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Bank of England deputy frontrunners out of the race Bank of England deputy frontrunners out of the race
(about 1 hour later)
Speculation about the identity of the next deputy governor of the Bank of England was mounting on Friday after it emerged that two of the leading candidates had not applied. Speculation about the identity of the next deputy governor of the Bank of England was mounting on Friday after it emerged that two of the leading possible candidates had not applied.
The vacancy for one of the Bank's three deputies was created when Paul Tucker resigned after losing out on the top job to Canada's former central banker Mark Carney. The vacancy for one of the Bank's three deputies was created when Paul Tucker resigned after losing out on the top job to Canada's former central banker, Mark Carney.
The £260,000 a year role was advertised last month and two top Treasury officials – Tom Scholar and John Kingman – had been regarded as suited to the position, which has become available during what is expected to be a period of dramatic change under Carney. The £260,000-a-year role was advertised last month and two top Treasury officials – Tom Scholar and John Kingman – had been regarded as suited to the position, which has become available during what is expected to be a period of dramatic change under Carney.
However, the Financial Times reported that both Scholar and Kingman were part of the panel assessing the applications for the job, alongside the permanent secretary to the Treasury, Sir Nicholas MacPherson, effectively ruling them out from being considered. However, the Financial Times reported that both Scholar and Kingman were part of the panel assessing the applications for the job, alongside the permanent secretary to the Treasury, Sir Nicholas Macpherson, ruling them out from consideration.
They are expected to interview candidates including Morgan Stanley banks analyst Huw van Steenis and Treasury official Charles Roxburgh next week. Internal candidates from the Bank of England were reported to be Andy Haldane, a senior official in charge of financial stability, and Paul Fisher, an executive director of markets. They are expected to interview candidates including Morgan Stanley analyst Huw van Steenis and Treasury official Charles Roxburgh next week. Internal candidates from the Bank of England were reported to be Andy Haldane, a senior official in charge of financial stability, and Paul Fisher, an executive director of markets.
Applicants who were not called for interview were informed in the last few days and include Peter Hahn, a fellow at Cass Business School, and Thomas Huertas, a former official at the Financial Services Authority who now works at consultants Ernst & Young. Applicants not called for interview were informed in the last few days and include Peter Hahn, a fellow at Cass Business School, and Thomas Huertas, a former official at the Financial Services Authority who now works at consultants Ernst & Young.
When the position was advertised, it was described as a "high-profile and influential role at a time of significant change – both within the bank and throughout global and domestic financial markets". When the position was advertised it was described as a "high-profile and influential role at a time of significant change – both within the bank and throughout global and domestic financial markets".
Carney, who was the surprise choice to replace Sir Mervyn King when he retired at the end of last month, is expected to be consulted on the candidates for deputy governor, who will have particular responsibility for financial stability and 600 staff. Technically, the Queen makes the appointment. Carney, who was the surprise choice to replace Sir Mervyn King when King retired at the end of last month, is expected to be consulted on the candidates for deputy governor, who will have particular responsibility for financial stability and the 600 staff. Technically, the Queen makes the appointment.
The other deputy governors are Andrew Bailey, who oversees banking regulation at the Prudential Regulation Authority, and Charlie Bean, who oversees monetary policy and whose role will be advertised next year when he steps down.The other deputy governors are Andrew Bailey, who oversees banking regulation at the Prudential Regulation Authority, and Charlie Bean, who oversees monetary policy and whose role will be advertised next year when he steps down.
While the governor role was also advertised, Carney was not part of the original process and eventually was appointed on a five-year term, rather than the eight years which had been advertised. While the governor's role was also advertised, Carney was not part of the original process and eventually was appointed on a five-year term, rather than the eight years that had been advertised.