News Release
Deputy Governors of the Bank
31 July 1997
It has been announced this morning from 10 Downing Street that David Clementi is to become Deputy Governor of the Bank of England. The appointment will be for five years, starting in September.
It has also been announced that, following the passage of the Bank of England legislation, which will provide for a second Deputy Governor, it will be recommended to the Queen that Mervyn King will become the Deputy Governor supporting the Governor on Monetary Policy issues. At that point, David Clementi will become the Deputy Governor supporting the Governor on Financial Stability issues. He will also remain responsible for the day to day running of the Bank.
Commenting on the appointments, the Governor of the Bank, Eddie George, said "I am sorry that Howard Davies is leaving us after such a short time here as Deputy Governor, during which he made a major contribution to the work of the Bank. I wish him every possible success in his challenging new role as Chairman of the new SIB. He will have our full support.
I am delighted that David Clementi has been appointed to succeed him, and I very much appreciate the willingness of Dresdner Kleinwort Benson to make him available at such short notice. I also very much welcome the intention in due course to appoint Mervyn King as the Deputy Governor on the Monetary Policy side."
