1 00:00:00,040 --> 00:00:03,840 Speaker 1: Thomas Coglan, the Herald's political editors, with us A Thomas Afternoon. 2 00:00:03,880 --> 00:00:05,840 Speaker 1: Why did the Reserve Bank keep this a secret? 3 00:00:06,480 --> 00:00:08,680 Speaker 2: I mean, this is the real question. So we've been 4 00:00:08,680 --> 00:00:12,039 Speaker 2: waiting for months now for these documents on the Reserve 5 00:00:12,119 --> 00:00:15,040 Speaker 2: Bank Governor Adrian Law's resignation to be released. He resigned 6 00:00:15,400 --> 00:00:18,279 Speaker 2: on the fifth of March usually when these things are 7 00:00:18,280 --> 00:00:20,439 Speaker 2: supposed to be released in twenty working days. So do 8 00:00:20,480 --> 00:00:23,680 Speaker 2: the met on that they were released today and they 9 00:00:23,720 --> 00:00:26,720 Speaker 2: have confirmed what we suspected at the time. In fact, 10 00:00:26,760 --> 00:00:28,040 Speaker 2: we put it on the front page of The Herald 11 00:00:28,040 --> 00:00:29,920 Speaker 2: at the time, which is that he quit over the 12 00:00:29,920 --> 00:00:32,920 Speaker 2: funding agreement, which is the deal that the bank does 13 00:00:32,920 --> 00:00:35,320 Speaker 2: with the Finance Minister to determine their budget for the 14 00:00:35,320 --> 00:00:38,760 Speaker 2: next five years. So no one knows, and even Nikola Willis, 15 00:00:38,800 --> 00:00:41,519 Speaker 2: the Finance Minister, is pretty unimpressed with the time it's 16 00:00:41,560 --> 00:00:42,360 Speaker 2: taken the bank to release. 17 00:00:42,560 --> 00:00:47,519 Speaker 1: But even she herself has been asked by myself on 18 00:00:47,560 --> 00:00:50,720 Speaker 1: the show numerous times why it was that he quit, 19 00:00:50,800 --> 00:00:52,040 Speaker 1: and she would not say. 20 00:00:52,040 --> 00:00:52,199 Speaker 2: What. 21 00:00:52,479 --> 00:00:55,160 Speaker 1: Why did everybody keep it a secret till today? It's 22 00:00:55,200 --> 00:00:56,680 Speaker 1: not even that it's not even that. 23 00:00:56,760 --> 00:01:01,400 Speaker 2: Explosive, honestly, that this is we don't know, we haven't 24 00:01:01,440 --> 00:01:03,160 Speaker 2: done it's a receiss weeks, we haven't been able to 25 00:01:03,160 --> 00:01:06,360 Speaker 2: ask anyone about it, and and and when the politicians 26 00:01:06,360 --> 00:01:09,000 Speaker 2: pop their heads up, when when Parliament comes back to 27 00:01:09,040 --> 00:01:11,119 Speaker 2: sit again, and then that will be the first question 28 00:01:11,160 --> 00:01:13,840 Speaker 2: we ask them. And obviously on your show too, it's 29 00:01:13,880 --> 00:01:18,039 Speaker 2: it's it is such a The strange thing to me 30 00:01:18,280 --> 00:01:21,320 Speaker 2: is that the truth of the matter, which is that 31 00:01:21,400 --> 00:01:24,320 Speaker 2: this was this dispute over the funding agreement, it's actually 32 00:01:24,360 --> 00:01:26,640 Speaker 2: quite you know, none, it's benign. 33 00:01:26,720 --> 00:01:28,000 Speaker 1: It's it's totally benign. 34 00:01:28,120 --> 00:01:31,280 Speaker 2: It's almost boring. It's it's it's predictable. It was known 35 00:01:31,319 --> 00:01:34,520 Speaker 2: at the time, was suspected at the time, so no 36 00:01:34,560 --> 00:01:37,360 Speaker 2: one can really explain why the bank has been so 37 00:01:37,720 --> 00:01:42,199 Speaker 2: secretive about this. It's strange. If I just speculated myself, 38 00:01:42,240 --> 00:01:44,360 Speaker 2: I think that the bank, the Reserve Bank, does have 39 00:01:44,360 --> 00:01:48,200 Speaker 2: a bit of a culture of you know, it's less transparent, sire, 40 00:01:48,200 --> 00:01:50,040 Speaker 2: we say than other other agencies in the government. 41 00:01:50,120 --> 00:01:52,880 Speaker 1: Yeah, I agree. I think the Reserve Bank has got 42 00:01:52,920 --> 00:01:55,200 Speaker 1: so deep into keeping secrets that it doesn't even know 43 00:01:55,200 --> 00:01:57,200 Speaker 1: what a worthwhile secret is anymore. It's just kind of 44 00:01:57,200 --> 00:01:58,840 Speaker 1: got a default secrecy. Do you know what I mean, 45 00:01:59,000 --> 00:02:01,559 Speaker 1: But does it look to you, Thomas like what happened 46 00:02:01,640 --> 00:02:04,440 Speaker 1: is he packed the tanty. He was undermined by Neil 47 00:02:04,520 --> 00:02:07,040 Speaker 1: Quigley who said, yeah, actually, don't worry, We'll take a 48 00:02:07,040 --> 00:02:10,600 Speaker 1: funding cut. That set him off. That happened over the weekend. 49 00:02:10,880 --> 00:02:12,839 Speaker 1: He then said, right, if I can't get my money, 50 00:02:12,880 --> 00:02:15,079 Speaker 1: I'm quitting. Didn't turn up to work on Monday, and 51 00:02:15,080 --> 00:02:17,720 Speaker 1: everybody went, oh, geez, maybe he isn't. So they convened 52 00:02:17,720 --> 00:02:19,640 Speaker 1: a meeting at the Reserve Bank. What happens if he 53 00:02:19,680 --> 00:02:22,280 Speaker 1: does actually resign? Nicola Willis got ready and then he 54 00:02:22,400 --> 00:02:24,800 Speaker 1: quit on Wednesday. Finally, is that what it looks like happened? 55 00:02:25,200 --> 00:02:27,359 Speaker 2: That's yeah, I mean, that's that's that's roughly the chain 56 00:02:27,360 --> 00:02:29,120 Speaker 2: of events. But but I mean, even then there was this. 57 00:02:29,880 --> 00:02:32,079 Speaker 2: Even then, it doesn't seem to be a recognition of 58 00:02:32,560 --> 00:02:34,600 Speaker 2: the gravity of what was going on and just how 59 00:02:34,639 --> 00:02:36,720 Speaker 2: this was play out. But the day that Adrian All 60 00:02:37,280 --> 00:02:41,440 Speaker 2: actually the resignation was announced and basically you know that 61 00:02:40,800 --> 00:02:44,520 Speaker 2: the chain of events became irreversible. He was still thinking 62 00:02:44,560 --> 00:02:46,480 Speaker 2: that he'd appear the next day at that that Central 63 00:02:46,520 --> 00:02:49,280 Speaker 2: Banking conference in Wellington, and but actually explained to everyone 64 00:02:49,320 --> 00:02:50,520 Speaker 2: what went, Yeah, don't. 65 00:02:50,360 --> 00:02:52,040 Speaker 1: You think that was a chirpy little threat? 66 00:02:52,040 --> 00:02:55,919 Speaker 2: Though, well, that's yeah, that's that is certainly one way 67 00:02:55,919 --> 00:02:58,040 Speaker 2: to read it. That is, that is certainly one way 68 00:02:58,080 --> 00:02:59,880 Speaker 2: to read it. That was that was an internal and 69 00:03:00,040 --> 00:03:02,919 Speaker 2: internal message though but perhaps yea, perhaps it wasn't interpreted 70 00:03:02,960 --> 00:03:03,320 Speaker 2: as a. 71 00:03:03,320 --> 00:03:05,240 Speaker 1: Board he had a falling out with it. I mean, 72 00:03:05,240 --> 00:03:07,120 Speaker 1: that's how I like to deliver my threats, don't you 73 00:03:08,000 --> 00:03:08,520 Speaker 1: my voice? 74 00:03:08,600 --> 00:03:11,000 Speaker 2: Well, the other interesting thing as well is that the board. 75 00:03:11,440 --> 00:03:14,320 Speaker 2: She and Neil quickly spoke to Interest the Interest website 76 00:03:14,320 --> 00:03:17,320 Speaker 2: today and at the time he said in the talking 77 00:03:17,360 --> 00:03:19,480 Speaker 2: points revealed today was that the you know, the the 78 00:03:19,520 --> 00:03:21,639 Speaker 2: decision to resign was a personal one of the governor, 79 00:03:21,639 --> 00:03:24,760 Speaker 2: and obviously every decision to resign it's usually partly personal. 80 00:03:25,520 --> 00:03:27,880 Speaker 2: But he was asked by Interest, you know these documents 81 00:03:27,919 --> 00:03:31,680 Speaker 2: in dashaw that actually wasn't a personal reason for for 82 00:03:31,720 --> 00:03:34,120 Speaker 2: the resignation. It was a professional reason. That was, it 83 00:03:34,160 --> 00:03:36,280 Speaker 2: was a matter of principle that he refused to take 84 00:03:36,280 --> 00:03:39,680 Speaker 2: this funding cut, and and and Neil quickly didn't really 85 00:03:39,920 --> 00:03:43,720 Speaker 2: he did. He didn't. When speaking to Interest Square the Circle, 86 00:03:43,880 --> 00:03:47,600 Speaker 2: he was not able to to to describe how that 87 00:03:47,720 --> 00:03:51,120 Speaker 2: personal decision that that personal remark that he made a 88 00:03:51,160 --> 00:03:54,000 Speaker 2: few months ago squared with the truth of the matter, 89 00:03:54,040 --> 00:03:56,400 Speaker 2: which is that this clearly was a professional resignation. 90 00:03:56,680 --> 00:03:58,960 Speaker 1: Okay, so this brings us to something else, because clearly 91 00:03:59,040 --> 00:04:01,640 Speaker 1: what's happened is the resil Bank has just been caught fibbing, 92 00:04:01,760 --> 00:04:04,400 Speaker 1: haven't they? Like they have been playing with semantics to 93 00:04:04,480 --> 00:04:07,880 Speaker 1: the point that actually they it crossed into a lie arguably. 94 00:04:08,320 --> 00:04:11,120 Speaker 1: So now the problem is they just look like a 95 00:04:11,160 --> 00:04:13,600 Speaker 1: bunch of fibbers, don't they. And this brings us to 96 00:04:13,640 --> 00:04:15,440 Speaker 1: what's going on with a lot of pr at the moment. 97 00:04:15,440 --> 00:04:18,360 Speaker 1: You have media people just outright telling fibbs. 98 00:04:19,000 --> 00:04:21,760 Speaker 2: Yeah, I mean, I mean that would you can only 99 00:04:21,800 --> 00:04:24,680 Speaker 2: really speak to what they can only speak to to 100 00:04:24,720 --> 00:04:26,960 Speaker 2: what they have known and what they have said. And 101 00:04:27,600 --> 00:04:29,560 Speaker 2: if there is any difference between the truth of the 102 00:04:29,560 --> 00:04:30,880 Speaker 2: matter that they know to be the truth and what 103 00:04:30,920 --> 00:04:33,920 Speaker 2: they have said, well, certainly, certainly what was said in 104 00:04:34,320 --> 00:04:37,119 Speaker 2: March seems quite different to what these documents reveal. 105 00:04:37,480 --> 00:04:39,640 Speaker 1: I appreciate it. Thank you very much. Thomas Thomas Coglan, 106 00:04:39,680 --> 00:04:42,080 Speaker 1: the Herald's political editor. So what Thomas was talking about 107 00:04:42,120 --> 00:04:44,560 Speaker 1: is interest dot co, Doon and Z got Neil quickly 108 00:04:44,560 --> 00:04:47,560 Speaker 1: on the phone, right because he had previously said Adrian 109 00:04:47,720 --> 00:04:51,359 Speaker 1: Or had resigned due to a personal decision that was 110 00:04:51,440 --> 00:04:54,960 Speaker 1: not motivated by any policy disagreements. So they got him 111 00:04:55,000 --> 00:04:56,880 Speaker 1: on the phone interest dock Codin and said, and they said, Tom, hey, 112 00:04:56,880 --> 00:04:58,960 Speaker 1: why did you say that when it was obviously actually 113 00:04:59,000 --> 00:05:01,720 Speaker 1: a policy disagree it was it was the funding disagreement. 114 00:05:01,839 --> 00:05:03,720 Speaker 1: And he said he stood by he stood by what 115 00:05:03,760 --> 00:05:05,599 Speaker 1: he had said, and he said, the things that I 116 00:05:05,640 --> 00:05:08,640 Speaker 1: said at the time were true. It was a personal 117 00:05:08,640 --> 00:05:10,800 Speaker 1: decision for him to resign, which is just a load 118 00:05:10,839 --> 00:05:13,440 Speaker 1: of crap, isn't it. I mean, every every every person 119 00:05:13,480 --> 00:05:16,120 Speaker 1: resigns for a personal reason. It's their personal decision in 120 00:05:16,160 --> 00:05:18,240 Speaker 1: the end, isn't it. But that's not what people take 121 00:05:18,279 --> 00:05:22,000 Speaker 1: from the phrase personal decision. I'm not interested said Neil 122 00:05:22,200 --> 00:05:25,279 Speaker 1: in having you question me like you're a lawyer. For 123 00:05:25,400 --> 00:05:28,720 Speaker 1: more from Heather Duplessy Allen Drive, Listen live to News 124 00:05:28,720 --> 00:05:31,640 Speaker 1: Talk said B from four pm weekdays, or follow the 125 00:05:31,680 --> 00:05:33,320 Speaker 1: podcast on iHeartRadio.