Mr Graeme Thompson, the Chief Executive Officer of APRA, today announced appointments to the four senior management positions in APRA which were advertised in July.
- Chief Operating Officer - Mr David Knott.In recent years Mr Knott has been inaugural CEO of the Australian Financial Institutions Commission and CEO of Commonwealth Funds Management. He assisted with the mechanics of APRA's establishment on a consultancy basis. As Chief Operating Officer, David will oversee all of APRA's internal corporate services, including human resources, finance, legal, information technology and premises. He will manage and represent APRA in the Chief Executive's absence.
- Executive General Manager, Insurance and Superannuation - Mr Tom Karp.Mr Karp was, until recently, Acting Commissioner at the Insurance and Superannuation Commission following senior roles at the ISC in life insurance and superannuation. Prior to joining the ISC in 1989 he had 15 years' commercial experience in life, general and health insurance, superannuation and investments. Tom is a Fellow of the Institute of Actuaries of Australia.
- Executive General Manager, Authorised Deposit-Taking Institutions - Mr Les Phelps. Mr Phelps was Head of Bank Supervision Department at the Reserve Bank of Australia from 1993 until APRA's establishment. Previously he was a finance analyst and strategist with two stockbroking firms, and before that had other senior policy responsibilities in the Reserve Bank.
- Executive General Manager, Policy Development and Research - Mr Brian Gray. Mr Gray was, prior to APRA's formation, a Chief Manager in the Reserve Bank's Bank Supervision Department with responsibility for risk analysis and policy development. He led the introduction of market risk guidelines for capital adequacy of Australian banks. Brian previously held senior positions in other policy divisions of the Reserve Bank.
Each of these appointments is on a five-year contracted basis.
Confirmation of Prudential Policies and Guidelines
Mr Thompson also confirmed that legislative provisions, regulations and guidelines previously administered by the Reserve Bank and the Insurance and Superannuation Commission in their prudential regulation of banks, insurance companies and superannuation funds have been transferred automatically to APRA, and continue unchanged with the exception noted below. APRA has endorsed all ISC and RBA interpretations, positions and decisions previously made in relation to their prudential responsibilities.
A similar approach will be taken with the prudential regulation of building societies, credit unions and friendly societies (presently regulated under State legislation) for which APRA will become responsible in future.
APRA will, of course, be reviewing and revising existing prudential supervision arrangements as appropriate. No significant changes will be made without a full process of consultation with industry.
On 28 August APRA announced modifications to capital adequacy requirements for banks. These were either to achieve consistency between the banks, credit unions and building societies or to come into line with amendments to international guidelines by the Basle Committee on Banking Supervision.
Head Office Premises
APRA has signed a ten-year lease over three floors in the new office building at 400 George Street, Sydney. These premises, which will house APRA's head office, are scheduled to be ready for occupation in November.
For the foreseeable future APRA will also have offices in Melbourne, Canberra, Brisbane, Adelaide and Perth.
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