The Faroese Systemic Risk Advisory Council is comprised of five members and five alternates. The Council members are elected to a four-year term and may be elected for at most three terms. The Prime Minister selects the members and the alternates of the Council upon the recommendation of the various governmental institutions and agencies that work to enhance the financial stability of the Faroe Islands.
The members are selected accordingly:
• The Governmental Bank recommends two (2) members of which one shall be the Executive Director of the Governmental Bank and shall serve as the chair of the Council. The other representative shall be an expert in the finance sector;
• The Economic Council recommends one (1) member that shall be an independent expert with service in the finance sector, and;
• The Minister of Finance recommends two (2) members with service representing the government executive in the finance sector.
Members of the Faroese Systemic Risk Advisory Council are:
Malan Johansen, Executive Director of the Governmental Bank, Chair of the Council
The process of selecting the other Council members is underway.