Sir John Gieve is to resign as deputy governor of the Bank of England, while Charles Bean will take up a new role as deputy governor for monetary stability.
Gieve is responsible for ensuring financial market stability and has come under fire for his handling of the Northern Rock situation. Appointed as one of the two deputy governors in January 2006, he had two and a half years of his tenure still to serve, but will leave next spring. His replacement is yet to be announced, but the Treasury has previously favoured Paul Tucker, the Bank's executive director in charge of markets, for the role. Meanwhile, Bean will take up his new role for five years starting on July 1. He is currently executive director and chief economist at the Bank, ...
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