dozens (some say hundreds) of staff after heavy losses from the 1998 Russian financial crisis. He was a member of the Foreign Exchange Committee of the New York Federal Reserve Bank from 1999 to 2001. In 1998, on learning of his interest in pursuing a political career, National Party president John Slater began working to recruit him. Former party leader Jenny Shipley describes him as one of the people she "deliberately sought out and put my head on the line–either privately or publicly–to get them in there". Early political career Early years in Parliament Auckland's population growth led to the formation for the 2002 general election of a new electorate called Helensville, which covered the north-western corner of the Auckland urban area. Key beat long-serving National MP Brian Neeson (whose own Waitakere seat had moved on paper to being a Labour seat through the boundary changes) for the National Party Helensville selection. At the 2002 general election Key won the seat with a majority of 1,705, ahead of Labour's Gary Russell, with Neeson, now standing as an independent, coming third. The National Party was heavily defeated in the 2002 election, receiving only 20.9% of the party vote – the party's worst-ever election result. Following the fallout, a leadership coup against the incumbent Bill English was launched by Don Brash, another of the 2002 recruits, in October 2003. English and his supporters offered Key the finance spokesman position for his vote and were confident they had the numbers with him on their side. Brash narrowly won 14 votes to 12 and at the time it was thought Key had changed his support to Brash. The votes were confidential, although later Key stated that he did vote for English. Key won re-election at the 2005 general election, garnering 63% of votes cast. He increased his majority again in , gaining 73% of the electorate vote. Finance spokesman The low numbers in the National caucus meant Key was given more opportunities and responsibilities than most new Members of Parliament would. After serving as deputy finance spokesman under Brash, Key was promoted to the Opposition front benches in 2004 as party spokesman for finance. Key was up against Michael Cullen, the Minister of Finance and a veteran of 23 years in parliament. There was concern he would be out of his depth going up against Cullen in his first term and there was talk