Bank of England deputy governor quits

 

The Bank of England announced Tuesday that its newly-appointed deputy governor, Charlotte Hogg, has resigned after failing to declare that her brother worked for commercial banking giant Barclays (LSE: BARC.L - news) .

"Following recent events, Charlotte Hogg yesterday voluntarily offered her resignation," the central bank said in a brief official statement, noting its "deep regret" over the matter.

In her resignation letter, Hogg revealed she had breached the bank's code of conduct and insisted upon stepping down.

Hogg will however stay for the time being to have a smooth handover, and will still sit and vote on the BoE (Shenzhen: 000725.SZ - news) 's Monetary Policy Committee's interest rate meeting later this week.

The letter was published Tuesday just after the House of Commons' influential Treasury Select Committee said in a report that Hogg's "professional competence falls short" of the bank's required standards for her job as deputy governor for markets and banking. She (Munich: SOQ.MU - news) began the role at the start of March.

Hogg added in her letter that she had made an "honest mistake" in omitting her brother's job.

"I am very sorry for that mistake," she wrote.

"It was an honest mistake: I have made no secret of my brother's job -- indeed it was I who informed the Treasury Select Committee of it.

"But I fully accept it was a mistake, made worse by the fact that my involvement in drafting the policy made it incumbent on me to get all my own declarations absolutely right.

"I also, in the course of a long hearing, unintentionally misled the committee as to whether I had filed my brother's job on the correct forms at the bank. I would like to repeat my apologies for that, and to make clear that the responsibility for all those errors is mine alone."

Hogg had failed to declare her brother's job on a number of occasions since joining the Bank of England, where she has been chief operating officer since 2013.

Her brother, Quintin, works as director in group strategy at Barclays.

The BoE's nine-member MPC panel convenes Thursday for its latest gathering and is expected to keep interest rates at the current record-low level of 0.25 percent.

By using Yahoo you agree that Yahoo and partners may use Cookies for personalisation and other purposes