Sir Andrew Crockett 1943 - 2012

4 September 2012

Andrew CrockettWith deep regret the Bank for International Settlements has learned of the recent death of Sir Andrew Crockett after a long illness.

Sir Andrew was General Manager of the BIS from 1 January 1994 until 31 March 2003. During this time, he led the Bank through a period of considerable change following the creation of the European Monetary Institute, which later became the European Central Bank. In particular, he strongly encouraged the expansion of BIS membership beyond its traditional mostly European base. His work triggered the admission of 19 new member central banks. The Bank also opened offices in Hong Kong and Mexico.

Some of the other milestones that took place under Sir Andrew's leadership included the creation of the Financial Stability Forum (later the Financial Stability Board), of which he was the first chairman, the establishment of the BIS's Financial Stability Institute, the move to Basel of the International Association of Insurance Supervisors (IAIS) and the International Association of Deposit Insurers (IADI), and the repurchase of the shares in the BIS formerly held by private shareholders.

These events were all the result of Sir Andrew's vision for the BIS as a global cooperative institution serving central banks around the world and as a forum for promoting international financial stability.

Matching the shift in the BIS's external outreach, Sir Andrew also initiated significant changes to its internal culture. He was a strong advocate for a transparent management style, and much of what he put in place is still visible in the Bank's way of operating today.

After he stepped down as General Manager, Sir Andrew stayed in close touch with the BIS, maintaining a keen interest in the organisation's financial stability mission. An excellent speaker, he delivered a thoughtful and stimulating Per Jacobsson Lecture in June last year on the principles that should underpin the financial system.

Those of us who worked with Sir Andrew remember him as an inspiring man of great intellectual distinction with a wonderful sense of humour. He was a good friend of the BIS, whom we will miss very much. Our thoughts are with his wife, Marjorie, his three children, and the other members of his family.

Jaime Caruana, General Manager