The outgoing chief executive of the Bank of New Zealand says the jury is still out on whether the Reserve Bank's loan to value restrictions have had the impact the central bank wanted.
Andrew Thorburn is stepping up to head BNZ's parent, the National Australia Bank.
He replaces another former New Zealand banker, Cameron Clyne, who stepped down as the group chief executive after saying the role has taken a toll on his personal life and he wants to spend more time with his family.
Mr Thorburn has steered the bank's New Zealand arm through the depths of the financial crisis and he spoke about his legacy at the bank.
Mr Thorburn says the restrictions on small deposits that the Reserve Bank introduced last year was a significant change in the New Zealand industry.
Mr Thorburn will be paid a base salary of $2.2 million, plus incentives, and his replacement will be announced in due course.