U.K. Treasury Adds Kingman to Panel Considering King Successors
U.K. Treasury Second Permanent Secretary John Kingman was added to the panel considering candidates to replace Bank of England Governor Mervyn King as it begins interviews, an official at the Treasury said.
Kingman joins the original group that was nominated before he returned to the Treasury this month from NM Rothschild & Sons Ltd., where he worked since 2010, said the official, who declined to be named to comply with civil service convention.
The recruitment process is under way, with interviews with shortlisted candidates taking place, two people familiar with the matter said. Unsuccessful candidates have also been notified, one of the people said.
Chancellor of the Exchequer George Osborne, who plans to announce a new governor by the end of the year, said this month that many “high-quality” candidates applied. Speculation is centering on Bank of England Deputy Governor Paul Tucker and Financial Services Authority Chairman Adair Turner. The deadline for applications closed early on Oct. 8.
Kingman, 43, was the first chief executive officer of U.K. Financial Investments, the body charged with overseeing the government’s stakes in Royal Bank of Scotland Group Plc and Lloyds Banking Group Plc, and was involved in the bailout of Northern Rock Plc when he was previously Second Permanent Secretary at the Treasury.
The panel considering candidates for the Bank of England post comprises Treasury Permanent Secretary Nicholas Macpherson, Second Permanent Secretary Tom Scholar and David Lees, chairman of the central bank’s court. Treasury Committee lawmakers from the House of Commons will also question the governor before the job commences.
The shortlist of candidates will be presented to Osborne, who will recommend his choice to Prime Minister David Cameron. Deputy Prime Minister Nick Clegg from the junior coalition Liberal Democrat Party will also have a say in the matter. Queen Elizabeth II then gives formal approval on the final choice.
Whoever is appointed will take over a beefed-up institution with new powers over financial regulation to add to its role setting monetary policy. Other potential candidates include Independent Commission on Banking Chairman John Vickers and former Treasury Permanent Secretary Terence Burns.
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