Statement by Pablo Hernández de Cos, BIS General Manager, on François Villeroy de Galhau
François Villeroy de Galhau, Governor of the Bank of France, today announced his decision to leave the Bank of France at the beginning of June to become President of the Fondation Apprentis d'Auteuil. Accordingly, he will step down from his position as Chair of the BIS Board of Directors.
Mr Villeroy de Galhau became Governor of the Bank of France and a member of the BIS Board of Directors in November 2015. He was appointed Chair of the BIS Board of Directors in January 2022 and previously served as Chair of the Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of the Basel Committee on Banking Supervision, from November 2019.
Mr Villeroy de Galhau has served the central banking community with distinction and has been a trusted colleague since he became Governor of the Bank of France. On behalf of the BIS, I would like to thank him for his leadership and commitment to our mission. It has been a pleasure to work alongside him to address the challenges facing central banks. His commitment to fostering global monetary and financial stability and to enhance the resilience of the financial system is deeply appreciated.
On a personal level, I also worked alongside François in many forums, including during my tenure as Chair of the Basel Committee, and together with him as a member of the Governing Council of the European Central Bank. I am deeply grateful for his strategic leadership as well as his commitment to the public interest and to the pursuit of international cooperation. I will miss his optimism and principled approach to leadership. He has also become a valued friend and I wish him every success.
The Board will shortly begin the process of appointing a new Chair.
Note to editors:
The Board of Directors is responsible for determining the strategic and policy direction of the BIS, supervising BIS Management and fulfilling the specific tasks given to it by the Bank's Statutes. It meets at least six times a year.
The Board may have up to 18 members, including six ex officio Directors, comprising the central bank Governors of Belgium, France, Germany, Italy, the United Kingdom and the United States. They may jointly appoint one other member of the nationality of one of their central banks. Eleven Governors of other member central banks may be elected to the Board.
The Board elects a Chair and may elect a Vice-Chair from among its members, each for a three-year term.
The GHOS is the oversight body of the Basel Committee on Banking Supervision (BCBS). The BCBS reports to the GHOS and seeks its endorsement for major decisions.