Finma appoints current ECB Director Stefan Walter as Director
Published: Wednesday, Jan 24th 2024, 13:30
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The Swiss Financial Market Supervisory Authority Finma has found a new director. The Board of Directors of the supervisory authority has appointed the current ECB Director General Stefan Walter as the new Managing Director. He will take over from Urban Angehrn, who stepped down last year, at the beginning of April 2024.
In Stefan Walter, FINMA is gaining an experienced leader with sound international financial market experience in banking supervision, according to a press release issued by the authority on Wednesday. In particular, it emphasizes the future Finma Director's special knowledge in the area of big bank supervision and his relationships with international supervisory authorities. The Federal Council confirmed the appointment at its meeting on Wednesday.
Extensive curriculum vitae
The 59-year-old German citizen has an extensive CV: Most recently, according to the information provided, he set up banking supervision for the systemically important banks in the eurozone at the ECB and headed this area for six years. From 2020, he was then entrusted with the development of "horizontal supervision" at the ECB: this covers all risk areas, in particular credit and liquidity risks, as well as the design and implementation of stress tests.
From 2004 to 2011, Walter was also Secretary General of the Basel Committee on Banking Supervision. In this role, he had to coordinate international negotiations on regulatory reform during the global financial crisis in order to strengthen the global financial system. Prior to this position, Walter held various positions at the Federal Reserve Bank of New York for thirteen years, most recently as Senior Vice President.
High load
Birgit Rutishauser, who currently heads Finma as Interim Director, will remain in this position until the end of March. In the press release, Finma President Marlene Amstad thanks her and the Finma Executive Board for their "excellent work and dedicated commitment" during the transition period.
Urban Angehrn resigned from his position as Finma Director at the beginning of October 2023. The reason given at the time was the "heavy and permanent burden" of the position, which had had consequences for Angehrn's health. Angehrn's term of office saw the increasingly acute crisis at Credit Suisse and ultimately the takeover of Switzerland's second-largest bank at the time by rival UBS.
Expectations of banking supervision
Great expectations now rest on the new director. Following the disappearance of CS, FINMA is in the spotlight, particularly in connection with the regulation of the only remaining major international bank, UBS: it is expected to do everything in its power to prevent the new "superbank" from getting into difficulties.
In a report at the end of December, FINMA defended its activities in connection with the CS crisis. At the same time, however, it also called for stricter instruments, including the authority to impose fines and clearer allocation of responsibilities at the banks (senior manager regime).
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