Another Basel chapter closes
After three years in office, Jaime Caruana is to step down as chairman of the Basel Committee on Banking Supervision. Since May 2003, he has divided his time between Basel in Switzerland, where he oversaw the completion of the Basel II capital adequacy framework, and Madrid, where he has been governor of the Bank of Spain since 2000.
His term as governor, and hence his tenure as chairman of the Basel committee, ends on his retirement on July 1 - just six months before the scheduled implementation of Basel II.
While he won't be in office to see the Accord in place - the culmination of more than seven years of consultations, working papers and re-drafts - Caruana has been at the helm during a crucial phase of the framework's formation, which has seen the minutiae of the rules thrashed out. Over the past few years, the Basel
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