The European Stability Mechanism (ESM), the Eurozone’s principle bailout fund, has promoted Cosimo Pacciani as its newest Chief Risk Officer, according to a recent Reuters report.

The ESM has been in the news quite frequently over the past couple months, having mostly been drawn into the lingering Greek debt crisis, as Greek government officials ultimately secured emergency aid from the facility to help prop up its moribund banking system. Greek banks had been closed for several weeks, with a dearth of liquidity ultimately forcing action from the ESM.

Join the iFX EXPO Asia and discover your gateway to the Asian Markets

The ESM is a European Union agency that helps provide financial assistance to Eurozone members in the form of loans, capital and financial relief. The group is a permanent agency based out of Luxembourg, replacing the previous European Financial Stability Facility (EFSF).

Mr. Pacciani joined the ESM in 2014 – he worked as its Senior Credit Officer and Deputy Head of Risk up until his recent promotion to Chief Risk Officer. Prior to working at the ESM, he also held a number of similar senior level roles at the Royal Bank of Scotland (RBS), including Chief Operating Officer and Head of Policy and Controls Risk, Head of Risk and Compliance, and Head of Corporate Credit Risk, dating back to 2003.