Nout Wellink appointed chairman of the Basel Committee on Banking Supervision

He will take up the chairmanship on July 1, from Jaime Caruana. Caruana took over the Basel II project at a difficult time, and won respect and praise from both regulators and the financial services industry for ultimately delivering the revised accord in June 2004. Federal Reserve governor Susan Bies recently praised Caruana, saying “As chairman of the Basel Committee, Governor Caruana’s work has been very valuable. He will be missed.”

Though Wellink’s term has not been stated, Caruana was the chairman for three years. If Wellink serves for a similar length of time, he will oversee final implementation of Basel II in Europe.

A spokesman at the Netherlands Bank (DNB) said: “DNB is very pleased with the appointment of Mr Wellink as the chairman of the Basel committee. The bank is very pleased to be able to contribute to the important agenda of the committee in the next year concerning the implementation of Basel II.”

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