ECB appoints members of the new T2S board

Source: European Central Bank

The Governing Council of the European Central Bank (ECB) appointed the members of the T2S Board, the new management body for the TARGET2-Securities (T2S) Programme.

The T2S Board has been established by the Eurosystem to be a streamlined management body for T2S and its responsibilities will include developing proposals for the Governing Council on key strategic issues and executing tasks assigned to it by the Governing Council, as laid down in the ECB Decision 2012/235/EU of 29 March 2012 on the establishment of the T2S Board. The new body takes over the role fulfilled so far by the T2S Programme Board.

The Governing Council appointed Jean-Michel Godeffroy, Director General at the ECB and former Chairman of the T2S Programme Board, as Chairman, Pierre Beck, Executive Director, Banque centrale du Luxembourg, as Deputy Chairman, and eight other members from Eurosystem central banks, namely:

Peter Holicka, Executive Director Payment Systems, Národná banka Slovenska;

Luc Janssens, Head of the Securities Division, Nationale Bank van België/Banque Nationale de Belgique;

Yvon Lucas, Adviser to the General Director of Operations General Directorate, Banque de France;

Cristina Mastropasqua, Senior Manager, Payment Systems Department, Banca d'Italia;

Jochen Metzger, Head of the Payments and Settlement Systems Department, Deutsche Bundesbank;

Michalis Michalopoulos, Director of the Government Financial Operations and Accounts Department, Bank of Greece;

Michael Power, Head of IT & Deputy Chief Information Officer, Central Bank of Ireland;

Luis Miguel Rodriguez Caramelo, Senior Advisor to the Directorate General Operations, Markets and Payment Systems, Banco de España.

The Governing Council also appointed as T2S Board member Kristian Kjeldsen, Head of the Payment Systems Department at Danmarks Nationalbank. The Danish central bank signed the T2S Currency Participation Agreement and will make the Danish krone available in T2S in 2018.

Finally, two non-central bank members were appointed: Paul Bodart, up to now Managing Director of the Bank of New York Mellon and Soledad Nuñez, former Director former Director General of the Treasury and Financial Policy, Ministry of Economy and Finance of Spain. These non-central bank members bring to the T2S Board their extensive experience in matters related to securities settlement.

The T2S Board shall ensure that the T2S Programme is delivered according to market expectations, within the T2S financial regime and the time frame established by the Governing Council. After implementation is completed, the T2S Board shall ensure the smooth operation of the T2S system in accordance with the relevant technical and legal documents.

Comments: (2)

A Finextra member
A Finextra member 20 July, 2012, 12:30Be the first to give this comment the thumbs up 0 likes

Will this new board resolve the alchemical issue of how Greek government bonds (other other GIPSI sovereigns) are still valued at par for TARGET2 purposes and in other Eurosystem operations when you can pick them up for 20-70% of face value from any bond broker?

A Finextra member
A Finextra member 20 July, 2012, 16:10Be the first to give this comment the thumbs up 0 likes

Job done - FT Headline just now "The euro falls to its lowest against the dollar since June 2010 after the ECB said it will stop accepting Greek sovereign bonds and other assets backed by the country’s government as collateral". That is alchemy in reverse ~ pure gold (central bank money) is revealed as base metal.