Byron Pepper Promoted to RBNZ Deputy Chair

The Reserve Bank of New Zealand (RBNZ) has appointed Byron Pepper as its deputy chair, effective July 20. The appointment is for a four-year term, aligned with Pepper's existing board term, which concludes on June 30, 2030.

Pepper brings over 25 years of investment banking experience to the role, having advised corporate and government clients across New Zealand, Australia, and internationally. He holds a Bachelor of Law and a Bachelor of Management Studies (Finance) from the University of Waikato.

Pepper is not new to the RBNZ board, having served as a director since July 2022. During this time, he chaired the Financial Policy Committee since its establishment and previously led the Financial Stability Oversight Committee. His experience in these roles has positioned him for the elevated role of deputy chair.

RBNZ Chair Rodger Finlay linked the promotion directly to Pepper's track record on the board, particularly his role in the 2025 review of bank capital settings. The review concluded in December 2025 with a decision to align standardised risk weights for housing loans with loan-to-value ratios below 70%.