His appointment takes effect on 1 April 2009 and is for a five-year term.

Mr Caruana's appointment fills the vacancy created by the retirement at the end of September of Malcolm D Knight, who was General Manager between 2003 and 2008.

Mr Caruana is currently Counsellor and Director of the International Monetary Fund's Monetary and Capital Markets Department, a position he has held since 2006. Prior to this, he was Governor of the Bank of Spain for six years, serving on the European Central Bank's Governing Council. Between 2003 and 2006, he was Chairman of the Basel Committee on Banking Supervision and has been a member of the Financial Stability Forum since 2003.

A Nomination Committee headed by Jean-Pierre Roth, Chairman of the BIS Board of Directors, recommended Mr Caruana's selection to the full Board. In announcing Mr Caruana's appointment, Mr Roth said: "The Board of Directors is delighted to have secured a person of Mr Caruana's calibre and international experience to be the next BIS General Manager. He is held in high regard in the central banking and international financial communities. The Board looks forward to welcoming Mr Caruana in his new role."

Biographical note: Jaime Caruana

A Spanish national, Jaime Caruana is currently Financial Counsellor to the Managing Director and Director of the Monetary and Capital Markets Department of the International Monetary Fund, which is responsible for all aspects of the Fund's financial, capital market, and monetary work.

Mr Caruana has had strong connections with the BIS over a number of years. Prior to assuming his current position in 2006, Mr Caruana was the Governor of the Bank of Spain, Spain's central bank, for six years and, in that capacity, served on the Governing Council of the European Central Bank. He was also the Chairman of the Basel Committee on Banking Supervision from 2003 to 2006 and has been a member of the Financial Stability Forum since 2003. From 2004 to 2006, he chaired the Coordination Group, a senior group of supervisory standard setters from the Basel Committee, the International Organization of Securities Commissions (IOSCO), the International Association of Insurance Supervisors (IAIS), and the Joint Forum.

Prior to joining the Bank of Spain, Mr Caruana served as Director General of the Spanish Treasury and headed an investment services company and a fund management company for nearly 10 years.