Reallocation of responsibilities within the Executive Board of the Deutsche Bundesbank

2023-03-13 11:41:54 · Deutsche Bundesbank

Professor Joachim Wuermeling has notified the Executive Board that he wishes to take up a new position in 2024 and will therefore be leaving the Bundesbank at the end of the year, some months before the end of his term of office. Against this background, and alongside further organisational adjustments, the Executive Board of the Bundesbank has adopted a reallocation of responsibilities that will come into effect on 1 April 2023.

As at 1 April 2023, responsibility for Directorate General Banking and Financial Supervision will be transferred to Bundesbank Vice-President Professor Claudia Buch. At the same time, she will thus take over from Joachim Wuermeling as a member of the Supervisory Board of the European Central Bank (ECB) and of the Basel Committee on Banking Supervision. Joachim Wuermeling will take over from Claudia Buch as the Executive Board member responsible for Directorate General Statistics, which will be renamed Data and Statistics, until the end of his tenure.

The Bundesbank's Executive Board furthermore decided, as part of the reallocation of responsibilities, to place the new Directorate General Strategy and Innovation within the remit of Bundesbank President Dr Joachim Nagel.

The responsibilities of the other Executive Board members will remain unchanged.

Bundesbank President Dr Joachim Nagel: “Joachim Wuermeling played a decisive role in shaping banking supervision both in Germany and at the European level over the past years, and for that I am very grateful to him. Vice-President Claudia Buch is already responsible for Financial Stability and a member of the German Financial Stability Committee: she will now be combining expertise in both microprudential and macroprudential matters.”

Dr Joachim Nagel (President)