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Mark Carney to be Governor of the Bank of England in 2013.

Mark Carney, currently serving as Governor of the Bank of Canada, having taken up his office on 1 February 2008, has been named successor to Sir Mervyn King as Governor of the Bank of England, the UK central bank.

Carney will take over as Governor of the Bank of England from 1 July 2013. UK finance minister, Chancellor of the Exchequer, the Rt Hon George Osborne MP, said, "Mark Carney is the outstanding candidate to be Governor of the Bank of England and help steer Britain through these difficult economic times. He is quite simply the best, most experienced and most qualified person in the world to do the job.

"He has done a brilliant job for the Canadian economy as its central bank Governor, avoiding big bail outs and securing growth. He has been chosen by the rest of the world to be the chair of the international body, the Financial Stability Board, charged with strengthening global financial regulation after the financial crisis.

"Along with its central role in monetary policy, this Government has put the Bank of England back in charge of regulating our financial system so that we don't repeat the mistakes of the last decade. Mark Carney is the perfect candidate to take charge of the Bank as it takes on these vital new responsibilities. He will bring strong leadership and a fresh new perspective."

Carney is currently He also currently serves as Chairman of the Financial Stability Board (FSB) and as a member of the Board of Directors of the Bank for International Settlements (BIS). He is also a member of the Group of Thirty, and of the Foundation Board of the World Economic Forum.

Prior to becoming the Governor of the Bank of Canada, Carney was Senior Associate Deputy Minister of Finance (2004 - 2007) and Deputy Governor of the Bank of Canada (2003 - 2004). Prior to that, Carney had a thirteen-year career with Goldman Sachs in its London, Tokyo, New York and Toronto offices. Carney has a bachelor's degree in economics from Harvard University (1983 - 1988) and a Masters and Doctorate in economics from Nuffield College, Oxford University (1991 - 1995).

Carney is a Canadian citizen (and as such already a subject of HM The Queen) and has indicated that he will apply for British citizenship and serve a term of five years as Governor of the Bank of England.

Under the Bank of England Act 1998, as expected to be amended by the Financial Services Bill which is currently being considered by Parliament, the Governor of the Bank of England is appointed by Her Majesty the Queen on advice from the Prime Minister. He was advised by the Chancellor of the Exchequer, who oversaw the appointment process, and, as with other public appointments, consulted the Deputy Prime Minister. The selection panel for the recruitment process comprised Sir Nicholas Macpherson, Permanent Secretary HM Treasury; Tom Scholar and John Kingman, Second Permanent Secretaries, HM Treasury; and Sir David Lees, Chair of the Court of the Bank of England.

At the same time Charles Richard Bean has been reappointed as Deputy Governor of the Bank of England for Monetary Stability from 1 July 2013. Bean has agreed to stay on for a year to help oversee the extension of the Bank of England's responsibilities and the transition to the new Governor. He has asked to stand down on 30 June 2014.

2012 CPI Financial. All rights reserved.

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Publication:CPI Financial
Date:Nov 27, 2012
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