The Financial Stability Board, at its Plenary meeting in Frankfurt on 26 March, appointed the chairs of three of its Standing Committees as from 1 April 2015, in view of the expiration of the previous two-year terms on 31 March 2015:
- Mr Glenn Stevens, Governor of the Reserve Bank of Australia (RBA), has been appointed as Chairman of the Standing Committee on Assessment of Vulnerabilities (SCAV), succeeding Agustin Carstens, Governor of Banco de México. Mr Stevens is appointed for a term ending on 17 September 2016, when his term as RBA Governor ends.
The SCAV is responsible for monitoring and assessing vulnerabilities affecting the global financial system and proposing to the FSB actions needed to address them.
- Mr Daniel Tarullo, Governor, US Federal Reserve Board, has been reappointed for a second two-year term as Chairman of the Standing Committee on Supervisory and Regulatory Cooperation (SRC), ending on 31 March 2017.
The SRC addresses key financial stability issues relating to the development of supervisory and regulatory policy and to coordination issues that arise among supervisors and regulators that have cross-sector implications.
- Mr Ravi Menon, Managing Director, Monetary Authority of Singapore, has been reappointed for a second two-year term as Chairman of the Standing Committee on Standards Implementation (SCSI), ending on 31 March 2017.
The SCSI undertakes the FSB’s peer reviews of its members (which are an obligation of membership), encourages global adherence to international financial standards, and reports on members’ progress in implementing these standards and other agreed G20 and FSB commitments.
The Plenary thanks Agustin Carstens for his exemplary chairmanship of SCAV over the past two years and wishes him well in his new role as the Chair of the International Monetary and Financial Committee of the IMF. Mr Carstens remains the FSB Plenary representative of Banco de México.