A key element of the changes to the regulatory structure provided for in the Governments financial sector reform program is the creation of a new organisation, the Australian Prudential Regulation Authority (APRA). APRA will have responsibility for the prudential regulation of authorised deposit-taking institutions, insurance companies and superannuation funds. APRA will commence operations on 1 July 1998, to coincide with the commencement of the Australian Securities and Investments Commission (ASIC).
Today, I am pleased to announce that the Government has decided to appoint Mr Donald Mercer, Dr Robert Austin and Professor David Knox to the APRA Board as independent members, each for a term of five years. Curricula vitae for the new members are attached.
Two previously announced appointments to APRA: Dr Jeffrey Carmichael AO as Chairman-designate and Mr Graeme Thompson as the Chief Executive Officer-designate are now confirmed.
The APRA Board will also comprise two representatives of the Reserve Bank of Australia (Mr Ian Macfarlane and Dr John Laker) and a representative of ASIC (Mr Alan Cameron AM).
One vacancy remains on the APRA Board. An appointment to this position will be considered in the context of the transfer from the States to the Commonwealth of responsibility for Credit Unions, Building Societies and Friendly Societies.