The following copy replaces c2691 transmitted at 10:36et.
Bank of Canada Governor Mark Carney Appointed Chairman of Financial
OTTAWA, Nov. 4, 2011 /CNW/ - Bank of Canada Governor Mark Carney has been named Chairman of the Financial Stability
Board (FSB). The FSB is an international agency dedicated to building a
more resilient and efficient global financial system. It coordinates
the work of national financial authorities and international
standard-setting bodies, and develops and promotes the implementation
of effective regulatory, supervisory and other financial sector
The appointment, for a term of three years, was confirmed by G-20
Leaders at their summit in Cannes, France. "I am honoured to assume
this new role," said Governor Carney. "My appointment reflects the
strong reputation of Canada's financial system and the leading role
that Canada has played in helping to develop many of the most important
international financial reforms."
Mr. Carney will remain Governor of the Bank of Canada during his
chairmanship of the FSB. He succeeds Mario Draghi, who was Governor of
the Bank of Italy during his term as Chairman of the Financial
Stability Board and its predecessor, the Financial Stability Forum
(FSF). Mr. Draghi became President of the European Central Bank on 1
Governor Carney paid tribute to Mr. Draghi's significant contributions
to the promotion of international financial stability during his
chairmanship. "Mario's tireless dedication as FSB Chairman over the
past five years, during the worst global financial crisis since the
Great Depression, has established the FSB's central role in the global
financial system," said Governor Carney. "The credibility of the FSB,
and the quality and breadth of its work, are testaments to Mario's
vision and leadership. The global financial system is stronger today
because of his chairmanship."
The Governor committed to strengthen further the FSB's capacity and
governance, as mandated by the G-20 Leaders, and to work closely with
national authorities and international agencies to monitor the
implementation of the G-20's comprehensive financial reform program.
He added, "I am delighted that Philipp Hildebrand, Chairman of the
Governing Board of the Swiss National Bank, will serve as Vice-Chair of
the FSB. I look forward to working closely with Mr. Hildebrand as we
continue to advance the FSB's vital work in building a more resilient
and efficient financial system."
Background note: The Financial Stability Board was established in April
2009 as the successor to the Financial Stability Forum (FSF). The FSF
was founded in 1999 by the G-7 Finance Ministers and Central Bank
Governors. In November 2008, the Leaders of the G-20 countries called
for a larger membership of the FSF. In April 2009, at the G-20 Leaders
Summit in London, England, it was announced that an expanded FSF was to
be re-established as the Financial Stability Board (FSB) with a
broadened mandate to promote financial stability. More information on
the Financial Stability Board, including a list of its members, can be
found at www.financialstabilityboard.org.
SOURCE Bank of Canada
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