© Andreas Sciborski

Joachim Nagel was given an official farewell from the Bundesbank's Executive Board at a ceremony to mark the occasion. In remarks delivered before numerous guests from the financial industry, Bundesbank President Jens Weidmann praised Nagel as a personality whose first and foremost thoughts were on the institution and its staff. The 50-year-old Nagel was promoted to the Executive Board in December 2010, where he served until the end of April 2016. He has taken on the post of General Manager of KfW with effect from 1 November 2016.

In a career at the Bundesbank which spanned 17 years, Nagel spent his first few years at the Hanover Regional Office before transferring to the Bundesbank's Central Office in Frankfurt am Main in 2003. In 2008 he was appointed Director General Markets. In December 2010 he was promoted to the Bundesbank's Executive Board, where his responsibilities encompassed the Directorates General Markets and Information Technology. In addition, he headed the Bundesbank's crisis management team until the end of April 2016.

© Andreas Sciborski

In his remarks, Weidmann stressed Nagel's decisiveness, ability to communicate, detailed knowledge of the financial markets and analytical skills. He also reminded the audience of Nagel's key role in bringing a renminbi clearing hub to Frankfurt am Main. On behalf of the entire Executive Board, but also on his own behalf, Weidmann thanked Nagel for his outstanding efforts.

Nagel emphasised the assistance he had obtained from his superiors during his tenure at the Bundesbank, noting that they had demanded a lot of him but also supported him. He likewise thanked his staff and fellow Executive Board members, remarking that, though the debate was frequently animated, he had enjoyed working with them in a spirit of mutual respect.