McDonough bows out from New York Fed

William McDonough, president and chief executive of the Federal Reserve Bank of New York for the past 10 years, will retire on July 21 this year.

McDonough is also chairman of the Basel Committee on Banking Supervision, the international body co-ordinating the introduction of Basel II – the new set of global capital rules for banks due for implementation in late 2006. His work on Basel II drew praise from New York Fed chairman Peter Peterson, who said: “This has been a singular and enormously challenging achievement." The Bank for International Settlements was unable to comment on McDonough’s replacement on the committee. Indeed