82 00:04:13,440 --> 00:04:15,560 Speaker 2: made a personal decision one day. It is starting to 83 00:04:15,560 --> 00:04:18,960 Speaker 2: look incredibly like something has gone down here with his behavior. So, 84 00:04:19,040 --> 00:04:21,320 Speaker 2: given that Neil Quigley has told us, and I would, 85 00:04:21,440 --> 00:04:23,600 Speaker 2: I would go so far as to say he's misled 86 00:04:23,680 --> 00:04:26,400 Speaker 2: us by saying it was a personal decision, do you 87 00:04:26,560 --> 00:04:29,479 Speaker 2: have confidence in Neil Quigley if he is prepared to 88 00:04:29,520 --> 00:04:31,400 Speaker 2: go out there and fib to the public like that. 89 00:04:32,400 --> 00:04:34,880 Speaker 1: Well, those are your words, not mine, and yes, I 90 00:04:34,920 --> 00:04:38,040 Speaker 1: do have confidence in Neil. Quickly, I have also, however, 91 00:04:38,200 --> 00:04:41,960 Speaker 1: previously shared my disappointment at the way information on this 92 00:04:42,080 --> 00:04:45,280 Speaker 1: matter has been shared with New Zealanders. Today, I had 93 00:04:45,320 --> 00:04:49,440 Speaker 1: appreciateuled meeting with the entire board of the Reserve Bank, 94 00:04:49,760 --> 00:04:52,800 Speaker 1: and at that meeting I sought to convey to everyone 95 00:04:52,920 --> 00:04:57,080 Speaker 1: present that I was disappointed with the way that this 96 00:04:57,200 --> 00:05:01,400 Speaker 1: matter had been handled, given the ongoing public speculation, because 97 00:05:01,440 --> 00:05:06,000 Speaker 1: it's in New Zealand's interests that the Reserve Bank maintain 98 00:05:06,480 --> 00:05:09,960 Speaker 1: its reputation at all times, and I think would better handling, 99 00:05:10,200 --> 00:05:13,440 Speaker 1: we wouldn't still be having these interviews in this discussion. 100 00:05:14,080 --> 00:05:15,880 Speaker 2: Why did Adrian all quit Nicola? 101 00:05:17,200 --> 00:05:21,760 Speaker 1: Well, that is a matter that has been previously communicated 102 00:05:21,839 --> 00:05:26,040 Speaker 1: by the Chairman of the Reserve Bank, and I allow 103 00:05:26,120 --> 00:05:27,279 Speaker 1: him to characterize that. 104 00:05:28,279 --> 00:05:30,280 Speaker 2: Okay, thank you very much, appreciate your time. That Nicola 105 00:05:30,279 --> 00:05:31,440 Speaker 2: will us the Finance Minister. 106 00:05:31,880 --> 00:05:34,120 Speaker 1: For more from Heather Duplessy Allen Drive. 107 00:05:34,279 --> 00:05:37,680 Speaker 2: Listen live to news talks that'd be from four pm weekdays, 108 00:05:37,800 --> 00:05:40,000 Speaker 2: or follow the podcast on iHeartRadio.