I am pleased to announce the reappointment of Mr John Thom, Ms Susan McCarthy and Mr Joseph Gersh as part-time members of the Payments System Board (PSB). The terms of the appointments will be as follows:
- Mr John Thom until 14 July 2006
- Ms Susan McCarthy until 14 July 2007
- Mr Joseph Gersh until 14 July 2008
The PSB was established on 1 July 1998 as a Board of the Reserve Bank of Australia (RBA). The mandate of the PSB is to promote safety, efficiency and competition in the payments system in Australia. Over this period, the Board has embarked on a major reform of retail payments, particularly in relation to credit cards. I am grateful for the efforts of the Board and I thank Mr Thom, Ms McCarthy and Mr Gersh for accepting the reappointment.
The Reserve Bank Act 1959 provides for up to eight members of the PSB including the RBA Governor, one other RBA representative, one representative from the Australian Prudential Regulation Authority and up to five independent members.
The current members of the PSB are:
- Mr Ian Macfarlane, Chairman
- Dr John Veale, Deputy Chairman
- Dr John Laker, APRA representative
- Mr John Thom
- Ms Susan McCarthy
- Mr Joseph Gersh
- Mr John Poynton