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RESERVE BANK OF AUSTRALIA

Head Office

The Bank's policy and administrative departments are located in its head office in Sydney. These comprise the following groups and departments.

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Banking and Payments Group

Assistant Governor (Banking and Payments): Keith Hall

Banking and Payments Group comprises two departments:

Banking Department provides a range of banking services to Australian Government departments and other government instrumentalities as well as a number of overseas central banks and official institutions.

Payments Settlements Department is responsible for the settlement of high-value payments and interbank obligations arising from the conduct of Exchange Settlement Accounts and the Reserve Bank's own trading activities, as well as the operations of RITS (Reserve Bank Information and Transfer System), Australia's real-time gross settlement (RTGS) system. Services are also provided for the clearing and settlement of low-value payments, such as those arising from cheque and direct entry transactions.

Corporate Services Group

Assistant Governor (Corporate Services): Frank Campbell

Corporate Services Group comprises three departments and one unit, which provide services to other parts of the Bank:

Facilities Management Department is responsible for the Reserve Bank's properties, security management and a range of facility services.

Financial Administration Department prepares the Reserve Bank's financial and management accounts.

Staff Services Unit handles various staff services such as payroll, superannuation and travel.

Information Technology Department – responsible for transforming and developing the core IT functions that support the Reserve Bank's policy, operational and corporate objectives.

Currency Group

Assistant Governor (Currency): Michele Bullock

Currency Group is responsible for note issue.

Note Issue Department is responsible for research into and development of new banknote designs and security features, and the supply of good quality/authentic notes to meet the community's demand.

Economic Group

Assistant Governor (Economic): Christopher Kent

Economic Group is responsible for analysis of economic trends, forecasting and research relevant to the framing of monetary policy. It consists of two departments:

Economic Analysis Department monitors and forecasts trends in the international and domestic economies, provides regular advice on these developments and monetary policy to the Governors and the Board, contributes to various external bodies, maintains contacts with relevant analysts and institutions, undertakes applied research and prepares reports for publication.

Economic Research Department undertakes longer-term research into issues relevant to monetary policy formulation and the operation of financial markets. Results are published in the Research Discussion Paper series. The Department organises a major annual conference, as well as an annual Research Workshop for which a call for papers is issued. In addition, it organises a program of internal seminars, hosts a number of invited academic visitors each year and is responsible for administering a comprehensive library service for the Reserve Bank.

The Reserve Bank maintains four State Offices, covering Queensland; South Australia and the Northern Territory; Victoria and Tasmania; and Western Australia. These State Offices come under the umbrella of the Economic Group. The State Offices analyse economic conditions in regions throughout Australia and conduct liaison with individual firms and agencies in both the private and public sectors. New South Wales and the Australian Capital Territory are covered by Head Office. State Offices also provide a vehicle for communicating the workings of monetary policy to the wider community and for improving access to the Reserve Bank.

The Reserve Bank has an office in Beijing, China that is responsible for monitoring local economic and financial developments as well as maintaining relationships with government and private entities.

Financial Markets Group

Assistant Governor (Financial Markets): Guy Debelle

Financial Markets Group is responsible for implementing the Reserve Bank's operations in domestic and foreign exchange markets, monitoring developments in financial markets and co-ordinating the Reserve Bank's relationships with major international institutions. The Group is divided into two departments:

Domestic Markets Department is responsible for the Reserve Bank's operations in the domestic money and bond markets. The Department also analyses developments in domestic financial markets, including the cost and availability of finance through financial intermediaries and capital markets, and provides regular advice to the Governors and the Board on these issues.

International Department is responsible for the Reserve Bank's foreign exchange operations, the investment of international reserve holdings of gold and foreign exchange, and the provision of regular advice on developments in international financial markets to the Governors and the Board. The Department is also responsible for maintaining the Reserve Bank's relations with major international institutions.

The Reserve Bank's Representative Offices in London and New York also come under the umbrella of the Financial Markets Group. These offices are mainly responsible for implementing the Reserve Bank's policies in relation to foreign exchange operations and reserves management in their respective time zones. They also liaise with financial market participants and other central banks in their local markets. The European Office in London also maintains liaison with the Bank for International Settlements and the Organisation for Economic Co-operation and Development.

The Bank's investment and trading operations are supported by the Technology Services area.

Financial System Group

Assistant Governor (Financial System): Malcolm Edey

Financial System Group supports the Bank's role in payments system regulation and its broad responsibilities for financial system stability. It consists of:

Payments Policy Department – responsible for developing and implementing the Reserve Bank's payments system policy. It provides analysis and advice to the Payments System Board on improving the safety and efficiency of the payments system. The Department is also responsible for oversight of Australia's clearing and settlement facilities and represents the Bank on the international Committee on Payment and Settlement Systems (CPSS).

Financial Stability Department analyses the implications for financial system stability of developments in the macroeconomy, financial markets and the financial sector more generally, including areas such as patterns of financial intermediation, financial products and risk management techniques. The Department provides advice on these issues to the Governors and the Board and supports the Reserve Bank's representation on bodies such as the Council of Financial Regulators, the Financial Stability Board and the Basel Committee on Banking Supervision. It is responsible for producing the Financial Stability Review.

Audit Department

Audit Department is responsible for conducting independent appraisals of the Reserve Bank's activities, functions and operations to ensure that an adequate framework of internal controls has been established and is operating effectively. The Head of Audit reports to the Chair of the Audit Committee.

Human Resources Department

Human Resources Department provides a range of centralised human resource functions primarily focused on ensuring the Reserve Bank's human resources policies and practices are tailored to attract and retain high quality staff. These include policies covering employment conditions, remuneration, staff training and development, equity and diversity and occupational health and safety.

Information Department

Information Department is responsible for preparing and publishing Bank information via a range of publications and the Reserve Bank's website. It also handles enquiries from the public and media. Separately, Information Department is responsible for the Bank's document management systems, archives and the Museum of Australian Currency Notes.

Risk and Compliance Department

The Risk and Compliance Department supports the consistent and effective application of the Bank's framework for managing risk, both at the enterprise level and for individual business units across the Bank. It assists departments to identify, understand and manage their compliance obligations. It also monitors and reports on portfolio risks and compliance with respect to the Bank's operations in financial markets. The Head of Risk and Compliance reports to the Risk Management Committee and to the Deputy Governor.

Secretary’s Department

Secretary's Department provides governance, secretariat and coordination services for the Governors, the Reserve Bank Board and its Audit and Remuneration Committees, the Payments System Board, and the Bank's Executive and Risk Management Committees. In addition, it provides legal services to the Reserve Bank through the General Counsel, and co-ordinates a range of contacts with Government, the Parliament, other central banks and international organisations, including arranging programs for visitors.