London 25 September 2009 

The G20 Leaders at today’s Pittsburgh Summit endorsed the Charter formally establishing the Financial Stability Board (FSB). 

In April 2009 G20 Leaders agreed that the former Financial Stability Forum (established in 1999) be re-launched as the FSB, with a broadened mandate to promote financial stability, expanded membership, stronger institutional basis and enhanced capacity. The re-launched FSB began work to address its mandate immediately following the Summit, on the basis of the G20 Leaders’ April agreement. The Charter endorsed by G20 Leaders today in Pittsburgh formally establishes the FSB and sets out its objectives, mandate, membership and organisational processes. 

Ends --

The FSB brings together national authorities responsible for financial stability in significant international financial centres, international financial institutions, sector-specific international groupings of regulators and supervisors, and committees of central bank experts.

The FSB is chaired by Mario Draghi, Governor of the Bank of Italy. Its Secretariat is located in Basel, Switzerland, and hosted by the Bank for International Settlements.

Separate press releases have been issued today on its work to improve financial regulation, and setting implementation standards for the FSB Principles for Sound Compensation Practices.

Attachments:

fsb1

61 Kb