The board of directors of the Bank for International Settlements (BIS) has announced the appointment of Jaime Caruana as general manager. His appointment takes effect on 1 April 2009 and is for a five-year term. Caruana’s appointment fills the vacancy created by the retirement at the end of September of Malcolm D Knight, who was general manager between 2003 and 2008.
Caruana is currently counsellor and director of the International Monetary Fund’s Monetary and Capital Markets Department, a position he has held since 2006. Prior to this, he was Governor of the Bank of Spain for six years, serving on the European Central Bank’s Governing Council. Between 2003 and 2006, he was Chairman of the Basel Committee on Banking Supervision and has been a member of the Financial Stability Forum since 2003.
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