Reserve Bank of Australia Annual Report 2011
Reserve Bank of Australia Annual Report 2011
Reserve Bank of Australia Annual Report 2011
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ppm<br />
20<br />
15<br />
10<br />
5<br />
0<br />
04/05<br />
Source: RBA<br />
Counterfeits Detected<br />
Parts per million genuine banknotes<br />
<strong>Annual</strong><br />
06/07<br />
08/09<br />
10/11<br />
public about banknotes and counterfeit detection.<br />
It also highlights the dangers posed by modern<br />
reproduction technologies to the integrity <strong>of</strong><br />
banknotes in circulation.<br />
The <strong>Reserve</strong> <strong>Bank</strong> works closely with other central<br />
banks and the security printing industry to gain<br />
a better understanding <strong>of</strong> the threat posed by<br />
emerging reproduction technologies available to<br />
counterfeiters, and to develop new security features.<br />
As part <strong>of</strong> its efforts to combat counterfeiting,<br />
the <strong>Reserve</strong> <strong>Bank</strong> is involved in the Central <strong>Bank</strong><br />
Counterfeit Deterrence Group (a group <strong>of</strong> 32 central<br />
banks that investigates counterfeiting threats and<br />
develops strategic solutions) and the Reproduction<br />
Research Centre (an anti-counterfeiting laboratory<br />
operated by a small number <strong>of</strong> central banks). In the<br />
assessment <strong>of</strong> new technologies for banknote security and the development <strong>of</strong> innovative features, the <strong>Bank</strong><br />
also collaborates with a number <strong>of</strong> private companies, research institutions and universities.<br />
Numismatic <strong>Bank</strong>note Sales<br />
The <strong>Reserve</strong> <strong>Bank</strong> conducted a numismatic banknote sale in July and August <strong>2011</strong> for all denominations <strong>of</strong><br />
banknotes produced in 2010. These banknotes were sold to the public at fixed prices during a six-week sale<br />
period.<br />
Note Printing <strong>Australia</strong><br />
Quarterly<br />
(annualised)<br />
20<br />
15<br />
10<br />
5<br />
0<br />
D J D J<br />
09/10 10/11<br />
ppm<br />
Note Printing <strong>Australia</strong> Limited (NPA) is a wholly owned subsidiary <strong>of</strong> the <strong>Reserve</strong> <strong>Bank</strong> that produces banknotes<br />
and operates the NNPDC on behalf <strong>of</strong> the <strong>Bank</strong>. NPA operates under a charter established by the <strong>Reserve</strong> <strong>Bank</strong><br />
Board. Specifically, NPA’s prime function is the efficient and cost-effective production <strong>of</strong> <strong>Australia</strong>n banknotes<br />
<strong>of</strong> high quality and security, in accordance with the specifications and requirements <strong>of</strong> the <strong>Bank</strong>. The charter<br />
also permits NPA to undertake other ‘non-core’ activities, including the development and production <strong>of</strong><br />
passports for the Department <strong>of</strong> Foreign Affairs and Trade (DFAT), and other security products as well as<br />
the production <strong>of</strong> banknotes for other issuing authorities. In recent years, these activities have included the<br />
production <strong>of</strong> banknotes for some countries in the Asia-Pacific region.<br />
NPA is governed by a Board <strong>of</strong> Directors appointed by the <strong>Reserve</strong> <strong>Bank</strong>. As at 30 June <strong>2011</strong>, the Board comprised<br />
five <strong>Bank</strong> executives: Michele Bullock, Assistant Governor (Currency) as Chair; Keith Hall, Assistant Governor<br />
(<strong>Bank</strong>ing and Payments); Darryl Ross, Chief Financial Officer; Lindsay Boulton, Head <strong>of</strong> <strong>Bank</strong>ing Department;<br />
and Michelle McPhee, Head <strong>of</strong> Risk Management. The Chief Executive Officer <strong>of</strong> NPA is Bernhard Imbach.<br />
In 2010/11, NPA produced 148 million banknotes for <strong>Australia</strong> and 320 million banknotes for a number <strong>of</strong> other<br />
countries, including Brunei, Chile, Papua New Guinea and Vanuatu. NPA also produced 2.7 million passports<br />
for DFAT over the year.<br />
NPA earned a pr<strong>of</strong>it after tax <strong>of</strong> $4.4 million in 2010/11, compared with a pr<strong>of</strong>it <strong>of</strong> $4.3 million in 2009/10. The<br />
financial accounts <strong>of</strong> NPA are consolidated with those <strong>of</strong> the <strong>Reserve</strong> <strong>Bank</strong>.<br />
32 <strong>Reserve</strong> bank <strong>of</strong> <strong>Australia</strong>