COMMONS

Bank of England's new Deputy Governors and Chairman of Court

19 March 2014

Treasury Committee to hold hearings with Bank of England’s new Deputy Governors and Chairman of Court

The Treasury Committee today agreed to hold pre-appointment hearings with the Bank of England’s new Chairman of Court, Anthony Habgood, as well as with its new Deputy Governor for Monetary Policy, Dr Ben Broadbent and its new Deputy Governor for Markets and Banking, Dr Nemat Shafik.
 
It is expected that the hearings will take place prior to Mr Habgood, Dr Broadbent and Dr Shafik taking up their posts.

Chairman's comments

The Chairman of the Treasury Committee, Andrew Tyrie MP, said:

On the new Deputy Governor position:

“This is part of a major structural reorganisation at the Bank. The Committee will want to hear Dr Carney’s reasons for the creation of this new position and will also examine the process by which Dr Shafik was appointed.

“In addition, we will be particularly interested to hear Dr Shafik’s thoughts on what her role will entail.”

On a new Chairman of Court:

“Mr Habgood will be responsible for ensuring the performance of the Bank is subject to rigorous scrutiny.

“A priority for the new Chairman of Court will be to get to grips with the Bank’s Byzantine governance.
 
 “Stringent self-examination has not been a strong point of formal Bank governance. Further reform, both cultural and structural, may be needed.

“It will be as important for Mr Habgood as it is for the Governor to bring the Bank’s governance structures into the 21st Century.
 
“The fact that legislation will be required to create a new Deputy Governor position should provide an appropriate vehicle for any remaining changes.”

Further information

Image: PA

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