Paul Tucker, the Bank of England’s deputy governor for financial stability, has announced his intention to step down from his role later this year, having spent more than three decades at the institution.
The Bank said Tucker will “spend a period of time in academia” in the US, after he has given guidance and advice to its new governor, Mark Carney, who is due to start in July.
Tucker said, “It has been an extraordinary honour to serve at the Bank of England over the past 30 years.
“I am very proud that, through the Bank and the wider central banking community, I have been able to make a contribution to monetary and financial stability. I will continue to do so in the coming months.
He added, “I am looking forward to supporting Mark Carney as he arrives at the Bank.”
Tucker, who was vying to replace outgoing governor Sir Mervyn King before Carney was selected as his successor in November, joined the central bank in 1980. Since then, he has dealt with monetary policy, financial stability, markets, payment and settlement system infrastructure and banking supervision. He assumed his current role, deputy governor for financial stability, in 2009.
King said his colleague’s contribution to monetary and public policy within the organisation had been “enormous”.
Meanwhile, Carney, who works alongside Tucker at the Financial Stability Board (FSB), said, “It has been an enormous privilege to work closely with Paul at the FSB over the past several years. Paul has contributed immeasurably to a series of critical financial reforms, including policies to end too-big-to-fail and to build more resilient derivative and funding markets.
“I wish Paul every success in the next phase of his career and look forward to maintaining our close dialogue on how to build a more resilient financial system that more effectively serves the needs of the real economy.”