Commission proposes shortlisted names for Single Resolution Board Chair and Vice Chair

The European Commission has today (19 November) proposed a shortlist of candidates for the Chair and Vice Chair of the Single Resolution Board (SRB), the European Resolution Authority for the Banking Union. The shortlists are (in alphabetical order): Chair Mr Luc COENE, Ms Elke KÖNIG, Mr Philippe MAYSTADT; Vice-Chair Mr Pentti HAKKARAINEN, Ms Arianne Joanne KELLERMANN, Mr Timo LÖYTTYNIEMI.

The shortlists will now be transmitted to the European Parliament and the Council will also be informed. The Commission will then adopt a proposal for the appointment of the Chair and Vice Chair in view of submitting it to the European Parliament for approval. Once the European Parliament has given its approval on the Commission's proposal for each of the two functions, the Council (acting by qualified majority) shall adopt implementing decisions to appoint the Chair and Vice-Chair. This will be an important step towards making the Single Resolution Board, which is the second pillar of the Banking Union, operational. The shortlisted candidates were chosen though an open selection procedure following publication of vacancy notices on 10 July 2014.

The Chair and Vice Chair are appointed for a limited term; the Chair initially for a period of three years, renewable once for another five years; the Vice Chair for a period of five years, non-renewable. Meanwhile, the nomination process for the other four members of the board is ongoing.

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