The Hong Kong Monetary Authority has appointed William Ryback as Deputy Chief Executive with effect from August 27. Mr Ryback is former Senior Associate Director of the Board of Governors of the US Federal Reserve System.

Mr Ryback will succeed David Carse, who will leave the HKMA in September, as Deputy Chief Executive in charge of banking policy, development and supervision issues.

"Mr Ryback will bring valuable knowledge and experience to the HKMA at a time when Hong Kong's banking sector is undergoing change and development," said HKMA Chief Executive Joseph Yam.

"His expertise on multilateral supervisory co-operation is especially relevant in an international financial centre such as Hong Kong, and his strong links with multilateral organisations will help the HKMA's work at a time when new international supervisory standards are being applied in Hong Kong."

Since 1986, Mr Ryback has held positions at the Board of Governors of the US Federal Reserve System, where he was Senior Associate Director before his departure in June 2003.

His responsibilities at the Board included managing the Federal Reserve's Technical Assistance programme in bank supervision and co-ordinating training with multilateral institutions including the World Bank, International Monetary Fund, and Financial Stability Institute of the Bank for International Settlements.

Mr Ryback was the Board of Governors' representative on the Basel Committee of Banking Supervision from 1986 to 1994. He is also active in many multilateral initiatives aimed at strengthening supervision of internationally active banks and improving communication between supervisors.

Before his departure, he was Chairman of the Association of Supervisors of Banks of the Americas, whose members include the heads of bank supervision for 35 countries.

Prior to joining the Board of Governors, Mr Ryback held positions at the US Office of the Comptroller of the Currency.