Independent Evaluation Office

The Independent Evaluation Office (IEO) assesses the Bank of England’s performance. It was established in 2014 to increase public trust in the Bank and improve its openness, learning culture and public accountability.

The IEO is an independent unit that sits within the Bank. It operates at arm’s length from other areas so as not to compromise the independence of the Bank’s policy making. The Court of Directors has a statutory obligation to keep the Bank’s performance under review, and the IEO supports this through its in-depth evaluations. When necessary, the IEO also supports reviews carried out by independent third parties.

The IEO reports directly to the Chairman of Court, who sets the IEO’s remit and work programme, typically in consultation with other Court Directors.

If you have any questions or you would like to give feedback on the Independent Evaluation Office’s work, email

PDFTerms of reference for the IEO

Current work by the Independent Evaluation Office

In 2017, Court commissioned the IEO to carry out two in-depth evaluations:

  • evaluating the Bank’s approach to providing sterling liquidity;
  • evaluating the Bank’s resolution function.

The IEO is additionally supporting the Review by Court’s Non-Executive Directors of the Bank’s approach to managing conflicts of interest.


We will publish all in-depth evaluations carried out by the IEO unless there are public interest grounds for withholding them. Where appropriate, a response from relevant areas of the Bank will be published at the same time.

Lea Paterson

Lea Paterson

Director of Independent Evaluation

Lea Paterson is responsible for overseeing the IEO’s work and making sure it helps the Court of Directors to keep the Bank’s performance under review. Lea reports directly to the Chairman of Court, Anthony Habgood.

Before she moved to the IEO, Lea held a number of senior management posts at the Bank. Most recently, she led the area of the Bank that oversees the Inflation Report and our regional agency network. Before she joined the Bank, Lea spent several years as a financial journalist. She was Economics Editor of The Times newspaper between 2000 and 2004, and also worked as a financial reporter for The Independent.

Lea also co-chairs the Women in the Bank network.

This page was last updated 17 January 2018
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