The Group of Governors and Heads of Supervision (GHOS), the oversight body of the Basel Committee on Banking Supervision, has appointed Pablo Hernández de Cos, Governor of the Bank of Spain, as the new Chairman of the Basel Committee on Banking Supervision, effective immediately.
Mr Hernández de Cos, the Governor of the Bank of Spain, succeeds Stefan Ingves, Governor of Sveriges Riksbank, who has chaired the Basel Committee since July 2011. As set out in the Committee’s Charter, the Chair is appointed for a term of three years that can be renewed once.
Mario Draghi, GHOS Chairman and ECB President, said “the GHOS expresses its gratitude to Stefan Ingves for his strong leadership of the Basel Committee over the past eight years. Under his leadership, the Committee completed its wide-ranging post-crisis Basel III reforms, which have increased the resilience of the global banking system and enhanced its ability to support the real economy. The GHOS looks forward to working with Pablo as the Committee increasingly focuses its work on evaluating its post-crisis reforms, addressing emerging vulnerabilities in the global banking system and promoting strong supervision.”
Stefan Ingves remarked “it has been a privilege and honour to chair the Basel Committee since 2011. The Committee’s accomplishments during this period have been wide-ranging and substantive, which is a testament to the willingness of its members to work cooperatively to enhance global financial stability. I would also like to express my sincere thanks to the BCBS Secretariat for its excellent support.”
Pablo Hernández de Cos said “as the global standard setter for bank regulation and supervision, the Basel Committee has made extraordinary achievements under Stefan’s leadership. I look forward to building on these successes with all BCBS members to further enhance global financial stability.”
Hernández de Cos joins Guindos, Campa and Navarro, already in European institutions
The appointment, which is known only three weeks after the European Banking Authority (EBA) entrusted the presidency of the institution to the former Secretary of State for Economy José Manuel Campa, reinforces the international weight of Spain in the European institutions at a time when the construction of what has come to be called the banking union is accelerating.
Apart from Campa and Hernández de Cos, the country has the former Minister of Economy Luis de Guindos in the vice-presidency of the European Central Bank (ECB) and with Emma Navarro in the same position in the European Investment Bank (EIB).