Stefan Ingves to Replace Mark Carney as First Vice-Chair of ESRB
Members of the General Council of ECB elected Stefan Ingves, the Governor of Sveriges Riksbank, as the First Vice-Chair of ESRB for a term of five years, in line with the EU Regulation No 1092/2010. Mr. Ingves will replace Mark Carney after the end of the Mr. Carney's term of office as the BoE Governor. However, if Mr. Carney loses his status as member of the General Council of ECB at an earlier point in time, for example due to the withdrawal of UK from EU, Mr. Ingves’ term of office will commence on that earlier date.
Mr. Ingves was appointed Chair of the Toronto Center for Global Leadership in Financial Supervision in 2018. He is also a member of the Board of Directors of BIS and the Chair of that institution’s Banking and Risk Management Committee. Mr. Ingves has been a member of the General Board of ESRB since 2011 and was the Chair of the ESRB Advisory Technical Committee from its inaugural meeting in 2011 until 2017. He is also a member of the General Council of ECB, IMF Governor for Sweden, and a board member of the Nordic-Baltic Macroprudential Forum. Mr. Ingves was previously Chair of the BCBS, Head of the Monetary and Financial Systems Department at IMF, Deputy Governor of the Riksbank, and Director General of the Swedish Bank Support Authority. Prior to that he was Head of the Financial Markets Department at the Swedish Ministry of Finance.
ESRB, which is an independent EU body responsible for the macro-prudential oversight of the financial system in EU, is chaired by the ECB President Christine Lagarde. It contributes to the prevention or mitigation of systemic risks to financial stability in EU. ESRB also contributes to the smooth functioning of the internal market, thus ensuring a sustainable contribution of the financial sector to economic growth.
Related Link: Press Release
Keywords: Europe, EU, Banking, Insurance, Securities, ESRB Vice-Chair, Stefan Ingves, Mark Carney, ECB, ESRB
Related Articles
EC Rule on Contractual Recognition of Write Down and Conversion Powers
The European Commission (EC) published the Delegated Regulation 2021/1527 with regard to the regulatory technical standards for the contractual recognition of write down and conversion powers.
APRA Issues Further Guidance on Application of Securitization Standard
The Australian Prudential Regulation Authority (APRA) published a new set of frequently asked questions (FAQs) to provide guidance to authorized deposit-taking institutions on the interpretation of APS 120, the prudential standard on securitization.
SRB Provides Update on Approach to Prior Permissions Regime
The Single Resolution Board (SRB) published a Communication on the application of regulatory technical standard provisions on prior permission for reducing eligible liabilities instruments as of January 01, 2022.
APRA Publishes FAQs on Capital Treatment of Overseas Subsidiaries
The Australian Prudential Regulation Authority (APRA) published a new set of frequently asked questions (FAQs) to clarify the regulatory capital treatment of investments in the overseas deposit-taking and insurance subsidiaries.
EBA Finalizes Guidance to Assess Breaches of Large Exposure Limits
The European Banking Authority (EBA) published the final report on the guidelines specifying the criteria to assess the exceptional cases when institutions exceed the large exposure limits and the time and measures needed for institutions to return to compliance.
PRA Finalizes Changes to Consolidated Prudential Rules Under CRD5/CRR2
The Prudential Regulation Authority (PRA) issued the policy statement PS20/21, which contains final rules for the application of existing consolidated prudential requirements to financial holding companies and mixed financial holding companies.
EBA Revises Guidelines on Stress Tests of Deposit Guarantee Schemes
The European Banking Authority (EBA) revised the guidelines on stress tests to be conducted by the national deposit guarantee schemes under the Deposit Guarantee Schemes Directive (DGSD).
Nordea Bank and EIB Sign Agreement to Fund Green Projects in Nordics
The European Commission (EC) announced that Nordea Bank has signed a guarantee agreement with the European Investment Bank (EIB) Group to support the sustainable transformation of businesses in the Nordics.
HKMA Endorses Industry Guidance to Support LIBOR Transition
The Hong Kong Monetary Authority (HKMA) issued a circular, for all authorized institutions, to confirm its support of an information note that sets out various options available in the loan market for replacing USD LIBOR with the Secured Overnight Financing Rate (SOFR).
OCC Issues Booklet on Supervision of Problem Banks
The Office of the Comptroller of the Currency (OCC) issued a new "Problem Bank Supervision" booklet of the Comptroller's Handbook. The booklet covers information on timely identification and rehabilitation of problem banks and their advanced supervision, enforcement, and resolution when conditions warrant.
