Nick LePan, Canada’s Superintendent of Financial Institutions, has been tapped to serve in the newly established position of vice chairman of the Basel Committee on Banking Supervision.

The G10 central bank governors and heads of banking supervision met in Basel on March 9 to discuss issues related to the committee. Along with appointing LePan, the participants expressed their gratitude for the work done by president of the Federal Reserve Bank of New York, William McDonough, as chairman of the committee.

Having announced his retirement as president of the New York Fed, effective July 21, McDonough will also relinquish the chairmanship of the Basel Committee as of July 1. The participants agreed that he will be succeeded as chairman by Jaime Caruana, Governor of the Bank of Spain.

The participants in the meeting also confirmed the ongoing importance of the committee’s work, in particular the common development and mutual recognition of approaches to capital adequacy regulation and the establishment of global benchmarks in this regard. These efforts provide a critical foundation for international cooperation in relation to the stability of the global banking system.