Large takes over from Clementi as deputy governor of the Bank of England

Andrew Large – formerly deputy chairman of UK financial services group Barclays – was yesterday appointed deputy governor, with responsibility for financial stability, of the Bank of England.

Large - who in addition to being deputy chairman was also chairman of the Barclays board risk committee – resigned from Barclays yesterday and is expected to begin his new role at the Bank of England by the end of September.David Clementi – the previous deputy governor - left the Bank of England last week after deciding not to seek reappointment at the end of his five-year tenure. A Bank of England spokeswoman told RiskNews that Clementi’s plans were not known.

Edward George, governor of the Bank of England, described Large as a worthy successor to Clementi. Prior to joining Barclays, Large was chairman of the Securities and Investments Board (SIB) between 1992 and 1997. The SIB was a predecessor of the Financial Services Authority (FSA) – the consolidated UK financial services regulator.

Alongside his role as deputy governor, Large will also become a member of the monetary policy committee that sets the UK base rate interest rate and a non-executive member of the board of the FSA.