Spain's Caruana gets extended term at helm of BIS

23rd June 2013, Comments 0 comments

Spain's Jaime Caruana has been granted an extended term as chief executive of the Bank for International Settlements, the Swiss-based central bank of the globe's central banks said Sunday.

The BIS said in a statement its board of directors had prolonged Caruana's original five-year term, which began in 2009, until 2017 when he reaches its normal retirement age of 65.

Before joining the BIS, Caruana was head of the monetary and capital markets division of the International Monetary Fund, which he joined in 2006 after six years as governor of the Bank of Spain.

In the latter role, he was chairman of the BIS committee on banking supervision between 2003 and 2006.

Founded in 1930, the BIS is the world's oldest international financial institution, which groups 60 central banks including heavyweights such as the European Central Bank, the US Federal Reserve, the People's Bank of China and the Bank of Japan.

Besides acting as a bank for its members, it provides a forum for policy discussions and aims to foster international cooperation on monetary and financial stability.

For the first five decades of its existence, the BIS chief executives were all French, until a German took the helm in 1981, followed by a Belgian and a Briton.

Caruana's predecessor, Canadian Malcolm Knight, was in charge from 2003.

© 2013 AFP

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