The Deputy Governor of the Bank of England, Paul Tucker, is to step down from the post after serving at the Bank for 33 years.
Tucker was reportedly one of the candidates in line to succeed the Bank’s Governor Sir Mervyn King, who leaves at the end June this year, however Canadian Mark Carney has been appointed to the position, effective 1 July 2013.
The exact date for Tucker’s departure is yet to be confirmed, but the Bank stated that it is likely to be this autumn, after Tucker has helped with Carney’s arrival at the bank and in the first months of his term of office. Until he leaves the bank Tucker will also continue to be an active member of the G20’s Financial Stability Board (FSB). He is also a member of the Board of the Bank for International Settlements and chairs the Basel Committee on Payment and Settlement Systems (CPSS), as well as co-chairing the Steering Group established jointly by the CPSS and the International Organisation of Securities Commissions (IOSCO).
A successor for Tucker will be decided by the UK government, as it is a Crown appointment.
Sir Mervyn King said: “I have been privileged to have had Paul Tucker as a close colleague and Deputy during my time at the Bank and as Governor. Paul’s contribution to the Bank, to monetary policy, and more generally to public policy, both in the UK and in the world as a whole has been enormous. Paul has more to contribute in the future and I am very pleased that he will support my successor, Mark Carney, as he settles into the Bank.”