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
In a letter addressed to the industry, the Australian Prudential Regulation Authority (APRA) set out an updated schedule of policy priorities for the banking, insurance, and superannuation industries.
The European Commission (EC) adopted a comprehensive review package of Solvency II rules in the European Union.
The Office of the Comptroller of the Currency (OCC) issued Versions 1.0 of the "Earnings" and "Regulatory Reporting" booklets of the Comptroller's Handbook.
The European Central Bank (ECB) published results of its economy-wide climate stress test, which aimed to assess the resilience of non-financial corporates and euro area banks to climate risks.
The European Banking Authority (EBA) published a report on the use of digital platforms in the banking and payments sector in European Union.
The Hong Kong Monetary Authority (HKMA) published updates on the policy measures that were announced in context of the ongoing pandemic.
The International Swaps and Derivatives Association (ISDA), along with several other associations, submitted a joint response to the Basel Committee on Banking Supervision (BCBS) consultation on preliminary proposals for the prudential treatment of cryptoasset exposures.
BIS published the September issue of the Quarterly Review, which contains special features that analyze the rapid rise in equity funding for financial technology firms, the effectiveness of policy measures in response to pandemic, and the evolution of international banking.
The Basel Committee for Banking Supervision (BCBS) met in September 2021 and reviewed climate-related financial risks, discussed impact of digitalization, and welcomed efforts by the International Financial Reporting Standards (IFRS) Foundation to develop a common set of sustainability reporting standards
The Office of the Comptroller of the Currency (OCC) issued a Cease and Desist Order against MUFG Union Bank for deficiencies in technology and operational risk governance.