Bollard said that he will be fully focused in his remaining eight months on the serious economic and financial challenges facing New Zealand.
"As I noted last week, the bank is ready to respond to ongoing developments overseas, especially in Europe, the US and China, as well as domestically, particularly the Canterbury earthquakes. In addition, the bank's expanded prudential regulatory responsibilities mean we will continue to introduce new prudential requirements this year, especially in the insurance and non-bank sectors."
The bank's board plans to search in New Zealand and abroad to identify a successor to Bollard. The governor is appointed by the Minister of Finance on the recommendation of the board.
Bollard was appointed to the role in September 2002 and is in his second five-year term.
