London, United Kingdom (PressExposure) February 24, 2013 -- Andrew Bailey has been serving the Bank of England for almost three decades since he joined the bank in 1985. In order for him to be officially delegated to his new position, his appointment to the role had to be approved by the Queen herself. A statement released by the Treasury states that Bailey will start his duties as deputy governor on the first of April.
The Cambridge graduate has been the managing director of the Prudential Business Unit of the Financial Services Authority for less than a year. The unit will be renamed Prudential Regulatory Authority when it becomes a new division of the bank later this year. The office will then be in charge of prudential regulation as well as supervision of insurers and major investment firms, building societies, credit unions, and banks.
Aside from becoming deputy governor, Mr. Bailey will also become a member of the governing court of the Bank of England and of the Financial Policy Committee when he assumes his role. His main responsibility as a deputy governor of the bank, however, will be for prudential regulation.
The chief role of the Prudential Regulatory Authority will be to prevent the largest banks in the UK from getting on the brink of total ruin and threaten, yet again, the country's whole financial system, as they did during the financial crisis of 2008.
"Andrew Bailey has the right skills and experience to lead the Prudential Regulation Authority as it moves into the new era of judgement-led supervision," stated Chancellor of the Exchequer George Osborne. He further declared, "Putting the Bank of England in charge of prudential regulation is at the heart of the Government's reforms to regulation of financial services. It will be a tough, forward-looking regulator, focused on the stability of banks, other deposit takers and insurers - and with a mandate to protect policyholders."
For many, the appointment is not entirely a surprise, as Mr. Bailey has been serving the Bank in several areas for many years, recently as chief cashier with his signature displayed alongside the Queen's picture in banknotes. He served in that role from 2004 to 2011. He was also an executive director for banking services and the head of the Bank of England's Special Resolution Unit.
Among Mr. Bailey's other qualifications is his experience as a team member of the group that rescued the Royal Bank of Scotland from total ruin in the crisis of 2008. Aside from that, he also has over twenty years worth of knowledge working on bankruptcies involving banks, especially on the Barings merchant bank collapse in the year 1995.
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