News Release
Bank of England to Open Agency in Northern Ireland

17 May 1999

In a speech at The Queen’s University of Belfast this evening, Deputy Governor Mervyn King will announce that the Bank of England is to open an Agency for Northern Ireland in Belfast.

In his speech Mervyn King says "The Bank of England has never had an Agency office in Northern Ireland. It is time to put that right. The Agency will increase our contacts with and knowledge of the economy and people of Northern Ireland. Our first Agent will be Nigel Falls. He is one of our most experienced Agents and you will be seeing a great deal of him in future."

Mr Nigel Falls, at present the Agent for South West England, based in Bristol, will take up his duties in Northern Ireland in November. He will be succeeded in the autumn as Agent in Bristol by Mr John Beverly, at present Agent for the West Midlands at Birmingham, who will in turn be succeeded by Mr John Bartlett, at present a Deputy Chief Cashier.

The role of the Bank’s Agencies is to maintain contact with a wide range of businesses and institutions in their regions 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.

At present the Bank has a network of twelve Agencies covering the entire United Kingdom with the Agency in Liverpool being responsible for Northern Ireland. The creation of the new Agency in Belfast will enable the Bank to extend further its range of contacts in Northern Ireland and deepen its knowledge of the local economy.

The Agency is likely to have three staff.

Nigel Falls says "I am very much looking forward to moving to Northern Ireland and to establishing the Bank of England’s first office there. The regional Agents make an important contribution to the Monetary Policy Committee’s regular interest rate judgements and the Belfast office will complete the network. The Bank has of course always had good contact with the Northern Ireland business community through my colleague Neil Kemsley and the new office will build on that foundation. Being in Northern Ireland will also of course allow the Bank to learn from the experience of the euro in the Republic of Ireland".

Notes to Editors

1. The Bank's twelve Agencies are located in Birmingham, Bristol, Cardiff, Glasgow, Leeds, Liverpool, Greater London, Manchester, Newcastle, Nottingham, Southampton and East Anglia/South East region.
   
2. Nigel Falls is 53 and is a history graduate from Trinity College, Cambridge. After training as a teacher and spending two years in the classroom, he joined the Bank of England in 1970. His career has included spells in the banking and international divisions, at the Bank's printing works and in personnel. He has also worked as Private Secretary to the Deputy Governor, as the Bank's Press Officer and as Agent in Glasgow. He was appointed Agent in Bristol in June 1993. Nigel Falls was President of the Bristol Chartered Institute of Bankers for 1998-99.
   
3. John Beverly is 52 and is a law graduate from Queens’ College, Cambridge and also has a MSc in Business Studies from the London Business School. He joined the Bank in 1968 in the Overseas Department and became Private Secretary to the then Governor, Gordon Richardson in 1978. Subsequently he was seconded to Lloyd's Bank for a year and returned to work for twelve years in banking and market supervision. He became Agent in Birmingham in 1996.
   
4. John Bartlett is 51 and graduated in classics from Trinity College, Dublin and also has a MSc in Financial Economics from the University College of North Wales. He joined the Bank in 1970 in the Overseas Department. He was appointed Private Secretary to the then Governor, Robin Leigh-Pemberton in 1983. Other appointments have included Editor of the Bank's Quarterly Bulletin and Head of Internal Audit. His current role of Deputy Chief Cashier and Head of Banking Services Division includes responsibility for the issue of bank notes.