The Reserve Bank of New Zealand (RBNZ) Board has established a new Financial Policy Committee (FPC) and appointed two external members, Heidi Richards and Professor Prasanna Gai, to support financial stability policymaking. The FPC will make key financial stability decisions, including setting prudential requirements for RBNZ-regulated financial institutions and deciding on macroprudential tools such as debt-to-income and loan-to-value ratio settings for lending. Ms Richards has been appointed for a four-year term from 1 January 2026 to 31 December 2029, and Professor Gai for a three-year term from 1 January 2026 to 31 December 2028; Professor Gai will also continue serving on the Monetary Policy Committee. The committee will comprise Governor Anna Breman, RBNZ non-executive Board members Byron Pepper (chair), Grant Spencer and Philip Vermeulen, with Board Chair Rodger Finlay also serving by virtue of his role; the Board has also agreed a Charter setting out the FPC’s operational framework and terms of reference. The FPC’s first meeting is scheduled for late February 2026.
Reserve Bank of New Zealand 2026-01-13
Reserve Bank of New Zealand appoints external members to new Financial Policy Committee and agrees its charter
The Reserve Bank of New Zealand has established a Financial Policy Committee to enhance financial stability policymaking, appointing Heidi Richards and Professor Prasanna Gai as external members. The committee, which includes Governor Anna Breman and other board members, will set prudential requirements and macroprudential tools, with its first meeting in February 2026.