Paul Tucker

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Paul Tucker
Paul tucker.jpg
Occupation Deputy Governor, Financial Stability
Employer Bank of England
Location London

Paul Tucker is a deputy governor of the Bank of England (BoE). His position, to which he was appointed in March of 2009, oversees the Bank's Financial Stability arm. On June 14, 2013 the Bank of England announced that Tucker will resign his post after 33 years with the central bank.[1]

In his deputy governor role, Tucker is also a member of the Monetary Policy Committee, Financial Policy Committee and the Bank’s Court of Directors. He also sits on the G20 Financial Stability Board's Steering Committee and chairs FSB’s group on resolving large and complex financial firms. Additionally, he chairs the BIS Committee on Payment and Settlement Systems. [2]

In July 2012, a memo released by the Wall Street Journal suggested that Tucker may have implicitly pressured Barclays to manipulate its LIBOR. In it, Tucker stated, "it did not always need to be the case that Barclays appeared as high as Barclays has recently."[3] At minimum, Tucker and the Bank of England have been criticized for failing to crack down on efforts by Barclays and other banks to manipulate LIBOR.

Prior to the LIBOR scandal, Tucker had been a top candidate to succeed Mervyn King as BoE Governor. Instead, Mark Carney will become the new head of the central bank July 1, 2013.

Background

From 1980-1989 Tucker worked as a banking supervisor; a corporate financier at a merchant bank; and on projects to reform the Hong Kong securities markets and regulatory system following the 1987 crash. From there he became principal private secretary to Bank of England Governor Leigh-Pemberton for 3 years until 1993, he moved to the domestic market operations area. Tucker became head of Gilt-Edged & Money Markets Division in mid-1994. He was also head of Monetary Assessment and Strategy Division 1997-1998.

From January 1999-May 2002, he was deputy director, Financial Stability, and was closely involved with the Bank's Financial Stability Review over those years. From May 1997 to June 2002, he was also on the secretariat of the Monetary Policy Committee, preparing the published minutes. From June 2002 to February 2009, he was executive director for Markets.

Education

Tucker received a B.A. in Mathematics and Philosophy from Trinity College, Cambridge in 1980.

References

  1. Bank of England Official to Leave. New York Times.
  2. Paul Tucker Bio. Bank of England.
  3. Barclays Memo. Wall Street Journal.