News

RBA governor denies cover up

RBA Governor Glenn Stevens.
RBA Governor Glenn Stevens.

RESERVE Bank Governor Glenn Stevens has denied attempts were made to cover up alleged corruption inside subsidiary Note Printing Australia.

Mr Stevens, who appeared before the House of Representatives economics committee on Friday, said he could not recall when he had first seen a secret memo sent in 2007 to then RBA Deputy Governor Ric Battellino detailing the allegations.

Details of the five-page memo, which contained allegations of corruption and bribery inside the RBA-owned NPA, were revealed by Fairfax earlier this week.

"I did not read it at that time [2007]. It wasn't given to me, that is my memory," Mr Stevens said of the memo, which was written by NPA executive Brian Hood.

Mr Stevens said he read the memo only recently as it was contained in a brief of evidence in court proceedings against former executives from NPA and sister-firm, Securency.

The executives are accused of bribing foreign officials in order to win contracts.

Mr Stevens read a lengthy statement to the committee in which he gave a run down of the sequence of events.

He said accusations of an RBA cover-up were "completely without foundation" in relation to the NPA memo.

Topics:  glenn stevens house of representatives rba



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