The Supervisory Board of the European Central Bank (ECB) has nominated a committee of five experts who are tasked with evaluating the supervisory review and evaluation process (PRES) to make it more efficient, as reported this Thursday in a statement. Among the experts is Fernando Restoycurrent president of the Institute for Financial Stability, a body dependent on the Bank for International Settlements (BIS).
Between 2008 and 2012, Restoy was Vice President of the National Securities Market Commission (CNMV), he later became deputy governor of the Banco de España until 2017. During this mandate, he was president of the FROB and also a member of the Supervisory Board of the ECB.
Along with Restoy, the ECB has appointed the McKinsey partner Sarah Dahlgren (Former Vice President of the Federal Reserve Bank of New York); former Nordea chief risk officer and deputy governor, Matthew Elderfield; former Commissioner of the Japan Financial Services Agency and former Secretary General of the Basel Committee on Banking Supervision Ryozo Himino; and the deputy governor of the Bank of Canada and former Secretary General of the Basel Committee, Carolyn Rogers.
This committee of ‘wise men’ will examine the functioning of the PRES through an external evaluation. To this end, they will engage in dialogue with other international experts and stakeholders to collect information and perspectives on good supervisory practices. The ECB has indicated that it has selected these five members for their international track record in areas of banking supervision and for their experience in the public and private sectors. They will act independently and their work is not paid.