Bank Of England Deputy Governor Paul Tucker To Leave

Bank Of England Deputy Governor Paul Tucker To Leave

Paul Tucker, a Bank of England deputy governor, will leave the central bank after serving for 33 years.

Bank Of England Deputy Governor Paul Tucker To Leave

Paul Tucker was one of the candidates to succeed Sir Mervyn King as governor.  But the deputy governor lost out on the top job to Canadian Mark Carney and indicated that he would leave Threadneedle Street in the autumn.

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Tucker may however provide support to the new governor until the autumn, before spending time in academia in the United States.

Tucker is one of the Bank of England’s three deputy governors. He was appointed for a five-year term, which was due to come to an end next February.

Tucker’s name is now likely to be linked with top banking jobs, such as the soon to be vacant chairman’s role at Lloyds Banking Group PLC (NYSE:LYG) (LON:LLOY), which is 39 percent owned by the taxpayers and could be the first of the two state-backed banks to return to the private sector, reports The Guardian.

In his resignation letter to the chancellor, Tucker said it has been an extraordinary honor for him to serve at the Bank of England for over 30 years, besides contributing to monetary and fiscal stability.

Chancellor George Osborne praised the deputy governor for his tremendous contributions in shaping changes to the global financial system in the wake of the banking crisis.

Tucker was appointed deputy governor for financial stability in 2009 and he is a member of the recently created watchdog group, the Financial Policy Committee, as well as on the board of the Prudential Regulation Authority.

Bank of England Praised Tucker:

Sir Mervyn King, Governor of Bank of England, praised Tucker for his enormous contribution to the central bank, to monetary policy and more generally to public policy, both in the U.K. and across the world. The governor also complimented Tucker for his contribution towards a series of critical financial reforms, including policies to end “too-big-to-fail” and toward building more resilient derivatives and funding markets.

The deputy governor has also played a pivotal role in the recent reform of the banking sector and the overhaul of U.K. financial regulation, which has seen banking supervision return to the Bank of England.

However, the deputy governor’s reputation was blotted last year amid the interbank rate-rigging scandal when former Barclays PLC (NYSE:BCS) (LON:BARC) boss Bob Diamond claimed Mr. Tucker had told the bank to lower its Libor submissions. Tucker denied leaning on Barclays, but the episode is widely thought to have cost him the top job at the central bank.

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