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Netherlands Bank’s Wellink is next Basel Committee chairman

BASEL, Switzerland, May 19 (Global Risk Regulator) – Netherlands Bank president Nout Wellink will be the new chairman of the Basel Committee on Banking Supervision, succeeding current chairman Jaime Caruana from July 1.

Caruana relinquishes the chairmanship of the Basel Committee, the body of top banking supervisors from North America, Europe and Japan that in effect regulates international banking, on the conclusion of his term as governor of the Bank of Spain.

The central bank governors of the Group of 10 (G10) leading economies, who set up the Basel Committee in 1975, said they appreciated the strong leadership shown by Caruana over the three-year term of his Basel Committee chairmanship.

The G10 governors said Caruana brought many important projects to a successful conclusion, including the revised capital adequacy framework known as Basel II. He also implemented many important initiatives to improve coordination between the Basel Committee and the global supervisory community.