Reserve Bank of Australia Annual Report – 1999 Financial Statements Note 15 – Related Party and Other Disclosures

The Remuneration Tribunal determines the remuneration appropriate to the Bank's non-executive Board members. In 1998/99, payments to executive and non-executive board members totalled $979,786 ($1,260,452 in 1997/98).

The number of directors whose remuneration packages, measured in terms of costs to the Bank, fell within the following bands was:

Remuneration band	Number 1999	Number 1998
$0 – $9,999		2
$20,000 – $29,999		4
$30,000 – $39,999	5	1
$50,000 – $59,999	1	1
$280,000 – $289,999		1
$300,000 – $309,999	1
$330,000 – $339,999		1
$430,000 – $439,999		1
$450,000 – $459,999	1

The Bank is not empowered to lend to non-executive members of the Board. Loans to the Governor and Deputy Governor are permitted only in terms of section 71 of the Reserve Bank Act; at 30 June 1999, there was one such loan of $77,007 (three loans aggregating to $378,260 at 30 June 1998) which had been made for a home in which the officer resides, and is on the same terms and conditions as for other officers of the Bank.

There were no other related-party transactions with Board members; transactions with director-related entities which occurred in the normal course of the Bank's operations were conducted on terms no more favourable than similar transactions with other employees or customers.

In addition, $41,408 was paid for the services of non-executive members of the Board of Note Printing Australia Limited who are not employees of the Bank or members of the Bank Board. The Bank also paid $94,504 for the services of members of the Payments System Board who are not employees of the Bank.