LONDON - Bank of England Deputy Governor Sir Andrew Large will retire from the central bank in January next year, it was announced here today.
Sir Andrew announced his intentions to retire in a letter to Chancellor Gordon Brown in which he wrote, "When I accepted the appointment as deputy governor in 2002, I indicated to you that I might not wish to serve a full term. I have now decided that I would like to retire from the Bank at the end of 2005, after almost 3-1/2 years, to return to the private sector."
City analysts are speculating that Large is moving to Lloyd's of London where another reshuffle is taking place as chief executive Nick Prettejohn has indicated that he is moving to the Prudential. Sir Andrew was viewed as a 'hawkish' member of the Monetary Policy Committee and had voted against the rate cut in August.
It is now speculated that his departure could make it easier for the Bank to further cut the rates, though it is unlikely to happen till next year. Mervyn King, the Bank’s governor expressed gratitude to Sir Andrew for his stellar services, “I am extremely grateful to Sir Andrew for all the work he has done, both on monetary policy and financial stability. In more than three years at the Bank Sir Andrew has laid strong foundations for his successor as Deputy Governor for Financial Stability to build on." Sir Andrew would have to wait for three months before joining any private institution if it is found that his job there is opposed to the Bank's interests.
Meanwhile, it was also announced on Monday that Sir John Gieve, Permanent Secretary of the Home Office would replace Sir Andrew at the Bank. Sir John has had ample experience in the financial sector since he has already worked as managing director handling finance, regulation and industry at the Treasury.
Posted
on : Tue, 18 Oct 2005 05:45 GMT | Banking News
By : Rob Davis
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