Houblon-Norman/George Fellowships
History
The Houblon-Norman Fund, a registered charity,was created in 1944 in commemoration of the Bank's 250th anniversary, with the object of promoting research into the working and functioning of financial and business institutions, primarily in the UK, and the economic conditions affecting such institutions. It was named after Sir John Houblon, the first Governor of the Bank and Montagu Norman, the retiring Governor in 1944. George Fellowships were established, within the fund, in June 2003 in recognition of the lifelong achievements and service to the Bank of Sir Edward George. George Fellowships sit alongside the Houblon-Norman Fellowships, share the same objective and are administered as one.
The Bank endowed the Fund in 1944 with the capital sum of £100,000. The capital was invested in gilt-edged securities at first, but later the Fund began to invest in equities and currently the investments are split between fixed interest securities and equities. In 1968, the Bank endowed the Fund with an additional capital sum of £50,000. The Fund's income from these investments was, latterly, approximately £37,000 a year. In response from an earlier suggestion from Sir George Blunden, made when he was Deputy Governor of the Bank, the Trustees concluded in 1992 that they were in favour of an increase in the resources of the Fund to mark the Bank's tercentenary, and the Bank accordingly endowed the Fund with £500,000 in December 1993 to enable the Fund to maintain the Fellowship programme and to support its extension to candidates from outside the United Kingdom. George Fellowships were established with a donation to the fund from the Bank of £500,000, helping maintain overall funding at a level consistent with the cost of supporting the research of high calibre academics.
The Trust Deed established three Trustees of the Fund , one of whom must be the Governor or Deputy Governor of the Bank. They do not receive any recompense for their service, and they meet annually (currently in January). They are ultimately responsible for running the Fund. In practice, the annual meeting usually concentrates on ratification of recommendations for awards made by the Advisory Committee, and on decisions relating to investment policy.
The Advisory Committee , which is appointed by the Trustees, consists of three people who have the requisite academic standing and knowledge to make recommendations on the award of Fellowships, and previously grants. In every alternate year, the longest serving member of the Committee retires but is eligible for re-appointment, which in practice, always occurs. The non-Bank members of the Advisory Committee are paid an annual amount determined by the Trustees.
The day to day running of the Fund falls to the Secretary who serves both the Trustees and the Advisory Committee, and throughout the year handles many enquiries concerning the Fund. She liaises with the Bank member of the Trustees and of the Advisory Committee on any issues which might affect the general policy of the Fund.
Originally, sponsorship of research was concentrated in grants. Applicants were interviewed annually by the Advisory Committee, who made recommendations to the Trustees. Most of the grants went to University researchers (never undergraduates), although there was an assortment of other people who received money. The line was consistently taken that grants were awarded to individuals, not institutions.
In 1982, the Fund decided to finance only one annual Fellowship, tenable in the Bank for one year. This reflected disappointment over the general standard of research being carried out with grant money. Applications for the Fellowship were invited from research workers with an established reputation in their field. They would research a subject of their choice, provided it related to the object of the Fund. The research would be regarded as full-time work, so teaching, or other paid work, would not be undertaken during the tenure of the Fellowship without specific consent of the Trustees.
In 1992, due to a continuing decline in the quality of candidates, it was decided to broaden the nature of the Fellowship . It was hoped that this would restore the status of the Fellowship, both within the Bank and elsewhere, while at the same time opening the Bank and its economists to a much wider range of contacts, and ensuring that research done in the name of the Bank would be of the highest order.
To encourage first-rate applicants, therefore, it was agreed to offer a number of Fellowships, for variable periods of time - top academics being unlikely to wish to spend six to twelve months away from their institutions. In addition, both Junior and Senior Fellowships would be offered, so that junior names would not have to compete with the more established senior academics. In 1994 it was agreed that the word "Junior" should be dropped and for Fellowships and Senior Fellowships to be offered.
The Fellows would be expected to involve themselves in some areas of research being carried out in the Monetary Analysis Divisions, or elsewhere in the Bank, and the Trustees see this as an important benefit of the appointment of Fellows.
