FINANCIAL SERVICES MONITORING GROUP BACK IN BUSINESS.

The Inter-institutional Monitoring Group (IIMG) for financial services has elected its new leaders. Composed of six independent experts, the re-formed Group held its first meeting in Brussels on September 15. At the meeting, Finnish national Johnny Akerholm, President and CEO of the Nordic Investment Bank (NIB), was elected Chairman and Karl-Peter Schakmann-Fallis, an executive member of the German Savings Bank Association, was elected Vice-Chairman of the Group. It is due to deliver three reports before its mandate expires in December 2007. The first interim report is expected to be published in March 2006. In a bid to boost the transparency of their activities, the IIMG members moreover decided that a press statement will be issued after each meeting of the Group summarising the major topics of discussion. As in the past, hearings will also be organised to get direct input from the stakeholders directly involved in the...