Paul Tucker appointed CPSS Chairman

At their meeting in Basel today, the central bank Governors of the Global Economy Meeting (GEM)¹ appointed Paul Tucker as Chairman of the Committee on Payment and Settlement Systems (CPSS). Mr Tucker is Deputy Governor, Financial Stability, at the Bank of England.

The CPSS is a central bank forum that monitors and analyses developments in payment, clearing and securities settlement systems and is a standard-setting body for such systems. The Committee is currently working with the International Organization of Securities Commissions to issue new international standards for the safety of central counterparties and other important financial market infrastructures.

Mr Tucker's appointment is for a term of three years. He succeeds William C Dudley, President and Chief Executive Officer of the Federal Reserve Bank of New York, who has been CPSS Chairman since May 2009 and who was recently appointed Chairman of the Committee on the Global Financial System.

Mr Tucker has been Deputy Governor, Financial Stability of the Bank of England since March 2009. In that capacity, he is a member of the Bank's Monetary Policy Committee, Financial Policy Committee and Court of Directors. Apart from brief periods elsewhere, he has worked at the Bank of England since 1980.

He is also a member of the Financial Stability Board's Steering Committee.

Further information about the CPSS may be found on the BIS website at www.bis.org/cpss/index.htm.

¹ The members of the GEM are the central bank Governors of Argentina, Australia, Belgium, Brazil, Canada, China, France, Germany, Hong Kong SAR, India, Indonesia, Italy, Japan, Korea, Malaysia, Mexico, the Netherlands, Poland, Russia, Saudi Arabia, Singapore, South Africa, Spain, Sweden, Switzerland, Thailand, Turkey, the United Kingdom and the United States and also the President of the European Central Bank and the President of the Federal Reserve Bank of New York.