Co-op Money NZ, the industry association for credit unions and mutual building societies said that that its chief executive officer, Henry Lynch, will leave the organisation next month after almost eight years. During his tenure, Lynch modernised the New Zealand credit union sector, introducing debit card and mobile banking products. Co-op Money NZ now has approximately one third of the New Zealand ATM payments switching market. More recently, Lynch has been instrumental in migrating the credit union sector to a world-class tier 1 banking system with Oracle FlexCube, as part of Co-op Money NZ's strategy to focus on banking and payments. Lynch's last day will be 6 April 2018, with chief operating officer Jonathan Lee to serve as interim CEO. AMP's CEO Craig Meller has confirmed his intention to retire around the end of 2018 and the Board said it will commence a search for his replacement. The search, which will be led by chairman Catherine Brenner, will consider internal and external candidates from both the domestic and international markets. "Our announcement today is designed to ensure the search process can be as transparent and comprehensive as possible," she said - an unusual approach, given his departure was well-flagged, so AMP passed up the opportunity to announce the departure of one CEO and the arrival of his replacement. The new governor of the Reserve Bank of New Zealand, Adrian Orr, officially starts work today. But he spent yesterday signing a revised policy targets agreement between the central bank and the new Labour-led coalition government. For the first time in 30 years, the RBNZ will no longer focus solely on lowering inflation. Although the inflation target of one to three per cent over the mid-term and two per cent over the long-term has been left unchanged, the Bank will now have an additional target of "supporting maximum levels of sustainable employment" as well maintaining price stability. References to asset price stability are also now missing from the policy targets agreement. Some analysts believe the upcoming review of the Reserve Bank Act by the new government could see its responsibilities split up to resemble the Australian system, where the RBA has a mandate for monetary policy and APRA for bank regulation. The RBNZ currently deals with both. BNZ has finally confirmed it is permanently abandoning its Wellington head office building, after 18 months of insisting it would return to the earthquake damaged site. Staff were told on Monday that they would not be returning to the BNZ Harbour Quays office, which was extensively damaged in the earthquake in November 2016. Stuff reports that BNZ has signed leases on several buildings around the Wellington CBD. The Harbour Quays building, which was built in 2009 and had a rateable value of NZ$95 million, was leased by BNZ from CentrePort and housed more than 1,000 BNZ staff. It is built on reclaimed land and suffered damage in a previous earthquake, in 2013, which left it closed for months. The two