COMMENT

Adrian Orr, Governor of the Reserve Bank of New Zealand, has received some vocal criticism recently on the back of the Reserve Bank's proposal to increase Tier 1 capital held by the banks from 8.5 per cent to 16 per cent.

Some of the criticism has been reasonable, part of the normal process of testing the substance of the assumptions behind the proposal.

However, some of it has not. Orr has noted surprise at the level of "underlying venom" that he has felt during public discussion of the proposals, including people referencing the size of his waistline!

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