Timothy F Geithner appointed CPSS Chairman

9 May 2005

Press release

The Governors of the central banks of the G10 countries have appointed Timothy F Geithner as Chairman of the Committee on Payment and Settlement Systems (CPSS) with effect from June 2005. Mr Geithner will succeed Tommaso Padoa-Schioppa, who has chaired the Committee since June 2000. Mr Padoa-Schioppa retires on 31 May 2005. Currently a Member of the Executive Board of the European Central Bank, Mr Padoa-Schioppa has held many key international positions and has done much to deepen cooperation between central banks worldwide.

Mr Geithner is President and Chief Executive Officer of the Federal Reserve Bank of New York. He has held many senior positions in international finance, including Director of the Policy Development and Review Department at the IMF (2001-03) and Under Secretary of the US Treasury for International Affairs (1999-2001).

The Governors expressed their appreciation for the remarkable contribution made by Mr Padoa-Schioppa to international efforts to reduce risks and increase efficiency in payment and settlement systems. Under his chairmanship the Committee assumed a key new role as a standard-setting body in this area. In particular, it published in 2001 the Core principles for systemically important payment systems. Also in 2001, it published the Recommendations for securities settlement systems, and in 2004, the Recommendations for central counterparties, both together with IOSCO. Furthermore, in May 2005 a consultative report, General guidance for payment system development, is being released for public comment. The new report aims to provide assistance and advice on planning and implementing reforms in a country’s payment system.

The Governors encourage the CPSS to continue its efforts to strengthen international cooperation amongst central banks on issues related to payment and settlement systems.

The CPSS serves as a forum for central banks to monitor and analyse developments in payment and settlement arrangements and to consider related policy issues. The CPSS secretariat, located at the Bank for International Settlements, is headed by Mr Marc Hollanders. A list of CPSS publications and the full text of most CPSS reports is available on the BIS website.