News Release
The Bank of England Act
02 June 1998
The Bank of England Act came into force on 1 June. As a result, the following have been confirmed by HM The Queen as appointed to the Court of the Bank: Mr Mervyn King as Deputy Governor (Monetary Stability); and, as Non-Executive Directors, Dame Sheila Masters, Sir David Lees, Sir Colin Southgate, Mrs Frances Heaton, Sir Chips Keswick, Sir David Cooksey, Sir Neville Simms, Mr John Neill, Mr Andrew Buxton, Mr Christopher Allsopp, Mr Howard Davies, Mr Roy Bailie, Mr Graham Hawker, Ms Sheila McKechnie, Mr Bill Morris and Mr Jim Stretton.
In addition, the Chancellor has confirmed the appointments of Dr DeAnne Julius, Professor Willem Buiter, Professor Charles Goodhart and Sir Alan Budd as external members of the Monetary Policy Committee. The Governor has also confirmed that Mr Ian Plenderleith has been appointed to the MPC in his capacity as Executive Director of the Bank responsible for Monetary Policy (Operations). Mr John Vickers has been appointed in his capacity as Executive Director responsible for Monetary Policy (Analysis).
Notes to Editors
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As was announced on 18 February, the Governor of the Bank of England,
Mr Eddie George, is to be appointed for a second five year term from 1 July 1998.
Mr David Clementi, Deputy Governor (Financial Stability) was appointed on 1 September 1997 for a five year term. Mr Mervyn King, Deputy Governor (Monetary Stability), was appointed for five years from 1 June 1998. -
The terms of appointment of the members of Court are as follows:
Mr Christopher Allsopp, Mr Howard Davies, Sir David Lees, Sir Neville Simms and
Sir Colin Southgate for one year from 1 June 1998;
Mr Roy Bailie, Mr Graham Hawker, Ms Sheila McKechnie, Mr Bill Morris, Mr John Neill and Mr Jim Stretton for two years from 1 June 1998;
Mr Andrew Buxton, Sir David Cooksey, Mrs Frances Heaton, Sir Chips Keswick and Dame Sheila Masters for three years from 1 June 1998. -
The Chancellor of the Exchequer has designated Dame Sheila Masters to chair the sub-committee of Non-Executive Directors of Court required by the Bank of England Act.
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The terms of appointment of the members of the MPC are as follows:
Sir Alan Budd and Mr Ian Plenderleith for one year from 1 June 1998;
Professor Willem Buiter and Professor Charles Goodhart for two years from 1 June 1998;
Dr DeAnne Julius and Mr John Vickers for three years from 1 June 1998.
