LONDON (Reuters) – Britain has appointed private equity executive Stephan Wilcke to head its Asset Protection Agency, the body designed to oversees its proposed insurance scheme for banks’ toxic assets, the country’s finance ministry said on Friday.
Wilcke joins from credit asset manager Cairn Capital and was formerly a partner at private equity firm Apax Partners and financial services consultancy Oliver Wyman. He starts on Monday as the APA’s first permanent chief executive, replacing temporary appointee Jeremy Bennett, a Treasury official.
The APA oversees the Asset Protection Scheme, which in return for a premium is due to insure 585 billion pounds of risky assets held by RBS (RBS.L) and Lloyds Banking Group (LLOY.L). Final terms of the scheme have yet to be agreed.
“The announcement of the APA’s chief executive is an important milestone as we move towards implementation of the scheme,” said financial services minister Paul Myners.
Wilcke’s previous professional experience includes working out central banks’ exposure to investment bank Lehman Brothers and Icelandic banks Landsbanki and Glitnir, all prominent casualties of the global financial crisis. (Reporting by David Milliken; Editing by Greg Mahlich)