Gieve, currently permanent secretary at the Home Office, will take up the position in January 2006 following his appointment by the Queen under the Bank of England Act 1998.
Gieve began his career in the civil service in 1974. He has been permanent secretary since 2001. Before that he was managing director of the Treasury’s finance, regulation and industry directorate which deals with overall financial stability policy and financial services. Prior to this he was managing director of the public services directorate from 1998.
Gieve has also held a range of senior government positions including director of the Treasury’s Banking Group from 1991 to 1994. He served as principal private secretary to three Chancellors between 1989 and 1991.
Chancellor Gordon Brown said: “I am very grateful to Sir Andrew Large for bringing his considerable experience to the work of the Bank of England and for his contribution in developing the financial stability framework, and in particular for his pioneering work on managing risk and emergency planning.”
“I am very pleased Sir John Gieve has been appointed as the new deputy governor for financial stability. Sir John brings a wealth of experience to the job. He has held some of the most senior positions in government. He has extensive expertise of the financial stability and regulatory issues which form part of the remit of deputy governor.
“He also has considerable knowledge of risk and emergency planning from his job as permanent secretary in the Home Office which will serve him well in this role. I know he will make a tremendous contribution to the Bank,” he added.
