Thursday, 23 May 2024

Erik Thedéen appointed as chair of Basel Committee on Banking Supervision

5 min read

The Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of the Basel Committee on Banking Supervision has appointed Erik Thedéen, governor of the Sveriges Riksbank, as the new chair of the Basel Committee on Banking Supervision.

Thedéen's term will start on 11 June 2024. He succeeds Pablo Hernández de Cos, governor of the Bank of Spain, who has chaired the committee since March 2019.

Tiff Macklem, GHOS chair and governor of the Bank of Canada, said: “The GHOS thanked Pablo Hernández de Cos for his inspired chairmanship of the Basel Committee over the past five years. The committee’s prompt and effective responses to the series of shocks affecting the financial system over the past few years, including the COVID-19 pandemic, geopolitical developments and last year’s banking turmoil, are testimony to Pablo’s outstanding leadership. Under Pablo’s guidance, the committee also completed a strategic review, ensuring the committee is in a strong position to anticipate emerging risks and vulnerabilities to the banking system and to strengthen supervision. The GHOS welcomes Erik as the new chair and looks forward to working with him and the committee to build on its successes.”

De Cos, said: “It has been a true privilege and honour to chair the Basel Committee over the past five years. The committee has achieved a wide range of accomplishments during this period, which is in no small part thanks to our members’ ongoing willingness 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.”

Thedéen said: “I look forward to building on Pablo’s successes, for which I am most grateful. As the global standard setter for bank regulation and supervision, it is important that the committee continues to meet its mandate of strengthening the regulation, supervision and practices of banks worldwide with the purpose of enhancing financial stability.”

Re-disseminated by The Asian Banker

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