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APRA Chairman stands down

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Australian Prudential Regulation Authority (APRA) Chairman Wayne Byres will step down after eight years of leadership.

Mr Byres says it was a “difficult decision” to leave the prudential regulator, but the time was right for a change.

“Just as we expect the financial institutions we regulate to carefully consider how they renew their leadership, the same applies to APRA,” Mr Byres said.

Mr Byres began at APRA in 1998, and held several key executive roles before being appointed Chairman in 2014.

“Being Chair of APRA has been an honour and a privilege. I’ve enjoyed the past eight years immensely, and I’m pleased with what has been achieved by APRA in that time.”

He says the financial system’s stability ensures that the transition to a new head will be smooth, and plans to continue in his role until October 30, as candidates for his replacement are considered.