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Home > About the Bank > The Independent Evaluation Office

The Independent Evaluation Office

The Bank's Independent Evaluation Office (IEO) is responsible for evaluating our performance. It was established in September 2014, as a core part of our Strategic Plan.

The IEO is an independent unit within the Bank. It aims to strengthen the Bank’s accountability and learning without compromising the independence of policy formulation or the effectiveness of our Court of Directors.
The IEO's work falls into three categories: 
  • conducting in-depth evaluations
  • supporting external reviews
  • improving regular reporting lines to our Court of Directors

The IEO reports directly to the Chairman of the Court of Directors and operates at arm’s length from local business areas. The Chairman of Court, normally in consultation with other Court Directors, sets the IEO’s remit and work programme.

You can find out more about the Independent Evaluation Office in our July 2016 Quarterly Bulletin article.

If you have any questions or you would like to give feedback on the Independent Evaluation Office’s work, please email

Current work by the Independent Evaluation Office

As set out in the Court minutes, the Court of Directors commissioned two in-depth IEO evaluations in 2017:

  • the Bank’s approach to providing sterling liquidity
  • the Bank’s resolution function

Publications by the Independent Evaluation office

IEO evaluations will be published, with a response (if appropriate) from the Bank’s relevant business areas, unless there are public interest grounds for withholding. The final decision on whether to publish IEO work is made by the Chairman of Court.

Evaluations and responses published to date are:

The Bank of England’s approach to conflicts of interest
The Bank of England’s approach to conflicts of interest – a Review by the Non-Executive Directors of the Bank’s Court
August 2017

Herbert Smith Freehills LLP Letter

National Audit Office - Managing potential conflicts of interest: Contribution to Bank of England Review

Statement from the Bank of England
9 August 2017

Insurance objective
Evaluation of the Prudential Regulation Authority’s approach to its Insurance Objective
March 2017

The PRA’s response to the Independent Evaluation Office’s evaluation of the PRA’s approach to its insurance objective

FMI Supervision
Evaluation of the Bank of England’s approach to financial market infrastructure supervision
February 2017


Secondary competition objective evaluation
Evaluating the PRA’s approach to its secondary competition objective
March 2016

The PRA's response to the Independent Evaluation Office’s evaluation of the PRA’s approach to its secondary competition objective

Forecasting evaluation
Evaluating forecasting performance
November 2015

The Monetary Policy Committee’s response to the Independent Evaluation Office evaluation of the MPC’s forecasting performance

The Warsh Report
Transparency and the Bank of England’s Monetary Policy Committee

The Bank's response to the Warsh Report: transparency and accountability at the Bank of England

Director of Independent Evaluation: Lea Paterson
Lea Paterson
Lea Paterson is the Bank of England’s Director of Independent Evaluation. She is responsible for overseeing the IEO’s work and making sure it helps the Court of Directors to keep the Bank’s performance under review. Lea reports directly to the Chairman of Court, Anthony Habgood.

Before she moved to the IEO, Lea held a number of senior management posts at the Bank. Most recently, she led the area of the Bank that oversees the Inflation Report and our regional agency network. Before she joined the Bank, Lea spent several years as a financial journalist. She was Economics Editor of The Times newspaper between 2000 and 2004, and also worked as a financial reporter for The Independent.

Lea also co-chairs the Women in the Bank network