Dutch banker to join ECB Executive Board

Frank Elderson from the Netherlands is to become a member of European Central Bank Executive Board after his candidacy was last Tuesday approved by European Parliament, the EP press service reported. The plenary voted by 319 votes in favour, 202 against and 171 abstentions, despite misgivings about gender imbalance within the board.

Two weeks ago Elderson received a positive recommendation by the EP Economic and Monetary Affairs Committee following a hearing. Elderson's appointment now needs to be formally approved by the European Council. He is due to take over from Yves Mersch on 14 December when the latter's term of office ends.

Notwithstanding the positive opinion on the Dutch banker, Parliament has repeatedly expressed its disaffection regarding the appointment procedure for members of the Board. MEPs have called for better procedures in this regard – including that they be sent a gender-balanced shortlist of at least two candidates. They also deplore the fact that member states have not taken this request seriously and call on national and EU institutions to work actively towards achieving gender balance in the next nominations.

Frank Elderson has been an Executive Director of Supervision at De Nederlandsche Bank (DNB) since 1 July 2011. He is responsible for supervision of banks, horizontal functions and integrity supervision, and legal affairs. He is a member of the ECB Supervisory Board. He also holds several secondary positions.

Since 2018, Elderson has been chairman of the Network of Central Banks and Supervisors for Greening the Financial System (NGFS). In addition, he has been chairman of the Sustainable Finance Platform since 2016. Elderson has also chaired the FEC Board since 2016. Since 2019, he has been a member of the Reflection Council of the Netherlands Public Prosecution Service and a member of the Sustainable Markets Council.

Before joining the Governing Board, Elderson served as DNB's General Counsel (2008-2011). He was the Director of the Legal Services Division (2007) and Head of the ABN AMRO Supervision Department (2006). After joining DNB in 1999, Frank held various management positions in the Legal Services Division, as well as representing DNB on various working groups of the European System of Central Banks (ESCB). Frank started his professional career in 1995 as a lawyer with Houthoff Advocaten & Notarissen.

He completed the first year of the Dutch law university programme with honours in 1990 and later on studied at the University of Zaragoza, Spain. Elderson earned his degree in Dutch law at the University of Amsterdam in 1994. He obtained an LLM degree from Columbia Law School in the US in 1995 and the same year was sworn in as a lawyer in the Netherlands.

Similar articles