from: john mcdermott sent: to: michael reddell …...ref #6542441 v1.3 from: john mcdermott sent:...

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Ref #6542441 v1.3 From: John McDermott Sent: Thursday, 10 March 2016 10:30 a.m. To: Michael Reddell Cc: Mike Hannah Subject: RE: Possibility of a leak Thank you for letting me know. I am disappointed that somebody knew and thought it a good idea to spread the leak. Somebody with a decent character would have instead informed the Bank. You should let them know that for them to tell you puts you in a difficult place. John From: Michael Reddell [mailto:[email protected]] Sent: Thursday, 10 March 2016 10:08 a.m. To: John McDermott Cc: Mike Hannah Subject: Re: Possibility of a leak and i'd be checking the media lockup On Thu, Mar 10, 2016 at 10:06 AM, Michael Reddell <[email protected]> wrote: 8:04am On Thu, Mar 10, 2016 at 10:03 AM, John McDermott <[email protected]> wrote: Hmm. Serious but this is very little information to go on. What time exactly did you get the email? John From: Michael Reddell [mailto:[email protected]] Sent: Thursday, 10 March 2016 9:09 a.m. To: Mike Hannah; John McDermott Subject: Possibility of a leak Mike, John For what it is worth, I received an email an hour ago from someone telling me that they had just heard that the Bank was going to cut by 25bps this morning. I have no idea whether it was a wellsourced "leak" or just speculation, but I have no reason to doubt the person who told me, who in turn (as far as I'm aware) has no reason to pass on simple speculation. Regards Michael From: Mike Hannah Sent: Thursday, 10 March 2016 10:44 a.m. To: GOVS; Mark Perry Cc: Helen Kincaid Subject: Possibility of a leak? Please see the attached emails between Michael Reddell, John and cc’d me. I’ve checked with Mark, and no obvious market action at the time the leak is alleged to have occurred. Reddell points to the

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Page 1: From: John McDermott Sent: To: Michael Reddell …...Ref #6542441 v1.3 From: John McDermott Sent: Thursday, 10 March 2016 10:30 a.m. To: Michael Reddell Cc: Mike Hannah Subject: RE:

     

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From: John McDermott Sent: Thursday, 10 March 2016 10:30 a.m. To: Michael Reddell Cc: Mike Hannah Subject: RE: Possibility of a leak Thank you for letting me know. I am disappointed that somebody knew and thought it a good idea to spread the leak. Somebody with a decent character would have instead informed the Bank. You should let them know that for them to tell you puts you in a difficult place. John  From: Michael Reddell [mailto:[email protected]] Sent: Thursday, 10 March 2016 10:08 a.m. To: John McDermott Cc: Mike Hannah Subject: Re: Possibility of a leak and i'd be checking the media lock‐up  On Thu, Mar 10, 2016 at 10:06 AM, Michael Reddell <[email protected]> wrote: 8:04am  On Thu, Mar 10, 2016 at 10:03 AM, John McDermott <[email protected]> wrote: 

Hmm. Serious but this is very little information to go on. What time exactly did you get the email? 

John 

 From: Michael Reddell [mailto:[email protected]] Sent: Thursday, 10 March 2016 9:09 a.m. To: Mike Hannah; John McDermott Subject: Possibility of a leak 

 Mike, John 

 For what it is worth, I received an email an hour ago from someone telling me that they had just heard that the Bank was going to cut by 25bps this morning.  I have no idea whether it was a well‐sourced "leak" or just speculation, but I have no reason to doubt the person who told me, who in turn (as far as I'm aware) has no reason to pass on simple speculation. 

 Regards 

 Michael 

From: Mike Hannah Sent: Thursday, 10 March 2016 10:44 a.m. To: GOVS; Mark Perry Cc: Helen Kincaid Subject: Possibility of a leak?  Please see the attached emails between Michael Reddell, John and cc’d me.  I’ve checked with Mark, and no obvious market action at the time the leak is alleged to have occurred.  Reddell points to the 

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media lockup, though others would be aware by then too, so other externals can’t be ruled out if this wasn’t just speculation.  It also coincides with the technical hitch we had this morning (between ~7:20am and ~8:45am), but that would only be coincidence I would guess, without knowing the technology.  Mike  From: Geoff Bascand Sent: Thursday, 10 March 2016 11:34 a.m. To: Mike Hannah; GOVS; Mark Perry; Steve Gordon Cc: Helen Kincaid Subject: RE: Possibility of a leak?  

I have requested Steve Gordon to undertake an enquiry into this matter with urgency.  We cannot be sure it is a leak as opposed to speculation but need to enquire into it with diligence and urgency on the assumption it is.  Without limiting Steve’s thinking, there appear to be a couple of strands to pursue: 

Enquiry into the alleged leak and this has a couple of dimensions – further discussions with Reddell, and any evaluation if possible of media/analyst lock‐up behaviour 

Trading analysis as to any evidence of improper dealing  

I would expect Steve, inter alia, to: 

To ask Michael to support us in the enquiry and identify the source, so that we can enquire further – we have some questions for Michael here but, in the first instance, he is the messenger 

To ask whether he advised the person to contact us, and if not why not 

Ascertain from Michael when he first became aware of the claim / information (which he implies was an hour earlier) and why it was not until 9.09 he notified us  

Consider if there is any way (eg video, observation, ?) to consider any possible sources  Steve can you please send us your plan when you have formed it  Geoff 

 

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From: Keith [mailto:[email protected]] From: Geoff Bascand Sent: Thursday, 10 March 2016 1:37 p.m. To: GOVS; Mike Hannah; Steve Gordon Subject: FW: Enquiry into possible leak re OCR decision  

Fyi – Keith emailed me personally so you might be sensitive about the MR issues there (I think you all know Keith is close to Michael).  Geoff  From: Geoff Bascand Sent: Thursday, 10 March 2016 1:35 p.m. To: 'Keith' Subject: RE: Enquiry into possible elak re OCR decision  

Hi Keith Yes it was, but at the same time somewhat odd that he didn’t simply steer the person to us nor tell us until an hour after receiving it.  That said he was the messenger and the substantive issue is who told him, did they know, and if so how.  Geoff  From: Keith [mailto:[email protected]] Sent: Thursday, 10 March 2016 11:52 a.m. To: Geoff Bascand Subject: Re: Enquiry into possible elak re OCR decision  Thanks for the advice Geoff.  It was good that Michael let you know but it is obviously a pretty serious matter.  Keith Taylor  Mobile 021 836419 Email [email protected]  On 10/03/2016, at 11:43 AM, Geoff Bascand <[email protected]> wrote: 

Rod, Keith   We have been informed this morning of a possible leak of this morning’s OCR decision.  We are immediately commencing an investigation into the allegation, to be led by Steve Gordon.   

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The information came to us from Michael Reddell who told us at 9.09 that he had been notified an hour earlier by someone that “they had just heard that the Bank was going to cut by 25bps this morning”.  You will immediately observe some puzzles and uncertainties in that chain of events that we need to enquire into.  Whether this was speculation or a leak, we do not know at this point.   At this stage, on a  preliminary look, we have not detected any noticeable unexpected trading activity but we will examine this more closely.   We are treating this with urgency and will keep you informed along the way.   Geoff       Geoff Bascand Deputy Governor & Head of Operations | Reserve Bank of New Zealand 2 The Terrace, Wellington 6011 | P O Box 2498, Wellington 6140 Mob +64 4 21 190 2518  | DDI + 64 4 471 3675 Email: [email protected]  | www.rbnz.govt.nz  

 From: Geoff Bascand Sent: Thursday, 10 March 2016 5:17 p.m. To: '[email protected]'; 'Rod Carr'; Bridget Coates; Jonathan Ross; Keith Taylor; Kerrin Vautier; Neil Quigley; Tania Simpson Cc: GOVS; Steve Gordon; Mike Hannah; Helen Kincaid Subject: RE: Enquiry into possible leak re OCR decision  

Directors,  This morning we were informed about a possible leak of the OCR decision.  I initiated an investigation and notified Rod and Keith.  Mr Reddell has now made public the allegation of a leak in his blog.  Consequently, we have taken steps to inform staff and the Minister’s office of the allegation and that we are conducting an investigation into it.  Steve Gordon Head of RAA is coordinating the investigation.  The staff notice is attached for your information.   I shall keep you informed as the investigation progresses.  Regards 

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Geoff  

 From: Geoff Bascand Sent: Thursday, 10 March 2016 5:20 p.m. To: Lindsay Jenkin Subject: RE: Allegation of Leak of Information  

Yes, not a great day.  The allegation has come from guess where….. Mr Reddell….and he has now gone public with it, hence the staff message  Will send you a separate email…  G  From: Lindsay Jenkin Sent: Thursday, 10 March 2016 5:12 p.m. To: Geoff Bascand Subject: RE: Allegation of Leak of Information  

Oh dear..... Sent with Good (www.good.com)  

From: Geoff Bascand Sent: Thursday, 10 March 2016 4:49:32 p.m. To: EVERYONE Subject: Allegation of Leak of Information

All staff:   We are aware of an allegation that information may have been leaked ahead of the OCR announcement this morning. While we have no evidence at this stage that anything untoward happened within the Bank or on financial markets, we take the integrity and security of market-sensitive information very seriously and have initiated an investigation by RAA into the allegation.  

 Geoff 

    Geoff Bascand Deputy Governor & Head of Operations | Reserve Bank of New Zealand 2 The Terrace, Wellington 6011 | P O Box 2498, Wellington 6140 

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Mob +64 4 21 190 2518  | DDI + 64 4 471 3675 Email: [email protected]  | www.rbnz.govt.nz  

  From: Keith Taylor Sent: Thursday, 10 March 2016 9:39:03 p.m. To: Rod Carr Cc: Geoff Bascand; GOVS; Steve Gordon; Mike Hannah Subject: Re: Enquiry into possible elak re OCR decision 

I see Michael Reddell has mentioned the leak in his blog although he did partially qualify it by saying it could have just been inspired speculation and was not from anyone in the bank.  So I guess it could hit the media soon as a suspected leak  Keith Taylor  E: [email protected] nz M: 021 836419  

 

From: Michael Reddell [mailto:[email protected]] Sent: Tuesday, 15 March 2016 3:29 p.m. To: Nick McBride Cc: Tuke, Ian (NZ - Auckland) Subject: Re: Possible OCR leak: your email to Bank on 10 March That's fine Nick  On Tue, Mar 15, 2016 at 3:26 PM, Nick McBride <[email protected]> wrote: 

Thanks Michael. Can we set 11am Friday then.  

Ian Tuke is actually on leave Friday so Barry Jordan will meet you and he will probably be joined by Mel Maddox (no one from the Bank will be there). 

Nick 

From: Michael Reddell [mailto:[email protected]] Sent: Tuesday, 15 March 2016 3:14 p.m. To: Nick McBride Cc: Tuke, Ian (NZ - Auckland) Subject: Re: Possible OCR leak: your email to Bank on 10 March 

Nick 

 Yes, that was me in the supermarket. 

 Happy to talk, although I'm not sure I can help much beyond what I put in my various emails to John.  I'm tied up and out of town for the next couple of days, but could meet on Friday morning.  If I 

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have to come into town I have another engagement I try to keep at 12:15, so 11 or 11:30 would probably suit me best.  Alternatively, 1pm.  Let me know if any of those times suit. 

Michael 

 On Tue, Mar 15, 2016 at 2:44 PM, Nick McBride <[email protected]> wrote: 

Michael 

I think I saw you in Thorndon New World today when I was buying my lunch. Anyway, I am emailing you following your email to John McDermott and Mike Hannah at 9:08am Thursday 10 March alerting them to the possibility of a leak of the OCR decision. The Bank has appointed investigators from Deloitte to try and find out whether there was a breach in security and, if so, how it occurred. They will also review the process for transmitting the Governor’s OCR decision to see if any improvements are needed. I’m sure we both agree that it is the public interest to ensure the integrity of the process and tighten it as necessary. 

As you are the person who has information that may indicate vulnerability in the process we would be grateful if the Deloitte investigators could talk to you about your email to John and Mike. We would suggest the meeting to discuss this take place at a convenient time for you at the Deloittes office here in Wellington (Level 16, 10 Brandon Street), ideally this week. If you could let me know the days and times you are available that would be appreciated. Deloitte should be able to fit in with you. 

The lead from Deloitte is Ian Tuke and I have copied him on this email.  

Thank you very much in advance for your cooperation. Feel free to contact me if you have any queries. 

Nick 

Nick McBride 

General Counsel | Reserve Bank of New Zealand  

2 The Terrace, Wellington 6011 | P O Box 2498, Wellington 6140 

T. +64 4 471 3917 | M. 021 410 551 | F. +64 4 471 2270  

www.rbnz.govt.nz 

From: Angus Barclay Sent: Thursday, 17 March 2016 4:21 p.m. To: Mike Hannah Subject: RE: Media on the day  Plenty of  older stuff that reports Mr Reddell’s antipathy towards the Bank and the Governor.    But one Hamish Rutherford item that was originally on the Stuff website from 9 March, and later updated after we announced OCR cut, so I’m not sure what the original text said. But the timing is interesting.  It was originally headed as follows: 

Banks may seek to recover lost margins by passing on little of OCR cut

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The Press-9/03/2016 Michael Reddell,a former special advisor at the Reserve Bank, said Thursday's cut was the "bare minimum" the central bank could do to stop banks raising ...

 I’m told that  Rutherford wasn’t the lockup on Thursday 10 March.  Hamish Rurtherford (formerly Gallery, now Business) reports Reddell reasonably frequently. 3 March 2016 http://www.stuff.co.nz/business/77456364/former‐reserve‐bank‐chair‐grimes‐hits‐back‐over‐insulation‐error‐claim 24 Nov 2015 http://www.stuff.co.nz/business/74358744/Record‐migration‐boosts‐growth‐short‐term‐but‐will‐it‐make‐NZ‐richer  31 May 2015  http://www.stuff.co.nz/business/68961148/Is‐Graeme‐Wheeler‐the‐worlds‐most‐powerful‐central‐banker  From: Mike Hannah Sent: Thursday, 17 March 2016 10:44 a.m. To: Angus Barclay Subject: RE: Media on the day  It has to be a few days before 10 March, do they fit?  From: Angus Barclay Sent: Thursday, 17 March 2016 10:24 a.m. To: Mike Hannah Subject: RE: Media on the day  I can’t find the Newstalk ZB item in our records or with an internet search.  Did find the Radio Live item though  10 March 2016 ‐ Radio Live – Mark Sainsbury talks with former Reserve bank economist Michael Reddell about the reasons for the Reserve Bank lowering the Official Cash Rate this morning. Listen to it here http://www.radiolive.co.nz/Reserve‐Bank‐lowers‐OCR‐against‐most‐predictions/tabid/506/articleID/114467/Default.aspx  And other instances too where Mr Reddell has been talking to and/or talked about by NBR, Herald, TVNZ Q&A, Politik, Hive, Economics Blog (Donal Curtin) etc.  cheers Angus   

From: Mike Hannah Sent: Wednesday, 16 March 2016 6:33:17 p.m. To: Richard Wong Subject: Media on the day

Richard   Just going through Reddell’s blog, which appeared late on 10 March, it started off with this para.  I’ve highlighted a sentence that didn’t stand out to me on the day, as I was more interested in his reaction to the cut.  But this sentence might be a reference to a journalist (otherwise why say “on 

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the record”?), and it’s conceivable a journalist could have gone back to him on the day to say he was right.  We know he was on NewstalkZB, and I think Radio Live, Angus will check the media wraps.   

The Reserve Bank of New Zealand hasn’t had a good couple of years.  There was the  totally unnecessarily 2014 tightening cycle that was only slowly, and rather grudgingly, reversed.  More recently, we had the OCR cut in December that drove the exchange rate up, and then the Governor’s fairly strident (and defensive) speech early last month which convinced even most of the doves that he would take quite some convincing to cut the OCR again, only to move (and signal yet another easing) at the very next OCR review a few weeks later.   I don’t do on‐the‐record advance predictions of individual decisions, but I noted a few days ago to someone who asked that I thought a rate cut today was much more of a possibility than most of the local commentators, or market prices, were reflecting.  Nonetheless, today’s move was a pleasant, if mild, surprise. 

  Mike  

 From: Steve Gordon Sent: Friday, 18 March 2016 4:35 p.m. To: Geoff Bascand; Mike Hannah Subject: Croaking Cassandra  FYI, not surprisingly MR has blogged about his meeting this morning with Deloitte and our OCR release process.  Steve Gordon Head of Risk Assessment and Assurance  I  Reserve Bank of New Zealand 2 The Terrace, Wellington 6011  I  P O Box 2498, Wellington 6140 T.  +64 4 471 3734  I M.  +64 21 489 208  I  F.  +64 4 471 2270 www.rbnz.govt.nz  

 

From: Hamish Rutherford [mailto:[email protected]] Sent: Monday, 21 March 2016 2:09 p.m. To: Mike Hannah Subject: Reddell allegations 

 Hi Mike 

 Is there any statement on Michael Reddell's allegations about a lead of the latest OCR decision? I note he alleges an investigation is underway? If it is easier to speak directly on this please let me know, 

 Hamish  

 Hamish Rutherford 

Wellington business bureau chief E [email protected] | P (04) 474 0179 | M (027) 603 2086 | T @oneforthedr Fairfax Media, Willis Street, Wellington City, New Zealand

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From: Mike Hannah Sent: Monday, 21 March 2016 4:08 p.m. To: SMG Cc: Helen Kincaid; Angus Barclay; Richard Wong Subject: Stuff on alleged leak  Hamish Rutherford is the first to pick up Reddell’s leak allegation, and I’ve responded as this story.  http://www.stuff.co.nz/business/78116095/reserve‐bank‐of‐nz‐conducting‐probe‐into‐alleged‐leak‐of‐ocr‐decision‐on‐march‐10  It would leave readers a bit baffled as to whether anything was leaked and if so why.  Dow Jones/Wall St Journal are picking it up as well.  Mike  

From: Rod Carr [mailto:[email protected]] Sent: Tuesday, 22 March 2016 6:16 a.m. To: Graeme Wheeler Cc: Mike Hannah Subject: RE: Reddell on why he didn't tell us earlier  

I wonder what if any obligation Michael felt to disclose and is now feeling guilty and needing to justify why he did not advise the Bank? He would have known we would have had the option to go early and protect the integrity of the bank and NZ’s reputation. Not exactly the sign of good citizenship.  That said, given the breach there could have been much more adverse consequences, reviewing who gets sensitive information when is definitely appropriate. I expect the days of the lock up might be over, a combination of technology and changes in expected conduct. The risks and consequences of a leak appear to have increased.  Rod  From: Graeme Wheeler [mailto:[email protected]] Sent: Tuesday, 22 March 2016 1:52 a.m. To: Rod Carr Cc: Mike Hannah Subject: FW: Reddell on why he didn't tell us earlier  

FYI Sent with Good (www.good.com)  

From: Graeme Wheeler Sent: Tuesday, 22 March 2016 1:48:23 a.m. To: Mike Hannah; GOVS; Steve Gordon; Richard Wong

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Cc: Angus Barclay; Helen Kincaid Subject: RE: Reddell on why he didn't tell us earlier

The quest for publicity continues with more handwringing My sense is that he is digging himself into a hole . A breach of protocols along the lines he claims is a serious situation and I find it extremely disappointing that a former employee of the Rbnz would withhold the source of an email then blog about the inquiry with a view to seeing it covered in the media G Sent with Good (www.good.com)   

From: Mike Hannah Sent: Monday, 21 March 2016 9:54:38 p.m. To: GOVS; Steve Gordon; Richard Wong Cc: Angus Barclay; Helen Kincaid Subject: Reddell on why he didn't tell us earlier

Reddell has blogged on the Stuff story, taking some umbrage that the reporter says Reddell “claims” he was told of the OCR cut (“there is no ‘claims’”).  He sounds sympathetic to our immediate response with an inquiry.  The more interesting bit is this I thought.     

When I first received the email, I was not sure what to make of it.  I checked the exchange rate pages and was relieved to find there had been no movement.  I also wasn’t sure whether to believe the report  –  after all, a cut was not widely expected that day.  Seeing no movement in the exchange rate, not being sure if the report was accurate (and not wanting to be scoffed at by the Bank if they weren’t in fact cutting), and knowing that the key Reserve Bank people would in any case  be in lock‐ups, I did not pass on the information to the Reserve Bank (John McDermott and Mike Hannah) until shortly after 9am on MPS day. 

  My highlighted section sounds a flimsy reason not to tell us sooner – “scoffed” by whom and where??  I would very likely have picked up the email, as I watch for incoming market and team emails in case any new market info is coming (eg Fed announcements) or issues from my team.  It would have given me kittens, but we’d have watched the markets very carefully, and might have had to consider going early if we saw action.  We could also have had security cameras monitored live.   Mike  

 From: Geoff Bascand Sent: Tuesday, 22 March 2016 2:53 p.m. To: Mike Hannah; Toby Fiennes; GOVS Subject: RE: Your blog yesterday Thanks Toby.  Interesting to see his book comparison   

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Mike you are spot on (protesting too much) – he says himself he doesn’t know it is a leak or speculation…  Geoff   T: +44 (0)20 7316 9054 

From: Mike Hannah Sent: Tuesday, 22 March 2016 1:34 p.m. To: Toby Fiennes; GOVS Subject: RE: Your blog yesterday I think so.   Something said seems to have struck a nerve.  He doesn’t like “allegations”.  And says he “voluntarily” passed on information which he should have passed on when he received it.  Methinks he protesteth too much. Mike  From: Toby Fiennes Sent: Tuesday, 22 March 2016 1:06 p.m. To: Mike Hannah; GOVS Subject: FW: Your blog yesterday Leave it there…?  From: Michael Reddell [mailto:[email protected]] Sent: Tuesday, 22 March 2016 12:20 p.m. To: Toby Fiennes Subject: Re: Your blog yesterday Toby  It wasn't discussions about prudential supervision ‐  it was operational preparedness re bird flu.    Since my comment wasn't remotely critical of     , disclosed nothing about business strategy or financial position, related to someone who has long since retired, and is about an episode 10 years ago, I concluded that it fell on the acceptable side of the line.  It would, in my view, have been inappropriate to have named the other bank (        ) ‐  a comment that I still think reflected very badly on them, and which I have used repeatedly (no names) over the last 10 years to illustrate the degree of complacency of banks re funding prior to the crisis.  In writing about past episodes I try to keep in mind the model (which I don't think was entirely appropriate) set by Alan Bollard ‐  an entire book.  Sorry if this seems a bit terse (which it is), but I'm also less than impressed at the Bank's public comments yesterday about material I voluntarily passed to them.("allegations")  Regards  Michael 

 

  From: Graeme Wheeler Sent: Tuesday, 22 March 2016 5:07 p.m.

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To: Mark Perry Cc: GOVS; Mike Hannah; Helen Kincaid Subject: FW: Reddell on why he didn't tell us earlier   Hi Mark   I just want to check one thing .   In the excerpt from Michael Riddells blog that Mike shows below it states …I checked the XR pages and was relieved to see that there was no movement   My understanding from the last BIS triennial survey is that daily FX transactions in NZD are around USD 105 billion. The great bulk of this takes place offshore and is in the USD/NZ exchange rate pairing . Spot FX transactions in NZD total around USD40 billion daily    On the day of the MPS announcement trading in the NZD would be taking place from the opening of trading  so a comment that says seeing no movement in the XR strikes me as strange because its unlikely there was absolutely no trading at all from the start of trading to 8.10 am and also I assume that small trades of a few hundred thousand dollars  may have little impact on the rate    Grateful your thoughts. Are we able to tell easily  how much the TWI or cross rates moved from the start of trading to 9am on the day of the MPS   Many thanks   graeme   From: Mike Hannah Sent: Monday, 21 March 2016 9:55 p.m. To: GOVS; Steve Gordon; Richard Wong Cc: Angus Barclay; Helen Kincaid Subject: Reddell on why he didn't tell us earlier   Reddell has blogged on the Stuff story, taking some umbrage that the reporter says Reddell “claims” he was told of the OCR cut (“there is no ‘claims’”).  He sounds sympathetic to our immediate response with an inquiry.  The more interesting bit is this I thought.     

When I first received the email, I was not sure what to make of it.  I checked the exchange rate pages and was relieved to find there had been no movement.  I also wasn’t sure whether to believe the report  –  after all, a cut was not widely expected that day.  Seeing no movement in the exchange rate, not being sure if the report was accurate (and not wanting to be scoffed at by the Bank if they weren’t in fact cutting), and knowing that the key Reserve Bank people would in any case  be in lock‐ups, I did not pass on the information to the Reserve Bank (John McDermott and Mike Hannah) until shortly after 9am on MPS day. 

  My highlighted section sounds a flimsy reason not to tell us sooner – “scoffed” by whom and where??  I would very likely have picked up the email, as I watch for incoming market and team emails in case any new market info is coming (eg Fed announcements) or issues from my team.  It would have given me kittens, but we’d have watched the markets very carefully, and might have had to consider going early if we saw action.  We could also have had security cameras monitored live.   Mike 

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From: Mike Hannah Sent: Wednesday, 23 March 2016 10:56 a.m. To: 'Richard Harman' Subject: RE: [New post] Central bank communications Hi Richard We said in our original statement as follows, which probably answers your question.    We are aware of an allegation that information may have been leaked ahead of the OCR announcement on 10 March.  While we have no evidence at this stage that any information was leaked, we take the integrity and security of market‐sensitive information very seriously and have initiated an external investigation into the allegation.    Mike  From: Richard Harman [mailto:[email protected]] Sent: Wednesday, 23 March 2016 9:46 a.m. To: Mike Hannah Subject: FW: [New post] Central bank communications Hi Mike This seems to be getting a bit out of proportion ‐‐‐ was there any actual evidence beyond Reddell’s claim that there was a leak? Cheers Richard    From: croaking cassandra [mailto:[email protected]] Sent: Wednesday, 23 March 2016 8:34 a.m. To: Richard Harman Subject: [New post] Central bank communications From: Geoff Bascand Sent: Wednesday, 23 March 2016 1:06 p.m. To: GOVS; Mike Hannah; Steve Gordon Subject: Trans Tasman media story on leak  

“CAPITAL TALK......The Reserve Bank is investigating a possible leak from the recent

monetary policy statement lock-up. Ex-employee and perpetual thorn in the side of Governor Graeme Wheeler, economist Michael Reddell, says he was sent an email at 8am, from someone who reckoned they knew a cut was on the way. The markets didn’t move until after the cut – when they went a bit berserk for a few hours – so no harm was done and Reddell now says it may not have been a leak. But the Reserve Bank is taking it seriously, as it has to.......... 

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 Geoff Bascand Deputy Governor & Head of Operations | Reserve Bank of New Zealand 2 The Terrace, Wellington 6011 | P O Box 2498, Wellington 6140 Mob +64 4 21 190 2518  | DDI + 64 4 471 3675 Email: [email protected]  | www.rbnz.govt.nz  

 From: Mike Hannah Sent: Thursday, 24 March 2016 7:26 p.m. To: Graeme Wheeler Cc: Angus Barclay; Geoff Bascand Subject: RE: Email OK.   On another matter, we went out to 26 attendees of the media lockup today (including Shamubeel) telling them Deloitte would approach them. Half have come back so far promising cooperation.   Some of them had fun on twitter about how we would taunt them with food while we were questioning them (food is a running joke), one even rang me from Sydney saying she was genuinely "excited" to be part of an investigation. Reuters in Sydney passed our note to their lawyers ("normal practice").   That all translates as taken well and reflecting good relations.  One tweeter I don't know suggests we look for "a journo wearing a new gold chain and rolex". Rutherford replies "that is the odd thing ‐ the dollar didn't even move. No evidence whatsoever of trading on information.  Just unsubstantiated claims."  It may all be humour, bluff, etc, but it may also reflect scepticism about Reddell's credibility.  We can't say, as Nick did today, that there is a prima facie case against media, let alone risk that thinking frame our approach to media.    Mike  

 From: Mike Hannah Sent: Tuesday, 29 March 2016 1:08 a.m. To: Geoff Bascand; Nick McBride; Richard Wong Cc: GOVS Subject: RE: Cassandra There is quite an odd para where he wonders what the sender of the email was doing ‐ "misunderstanding" some info they had, or "testing me".     What also struck me was that his source seems to be someone in the media feeding him but not at the lockup themselves.  I'm struggling to think who that source would be and why they would be feeding Reddell possibly regularly.    Sent with Good (www.good.com) 

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From: Mike Hannah Sent: Tuesday, 29 March 2016 12:49:51 a.m. To: Geoff Bascand; Nick McBride; Richard Wong Cc: GOVS Subject: Cassandra  

Reddell today, taking issue with Trans‐Tasman saying Reddell "now says it may not have been a leak", and our use of "allegation", goes over the history again and says the email he got was from "a person in a media organisation". I don't recall him being so specific?    He then speculates a leak, if there was one, could have been from either lockup.  He concludes with another lecture on needing to reform our release procedures.  Mike  

 From: Mike Hannah Sent: Wednesday, 30 March 2016 4:55 p.m. To: Nick McBride Cc: Richard Wong; Geoff Bascand; Angus Barclay Subject: RE: Meeting with Mike R  OK thanks Nick.  He’s clearly decided to share that knowledge with the public (and have it picked up by Liam Dann this morning in the Herald as news).  Mike  From: Nick McBride Sent: Wednesday, 30 March 2016 4:53 p.m. To: Mike Hannah Cc: Richard Wong Subject: FW: Meeting with Mike R  Hi Mike Following our conversation this morning, we checked with Deloitte what Michael had said in their interview. Mel’s summary is consistent with what I thought Barry and Mel said at our initial debrief after the Michael conversation. Nick  

From: Richard Wong Sent: Wednesday, 30 March 2016 8:49 p.m. To: Geoff Bascand; Mike Hannah Cc: Nick McBride Subject: FW: Meeting with Mike R  Geoff and Mike  Both investigators who conducted the interview with Mike Reddell have reconfirmed that both his references to the 'media' is consistent ‐ the subtlety  between media person and media organisation. 

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 They also recommend we do not contact him again unless it is necessary.   Cheers    

 From: Jordan, Barry (NZ - Wellington) Sent: Wednesday, 30 March 2016 7:35:00 p.m. To: Maddox, Mel (NZ - Wellington) Cc: Richard Wong; Tuke, Ian (NZ - Auckland); Nick McBride Subject: Re: Meeting with Mike R 

Yes this is how he conveyed it and it is consistent with his blog albeit he told us a little more then the blog records. I recommended we don't contact him again unless we really need to.  Barry 

 Barry Jordan Partner | Forensic | Risk Advisory Deloitte Deloitte House, 10 Brandon Street, PO Box 1990, Wellington 6140,  New Zealand Direct: +64 4 470 3760  Mobile: +64 21 537 684 [email protected] | www.deloitte.co.nz  On 30/03/2016, at 4:35 PM, Maddox, Mel (NZ ‐ Wellington) <[email protected]> wrote: 

Hi Richard,   Reddell said when we met with him that the email was sent from someone in a media organisation, but that person was not normally in the lock up. His interpretation of this was that someone in the lockup had sent the communication to ‘home office’ and then someone at ‘home office’ emailed Reddell.   Mel   From: Richard Wong [mailto:[email protected]] Sent: Wednesday, 30 March 2016 4:21 p.m. To: Jordan, Barry (NZ - Wellington) Cc: Tuke, Ian (NZ - Auckland); Maddox, Mel (NZ - Wellington); Nick McBride Subject: Meeting with Mike R   Hi Barry In a recent post by Mike Reddell stated that the alleged leak came from a person in the media – see highlighted below.   This seems to differ from my earlier understanding from the 18th March debrief of the meeting with Mike R; ie MR re‐confirmed that the sender was not from the media lock up but a colleague of the media in lock up.    Could you clarify this from your notes? And also it may be worth a follow up call to ask him to clarify the recent statement below. Your thoughts on this? 

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Inquiry into possible leak: for the recordMarch 28, 2016 Reserve Bank, Uncategorized 

It came to my attention that the weekly political newsletter Trans Tasman has commented on the Reserve Bank’s inquiry into the possible leak of the OCR decision.

They noted “the markets didn’t move until after the cut….so no harm was done and Reddell now says it may not have been a leak”. The “now” in that sentence is what bothers me, with a suggestion that I have walked back from some earlier position.

So, to be clear:

At 8.04 am on 10 March I received an email from a person in a media organisation saying

We have just heard that the Reserve Bank is cutting by 25 basis points.

          Regards   Richard   Richard Wong Manager Audit Services  |  Reserve Bank of New Zealand 2 The Terrace, Wellington 6011  |  P O Box 2498, Wellington 6140 T.  +64 4 471 3630  | M.  +64 21 0234 0890  |  F.  +64 4 471 2270 www.rbnz.govt.nz 

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From: Mike Hannah Sent: Tuesday, 29 March 2016 12:50 a.m. To: Geoff Bascand; Nick McBride; Richard Wong Cc: GOVS Subject: Cassandra Reddell today, taking issue with Trans‐Tasman saying Reddell "now says it may not have been a leak", and our use of "allegation", goes over the history again and says the email he got was from "a person in a media organisation". I don't recall him being so specific?    He then speculates a leak, if there was one, could have been from either lockup.  He concludes with another lecture on needing to reform our release procedures.  Mike   

 From: Mike Hannah Sent: Monday, 11 April 2016 8:21 a.m. To: Graeme Wheeler; Nick McBride; Geoff Bascand; Richard Wong; Grant Spencer; John McDermott Subject: RE: MPS OCR Special Investigation - draft reports  I think we’ll need to have asked Deloitte to ask for the name of the person who sent the email to Reddell.  Reddell knows who this was, so may yet reveal.  But to refer only to a Mediaworks reporter emailing from the lock‐up leaves the incorrect impression that XXX emailed Reddell.  So if media (likely) ask “Did the reporter email Reddell or anyone else” we must have more of an answer, even if it is “Mediaworks will not reveal all identities.”  I’ll circulate a draft news release shortly that Graeme and I worked on over the weekend.  Mike   From: Graeme Wheeler Sent: Sunday, 10 April 2016 10:58 p.m. To: Nick McBride; Mike Hannah; Geoff Bascand; Richard Wong; Grant Spencer; John McDermott Subject: RE: MPS OCR Special Investigation - draft reports  

Thanks for this Nick Sent with Good (www.good.com)  

From: Nick McBride Sent: Sunday, 10 April 2016 8:41:28 p.m. To: Mike Hannah; Geoff Bascand; Richard Wong; Graeme Wheeler; Grant Spencer; John McDermott Subject: RE: MPS OCR Special Investigation - draft reports

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Hi   There is a very good theory that XXX had something to do with emailing Michael. However, there is no direct evidence at this stage so it remains a theory (for instance, as Mike notes, it may not have been him but an assistant – or a producer). I wouldn’t have expected Deloitte to point to particular individuals without something approaching proof (I don’t think any accounting or legal firm would take that risk; indeed the Deloitte guys have not wanted to explore the XXX theory when it has been put to them). From my point of view this is appropriate as ultimately the use we can make of speculation is limited compared with more concrete findings.    I wouldn’t expect Mediaworks to offer further information, such as the name of the individual who emailed Michael. There are employment law aspects it has to consider, and it will want to limit further damage, particularly if it senses the Bank’s “no mercy” approach and the lak of credit it is likely to get for its admission. Deloitte might be prepared to have another go so we can ask I suppose.   However, I am also not sure about the focus on individuals. It is Mediaworks who is responsible. Given the opportunities, there is also strong basis for speculating that a journalist emailing from the lockup was normal behaviour, for Mediaworks at least, rather than necessarily an isolated action of one individual.   Nick   From: Mike Hannah Sent: Sunday, 10 April 2016 10:10 a.m. To: Geoff Bascand; Richard Wong; Graeme Wheeler; Grant Spencer; John McDermott; Nick McBride Subject: RE: MPS OCR Special Investigation - draft reports   

I agree, Geoff, I was also surprised by the lack of a name. Yes it was speculation on my part, I expected the final report to confirm who it was, as I mentioned my suspicion on telecon to Deloitte. We can go back via Nick to seek the name, as it is incomplete to blame only the reporter. (My draft news release at this stage is working on including naming Mediaworks and XXXi, but it is missing this link and I have not yet included Reddell's name - not to save him but wanting more completeness). My thinking was that XXX interviewed Reddell that morning and the email to him read like a tee-up for the interview (and Reddell replied to it), so it was either XXX or a researcher for him. Mike     

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From: Maddox, Mel (NZ - Wellington) [mailto:[email protected]] Sent: Monday, 11 April 2016 10:41 a.m. To: Richard Wong; Tuke, Ian (NZ - Auckland) Cc: Jordan, Barry (NZ - Wellington); Nick McBride Subject: RE: Project Quad Hi Richard, Ian and Barry are busy on another client engagement at the moment and look like they’ll be busy for most of the day. I’m pretty sure that Mediaworks did not tell us who the person was who sent the email to Mr Reddell. I don’t know whether they refused to tell us or not or what was said – Ian had the conversation, so I’ll let him respond to your query when he is able to do so today. The only other email correspondence that we had with Mediaworks was the email exchange about Mr Reddell’s phone number – now attached for your reference. I also attach the word version of the public version of the report for you to mark up your suggested changes. Kind regards Mel From: Richard Wong [mailto:[email protected]] Sent: Monday, 11 April 2016 9:11 a.m. To: Tuke, Ian (NZ - Auckland); Maddox, Mel (NZ - Wellington) Cc: Jordan, Barry (NZ - Wellington); Nick McBride Subject: Project Quad Good morning Mel and Ian I trust you had a good weekend.   I would like to double check whether Mediaworks provided you with names of the party/parties who sent the email to Mike Reddell? Or had Mediaworks declined to do so?    Thanks for providing a copy of the email response to the questions by Mediaworks. Were there other email correspondence with Mediaworks? Would you be able to send copies of all the Mediaworks emails to me?   Also would it be possible to get a Word version of the short form public report for us to provide some wording suggestions?   Thanks Richard   Richard Wong Manager Audit Services  |  Reserve Bank of New Zealand 2 The Terrace, Wellington 6011  |  P O Box 2498, Wellington 6140 T.  +64 4 471 3630  | M.  +64 21 0234 0890  |  F.  +64 4 471 2270 www.rbnz.govt.nz  

 From: Mike Hannah Sent: Monday, 11 April 2016 12:21 p.m.

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To: Richard Wong; Geoff Bascand; Grant Spencer; John McDermott Cc: Graeme Wheeler; Nick McBride Subject: RE: Deloitte draft report: MPS OCR investigation  I’ve passed on my changes to Richard.  Most are removing specific references to “suggestions” made by journalists and Deloitte , to be consistent with Graeme’s cuts (there are some generic references that can remain).  And removing “all” where they say Mr Reddell “cooperated with all our inquiries”, as this is contradicted further down with a reference to his declining to name his source.  Mike  

 From: Graeme Wheeler Sent: Tuesday, 12 April 2016 7:46 a.m. To: Richard Wong; GOVS; Mike Hannah; Nick McBride Cc: Helen Kincaid Subject: RE: Revised Deloitte draft report: MPS OCR investigation  Richard Thanks very much Good job. A couple of points:

2.6 We met with Mr Reddell on 18 March 2016 , and Mr Reddell cooperated with our enquiries. …Delete Mr Reddell cooperated with our enquiries (He didn’t-as he didn’t disclose everything that was necessary-this therefore gives a misleading impression) We should make it clear that Table 1 and Table 2 are deleted (we do in the text but please make sure that deloitrtes remove the tables) On 2.3 the language gets a little messy with the last bullet about RBNZ staff who attended the lock ups. Perhaps end the bullet list at Governors office. Then add a sentence. We also spoke with RBNZ staff who attended the media and external analyst lock ups. Thanks graeme

 

 From: Mike Hannah Sent: Wednesday, 13 April 2016 10:43 a.m. To: GOVS Cc: Helen Kincaid; Nick McBride; Richard Wong Subject: Mediaworks We’ve been dealing with a request from the Paul Henry show to do a piece on the new banknote security features.  In the process, Naomi came across this twitter feed from XXX below, which links XXXr very much with the PH show.  It doesn’t mean the other presenter I’d speculated on wasn’t the person who dealt with Reddell, but it muddies the waters as to the identity of the leaker to Reddell.   

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Enough to make us wonder whether we should be doing a piece on the PH show on currency?  That has thankfully been deferred indefinitely today by PH’s producer.  Mike  

 From: Geoff Bascand Sent: Wednesday, 13 April 2016 6:11 p.m. To: Mike Hannah; Richard Wong; Nick McBride Subject: OCR Leak Investigation  

Draft email to interviewed staff for release tomorrow – feedback welcome  Mike this makes me think that all staff should be informed also, by an everyone email after Govs Update…?  Geoff  >>>  Hi folk  The OCR leak investigation has concluded and we will be releasing the findings and consequential actions at 2.00pm today.  Because you were interviewed, I am informing you of ahead of the wider release.  I want to thank you very much for your assistance in support of the review.  The investigation has identified that a journalist from Mediaworks leaked the OCR decision to colleagues at Mediaworks and another person then leaked it to Mr Reddell.  Our staff all acted entirely appropriately, as we had expected.  In the light of the risks highlighted by this leak and our inability to control them, we have decided to cease lock‐ups for both press and analysts with effect immediately.  At 2pm we will publish a news release and the investigation report that will document these findings and actions more fully.  Until then, please keep this information to yourself – as embargoed.  

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Graeme will also speak about the conclusions of the review and the actions we are taking at Govs Update.  Thank you very much for your assistance in the review and your good work in keeping our information confidential and secure.   Geoff   Geoff Bascand Deputy Governor & Head of Operations | Reserve Bank of New Zealand 2 The Terrace, Wellington 6011 | P O Box 2498, Wellington 6140 Mob +64 4 21 190 2518  | DDI + 64 4 471 3675 Email: [email protected]  | www.rbnz.govt.nz  

 From: Geoff Bascand Sent: Thursday, 14 April 2016 8:04 a.m. To: Mike Hannah Subject: RE: Embargoed/Confidential: Investigation news release & report  

Ta  Mike, assume you have you got your answers for: 

why we haven’t named the journo(s) ?  (Do we say there may be employment‐related issues? Otherwise:) The investigation found that the leak involved several individuals in a one media organisation.  While Mediaworks revealed some of those names, it did not reveal the last person who leaked to Mr Reddell.  We regard all as culpable, and we considered it important to name the organisation.  You will need to ask the organisation for more detail.   

when someone says the Mediaworks journo in the lock‐up was XXX,  so why didn’t we say so?   See above. 

for the names of the journos in the lock‐up?  See above.  Geoff  

 From: Stephen P Toplis [mailto:[email protected]] Sent: Friday, 15 April 2016 5:02 p.m. To: Mike Hannah Cc: John McDermott; Graeme Wheeler Subject: RE: We are not amused!  Thanks Mike.   

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Understand your issues but still think it’s a pity that the analyst lock‐up will be abandoned.   I might add that I don’t buy the perceptions of favouritism argument. Every time someone from the Bank speaks to an audience there is a risk of this. This includes such things as bank representatives talking to groups of investors offshore, presentations to local industry groups or hosting its post MPS economists meeting.   Here’s hoping the Bank doesn’t desist from all informal communication to avoid such perceptions of favouritism.   And just because New Zealand does things differently doesn’t make it wrong. We have long championed the RBNZ as being the masters of transparency and communication. It is a pity that on a number of fronts this hard‐earned reputation appears to be under threat.   As for folk like Master Reddell methinks that much like an errant child the more he is ignored the less of a following he will develop.   Cheers   ST    

 From: Mike Hannah Sent: Tuesday, 19 April 2016 10:00 a.m. To: Geoff Bascand; Tanya Harris Subject: Technology report  Hi  I think you have this under control – I am drafting a response to various editors on our decision to end lockups, and I don’t think I can send it till we have a definitive response that addresses the claim going around some media that technology is simple and readily available.  This story below is based on Reddell’s claim, but Deloitte also referred to cheap jamming and scanning technology available online.  Both these claims are counter to the advice we’ve received over the years, so I don’t want to putting something misleading out.  http://www.nbr.co.nz/article/were-there-other-mediaworks-leaks-reserve-bank-lockups-jr-p-187685?utm_source=newsletter&utm_medium=email&utm_campaign=NBR%2520Last%2520Call  Thanks Mike     

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From: Mike Hannah Sent: Tuesday, 19 April 2016 7:27 p.m. To: Graeme Wheeler; Rod Carr Subject: RE: The RB  

Rod I support your proposed response if approached, and give a lot of credit to Keith's professionalism in what must be very difficult circumstances personally. I can't imagine why Reddell thinks (1) he would have any sympathy from the Board given his attacks; and (2) his argument that he wasn't irresponsible stacks up at all. His latest blogs that I've dipped into have been emotional, so he is obviously smarting from a well-aimed and deserved reprimand. He has been trotting out claims of lax security on our part on technology grounds, yet our research shows jamming to be illegal. Irresponsible again. Mike  From: Geoff Bascand Sent: Tuesday, 19 April 2016 10:12 p.m. To: Graeme Wheeler; GOVS Cc: Mike Hannah Subject: RE: The RB  

Keith mentioned this to me when I saw him today for interviews, in response to me raising the matter. I complimented him on his integrity in drawing his relationship with MR to the attention of the Board and setting that aside in discussion. Nothing will satisfy Michael. He is a deeply aggrieved person. Everything will be interpreted through his victim filter. If Rod replies he should be very perfunctory and factual. And be done with it. Geoff Sent with Good (www.good.com)  

From: Graeme Wheeler Sent: Tuesday, 19 April 2016 9:17:17 p.m. To: GOVS Cc: Mike Hannah Subject: FW: The RB

Email chain FYI

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Sent with Good (www.good.com)   

From: Graeme Wheeler Sent: Tuesday, 19 April 2016 9:16:26 p.m. To: Rod Carr; Mike Hannah Cc: Rod Carr Subject: RE: The RB

Agree with you Rod and with Mike's comments. I firmly believe Michaels behaviour was irresponsible in failing to inform the Bank immediately, in not informing Deloitte as to who contacted him and blogging continuously on the matter even when the investigation was underway. I believe the reasons he trotted out for his actions to Deloittes were extremely weak to say the least I also find all this rich from someone who worked in the Bank for a long time and I believe should have used much better judgement- also Michael has repeated denigrated the work of colleagues that he worked alongside for many years and I believe also he has been reckless in his criticism . I believe many of the points he makes are misplaced and can readily be countered by a competent economist Graeme Sent with Good (www.good.com)   

From: Rod Carr Sent: Tuesday, 19 April 2016 6:30:19 p.m. To: Graeme Wheeler; Mike Hannah Cc: Rod Carr Subject: FW: The RB

  Please read below.   My inclination, if Michael approaches me is to quote the resolution the board passed supporting the Governor’s decision to cancel the lock ups.   If Michael wants to discuss why I believe he should have exercised different judgment and should have let the bank know at 8.04am that they were at risk and he exposed himself to risk in not doing so, I am happy to do so.    We need to be careful in revealing what was and was not said in the Board meeting but I think we can disclose that we did discuss the conduct of all those involved.   Thoughts?   

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Rod  From: Keith Taylor [mailto:[email protected]] Sent: Tuesday, 19 April 2016 12:56 p.m. To: Rod Carr Subject: Fwd: The RB   Hi Rod Michael has agreed that I can share my interchange with him with you and Graeme.     So attached are all the emails.   I have redacted part of the original email that was more personal in nature.   I will leave it to you to forward to Graeme.   Happy to discuss.  Keith Taylor E: [email protected] nz M: 021 836419  Begin forwarded message: 

From: "Michael Reddell & Ruth Fairhall" <[email protected]> Date: 19 April 2016 at 12:44:01 PM NZST To: "'Keith'" <[email protected]> Subject: RE: The RB 

Yes, that’s fine Keith   My inclination had been not to publish, for various reasons, and you point you add is another valid one.   Michael   From: Keith [mailto:[email protected]] Sent: Tuesday, April 19, 2016 10:53 AM To: Michael Reddell & Ruth Fairhall Subject: Re: The RB   Thanks Michael, Are you happy for me to inform Rod and Graeme of our email discussion.   If you are going to publish your letter, it would be better in my view for you to give Graeme a chance to reply first.  Keith Taylor   Mobile 021 836419 Email [email protected]  On 18/04/2016, at 2:54 PM, Michael Reddell & Ruth Fairhall <[email protected]> wrote: 

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Consider it raised (which was all I was trying to do)…   But I am now writing a letter to Graeme, cc’ed to Board members. I haven’t yet decided whether to publish it.   From: Keith [mailto:[email protected]] Sent: Monday, April 18, 2016 2:11 PM To: Michael Reddell & Ruth Fairhall Subject: Re: The RB   No it's not circling the wagons....   It's just applying normal governance protocols.   Perhaps I should have made it clearer that I have no problem you raising issues with me about the RB.  I will then consider them and take whatever action, if any, I deem appropriate.   However I will not generally be in a position to discuss them with you.  Keith Taylor   Mobile 021 836419 Email [email protected]  On 18/04/2016, at 1:24 PM, Michael Reddell & Ruth Fairhall <[email protected]> wrote: 

Circle the wagons…..   I’m quite happy to approach Rod directly, should I conclude that would be appropriate.   From: Keith [mailto:[email protected]] Sent: Monday, April 18, 2016 12:14 PM To: Michael Reddell & Ruth Fairhall Subject: Re: The RB     Michael, I have disclosed at the Reserve Bank that you are a long‐time friend of mine.  I disclosed it when I first joined the board, again around the time when your role was disestablished and again last week as I thought your role in disclosing the leak may become a topic of discussion.    So far there has not been an occasion when i have felt it necessary to do any more than this, such as leave the meeting.  However if there was any substantive discussion about you I would.   This conflict that I recognise also means that i don’t wish to discuss any Reserve Bank matters with you nor will I discuss your Economics  blog with you when, as it often does, it directly relates to the Reserve Bank activities.   I am prepared to pass on your concerns to Rod Carr as Chair if you wish.  I would do this by sending hime the relevant parts of your email.   Otherwise I suggest you contact Rod or Graeme direct  if you wish to take this matter further.   Sorry I can’t be more help.   Keith 

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  Keith Taylor   Mobile 021 836419 Email [email protected]  On 17/04/2016, at 2:36 PM, Michael Reddell & Ruth Fairhall <[email protected]> wrote: 

Keith   I usually carefully avoid bothering you or badgering you about RBNZ issues, but had intended to buttonhole you this morning after church, but you were doing morning tea.   I presume that as Dep Chair, and chair of the audit committee, you have been following the leak inquiry aftermath?  Are you really comfortable that Graeme’s public attack on me on Thursday as “irresponsible” was appropriate? 

(part redacted) 

  

Nonetheless, it all seems less than reasonable - when the leak, and systemic weaknesses, would not have come to light without my assistance. 

Regards

Michael

        Michael Reddell and Ruth Fairhall 18 Bay Lair Grove Island Bay Wellington 6023 Ph 04 383 4239  

  From: Graeme Wheeler Sent: Wednesday, 20 April 2016 8:28:30 p.m. To: GOVS; Rod Carr Cc: Mike Hannah Subject: FW: Letter re OCR leak inquiry press release 

I find this letter quite extraordinary..graeme    Sent with Good (www.good.com)   

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 From: Michael Reddell Sent: Wednesday, 20 April 2016 7:43:48 p.m. To: Graeme Wheeler Subject: Letter re OCR leak inquiry press release 

Graeme, 

Please find attached a letter about the OCR leak inquiry press release of 14 April. 

Michael     ‐‐  Michael Reddell 18 Bay Lair Grove Island Bay Wellington 6023   Phone 04 383 4239; 021 1498 295