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Appointment of Head of Payments Policy Department

Summary:
Mr Ellis Connolly has been appointed to Head of Payments Policy Department at the Reserve Bank of Australia. Mr Connolly was selected from a list of internal and external candidates following the retirement of Dr Tony Richards. He will take up the position on 20 December 2021. Prior to this role, Mr Connolly was Deputy Head, Financial Markets Infrastructure in Payments Policy Department. He was responsible for the supervision of systemically important clearing and settlement facilities and payment systems operating in Australia. He has been with the Bank for 20 years. Mr Connolly will report to Ms Michele Bullock, Assistant Governor (Financial System). Ms Bullock said, ‘Ellis brings a wealth of experience in regulation, the operation of

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Mr Ellis Connolly has been appointed to Head of Payments Policy Department at the Reserve Bank of Australia. Mr Connolly was selected from a list of internal and external candidates following the retirement of Dr Tony Richards. He will take up the position on 20 December 2021.

Prior to this role, Mr Connolly was Deputy Head, Financial Markets Infrastructure in Payments Policy Department. He was responsible for the supervision of systemically important clearing and settlement facilities and payment systems operating in Australia. He has been with the Bank for 20 years.

Mr Connolly will report to Ms Michele Bullock, Assistant Governor (Financial System). Ms Bullock said, ‘Ellis brings a wealth of experience in regulation, the operation of markets and economics. He is a strong leader with a high level of skill in analysis and strategic thinking. His experience will be important as we pursue strategic priorities in payments policy.’

The Bank's priorities in this area include: supporting the shift to digital payments; conducting research into innovations in the payments system, including central bank digital currencies; resolving competition and efficiency issues in the payments system; and continuing to promote the safety and resilience of financial market infrastructures and payment systems.

At the Bank, Mr Connolly previously held the positions of Deputy Secretary, Deputy Head of Domestic Markets Department and Deputy Head of Economic Analysis Department, among others.

Mr Connolly has a Bachelor of Economics (Hons) from the University of New South Wales, a Bachelor of Laws (Hons) from the University of Technology, Sydney and a Masters in Public Administration from the Harvard Kennedy School.

Background

The Reserve Bank's Payments Policy Department is responsible for advising the Payments System Board on the promotion of efficiency and competition in the Australian payments system. It oversees the payments system with the development and implementation of policy. The payments system is at the core of Australia's financial system, with an average of $565 billion transferred daily in the year to June 2021. The department also supervises central counterparties and securities settlement facilities, important components of Australia's financial infrastructure, to contribute to the overall stability of the financial system.

For more information on the payments landscape and the Bank's work, see the Payments System Board Annual Report 2021. For more statistics, see Payments Statistics | RBA

Reserve Bank Australia
The Reserve Bank of Australia (RBA) came into being on 14 January 1960 as Australia's central bank and banknote issuing authority, when the Reserve Bank Act 1959 removed the central banking functions from the Commonwealth Bank. The bank has the responsibility of providing services to the Government of Australia in addition to also providing services to other central banks and official institutions. It currently consists of the Payments System Board, which governs the payments system policy of the bank, and the Reserve Bank Board, which governs all other monetary and banking policies of the bank.

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