Pope Francis appoints Carmelo
Barbagallo to head AIF
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| Carmelo Barbagallo, the new head of the Vatican's Financial Information Authority |
The Holy See on Wednesday announced that Pope Francis has
named Italian banker Carmelo Barbagallo as the new head of the Vatican's
Financial Information Authority.
By Vatican News
Pope Francis on Wednesday named Carmelo Barbagallo, of the
Bank of Italy, as President of the Financial Information Authority (It:
Autorità di Informazione Finanziaria, the AIF). He succeeds Rene Brülhart,
whose term ended last week.
“I am honoured to have received this appointment, aware of
the full weight of the moral and professional responsibility it carries, and I
thank the Holy Father for the trust he has placed in me”, the new President of
the Financial Information Authority, Carmelo Barbagallo, said when speaking to
Vatican News after publication of the news of his appointment.
“In carrying out my service of responsibility in leading the
AIF”, Barbagallo added, “I will work to bring all my experience accumulated in
forty years working at the Bank of Italy, as an inspector, as head of vigilance
of the Italian banking and financial sector and in the context of the
supervision of the European banking system.”
“I am sure”, he explained, “that the AIF will be able to
give its own contribution in its role as a supervisory authority, so that the
fundamental values of fairness and transparency of all the financial movements
in which the Holy See is engaged may continue to be affirmed and recognized.”
“I intend to reassure the international system of financial
information”, the President of the AIF concluded, “that all cooperation will be
given in full respect of the best international standards. I will be at work
already today to ensure continuity in the work of the AIF in pursuing its
important institutional objectives.”
Statement of the Bank of Italy
For its part, Bank of Italy, in a statement, said:
“Today His Holiness Pope Francis appointed Carmelo
Barbagallo as President of the Financial Information Authority of Vatican City.
“Carmelo Barbagallo, in his long professional career at Bank
of Italy, has gained extensive experience in the field of banking supervision.
Since 2014 he has been head of the Supervision Office and in July of this year
he was appointed as consultant to the Directory for relations with the Single
Supervisory Mechanism (SSM), the structure that oversees the major European
banks.
“Bank of Italy expresses its deep appreciation for the work
carried out in recent years with dedication and competence by Carmelo
Barbagallo. His appointment consolidates the fruitful relationship of
collaboration that has existed for some time with the Vatican Authority.”
Biography of Carmelo Barbagallo
Born in Catania on 28 February 1956, married with two
children. In 1978 he was awarded a degree in Law with honours from the
University of Catania; in 1979 he completed a post-graduate course in Regional
Economics and collaborated with the chairs of Private Law and Industrial Law.
He is a qualified auditor.
In 1980 he joined the Bank of Italy and was appointed to the
Supervision Office of the Genoa branch. After performing his military service
as an officer in the Finance Police, in 1983 he was transferred to the Milan
branch, where he worked in the Economic Research Unit and the Supervision
Office, focusing on the real economy of Lombardy and the analysis of banks of
national interest (Banca Commerciale Italiana and Credito Italiano) and
investment funds.
From 1985 onwards he worked in the Supervision Inspectorate
at the Bank of Italy's Head Office. In this period he was responsible for
organizing training courses and participated in numerous working groups. Among
other matters he was concerned with impaired and restructured loans and
contributed to the drafting of the 1993 Consolidated Law on Banking. He was
also a member of various selection committees for the Bank of Italy's hiring of
young graduates.
As a supervision inspector he was responsible for several
on-site examinations at banks and financial intermediaries, in Italy and
abroad. Among other matters he was concerned with the validation of advanced
risk-measurement models provided for by the Basel Accord. He oversaw the
preparation of the current version of the Guide to Supervisory Activities.
In January 2009 he was appointed Deputy Head of the
Supervision Inspectorate and in May 2011 he was made its head. In February 2013
he was appointed Managing Director for Banking and Financial Supervision.
From 27 January 2014 to 30 June 2019 he was Director General
for Financial Supervision and Regulation.
As of 1 July 2019 he is Managing Director responsible for
high-level consultancy to the Governing Board on matters of financial
supervision and regulation and for relations with the Single Supervisory
Mechanism (SSM).
He has written numerous articles on banking and financial
subjects, with special reference to questions regarding financial innovation
and the supervision of derivative instruments.
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