HOME

TheInfoList



OR:

A Deputy Governor of the Bank of England is the holder of one of a small number of senior positions at the
Bank of England The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694 to act as the English Government's banker, and still one of the bankers for the Government o ...
, reporting directly to the
Governor A governor is an administrative leader and head of a polity or political region, ranking under the head of state and in some cases, such as governors-general, as the head of state's official representative. Depending on the type of political ...
. According to the original charter of 27 July 1694 the Bank's affairs would be supervised by a Governor, the Deputy Governor and 24 directors. Since then, however, the role of Deputy Governor has been split and redefined three times (by the Bank of England Act 1998, the
Financial Services Act 2012 The Financial Services Act 2012 is an Act of the Parliament of the United Kingdom which implements a new regulatory framework for the financial system and financial services in the UK. It replaces the Financial Services Authority with two new re ...
and again in 2014), such that, as of May 2016, there are four Deputy Governors ( Sir Jon Cunliffe, Ben Broadbent,
Sam Woods Samuel or Sam Woods may refer to: *Sam Woods (politician) (1846–1915), British trade unionist * Samuel D. Woods (1845–1915), U.S. Representative from California * Samuel V. Woods (1856–?), member of the West Virginia Senate *Sammy Woods (1867� ...
and Sir David Ramsden). They have special responsibility for financial stability, monetary policy, prudential regulation and markets and banking respectively. In 2013, the position of
Chief Operating Officer A chief operating officer or chief operations officer, also called a COO, is one of the highest-ranking executive positions in an organization, composing part of the " C-suite". The COO is usually the second-in-command at the firm, especially if ...
(COO) was created and has the same status and remuneration as a Deputy Governor. Under Schedule 1 of the Bank of England Act 1998 (as amended), Deputy Governors are appointed for five year terms, and are term-limited to two terms.


Deputy Governors of the Bank of England (1694–present)


As sole occupant (1694–1998)


With specific responsibility (1998–present)

The Bank of England Act 1998, which came into force on 1 June 1998, created a second Deputy Governorship. Clementi became Deputy Governor for Financial Stability for the rest of his term, and Mervyn King became the first Deputy Governor for Monetary Policy.


Chief operating officers

In June 2013, the position of
chief operating officer A chief operating officer or chief operations officer, also called a COO, is one of the highest-ranking executive positions in an organization, composing part of the " C-suite". The COO is usually the second-in-command at the firm, especially if ...
(COO) of the Bank of England was created. The COO has responsibility for the day-to-day operations of the Bank. They have the same status and
remuneration Remuneration is the pay or other financial compensation provided in exchange for an employee's ''services performed'' (not to be confused with giving (away), or donating, or the act of providing to). A number of complementary benefits in addition ...
as a Deputy Governor.


See also

*
Chief Cashier of the Bank of England The Chief Cashier of the Bank of England is the person responsible for issuing banknotes at the Bank of England and is the director of the divisions which provide the Bank of England's banking infrastructure. This person is known to the general ...
*
Governor of the Bank of England The governor of the Bank of England is the most senior position in the Bank of England. It is nominally a civil service post, but the appointment tends to be from within the bank, with the incumbent grooming their successor. The governor of the Ba ...


References


Bibliography

* * * {{cite web, url=https://www.gov.uk/government/news/appointment-of-deputy-governor-for-prudential-regulation, title=Appointment of Deputy Governor for Prudential Regulation, publisher=HM Government, date=19 February 2013, access-date=3 January 2014 Bank of England
England England is a country that is part of the United Kingdom. It shares land borders with Wales to its west and Scotland to its north. The Irish Sea lies northwest and the Celtic Sea to the southwest. It is separated from continental Europe ...