The Bank of England (BoE) has named Sir John Cunliffe as deputy governor for Financial Stability, replacing Paul Tucker.
Cunliffe’s role will be to take responsibility for financial stability and he will begin his new role on 1 November 2013.
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In his new role, Cunliffe will play a crucial role in ensuring the safety and stability of the UK’s financial sector and will sit on the Bank’s Court of Directors, the Financial Policy Committee, the Monetary Policy Committee, the Board of the Prudential Regulation Authority, and will represent the Bank on a number of national and international bodies.
Cunliffe has been the UK’s permanent representative to the European Union since January 2012, in which he was involved in policy negotiations on the EU’s plans for banking union. Previously he had been the Prime Minister’s adviser on global economics.
Mark Carney, Governor of the Bank of England, said: "He brings an important European and international perspective that will be vital in ensuring that the Bank of England can shape both the UK and international financial systems so that they effectively serve the needs of the real economy."
George Osborne, the Chancellor of the Exchequer UK, said: "Sir Jon will be instrumental in ensuring the success of the Bank’s enhanced responsibilities for financial stability.
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By GlobalData"His deep experience in engaging with the European Union will be instrumental in ensuring Britain’s financial services are well represented and protected," Osborne added.
