Nick LePan, superintendent of financial institutions, has been named to the newly established position of vice chairman of the Basel committee on banking supervision.

The announcement was made following the meeting in Basel Sunday of the G10 central bank governors and heads of banking supervision who had gathered to discuss the committee’s work.

The meeting confirmed the importance of the committee’s work on common development and mutual recognition of approaches to capital adequacy regulation and the establishment of global benchmarks in this regard. “These efforts provide a critical foundation for international cooperation in relation to the stability of the global banking system,” the governors said in a statement.

They reaffirmed their strong support for updating the existing capital accord and welcomed the progress that the committee has been making on this important project. They also supported the committee’s plans and its intention to release a third consultative package for public comment by early May. The participants believe that this additional opportunity for comment will provide the basis for a successful conclusion to the committee’s efforts to develop, on the timetable previously announced, a capital accord that is more closely aligned with risks in the banking system.

The bankers expressed their gratitude for the work done by the president of the Federal Reserve Bank of New York, William McDonough, as chairman of the banking supervision committee.

Having announced his retirement as president of the New York Fed, effective July 21, McDonough will also relinquish the chairmanship of the Basel committee as of July 1. Jaime Caruana, Governor of the Bank of Spain, was named as McDonough’s successor.