RBA defends Stevens over corruption claims

The RBA says its governor has always answered questions about a note-printing scandal "truthfully". Source: AAP

THE Reserve Bank has rejected claims governor Glenn Stevens has not told the truth about his knowledge of allegations of corruption against the bank.

The central bank has also admitted a visit to Iraq by staff of one of its note-printing subsidiaries - the subject of the corruption allegations - was "ill-advised".

But the RBA says the company's effort to sell plastic banknotes to Iraq, in violation of United Nations sanctions, was suspended and no notes were ever provided.

Mr Stevens has previously told a House of Representatives' economics committee the RBA board didn't learn of allegations of corruption involving Note Printing Australia (NPA) until they were made public in 2009.

Brian Hood, a former NPA executive, has told the ABC and Fairfax that Mr Stevens' testimony "wasn't the truth", and the RBA knew of the allegations in 2007.

"The governor has always answered questions in parliamentary proceedings fully and truthfully," the RBA said in a statement on Monday.

"There have been lengthy hearings on these matters at which the relevant committees have been able to thoroughly examine the issues."

The RBA also said on Monday the reports of NPA staff visiting Iraq have been public knowledge for four years.

"The visit in 1998 was, in the opinion of the bank, ill-advised," the RBA said.

The project was suspended after the Department of Foreign Affairs and Trade raised concerns with NPA, it said.

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