MR FUSSELL TO RETIRE

Press, Volume CI, Issue 29744, 10 February 1962, Page 10

MR FUSSELL TO RETIRE

Reserve Bank Governor I N.Z. Press Association/ WELLINGTON, Feb. 9. Mr E C. Fussell, Governor of the Reserve Bank, has advised the Government that he will not be available for reappointment when his present term expires in July this year.

This was announced today by the Minister of Finance (Mr Lake)

"Mr Fussell will have served as Governor for 14 years,” said Mr Lake. “It is with regret that I have heard Mr Fussell’s decision. “Mr Fussell has filled the post of Governor with dignity and distinction,” Mr Lake said “Now he has indicated that as he will have completed two full terms of office, he feels that he should retire.”

Mr Lake said Mr Fussell had held many posts of responsibility in the Reserve Bank. He was successively secretary, assistant to the Governor, Deputy-Governor and then Governor. “The last 14 years has been a period of rapid economic change and the task of Governor has not been an easy one. Mr Fussell has been most successful in guiding the Reserve Bank in this period and he has been an able adviser, who has held the full confidence of successive governments.” Mr Lake said. "He will be widely missed by his colleagues in the Reserve Bank and by the many people he has worked with in Government departments and in commercial and banking circles." Mr Lake said Mr Fussell's successor had not yet been appointed.