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Bank of England

Bank of England

Bank of England is the regulator and central bank of the UK that is dedicated to public service

Bank of England is the regulator and central bank of the United Kingdom. The bank’s headquarter is on Threadneedle Street in London’s main financial district of the City of London. It is a government-owned organisation that is dedicated to public service. The bank is committed to promote good of the people of UK. Bank of England is a diverse organisation and consists of 3600 people.

The bank is responsible for maintaining monetary and financial stability of the country. It is a banker to the government but it sets monetary policy independently. It is one of the eight banks that are authorised to issue banknotes in the United Kingdom but the bank has a monopoly on the issue of banknotes in England and Wales. It regulates the issue of banknotes by commercial banks in Scotland and Northern Ireland.

History
Bank of England was established in 1694 to act as the English government’s banker and continues to be so at present. After Sveriges Riksbank, it is the second oldest central bank in operation today. Internationally, it is the 8th oldest bank.

Since its foundation, the bank was privately owned by stockholders till the time of its nationalisation in 1946. It became an independent public organisation in 1998 that was wholly owned by the Treasury Solicitor on behalf of the government.

It has a Monetary Policy Committee which manages the monetary policy. The bank does not offer any consumer banking services apart from some public services such as exchanging superseded bank notes.

Governors

  • Mark Carney- Governor
  • Ben Broadbent- Deputy Governor, Monetary Policy
  • Sir Jon Cunliffe- Deputy Governor, Financial Stability
  • Sam Woods- Deputy Governor, Prudential Regulation, CEO of the PRA
  • Sir David Ramsden- Deputy Governor, Markets and Banking
  • Joanna Place- Chief Operating Officer

Executive Directors

  • Sonya Branch- General Counsel
  • Alex Brazier- Executive Director, Financial Stability Strategy and Risk
  • Sarah Breeden- Executive Director, International Banks Supervision
  • Jonathan Curtiss- Interim Executive Director, Human Resources
  • Rob Elsey- Executive Director, Technology
  • John Footman- Secretary of the Bank
  • Andrew Gracie- Executive Director, Resolution
  • Andrew Haldane- Chief Economist and Executive Director, Monetary Analysis
  • Andrew Hauser- Executive Director, Banking, Payments and Financial Resilience
  • Lyndon Nelson- Deputy Head of the Prudential Regulation Authority and Executive Director
  • Gareth Ramsay- Executive Director, Communications
  • Rommel Pereira- Executive Director, Finance, Change & Value
  • James Proudman- Executive Director, Deposit Takers Supervision
  • David Rule- Executive Director, Insurance Supervision
  • Chris Salmon- Executive Director, Markets
  • Victoria Saporta- Executive Director, Prudential Policy

Address:

Threadneedle St, London EC2R 8AH
United Kingdom
Website: http://www.bankofengland.co.uk

Paul

The author Paul