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 firstname.lastname@example.org.
Current work by the Independent Evaluation Office
As set out in the Court minutes, the Court of Directors has commissioned two in-depth IEO evaluations to start in 2016:
- the Bank’s approach to supervising financial market infrastructure
- the PRA’s objective to contribute to protecting insurance policyholders
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:
Secondary competition objective evaluation
Evaluating the PRA’s approach to its secondary competition objective
The PRA's response to the Independent Evaluation Office’s evaluation of the PRA’s approach to its secondary competition objective
Evaluating forecasting performance
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: biography
Director: 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.