Mr de Swaan appointed Chairman of the Basle Committee on Banking Supervision

The Governors of the central banks of the Group of Ten countries announce that Mr. T. de Swaan, Executive Director of De Nederlandsche Bank, has been appointed Chairman of the Basle Committee on Banking Supervision as from 10th April 1997, to succeed Dott. Padoa-Schioppa. Mr. de Swaan is head of banking supervision at De Nederlandsche Bank and currently also Chairman of the Joint Forum on Financial Conglomerates.

Dott. Padoa-Schioppa has been Chairman of the Basle Committee since 1993. Under his firm and skillful chairmanship the Committee undertook several major supervisory initiatives, notably relating to derivatives, market risk capital charges, interest rate risk, disclosure and cross-border banking. He has played an important role in the development of the market-friendly approach to regulation and supervision. The Governors of the central banks of the Group of Ten countries are grateful for the services he has rendered to the Committee. Dott. Padoa-Schioppa is leaving the Bank of Italy to become Chairman of the Commissione Nazionale per le Società e la Borsa (Consob), the Italian securities regulatory body.