News Release
Board of Banking Supervision
18 May 1998
The Chancellor of the Exchequer and the Governor of the Bank of England have appointed Gottfried Bruder as an independent member of the Board of Banking Supervision. Mr Bruder’s appointment, which is for a term of five years, takes effect from 20 May 1998. Sir David Scholey resigns with effect from 19 May 1998.
Notes for Editors
The Board operates under the Banking Act 1987. With the commencement of the Bank of England Act on 1 June, the Board will transfer to the Financial Services Authority which will from then be the authority responsible for banking supervision.
The Board provides advice on the following matters:
(i) the general principles and policy of supervision of institutions authorised under banking supervisory legislation;
(ii) the development and evolution of supervisory practice;
(iii) the administration of banking supervisory legislation, including advice on individual cases;
(iv) the structure, staffing and training of banking supervisors.
The Board and its members are free to take the initiative in raising matters within these areas, and have right of access to the Chancellor.
Independent members of the Board of Banking Supervision are appointed jointly by the Governor and the Chancellor of the Exchequer. There are six independent members, the other five being: Sir Alan Hardcastle, Mr Peter Gerrard, Mr Harry Taylor, Mr Howard Davies and Sir Dennis Weatherstone. The Governor, the Deputy Governor and Mr Michael Foot, Executive Director, Supervision and Surveillance, are members of the Board ex-officio. From 1 June, independent members will be appointed jointly by the Chairman of the FSA and the Chancellor; the number of ex officio members will reduce to two, namely the Chairman of the FSA (Howard Davies) and the Managing Director of Financial Supervision at the FSA (Michael Foot).
Mr Bruder (64) was Chief General Manager and Chief Executive Officer at Al Ahli Bank of Kuwait from 1994 to May 1998. Prior to that, Mr Bruder worked for Commerzbank for almost 32 years, largely in London, but also in Johannesburg, Frankfurt and Dusseldorf. He was Chairman of the Foreign Banks and Securities Houses Association (FBSA) in London from 1987 to 1990; and Chair of the CBI London Region from 1991 to 1993.
