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RESERVE bank and apra appointmentsToday I announce the reappointment of Mr Glenn Stevens as Governor of theReserve Bank for a further three year term, as well as my intention torecommend to the Administrator acting on behalf of the Governor-Generalthat Mr Wayne Byres be appointed as Chair of the Australian PrudentialRegulation Authority, ensuring a continuation of the world-class financialsupervision that helped Australia avoid recession.I congratulate Governor Stevens on his reappointment, which acknowledgeshis enormous contribution to Australia’s economic resilience through hisconduct of monetary policy, as well as his enduring focus on financial stabilityworking together with our other key regulators.Mr Byres is currently serving in the highly distinguished position of SecretaryGeneral to the Basel Committee on Banking Supervision, the global forumresponsible for the G20 banking agenda. Mr Byres is the first Australian toever be appointed to this prestigious role, and his appointment as APRA Chairhas been strongly recommended by Dr John Laker AO who has led APRA fornearly a decade, as well as Governor Stevens and Treasury Secretary DrMartin Parkinson PSM.Mr Byres was central to Australia’s prudential response to the global financialcrisis as APRA’s Executive General Manager responsible for the supervisionof large complex banks, a post he held for seven years. Prior to joining APRAwhen it was established in 1998, Mr Byres served as a Senior Manager in theBank Supervision Department at the RBA.To ensure continuity and stability at Australia’s prudential regulator, Dr Lakerhas agreed to serve as APRA Chair until 30 June 2014 when Mr Byres’ termas Secretary-General of the BCBS ends, so that Mr Byres can continuerepresenting Australia in this influential global leadership role.Dr Laker has overseen the strength of Australia’s financial institutions throughone of the most turbulent periods for the global financial system in 80 years.His tough supervision has helped to ensure our financial system remains oneof the strongest in the world.Today I also announce the appointment of Ms Kathryn Fagg as a member ofthe Reserve Bank Board for a five year term from 7 May 2013. Ms Fagg hasuniquely broad and diverse experience across a range of Australianindustries, having worked in senior executive roles at Linfox, BlueScope Steel,ANZBank, McKinsey & Co and Esso Australia. I congratulate Ms Fagg on herappointment.I acknowledge the retirement from the Reserve Bank Board of Ms JillianBroadbent after 15 years and thank Ms Broadbent for her distinguishedcontribution to Australian monetary policy.