Nout Wellink, president of the Netherlands Bank, has been appointed as the new chairman of the Basel Committee on Banking Supervision.

Wellink will take up the chairmanship on July 1. He will succeed Jaime Caruana who relinquishes the Basel Committee chairmanship upon conclusion of his term of office as Governor of the Bank of Spain.

The Group of Ten central bank Governors and heads of banking supervision made the appointment. They also expressed their appreciation for the strong leadership exhibited by Caruana over his three-year term as chairman of the Basel Committee. “During this time, he brought many important projects to a successful conclusion, including the revised Capital Adequacy Framework (Basel II). He also implemented many important initiatives to enhance coordination between the Basel Committee and the global supervisory community,” it said.