Fernando Restoy appointed as Chair of the Financial Stability Institute
The Bank for International Settlements (BIS) today appointed Fernando Restoy as Chair of the Financial Stability Institute (FSI). His appointment takes effect on 1 January 2017 and is for a five-year term.
Mr Restoy's appointment fills the vacancy being created by the retirement of Josef Tošovský, who has chaired the FSI since 2000.
Mr Restoy is currently the Deputy Governor of the Bank of Spain, a position he has held since 2012. Prior to this, he held other senior positions at the Bank of Spain, which he joined in 1991. Mr Restoy was Commissioner of the Spanish Securities and Markets Commission (CNMV) in 2007-08 and the CNMV's Vice-Chair from 2008 to 2012. He has been a Member of the Supervisory Board of the ECB's Single Supervisory Mechanism for the past two years.
A Spanish national, Mr Restoy holds an MSc in Econometrics and Mathematical Economics from the London School of Economics, and an MA and PhD in Economics from Harvard University.
In his new role, Mr Restoy will further develop the strategic direction of the FSI and will assume responsibility for ensuring the continued excellence of the Institute's services as it meets evolving demands. In addition, as a senior official of the BIS, he will contribute to the general management of the Bank.
BIS General Manager Jaime Caruana warmly thanked the outgoing Chair, Josef Tošovský, for his dedication and excellent service to the Bank and wished him well for the future. Welcoming the appointment of Mr Restoy, he said: "I am delighted that we will have an individual with the experience and stature of Fernando Restoy to succeed Josef Tošovský at the helm of the FSI. He is the ideal person to build on Josef's achievements and carry forward the FSI's programme, which has been so important in helping supervisors strengthen their financial systems over the past 17 years."
About the Financial Stability Institute
The FSI assists central bankers and financial sector supervisors around the world in fostering financial stability, and improving and strengthening their financial systems. It promotes sound supervisory standards and practices globally, and supports full implementation of these standards in all countries.
The Institute does this by:
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supporting the core financial stability objectives of financial authorities through the dissemination of global financial standards and best practices;
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facilitating discussion on financial stability issues within the community of central bankers and financial sector supervisors; and
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promoting understanding through an extensive programme of meetings, seminars and online tutorials.