Paper submitted by HM Treasury
Appointment of the Deputy Governor for
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.