HKMA appoints Ryback as new Deputy Chief Executive

Source: HKMA press release

The Hong Kong Monetary Authority (HKMA) today (Friday) announced that the Financial Secretary, following the advice of the Remuneration and Finance Sub-Committee of the Exchange Fund Advisory Committee, has approved the appointment of Mr William A. Ryback as Deputy Chief Executive of the HKMA with effect from 27 August 2003. Mr Ryback will succeed Mr David Carse, who will leave the HKMA in September, as Deputy Chief Executive in charge of banking policy, development and supervision issues.

Mr Ryback has considerable experience in both banking supervision and in multilateral financial co-operation. Since 1986 he has held various positions at the Board of Governors of the Federal Reserve System, where he was Senior Associate Director before his departure in June 2003. His responsibilities at the Board included managing the Federal Reserve's Technical Assistance programme in bank supervision and co-ordinating training with multilateral institutions including the World Bank, International Monetary Fund, and Financial Stability Institute of the Bank for International Settlements. Mr Ryback was the Board of Governors representative on the Basel Committee of Banking Supervision from 1986 to 1994 and is active in many multilateral initiatives aimed at strengthening supervision of internationally active banks and improving communication between supervisors. Before his departure, he was Chairman of the Association of Supervisors of Banks of the Americas, whose members include the heads of bank supervision for thirty-five countries. Prior to joining the Board of Governors, Mr Ryback held various positions at the US Office of the Comptroller of the Currency.

Mr Joseph Yam, Chief Executive of the HKMA, said that he and his colleagues greatly looked forward to welcoming Mr Ryback to the HKMA in August. "Mr Ryback will bring valuable knowledge and experience to the HKMA at a time when Hong Kong's banking sector is undergoing change and development. His expertise on multilateral supervisory co-operation is especially relevant in an international financial centre such as Hong Kong, and his strong links with multilateral organisations will help the HKMA's work at a time when new international supervisory standards are being applied in Hong Kong," Mr Yam said.