1 Introduction
Background
1. This Report concerns the appointment of Dr Nemat
Shafik as the Deputy Governor of the Bank of England responsible
for Markets and Banking with effect from 1 August 2014. Her appointment
will not initially have a statutory basis. While she will sit
on the Monetary Policy Committee (MPC) from her appointment, she
will not initially be a member of the Financial Policy Committee
(FPC) and the Bank's Court of Directors, although she will attend
their meetings. Her formal membership of the FPC and Court will
commence once her role is placed on a statutory footing. The Court
of the Bank of England will also appoint Dr Shafik to the Board
of the Prudential Regulation Authority.[1]
2. In our Report in November 2010 on the Appointment
of Dr Martin Weale to the Monetary Policy Committee of the Bank
of England, we stated that we would follow previous practice
and continue to use the criteria of professional competence and
personal independence against which to consider appointees to
the MPC.[2] Similarly,
in our Report on the Appointments of Dame Clara Furse, Richard
Sharp, and Martin Taylor to the Financial Policy Committee we
continued the practice of using the criteria of professional competence
and personal independence for appointments to the FPC.[3]
We have done so again for this appointment. But Dr Shafik's responsibilities
as Deputy Governor range wider than just these two roles, so we
have examined some of those as well.
3. We took evidence from Dr Nemat Shafik on Wednesday
9 July 2014. She provided a full CV and answered our questionnaire
prior to giving oral evidence. We thank Dr Shafik for her evidence.
1 HM Treasury, Chancellor announces three senior Bank
of England appointments, published 18 March 2014 Back
2
Treasury Committee, Second Report of Session 2010-12, Appointment
of Dr Martin Weale to the Monetary Policy Committee of the Bank
of England, HC 475-I, para 4 Back
3
Treasury Committee, First Report of Session 2013-14, Appointments
of Dame Clara Furse, Richard Sharp, and Martin Taylor to the Financial
Policy Committee, HC 224-I, para 6 Back
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