Paul Tucker, who left his role at the Bank of England for a career as a fellow of Harvard, has been replaced by Sir Jon Cuncliffe.
The HM Treasury announced that the Queen agreed, on the recommendation of the chancellor and prime minister, has appointed Sir Jon Cunliffe as deputy governor of the Bank of England with responsibility for financial stability, starting on 1 November 2013.
Cunliffe will play a crucial role in ensuring the safety and stability of the UK’s financial sector and will sit on the bank’s court of directors, the financial policy committee, the monetary policy committee, the board of the prudential regulation authority, and will represent the bank on a number of national and international bodies.
Most recently, Cuncliffe was the British permanent representative to the EU. In 2007, following Gordon Brown's appointment as prime minister, he was appointed head of the European and global issues secretariat. This role included being the prime minister's advisor on international and EU economic affairs.
He was the senior official involved in 2010 talks over the first Greek bailout, which ultimately led to the creation of emergency funding programme, the European Financial Stability Mechanism.
Commenting on the appointment, the governor of the Bank of England, Mark Carney, said: “I have been fortunate to have worked with [Cuncliffe] for over a decade on a wide variety of international issues at the G7, G20 and Financial Stability Board.
"He is an outstanding public servant, with vast experience of financial and economic policy. He brings an important European and international perspective that will be vital in ensuring that the Bank of England can shape both the UK and international financial systems so that they effectively serve the needs of the real economy.”
Paul Tucker has been recently been appointed as a senior fellow at both the Mossavar-Rahmani Center for Business and Government at Harvard Kennedy School in Cambridge and at the Harvard Business School in Boston, where he will serve as a member of the school’s finance unit.
As a senior fellow, Tucker will work with faculty and students, both inside and outside the classroom, to help advance research and teaching about the global economy, financial institutions and the global financial system.
