N.Y. Fed Chief to Head Basel Committee
BASEL, Switzerland - The Group of 10 central bank governors said they have appointed E. Gerald Corrigan chairman of the Basel Committee on Banking Supervision.
Mr. Corrigan, president of the Federal Reserve Bank of New York, replaces Huib Muller, executive director of the Nederlandsche Bank, who died last month.
National Bank Regulators
The committee, which meets three or four times a year under the aegis of the Bank for International Settlements, is a forum for cooperation among national bank regulators. It is best known for its 1988 ruling that banks must meet a risk-based capital standard of 8% of assets by the end of 1992.
In 1975, the committee defined a sharing of supervisory responsibilities among national bank regulators. This framework was put to use last week in the global suspension of operations of the Luxembourg-based Bank for Credit and Commerce International.
The committee's members are the Group of 10 industrialized countries, Switzerland, and Luxembourg.