Bank of England appointments

Following today’s announcement by the Bank of England that Sir Andrew Large is to retire as Deputy Governor (Financial Stability), the Queen has been pleased to appoint, under the Bank of England Act 1998, Sir John Gieve to succeed him. This appointment will take effect in January 2006.

Welcoming the appointment the Chancellor, Gordon Brown, said:

"I am very grateful to Sir Andrew Large for bringing his considerable experience to the work of the Bank of England and for his contribution in developing the financial stability framework, and in particular for his pioneering work on managing risk and emergency planning.

“I am very pleased that Sir John Gieve has been appointed as the new Deputy Governor for Financial Stability. Sir John brings a wealth of experience to the job. He has held some of the most senior positions in Government. He has extensive expertise of the financial stability and regulatory issues which form part of the remit of Deputy Governor. He also has considerable knowledge of risk and emergency planning from his job as Permanent Secretary in the Home Office which will serve him well in this role. I know he will make a tremendous contribution to the Bank.”

Notes for Editors

1. Sir Andrew Large took office as Deputy Governor for Financial Stability on 1 September 2002. He wrote to the Chancellor on 4 October indicating his wish to retire from his position of Deputy Governor for Financial Stability at the end of 2005. A copy of his letter has today been published by the Bank of England.

2. The appointment of Sir John Gieve was made by the Queen on the advice of the Prime Minister and Chancellor, under the terms of the Bank of England Act 1998. The appointment is for a five year term. The role of the Deputy Governor for Financial Stability is set out in the Bank of England Act 1998. The appointment carries with it membership of the Monetary Policy Committee.

3. Sir John Gieve, 55, has been Permanent Secretary at the Home Office since 2001. Prior to that, in 2001 he was Managing Director of the Treasury’s Finance, Regulation and Industry Directorate, which deals with overall financial stability policy and financial services, and before that he was Managing Director of the Public Services directorate from 1998. Prior to becoming a Managing Director he held a range of senior Government positions including Director of the Treasury’s Banking Group from 1991 to 1994. He served as Principal Private Secretary to three Chancellors between 1989 and 1991. Sir John Gieve’s biography is attached.

4. All media enquiries should be addressed to Alex Dawtrey on 020 7270 5946. Further information, including the press notice announcing Sir Andrew’s retirement, can be obtained from the Bank of England Press Office on 020 7601 4411.

5. Non-media enquiries should be addressed to the Treasury Correspondence and Enquiry Unit on 020 7270 4558 or by e-mail to public.enquiries@hm-treasury.gov.uk

6. This press release and other Treasury publications and information are available on the Treasury website at www.hm-treasury.gov.uk. If you would like Treasury press releases to be sent to you automatically by e-mail you can subscribe to this service from the press release site on the website.

Biography

Sir John Gieve

John Gieve has been Permanent Secretary of the Home Office since April 2001. It is one of the biggest and most complex departments in government which is responsible for expenditure of some £20 billion a year and employs more than 70,000 people.

John joined the Civil Service in 1974 working in the Department of Employment. He moved to Treasury in 1979 and worked on employment and energy policy before becoming Private Secretary to the Chief Secretary.

Between 1984 and 1986 John was seconded to 3i as an investment controller in their London office. He returned to Treasury to head the team co-ordinating the annual public expenditure survey and in 1988 was appointed Press Secretary and then one year later he became Principal Private Secretary to the Chancellor.

Between 1991 and 1994 John headed the group responsible for policy on banks and City regulators. He then moved to the Budget and Public Finances Team responsible for tax policy and the Budget, becoming Managing Director in 1998 and then became Managing Director of Public Services. He was responsible for running the Comprehensive Spending Review in 1998 and 2000 and subsequently Managing Director of the Financial Regulation and Industry Directorate. He became Permanent Secretary at the Home Office in 2001.

He is also a governor at a local primary school and a trustee for the charity, Youth Experience in Sport.

John is married with two grown up sons. He lives in Highbury, north London and is a keen Arsenal fan.