I am pleased to announce the reappointment of Mr Joseph Gersh AM as a part-time member of the Payments System Board (PSB) from 15 July 2008 up to and including 14 July 2013.
Mr Gersh has been a member of the PSB since 1998 and his current term expires on 14 July 2008. Mr Gersh has made a very significant contribution to the Board's considerations over this period. His considerable knowledge and experience as one of the initial members of the Board will be invaluable as the review of the PSB payments system reform is finalised and implemented over the next few years. Mr Gersh is the founder and Executive Chairman of Gersh Investment Partners Ltd (GIPL). He is also the Chairman of the Australian Reinsurance Pool Corporation.
The PSB was established on 1 July 1998 as a Board of the Reserve Bank of Australia (RBA).
The Board determines the RBA's payments system policy and is responsible for stability, and competition and efficiency within, the payments system.
The Reserve Bank Act 1959 provides for up to eight members of the PSB including the Governor of the RBA and one other RBA representative, one representative from the Australian Prudential Regulation Authority and up to five independent members.
The other members of the PSB are: Mr Glenn Stevens (Chairman), Dr Philip Lowe (Deputy Chairman), Dr John Laker (APRA Member) and Mr John Poynton, Mr Robert McLean and Mrs Catherine Walter AM.