Mr. McDonough appointed Chairman of the Basle Committee on Banking Supervision

9 June 1998

Press release

BANK FOR INTERNATIONAL SETTLEMENTS, CH-4002 BASLE
PRESS COMMUNIQUÉ

9th June 1998

The Governors of the central banks of the Group of Ten countries announce that Mr. William J. McDonough has been appointed Chairman of the Basle Committee on Banking Supervision to succeed Mr. Tom de Swaan, with immediate effect. Mr. McDonough is the President and Chief Executive Officer of the Federal Reserve Bank of New York and serves as Vice-Chairman and a permanent member of the Federal Open Market Committee (FOMC), the group responsible for formulating monetary policy in the United States. Mr. McDonough also serves as a member of the Board of Directors of the Bank for International Settlements and is currently Chairman of the BIS Committee on Payment and Settlement Systems.

Mr. de Swaan has been Chairman of the Basle Committee since April 1997. The Governors of the central banks of the Group of Ten countries wish to record their appreciation of the services he has rendered to the Committee, in particular, his earlier leadership in the field of supervision of financial conglomerates as Chairman of the Joint Forum and bringing forward the framework that has been put in place to disseminate the Core Principles for Effective Banking Supervision and ensure their implementation around the world. Mr. de Swaan has resigned as an Executive Director of de Nederlandsche Bank to join the managing board of ABN AMRO.