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BIS Appoints General Manager

The Bank for International Settlements (BIS) has appointed Jaime Caruana, the former Bank of Spain governor, as its next general manager.

The BIS, which acts as a forum for central banks around the world, said Caruana will start his five year term on 1 April 2009 and will be based in Basel. He will report to the board of directors.

Caruana replaces Malcolm Knight, who left in September after serving as general manager since 2003, to join Deutsche Bank as vice chairman. Herve Hannoun, previously deputy general manager to Knight, stepped in as acting general manager when Knight left.

Caruana is currently counsellor and director of the International Monetary Fund’s monetary and capital markets department, a position he has held since 2006. Previously, 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.

Prior to joining the Bank of Spain, Caruana served as director general of the Spanish treasury. He has also headed an investment services company and ran a fund management company for nearly 10 years.

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