In working towards its core purposes, the Bank is organised into four main operational areas - Monetary Analysis and Statistics, Markets, Financial Stability and Banking Services, supported by a Central Services area. This structure was introduced in June 1998 to reflect the Bank's new responsibilities in the light of the 1998 Bank of England Act. The Centre for Central Banking Studies offers teaching and technical assistance to other Central Banks.

Key Resources

Management Structure as at 1 March 2010 Download PDF (16k)

Monetary Analysis and Statistics

Spencer Dale

Phil Evans - Conjunctural Assessment & Projections
Mark Cornelius - International Economic Analysis
Neal Hatch - Structural Economic Analysis
Jens Larsen - Monetary Instruments & Markets
Mark Robson - Monetary & Financial Statistics
Simon Price - Senior Adviser
James Proudman - Monetary Assessment & Strategy
Gareth Ramsay - Inflation Report & Bulletin
Tony Yates - Senior Adviser

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 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, and the Quarterly Bulletin, a publication setting out broader research and analysis supporting policy decisions.

The work of the MA divisions, including reports from the twelve regional Agencies, provides analytical information for the decisions taken each month by the Monetary Policy Committee to achieve the Government's inflation target. The Monetary and Financial Statistics Division compiles, publishes and briefs on financial statistics, in particular the monetary aggregates and banking statistics. Special studies directed at international harmonisation and improvements to the statistics are also a feature of the work.

Markets

Paul Fisher

Sarah Breeden - Risk Management
Roger Clews - Special Adviser
Michael Cross - Foreign Exchange
Graeme Danton - Markets Strategy and Risk Operations
Chris Salmon - Sterling Markets

The main functions of the Markets area include: conducting operations in the sterling money markets to implement the Monetary Policy Committee's decisions, while meeting the day-to-day demand for reserves of the banking system as a whole; 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

The Risk Management Division is responsible for identifying, measuring and, with the front-office divisions, managing risks from financial operations. Market intelligence is co-ordinated by a dedicated team. A dedicated strategy and risk operations division provides strategic management support and risk reporting across the Markets Directorate.

Financial Stability

Andy Haldane

Nicola Anderson - Risk Assessment
Peter Brierley - Special Adviser
Paul Chilcott - Payments & Infrastructure
Martin Brooke - International Finance
Victoria Saporta - Prudential Policy
Alastair Wilson - Financial Institutions

The Financial Stability area has the main responsibility for discharging the Bank's remit to contribute to the maintenance of the stability of the financial system as a whole. It works closely with HMTreasury and the FSA under the terms of the Memorandum of Understanding, which was revised in March 2006, and under the terms of the Banking Act 2009, which has placed the Bank's financial stability role on a statutory footing.

Internally, a high-level Financial Stability Executive Board guides the work of the area identifying and prioritising potential risks to United Kingdom financial stability and judging which warrant follow-up action. The Board is chaired by the Deputy Governor for Financial Stability, Paul Tucker.

The area seeks to detect risks to the structure and functioning of the United Kingdom financial system and to develop measures to strengthen the financial infrastructure at home and abroad to reduce those risks. This includes its statutory responsibilities for overseeing United Kingdom payments systems. In addition it undertakes work with HM Treasury and the FSA to improve the arrangements for managing a financial crisis. The area also contributes to the monetary policy process, and promotes public understanding of issues relating to financial stability through, for instance, the regular Financial Stability Report.

Special Resolution Unit

The Special Resolution Unit, which was created in February 2009, reports directly 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.

Andrew Bailey

Victoria Cleland - Acting Lead

Banking Services

Andrew Bailey

Toby Davies - Market Services
Lee Dobney - Notes
Joanna Place - Customer Banking

Customer Banking Division provides banking services to the Government and other customers, principally financial institutions and other central banks.

Notes Division manages the note issue, including the relationship with De La Rue, the supplier of notes to the Bank.

Market Services Division operates the Real Time Gross Settlement (RTGS) system through which payments relating to the major United Kingdom 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) Operations.

Central Services

John Footman
Simon Moorhead - Chief Information Officer
Louise Redmond - HR Director

Stephen Collins - Business Continuity
Jonathan Curtiss - HR Services
Andrew Hauser - Private Secretary to the Governor
John Heath - Legal
Don Randall - Security Division

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 ismaintained. These include IT, personnel, business continuity, the Governors' private offices, and legal services.

Finance

Warwick Jones

Peter Higgs - Facilities & Procurement
Simon Politzer - Projects, Risk & Performance
Tim Porter - Financial & Management Accounting

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, and manages the Bank's property and facilities.

Internal Audit

Stephen Brown

Internal Audit assists the Court of Directors and Executive Management 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.

Communications

Jenny Scott

Andrew Wardlow - Public Communications & Information

The Public Communications & Information Division 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 community programmes, and the Bank's museum. It also manages internal Bank-wide staff communications.

Centre for Central Banking Studies

Gill Hammond

The 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. The CCBS supports the Bank of England's core purposes by promoting monetary and financial stability in the international context. CCBS provides an extensive programme of seminars, workshops and conferences both in London and abroad, attended by central bankers from more than 130 countries.