82/02
3 September 2002
BANK OF ENGLAND: DEPUTY GOVERNOR FINANCIAL STABILITY
The Queen has been pleased to appoint, under the Bank of England Act 1998, Sir Andrew Large as Deputy Governor (Financial Stability) of the Bank of England in succession to Mr David Clementi.
Welcoming the appointment the Chancellor, Gordon Brown, said:
?I am delighted that Sir Andrew Large has been appointed Deputy Governor of the Bank of the England. He will bring 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 be of invaluable assistance to the Bank and our country in meeting the current challenges of the global economy.
"I would also like to thank David Clementi for his excellent contribution over the past five years. He has played an instrumental part establishing the Bank of England in its new role, including as a member of the Monetary Policy Committee, following the reforms of 1997.?
Notes for Editors
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Sir Andrew Large has been Deputy Chairman to Barclays PLC since 1998. Prior to that he was Chairman of the Securities and Investments Board from 1992 to 1997, and he is a previous member of the Takeover Panel and the Board of Banking Supervision. He spent his earlier career as an Investment Banker. A biography of Sir Andrew is attached.
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He will become an executive member of the Court of the Bank and a member of the Monetary Policy Committee, on taking up his appointment. He will also be a non-executive member of the board of the Financial Services Authority.
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Mr Clementi was appointed on 1 September 1997. He chose not to seek reappointment.
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Media enquires should be directed to HM Treasury press office, tel. 020 7270 5238. Further information can also be obtained from the Bank of England Press Office.