Andrew Bailey appointed deputy governor of BoE
HM Treasury says appointment effective1 April
By Gaurav Sharma | CFO UK | Published 12:20, 19 February 13
HM Treasury has appointed Andrew Bailey as a deputy governor of the Bank of England (BoE) and chief executive of the UK central bank's new Prudential Regulation Authority (PRA).
In a statement, it added that the appointment would be effective from 1 April.
Commenting on the appointment, Chancellor George Osborne said, "Andrew Bailey has the right skills and experience to lead the Prudential Regulation Authority as it moves into the new era of judgement-led supervision.”
"Putting the Bank of England in charge of prudential regulation is at the heart of the Government's reforms to regulation of financial services," he added.
Bailey is the current head of prudential supervision at the Financial Services Authority which would be replaced by the PRA at the end of March. The new authority would then function as a BoE subsidiary.
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