Select Committee on Treasury Ninth Report


Paper submitted by HM Treasury

Appointment of the Deputy Governor for Financial Stability

1.  Sir Andrew Large was appointed Deputy Governor of the Bank of England by Her Majesty the Queen on 3 September 2002. The appointment of Sir Andrew was constitutionally proper, completely in order, and warmly and widely welcomed.

2.  Sir Andrew succeeded David Clementi who left the Bank at the end of his term of office on 31 August 2002. Following the announcement that Mr Clementi did not wish to extend his term of office, discussions and interviews took place with a number of potential candidates. As a result of the interviews advice was put to the Chancellor, and following discussions with the Governor of the Bank of England, Sir Andrew's name was recommended to the Prime Minister. The Prime Minister's office then approached the Palace and Her Majesty the Queen made the appointment.

3.  The appointment of Sir Andrew Large was announced on 3 September, in advance of the September Monetary Policy Committee (MPC) meeting, and took effect immediately.

4.  The statutory duties of the Deputy Governor for Financial Stability as set out in the Bank of England Act 1998 cover membership of the MPC and attendance at the meetings of the MPC and the Court of Directors.

5.  Given that the post was not vacant for any meeting of the MPC or the court it was not necessary to make any contingency plans to cover these statutory duties.

6.  Sir Andrew brings to the Bank a wealth of expertise from the private sector as well as his experience as a financial regulator in the public sector. His international work over many years and the international reputation he enjoys will assist the Bank and the United Kingdom in meeting the challenges of the global economy.

HM Treasury

September 2002

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