As was announced today at the G20 summit meeting in Cannes, the FSB has appointed the Governor of the Bank of Canada, Mark Carney, as the new Chairman of the FSB. At the same time, Philipp Hildebrand, Chairman of the Swiss National Bank, was selected as the new Vice-Chairman. Along with representing the Chairman, this newly-created position in the FSB involves management responsibilities in the area of planned institutional strengthening of the FSB. The new leadership duo will immediately replace the current Chairman, Mario Draghi, who took up his duties as the new President of the European Central Bank on 1 November 2011. For Switzerland this appointment is recognition of its commitment to strengthen the set of international regulations for the financial sector in the wake of the financial crisis. The Federal Council actively supported the selection of Philipp Hildebrand to the top management in the FSB through diplomatic channels. The FSB is a key organisation in issues to do with international financial stability and financial market regulation. With the assumption of the vice-chairmanship, Switzerland reiterates its readiness to continue to contribute to global financial stability.
The selection of Hildebrand as the FSB Vice-Chairman has no influence on his work as Chairman of the Governing Board of the Swiss National Bank. The vice-chairmanship of the FSB is, like that of the Chairman, an additional function. Hildebrand represented Switzerland up to now in the Steering Committee and, together with a representative from the Federal Department of Finance, in the plenary session of the FSB.
Financial Stability Board (FSB)
The Financial Stability Board (FSB) which is based in Basel deals with issues to do with financial market stability and financial market regulation (but not, however, with tax matters). Its members include 54 authorities from 24 countries (Switzerland, the Netherlands, Spain, Singapore, Hong Kong and the G20 countries) and 10 international organisations and standard-setting bodies. Switzerland is represented in the FSB by the Federal Department of Finance and the Swiss National Bank. In addition, at the level of workings groups, FINMA is also active in the work of the FSB as a financial market supervisory body.
The FSB is a key and particularly appropriate body for representing the interests of Switzerland. Switzerland as an internationally important financial centre carries weight in financial market stability issues and in the FSB can contribute to strengthening international financial stability and to creating a level playing field for financial market players. This is exemplified by the recommendations on additional capital for systemically important banks which the FSB drew up with the Basel Committee on Banking Supervision (BCBS) and which Switzerland helped shape.
Address for enquiries:
Mario Tuor, Communications, State Secretariat for International Financial Matters (SIF), tel. +41 31 322 46 16, email@example.com