1. The ESRB shall be chaired by the President of the ECB.

2. The first Vice-Chair shall be elected by and from the national members of the General Board with voting rights for a term of five years, with regard to the need for a balanced representation of Member States between those which are participating Member States as defined in point (1) of Article 2 of Council Regulation (EU) No 1024/2013 [Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29 10 2013, p 63).’;] and those which are not. The first Vice-Chair may be re-elected once.

3. The second Vice-Chair shall be the Chair of the Joint Committee as appointed pursuant to Article 55(3) of Regulation (EU) No 1093/2010, of Regulation (EU) No 1094/2010 and of Regulation (EU) No 1095/2010.

4. The Chair and the Vice-Chairs shall present to the European Parliament, during a public hearing, how they intend to discharge their duties under this Regulation.

5. The Chair shall preside at the meetings of the General Board and the Steering Committee.

6. The Vice-Chairs, in order of precedence, shall preside at the General Board and/or the Steering Committee when the Chair is unable to participate in a meeting.