Luis Maria Linde named new Bank of Spain governor

Date: Friday 08 Jun 2012

Luis Maria Linde has been named as the new Bank of Spain governor, a choice many analysts had been anticipating.

Spanish finance minister Luis de Guindos made the announcement during his appearance at the Congressional Economic Commission on Thursday.

De Guindos asserted that Linde does not have any political ties, allowing him to act independently among international entities. Linde will replace Miguel Fernandez Ordoñez as the head of the central bank.

Linde became a candidate for the position after being named a Bank of Spain board member in May. Due to the bank's statutes, Linde will have to step down in three years when he turns 70, halfway through the six-year term.

Local Spanish daily El Pais claims that Linde's age is an advantage for the People's Party, allowing it to name a governor akin to its interests to serve through 2020.

Linde will take over on June 11th and has the tough task of recouping the central bank's reputation after being criticised for failing to adequately supervise the country's banking sector.

He would play an important role in a potential request for European funds to recapitalise Spanish banks.

PO

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