Central bank head joins Carney to lead Financial Stability Board

Philipp Hildebrand, SNB, now vice-chairman of the FSB in Basel

ZURICH, SWITZERLAND – Philipp Hildebrand, chairman of the board of governors of the Swiss National Bank, joins Canadian Mark Carney on the Financial Stability Board (FSB). Carney, governor of the Bank of Canada, was named the new chairman and Hildebrand the vice-chairman Friday 4 Novmber at the close of the G20 meeting in Cannes, France.

The FSB is based in Basel, hosted by the Bank for International Settlements. Hildebrand has been a member of its steering committee.

The two have been appointed to three-year terms.

The FSB describes its role as coordinating “at the international level the work of national financial authorities and international standard setting bodies and to develop and promote the implementation of effective regulatory, supervisory and other financial sector policies in the
interest of financial stability. It brings together national authorities responsible for financial stability in 24 countries and jurisdictions, international financial institutions, sector-specific international groupings of regulators and supervisors, and committees of central bank
experts.”