The Swiss Financial Market Supervisory Authority (FINMA) has appointed Stefan Walter as the Chief Executive Officer. Scheduled to assume office on April 1, 2024, Walter's background as the Former Director General at the European Central Bank (ECB) positions him as a seasoned leader with extensive experience in international banking supervision.

Stefan Walter, a 59-year-old German national, brings a wealth of expertise to FINMA from his significant roles in global financial institutions. Having served as the Director General at the ECB since 2014, Walter initially oversaw the supervision of major banks in the eurozone.

His six-year leadership in this capacity culminated in a transition to overseeing risk supervision in 2020, covering various risk categories such as credit and liquidity Liquidity The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent Read this Term risks.

A Global Banking Expert

Marlene Amstad, the Chair of FINMA's Board of Directors, mentioned: "FINMA is gaining an experienced leader in Stefan Walter with a wealth of international financial market experience in banking supervision. Particularly, his knowledge in large bank supervision and his links to international supervisory authorities will be a great asset for FINMA's supervision of the systemically important Swiss banks."

#FINMA: Stefan Walter wird neuer Direktor https://t.co/9PaS7OXmgB pic.twitter.com/ThuXY8gaIw

— Eidgenössische Finanzmarktaufsicht FINMA (@FINMA_media) January 24, 2024

Before his tenure at the ECB, Walter served as the Global Bank Regulatory and Supervisory Policy Network Leader at Ernst & Young for two years. Notably, from 2006 to 2011, he was Secretary General of the Basel Committee for Banking Supervision.

During this period, he orchestrated international negotiations on regulatory reforms, crucial for fortifying the global financial system during the aftermath of the global financial crisis, FINMA noted in a statement published on its website today (Wednesday).

FINMA's Challenges and Credit Suisse Crisis

In September 2023, Urban Angehrn resigned as FINMA's CEO due to health reasons. His departure followed months of scrutiny over FINMA's handling of the debacle at Credit Suisse, which raised questions about the regulator's effectiveness, Reuters reported.

Angehrn, at the helm since November 2021, acknowledged the unique challenge of contributing to the improvement of the Swiss financial center but cited health challenges. His resignation signaled a critical moment for FINMA and the broader financial landscape.

Amid accusations of delayed intervention and ineffective measures, FINMA faced criticism for its perceived failure to curb the scandals at Credit Suisse. In his statement, Angehrn expressed the immense challenge he faced in contributing to the sustainable improvement of the Swiss financial center.