(5)The President of the ECB has chaired the ESRB since its establishment, pursuant to Regulation (EU) No 1092/2010 until 15 December 2015 and thereafter on an interim basis. During that period, the President of the ECB has conferred authority and credibility on the ESRB and ensured that it can effectively build and rely on the expertise of the ECB in the area of financial stability. It is therefore appropriate that the President of the ECB chair the ESRB on a permanent basis.