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BoE creates new banking oversight role in senior reshuffle

The Bank of England has announced three new appointments to its senior team as part of a reshuffle in its senior ranks, including creating a new deputy governor post for markets and banking.

Nemat Shafik will start her new role on 1 August 2014. She will be responsible for providing greater focus at the very top of the Bank on these two “core policy design and execution areas”.

Ms Shafik will be responsible for reshaping the Bank’s operations and balance sheet, including ensuring robust risk management practices and “helping to lead the design and execution of an eventual exit from quantitative easing by the MPC”.

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The government described this appointment as a “central plank” of a package of structural and other changes to be announced by the Bank of England Governor, Mark Carney, as part of the launch of the Bank’s strategic plan.

Ben Broadbent has taken on the role of deputy governor of the Bank of England for monetary policy, starting on 1 July 2014. He will be responsible for the bank’s research and analysis of the UK economy in support of Monetary Policy Committee decisions, and for the provision and distribution of bank notes that are secure against the threat of counterfeiting.

Anthony Habgood has been appointed to the chairman of the court and will also start his role on 1 July 2014.

The chancellor has written to Andrew Tyrie to inform the Treasury Select Committee of the appointments.

Mr Carney said: “With a diverse combination of skills and experience, these appointments result in a well-rounded senior management team at the Bank – one that will set the direction for an ambitious agenda of transformation for the institution and enable it to meet the challenges and opportunities it faces in maintaining monetary and financial stability.