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| Version 1 | Version 2 |
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| Andrew Bailey appointed Bank of England deputy governor | Andrew Bailey appointed Bank of England deputy governor |
| (35 minutes later) | |
| Andrew Bailey has been appointed as a deputy governor of the Bank of England, with effect from 1 April. | Andrew Bailey has been appointed as a deputy governor of the Bank of England, with effect from 1 April. |
| He will also head the Bank's new Prudential Regulation Authority, which will ensure banks and other financial institutions do not take too much risk. | He will also head the Bank's new Prudential Regulation Authority, which will ensure banks and other financial institutions do not take too much risk. |
| Mr Bailey currently does that job at the Financial Services Authority, but responsibility for such regulation is moving to the Bank of England. | Mr Bailey currently does that job at the Financial Services Authority, but responsibility for such regulation is moving to the Bank of England. |
| He was previously chief cashier, which meant his signature appeared on notes. | He was previously chief cashier, which meant his signature appeared on notes. |
| "Andrew Bailey has the right skills and experience to lead the Prudential Regulation Authority as it moves into the new era of judgement-led supervision," said Chancellor George Osborne. | "Andrew Bailey has the right skills and experience to lead the Prudential Regulation Authority as it moves into the new era of judgement-led supervision," said Chancellor George Osborne. |
| "Putting the Bank of England in charge of prudential regulation is at the heart of the government's reforms to regulation of financial services." | "Putting the Bank of England in charge of prudential regulation is at the heart of the government's reforms to regulation of financial services." |
| Mr Bailey said he was "very honoured" and added that "we have a big job ahead". | Mr Bailey said he was "very honoured" and added that "we have a big job ahead". |
| He added: "There have been important and painful lessons from the financial crisis and we must ensure that the UK has a successful system of financial regulation now and for the future." | He added: "There have been important and painful lessons from the financial crisis and we must ensure that the UK has a successful system of financial regulation now and for the future." |
| The head of Canada's central bank - Mark Carney - takes over as Bank of England governor in July. | The head of Canada's central bank - Mark Carney - takes over as Bank of England governor in July. |
| There are two other deputy governors. Paul Tucker who is in charge of overall financial stability and Charles Bean who is in charge of monetary policy. | |
| Mr Bailey will sit on the Bank of England's new Financial Policy Committee (FPC) - but not on the Monetary Policy Committee. | |
| The FPC has been put in place to monitor the financial system and try to prevent another crisis. |