UK: Deadline looms for Bank of England governorship hopefuls
HOPEFULS for the post of Bank of England governor have until 8.30am on Monday to stake their claim for the biggest job in British banking.
The Treasury has said it is looking for “a person of undisputed integrity and standing” to take up the mantle of Sir Mervyn King who is to retire on June 30 next year.
Among those believed to be in contention for the �305,000-a-year position are current deputy governor Paul Tucker, Bank of Canada governor Mark Carney and Financial Services Authority chairman Lord Adair Turner.
Mr Tucker is widely seen as favourite for the position, despite his recent entanglement in the Barclays rate-fixing affair, with Mr Carney is close second.
Other potential applicants include former head of the Civil Service Lord O’Donnell, chairman of Goldman Sachs Asset Management Jim O’Neill and the former chairman of the Independent Commission on Banking, Sir John Vickers.
Under financial reforms being pushed through by the Government, the Bank of England will in future be responsible for supervising City institutions and preserving financial stability through the Financial Policy Committee and Prudential Regulation Authority, in addition to its interest-rate setting role and representation at major international conferences.
The complexity of the portfolio has drawn warnings from analysts that the governor’s expanded role will be “next to impossible”, while the Treasury Select Committee has raised concerns about how accountable the bank will be once new legislation is in place.