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Deputy governor Paul Tucker to leave Bank of England | Deputy governor Paul Tucker to leave Bank of England |
(about 5 hours later) | |
The Deputy Governor of the Bank of England is stepping down from his post. | The Deputy Governor of the Bank of England is stepping down from his post. |
Paul Tucker was one of the candidates to succeed Sir Mervyn King as governor, and has been at the Bank of England for 33 years. | Paul Tucker was one of the candidates to succeed Sir Mervyn King as governor, and has been at the Bank of England for 33 years. |
Sir Mervyn leaves at the end of the month and will be replaced by Canadian Mark Carney. | Sir Mervyn leaves at the end of the month and will be replaced by Canadian Mark Carney. |
The exact date of Mr Tucker's departure is yet to be confirmed, but it is thought he will stay on to support Mr Carney until the autumn. | The exact date of Mr Tucker's departure is yet to be confirmed, but it is thought he will stay on to support Mr Carney until the autumn. |
"It has been an extraordinary honour to serve at the Bank of England over the past thirty years," said Mr Tucker. | "It has been an extraordinary honour to serve at the Bank of England over the past thirty years," said Mr Tucker. |
"I am very proud that, through the Bank and the wider central banking community, I have been able to make a contribution to monetary and financial stability." | "I am very proud that, through the Bank and the wider central banking community, I have been able to make a contribution to monetary and financial stability." |
Tributes | |
Sir Mervyn King said: "Paul's contribution to the Bank, to monetary policy, and more generally to public policy, both in the UK and in the world as a whole, has been enormous." | Sir Mervyn King said: "Paul's contribution to the Bank, to monetary policy, and more generally to public policy, both in the UK and in the world as a whole, has been enormous." |
Praise for Mr Tucker also came from the Conservative MP, Andrew Tyrie, the chairman of the Treasury Select Committee, who said his legacy could be seen in a range of fields. | |
"Paul Tucker has done an outstanding job, not least in helping shape the international framework for bank resolution, a vital part of the regulatory response to the crisis. | |
"He has also played a crucial role in making sure that the new regulatory system remedies a central weakness of the old, and focuses on financial stability," Mr Tyrie said. | |
Mark Carney said he wished Mr Tucker every success and maintaining a close dialogue with him. | Mark Carney said he wished Mr Tucker every success and maintaining a close dialogue with him. |
Mr Tucker will spend a period of time in academia in the United States once he has left the Bank. | Mr Tucker will spend a period of time in academia in the United States once he has left the Bank. |
The Treasury said it had not yet started to look for a replacement, but would start the process in due course. | |
Governor and deputy governor appointments are made on the recommendation of the prime minister and the Chancellor, George Osborne. | |
Mr Carney is also expected to be involved in the process. |
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