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Bank of Spain: governor Miguel Fernandez Ordonez resigns ahead of schedule

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Staff writer | Madrid, Spain | May 31, 2012
Miguel Fernandez OrdonezMay 31, 2012, Madrid, Spain - The governor of the Banco de Espana, Miguel Fernandez Ordonez, announced that he will leave his post June 10, 2012, one month ahead of schedule.
The governor considers that the approval by the Governing Council of the Bank's annual accounts and budget outturn, together with the presentation of the Annual Report next week, suitably marks the end of his 5 years and 11 months at the helm of the Bank.

As from 11 June, the date on which banks are to submit their plans to comply with the latest Royal Decree-Law (RD-L) on financial reform, a new stage begins in which decisions of paramount importance have to be taken. These include the approval of the RD-L plans and work relating to the private consultancies' evaluation of our banking system.

Mindful that he would have only one month to address this new period, the governor believes his decision to be in the best interests of the institution and, above all, of the new governor, who could thus participate fully in all these important decisions from the outset.

The Prime Minister considers this decision to be conducive to a smooth and efficient transition in the governorship of the Bank, thus allowing the Banco de Espana to continue to dedicate its know-how and professionalism to resolving the problems of our economy and banking system.

Mr. Ordonez started his career in 1970 as a lecturer in Economic Policy at the Universidad Complutense de Madrid, and after that he became the head of the Economic Analysis Section of the Development Plan Commission.

In 1973, Mr. Ordonez was elected to the post of the Economist at the OECD Department of Economic Studies, two years after that he was elevated to head the Co-ordination Service of the Ministry of Development Planning, and in 1976 he became economic adviser to the Ministry of Finance.

Mr. Ordonez has also served as a Deputy Director General for Conjunctural Analysis at the Ministry of the Economy, Adviser to the Executive Director at the World Bank, and Secretary of the Committee of Public Investment at the Ministry for the Economy.

From 1982 until 1986, Mr. Ordonez served as Secretary of State for the Economy and Planning, Chairman of the Spanish Banking Supervisory Authority, and in 1986 he was elected Parliament on Madrid list which he resigned in 1988.

Mr. Ordonez returned to economics and served as Secretary of State for Trade (1987-1988), Alternative Executive Director of the International Monetary Fund (1988-1990, and hairman of Icopostal, Securities Broker-Dealer (1990-1991). After that, Mr. Ordonez was named Member of the Board of Directors of Argentaria and President of Fundación, President of the Competition Court, and President of the National Electricity Network Board.

From 2004 until 2006, he served as Secretary of State for Finance and the Budget and President of the State Tax Revenue Service. Mr. Ordonez was named Member of the Executive Commission of the Banco de Espana in 2006, and was named Governor of the Banco de Espana.

Mr. Ordonez is a graduate in Law from the Universidad Complutense de Madrid, in economics from the Universidad Complutense de Madrid, and he is a government-accredited trade expert and economist.