Treasurer Wayne Swan has recommended the appointment of Wayne Byres as the next chair of the Australian Prudential Regulation Authority (APRA) to the Governor-General.
Byres is currently the Secretary General to the Basel Committee on Banking Supervision (BCBS)- the first Australian to be appointed to the role, said Swan.
The appointment of Byres was "strongly recommended" by Dr John Laker, the outgoing chair of APRA, as well as Reserve Bank of Australia (RBA) Governor Glenn Stevens and Treasury Secretary Dr Martin Parkinson, according to Swan.
"Mr Byres was central to Australia's prudential response to the global financial crisis as APRA's Executive General Manager responsible for the supervision of large complex banks, a post he held for seven years," said Swan.
Before he joined APRA when it was established in 1998, Byres served as a senior manager in the Bank Supervision Department at the RBA.
"To ensure continuity and stability at Australia's prudential regulator, Dr Laker has agreed to serve as APRA Chair until 30 June 2014 when Mr Byres' term as Secretary-General of the BCBS ends, so that Mr Byres can continue representing Australia in [his] influential global leadership role," said Swan.
Ross Jones, the deputy chairman of APRA, has indicated that he does not want to seek re-appointment, according to Swan.
"I will therefore be recommending to the Administrator that Mr Ian Laughlin be appointed as Deputy Chair for two years, from 1 July 2013. Mr Laughlin has served as a Member of APRA since 2010 and brings a wide range of private sector experience in the financial services industry to the position," said Swan.
