Stevens to continue at RBA for three years Reserve Bank Governor Glenn Stevens has been re-appointed as head of the central bank for another three years. Treasurer Wayne Swan made the announcement in Canberra on Wednesday. Mr Steven's current term was due to end in September. Mr Swan said the reappointment acknowledged Mr Stevens' contribution to Australia's economic resilience through his oversight of monetary policy. "He is, in particular, recognised around the world as a key policy maker and one of the best," the treasurer told reporters in Canberra on Wednesday. Mr Swan also announced the appointment of Kathryn Fagg to the RBA board. The Melbourne-based senior executive has worked with Linfox, BlueScope Steel and ANZ over her working career, which began as a petroleum engineer with Esso Australia. As well, Paul Costello and Gina Cass-Gottlieb have been appointed to the Payments System Board of the RBA for five-year terms from July 15. "These key appointments will ensure that our financial system and our economy remain among the strongest in the world," Mr Swan said. Ms Fagg replaces Jillian Broadbent, who will retire from the RBA board after 15 years. Mr Swan also said Wayne Byres, currently Secretary General to the Basel Committee on Banking Supervision, will become chair of Australia's financial industry watchdog. He takes over from John Laker in the position at the Australian Prudential Regulation Authority in July 2014. Mr Byres previously worked at APRA for 13 years. "He was central to Australia's response to the global financial crisis as he was the lead supervisor of the four major banks during that period," Mr Swan said. His appointment was "strongly recommended" to the treasurer by Dr Laker, Mr Stevens and Treasury secretary Martin Parkinson. Meanwhile, the current deputy chair of APRA Ross Jones won't be seeking a reappointment. He'll be replaced by Ian Laughlin from July.