In working towards its two core purposes, the Bank is organised into several operational areas: Monetary Analysis and Statistics; Markets; Financial Stability; Banking Services; and, as a subsidiary of the Bank, the Prudential Regulation Authority. All parts of the Bank are supported by a Central Services area. The Centre for Central Banking Studies offers teaching and technical assistance to other Central Banks.
Monetary Analysis and Statistics
Spencer Dale - Executive Director Monetary Analysis & Statistics & Chief Economist
James Talbot - Monetary Assessment & Strategy
Chris Young - Macro Financial Analysis
James Bell - Structural Economic Analysis
Robert Woods - Conjunctural Assessment & Projections
Fergal Shortall - International Economic Analysis
Lea Paterson - Inflation Report & Agency Intelligence
Simon Price - Senior Adviser
Richard Harrison - Senior Policy Advisor
Mark Robson - Statistics and Regulatory Data
Gill Hammond - Centre for Central Banking Studies (CCBS)
The Monetary Analysis (MA) divisions are responsible for providing the Bank with the economic analysis it needs to discharge its monetary policy responsibilities. Its economists conduct research and analysis of current and prospective developments in the UK and international economies. The MA divisions produce the Quarterly Bulletin and the Inflation Report, which sets out the Monetary Policy Committee's assessment of the current monetary and economic situation in the United Kingdom and of the outlook for inflation and growth.
The work of the MA divisions, including reports from the twelve Agencies, provides analytical information for the interest rate decisions taken each month by the Monetary Policy Committee to achieve the Government's inflation target. The Statistics and Regulatory Data Division compiles, publishes and briefs on financial statistics and the intelligence gathered through its close contacts with banks. Special studies directed at international harmonisation and improvements to the statistics are also a feature of the work.
The Centre for Central Banking Studies (CCBS) acts as a forum where central banks and academic experts from all over the world can exchange views on the latest thinking in central bank policies and operations. CCBS provides an extensive programme of seminars, workshops and conferences both in London and abroad.
Paul Fisher - Executive Director
Michael Cross - Foreign Exchange
Graeme Danton - Markets Strategy & Risk Operations
Andrew Hauser - Sterling Markets
Alan Sheppard - Risk Management
Roger Clews - Special Advisor
The main functions of the Markets area include: conducting operations in the sterling money markets to implement the Monetary Policy Committee's decisions; providing liquidity insurance to the banking system; managing the Bank of England's balance sheet; managing the United Kingdom's foreign exchange reserves, as the agent of HMTreasury; delivering financial market analysis and intelligence in support of the Bank's monetary and financial stability missions; and contributing to the management of financial and business continuity crises.
In delivering its functions, the area draws on a wide range of financial markets contacts in the United Kingdom and overseas, and also contributes to facilitating efficient core wholesale markets, including via practitioner committees. Market intelligence is co-ordinated by a dedicated team.
The Risk Management Division is responsible for identifying, measuring and, with the front-office divisions, managing risks from financial operations. The Markets Strategy and Risk Operations Division provides strategic management support and risk reporting across the Markets Directorate.
Andy Haldane - Executive Director
Stewart James - Financial Stability Board Unit
Nicola Anderson - Advisor to Executive Director
Sarah Breeden - Markets, Sectors and Interlinkages
Martin Brooke - International Finance
Iain de Weymarn - Banking Systems
Simon Hall - Macroprudential Strategy
Victoria Saporta - Prudential Policy
Edwin Schooling Latter - Market Infrastructure
The Financial Stability area leads on a number of the Bank's financial stability functions.
It supports the Financial Policy Committee, seeking to detect risks to the functioning of the UK financial system and to develop measures to strengthen regulatory systems and infrastructure at home and abroad to reduce those risks. The area includes the team responsible for supervision of financial market infrastructures.
Special Resolution Unit
- Executive Director
Peter Brierley - Resolution Policy
The Special Resolution Unit was created in February 2009. Reporting to the Deputy Governor for Financial Stability, it develops and co-ordinates the Bank's response to the resolution of individual institutions, using the powers of the Banking Act 2009, and undertakes analysis to enhance the resolution regime going forward.
Chris Salmon - Executive Director & Chief Cashier
Victoria Cleland - Notes
Toby Davies - Market Services
Matthew Hunt - Customer Banking
Customer Banking Division provides wholesale banking services to UK Government, other central banks, and, where there are financial stability reasons to do so, certain other financial sector firms. This includes the provision of custody services, including for gold.
Notes Division manages the issue of Bank of England notes and the Note Circulation Scheme. Since November 2009 it has also been responsible for the regulation of note issuance by Scottish and Northern Ireland note-issuing banks.
Market Services Division operates the Real Time Gross Settlement (RTGS) system through which payments relating to the major UK payments and securities settlement systems are settled and, from this operational role, contributes analysis to the Bank's continuing work in developing safe and efficient payment and settlement systems. It also provides the back-office functions to support the Bank's sterling and foreign currency transactions including settling the Bank's open market (monetary policy) and liquidity insurance operations.
The Central Services Divisions encompass a range of support functions that underpin the Bank's activities and help to ensure that the Bank's reputation is maintained. These include IT, business continuity and the Governors' private offices. John Footman
- Executive Director & Secretary of the Bank
Alex Brazier - Governor's Private Secretary
Information Service and Technology
John Finch - Executive Director
Neal Semikin - Build & Maintain
Will Lovell - Plan & Design
Dominic Whittle - Property Procurement & Security
Finance Ralph Coates
- Executive Director
Angela Durnin - Financial Reporting & Control
Sue Coffey - Projects & Risk Oversight
Finance is responsible for budgeting, financial accounting and monitoring the performance of the Bank in its attainment of its strategic priorities. In addition it provides Bank-wide project support and risk oversight, provides advice and support on procurement and supplier management and manages the Bank's property and facilities.
Joanna Place - Executive Director
Jonathan Curtiss - HR Services
The Human Resources function is responsible for recruitment and development of staff, talent management and succession planning, employee relations, community programmes and administration of the Bank's payroll and pensions.
Graham Nicholson - Executive Director & Chief Legal Advisor
John Heath - Bank Legal Function
Rob Price - Deposit Takers
Rob Dedman - Regulatory Action
Vivienne de Chermont - Insurance
Jonathan Grant - Financial Stability & Market Infrastructure
Jacqueline Joyston-Bechal - Markets and Banking
Internal Audit assists the Court of Directors and Executive Team in protecting the Bank, and its reputation, by independently and objectively evaluating the effectiveness of internal controls, risk management and governance processes. As part of this assurance Internal Audit recommends cost-effective improvements which are agreed with management and tracked until implementation.
Don Randall - Chief Information Security Officer
Nils Blythe - Executive Director
Mark Cornelius - Media & Publications
Chris Shadforth - Public & Internal Communications
Jenny Scott - Adviser to the Governor
Communications manages the Bank's public and media relations and its work to build public understanding; it includes the press office, the Bank's website, public enquiries, education and the Bank's museum. It also manages internal Bank-wide staff communications.