Elderson's term as Supervisory Board Vice-Chair extended
The European Central Bank welcomes the Council of the European Union's decision to extend Frank Elderson's mandate as Vice-Chair of the Supervisory Board. He will continue in this role until December 14, 2028.
Elderson reaffirms commitment to financial stability
Frank Elderson expressed his honor to continue serving as Vice-Chair of the Supervisory Board, stating that "safe and sound banks are essential to maintaining the flow of finance that supports a competitive and resilient European economy.
" He reiterated his full commitment to delivering financial stability to European citizens, especially as the institution navigates a complex external environment.
Elderson highlighted the necessity to "stay ahead of a range of challenges, including geopolitical and cyber threats, as well as risks related to the climate and nature crises.
" He looks forward to continuing his part in ensuring European banking supervision is forward-looking, effective, proportionate, and risk-based, aligning with the ECB's strategic priorities for the banking sector.
Council decision follows broad approval
The Council of the European Union's decision aligns with a proposal made by the ECB's Governing Council on December 17. This proposal subsequently received approval from the European Parliament on February 10, following a hearing of Mr. Elderson before the Committee on Economic and Monetary Affairs on January 28. This multi-stage approval process underscores the institutional alignment and due diligence involved in extending key leadership mandates within the European banking supervision framework.
Mr. Elderson's extended term will conclude on December 14, 2028, coinciding with the end of his mandate as a member of the ECB's Executive Board.