The Australian Prudential Regulation Authority today announced that its Chief Executive Officer, Mr Graeme Thompson, will end his five year term of appointment on 30 June 2003.

He will continue to serve as APRAs Chief Executive Officer until his term is completed.

Mr Thompson was appointed to head the newly-formed prudential regulation authority in June 1998 after serving many years at the Reserve Bank of Australia where he held a number of senior positions, including that of Deputy Governor.

Mr Thompson said that one of his main goals had been to create an effective integrated regulatory organisation from the many disparate agencies that existed prior to APRA.

I will complete my term satisfied that that objective has been well achieved, he said.

The Commonwealth Government is in the process of introducing a new governance structure for APRA. Decisions regarding appointments to the structure will be announced by the Government in due course.

APRA has no further comment on this matter at this point in time.

APRA is the prudential regulator of the financial services industry including banks, credit unions, building societies, general insurance and reinsurance companies, life insurance, friendly societies, and most members of the superannuation industry.  It currently regulates $1.5 trillion in assets for 20 million Australians.