Committee to aid search for new BIS General Manager

Press release  | 
10 September 2002

The Board of Governors of the Bank for International Settlements (BIS) has named a committee to assist in seeking a replacement for departing General Manager Andrew Crockett. Mr Crockett has announced his intention to step down at the end of March 2003.

Committee members are Antonio Fazio (Bank of Italy), Roger W Ferguson (Board of Governors of the Federal Reserve System), Jean-Pierre Roth (Swiss National Bank), Jean-Claude Trichet (Bank of France) and Yutaka Yamaguchi (Bank of Japan). The group is chaired by Nout H E M Wellink (Netherlands Bank). The committee held its first meeting in conjunction with the regular bimonthly meeting of the Board, which intends to make its decision at its January 2003 meeting.

The committee has outlined a broad profile of the qualities needed for success in a post that calls on diplomatic as well as technical skills. The BIS General Manager is expected to bring a track record of proven independence and personal integrity. He or she should also possess outstanding management skills and have high stature in the international financial community. Additionally, a strong background in dealing with issues faced by the central bank community is needed.

Under the Statutes of the BIS, Mr Wellink, as Chairman of the Board of Governors, proposes a candidate for the position, to be appointed by the Board. Mr Wellink welcomed the support of the committee, saying, "We are simply looking for the best candidate in a broad field."

The BIS fosters cooperation towards monetary and financial stability and serves as a bank for central banks. It fulfils this mandate by acting as a forum to promote discussion and facilitate decision-making processes among central banks and within the international financial community, and by serving as a centre for monetary and economic research, as a prime counterparty for central banks in their financial transactions and as agent or trustee in international financial operations. For a fuller description of the Bank's activities, visit