News Release
Bank of England Governor Opens Agency for the East Midlands
11 December 1997
The Governor of the Bank of England, Eddie George, will formally open the Bank’s new Agency for the East Midlands at a reception to be held in the Nottingham Royal Moat House on Friday 12 December. The reception, hosted by the Governor and the Agent for the East Midlands, David Pennington, will be attended by Margaret Beckett, President of the Board of Trade and Secretary of State for Trade and Industry. Other local Members of Parliament, and local government, business and education leaders will also be attending.
The Bank of England has twelve Agencies covering the whole of the United Kingdom. The Agency for the East Midlands, based in Nottingham, is the most recently established and has been in operation since May this year. The whole of the Midlands was formerly covered from the Bank’s Agency based in Birmingham, but in view of the of the geographical scale and economic diversity of the area, the Bank decided to split coverage of the region into two, along the lines of the standard economic planning regions.
The role of the Agency is to maintain contact with a wide range of businesses and institutions in its region, covering all sectors of the UK economy. Agents each see about fifty contacts per month, mainly through company visits. Agencies make a monthly report back to the Bank where the Monetary Policy Committee uses the information to help its understanding and assessment of current economic conditions. The Agencies are also involved with a wide range of business organisations such as the Chambers of Commerce and the regional CBI and they maintain close contact with regional TECs, Business Links, and universities. Part of the Agent’s role is also to represent the Bank and explain its work and policies.
Each Agency consists of an Agent, a Deputy, and two support staff. The first Agent for the East Midlands is David Pennington. Kathy McCarthy is the Deputy Agent and the two support staff, recruited locally, are Hazel Roberts and Janine Smith. The Agency is temporarily based at Minerva House, Spaniel Row, near the centre of Nottingham until permanent premises can be found.
Notes to Editors
The reception will take place from 12 noon until 2 pm at the Nottingham Royal Moat House Hotel, Wollaton Street.
There will be an opportunity for questions and answers from approximately 11.30 am to 11.50 am at the Royal Moat House when the Governor and David Pennington will be available. There will then be a photocall until just before midday.
David Pennington has worked in the Bank for the last thirty years, ever since he left University. He has worked in many areas of the Bank, most recently as an EMU project manager.
Kathy McCarthy has worked in the Bank since leaving University in 1986. She has also worked in a number of areas, including Banking Supervision and, most recently, in Personnel Division. During her time in the Bank she has completed post-graduate studies in Economics and a Masters degree in Human Resource Management.
