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HM Treasury makes three new senior appointments to the Bank of England.

BANKING AND CREDIT NEWS-March 19, 2014-HM Treasury makes three new senior appointments to the Bank of England

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Central bank of the UK, The Bank of England on Tuesday announced that HM Treasury has said that Her Majesty The Queen has agreed to appoint Anthony Habgood as the chairman of court, along with Dr Ben Broadbent as deputy governor for Monetary Policy, on the recommendation of the chancellor and the prime minister.

In addition the chancellor and the governor have agreed to appoint Dr Nemat Shafik as deputy governor of the Bank of England, responsible for Markets and Banking.

The appointments of Habgood and Broadbent are effective from 1 July 2014 and the appointment of Shafik is effective from 1 August 2014.

Habgood, who was appointed for a renewable term of four years, will be succeeding current chair Sir David Lees, who is scheduled to leave at the end of June this year.

As the Bank's deputy governor for Monetary Policy, Broadbent will have specific responsibility for the Bank's research and analysis of the UK economy in support of Monetary Policy Committee (MPC) decisions, as well as for the provision and distribution of bank notes that are secure against the threat of counterfeiting.

In her new role as deputy governor for Markets and Banking, reporting directly to the governor, Shafik is expected to provide greater focus at the very top of the Bank on these two core policy areas. Shafik will be appointed by the governor to the Monetary Policy Committee (MPC) under Section 13(3)(b) of the Bank of England Act 1998 as 'the person who has executive responsibility within the bank for monetary policy operations', filling the seat currently held by Paul Fisher, the Bank's Executive Director for Markets.

Governor of the Bank of England, Mark Carney, said: "I am delighted that individuals of the calibre of Ben Broadbent, Minouche Shafik and Anthony Habgood will be joining the Bank's leadership group. With a diverse combination of skills and experience, these appointments result in a well-rounded senior management team at the Bank - one that will set the direction for an ambitious agenda of transformation for the institution and enable it to meet the challenges and opportunities it faces in maintaining monetary and financial stability."

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Publication:M2 Banking & Credit News (BCN)
Date:Mar 19, 2014
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