Treasury adviser joins Bank as head of markets and banking

Treasury adviser joins Bank as head of markets and banking

Sir David Ramsden – known as Sir Dave - has been appointed deputy governor for markets and banking at the Bank of England.

His tenure begins in September and is for a renewable term of five years.

Currently he is chief economic adviser to HM Treasury and a member of the Treasury Board.

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At the Bank of England Sir Dave will have specific responsibility for managing the balance sheet of the Bank.

He 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, the gold custody services, and the operation of the Real Time Gross Settlement System.

This will include the effective risk management of these operations and the gathering of market intelligence relevant to policy decisions.

Sir David will also be a member of the Monetary Policy Committee, the Financial Policy Committee, the Prudential Regulation Committee and the Court of the Bank of England.

He replaces Charlotte Hogg, who announced her retirement in March. The role of chief operating officer will be announced separately by the Bank today.

Philip Hammond, the Chancellor of the Exchequer, who made the appointment said: “Sir Dave’s unrivalled experience at the centre of UK economic policy for more than two decades gives him the thorough grounding needed to be successful in his new role.

"His departure will be a loss to the Treasury but he will be a huge asset to the Bank and I wish him every success.”

Sir Dave Ramsden said: “I am honoured to be joining the Bank and to be given the opportunity to contribute to the Bank’s mission to maintain monetary and financial stability, at such an important time for the UK economy.”

Mark Carney, the Governor of the Bank of England, said: “I am delighted that Dave Ramsden has been appointed as deputy Governor for markets and banking. As an outstanding public servant, he will bring a wealth of experience and economic expertise to the Bank’s policy committees.”