The Bank of England has started looking for a new deputy governor, a possible stepping stone to the top job just three years before Governor Mark Carney steps aside.
Hopefuls to replace the BOE’s markets and banking chief Minouche Shafik have until Nov. 21 to submit their application for the 270,000 pound-per-year ($335,000) role. The ideal candidate, who will have passed a process that includes a six-page form on potential conflicts of interest, will have the ability to develop new policies, understand wholesale financial markets and have “a strong appreciation of risk management,” according to a job advertisement on the U.K. Cabinet Office’s website.
The successful applicant will join the three-century-old central bank just as it’s scheduled to end its latest round of asset purchases and as the U.K. is set to begin its formal negotiations to leave the European Union. Shafik, the BOE’s most senior female policy maker, has opted to end her stint in February in order to take up the role of director of the London School of Economics in September 2017.
“The new deputy governor will be responsible for managing the balance sheet of the bank,” the ad said. “He or she will look after the execution of financial stability and monetary-policy decisions via balance sheet operations, the management of the government’s foreign exchange reserves, gold custody services, the operation of the real-time settlement system, the effective risk management of these operations and the gathering of market intelligence relevant to policy decisions.”
Possible internal candidates for the role may include Executive Director for Banking, Payments and Financial Resilience Andrew Hauser, Executive Director for Markets Chris Salmon and Executive Director for Financial Stability Alex Brazier.
The new deputy governor will also join in the wake of controversy about Mark Carney’s position, after months of criticism by politicians about his communications and policy strategy surrounding the Brexit vote. Carney last week confirmed that he will extend his term as governor by one year, until 2019, in order to provide stability to the U.K. through its negotiations before stepping down.
by Lucy Meakin
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