R K Posted August 4, 2014 Share Posted August 4, 2014 (edited) Bank of England @bankofengland 5m @bankofengland announces the departure of Spencer Dale and appointments to the Prudential Regulation Authority Board http://ow.ly/zUExu The Bank of England is today announcing the departure of Spencer Dale, the Bank’s Executive Director for Financial Stability Strategy and Risk. The Bank is also announcing new appointments to the Board of the Prudential Regulation Authority (PRA).Spencer has decided to pursue a new path in his career, as Chief Economist of BP plc. He will start his new position on 27 October 2014, after a post-employment cooling off period. A recruitment process will begin shortly to find a successor for Spencer. This position will be advertised externally as well as within the Bank; and as required by the Bank of England Act, the Chancellor will be consulted with respect to the candidate to replace Spencer on the FPC Bet Carney didn't anticipate that risk to BoE stability. 'Recruitment process will begin shortly' gives impression it's comes as somewhat of a surprise. Move to BP is an interesting one given the situation with sanctions on Russia and the vulnerability of BP to Russian investment/involvement. Edited August 4, 2014 by R K Quote Link to comment Share on other sites More sharing options...
Wurzel Of Highbridge Posted August 4, 2014 Share Posted August 4, 2014 Abandoning the ship before London sinks it? It appears that Spencer Dale is looking after his own financial stability first, and who else wouldn't in his position? Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted August 4, 2014 Share Posted August 4, 2014 Clearly the talent isn't paid enough. Quote Link to comment Share on other sites More sharing options...
zugzwang Posted August 4, 2014 Share Posted August 4, 2014 Abandoning the ship before London sinks it? It appears that Spencer Dale is looking after his own financial stability first, and who else wouldn't in his position? +1 Doubly right if you believe oil futures are the new gold. IIRC Dale clashed with Carnage over the efficacy of NGDP targeting when the Canadian hoon first arrived. Quote Link to comment Share on other sites More sharing options...
Venger Posted August 4, 2014 Share Posted August 4, 2014 Aww I'm going to miss his turns of phrase about having to be vigilant for lukewarm house prices turning hot again. Keep them nice and cheap like now yes. About the only sensible position I can recall coming from this BoE head in recent years, recently installed BoE Director of Financial Stability, after 6 years as the BoE chief economist; with risk of 'lukewarm' house prices turning to microwave hot, watching out for risks of that. Quote Link to comment Share on other sites More sharing options...
R K Posted August 4, 2014 Author Share Posted August 4, 2014 Ian Mcafferty recently joined the MPC from BP, so more like the revolving door betwixt big fossil energy and money supply Quote Link to comment Share on other sites More sharing options...
Quicken Posted August 4, 2014 Share Posted August 4, 2014 Ian Mcafferty recently joined the MPC from BP, so more like the revolving door betwixt big fossil energy and money supply The smartest guys in the room? Quote Link to comment Share on other sites More sharing options...
Venger Posted August 4, 2014 Share Posted August 4, 2014 IIRC Dale clashed with Carnage over the efficacy of NGDP targeting when the Canadian hoon first arrived. I was hoping there was intrigue behind his move out of BoE. Probably just a big payrise. Who will replace him? Someone young and renting I hope. It's time to get nasty. FT: May 20, 2014 ..Christof Rühl, BP’s highly respected chief economist, is leaving the company to become the first global head of research at Abu Dhabi Investment Authority. BP (Undated): Prior to joining BP, he was at the World Bank (1998-2005) where he served as the Bank’s Chief Economist in Russia and in Brazil. Before that, Christof worked in the Office of the Chief Economist at the EBRD in London. Previously, he was an academic economist, first in Germany and from 1991 as Professor of Economics at the University of California in Los Angeles. In addition, Christof held Visiting Professorships at academic institutions worldwide, amongst them the University of Chicago. His areas of specialisation are macroeconomics and energy economics; he has published widely in these fields. Economic Times/India Times (today): "Spencer's deep experience in central banking and his communications and financial markets background will be invaluable as we look to understand the future of energy markets globally," said Dav Sanyal, BP executive vice president strategy and regions. Dale will be responsible for advising BP's board and executive team on economic drivers and trends in global energy and will oversee BP's market benchmarks, the Statistical Review of World Energy and the BP Energy Outlook. Quote Link to comment Share on other sites More sharing options...
Ah-so Posted August 4, 2014 Share Posted August 4, 2014 His departure is no surprise - he was forced off the MPC and relegated from chief economist to financial stability. Quote Link to comment Share on other sites More sharing options...
zugzwang Posted August 4, 2014 Share Posted August 4, 2014 (edited) His departure is no surprise - he was forced off the MPC and relegated from chief economist to financial stability. The former chief economist of the BoE is still 'highly respected' by his peers though. How badly do you need to feck things up to get a reputation as a patzer? Edited August 4, 2014 by zugzwang Quote Link to comment Share on other sites More sharing options...
onlyme2 Posted August 4, 2014 Share Posted August 4, 2014 F*ck me - he's only been there since June. That's not very stable. The job summary looks a right load of old sh*t....lots of demotion with all the cr@p and potential brickbats if things go wrong: What's the best way to ensure financial stability - have the foresight to put in place somebody in charge who is not even going to stick around for 3 months, only an appaling institution that is the Bankrupt of England could be so lame, they worry about credibility - shower of shite. Quote Link to comment Share on other sites More sharing options...
Venger Posted August 4, 2014 Share Posted August 4, 2014 F*ck me - he's only been there since June. That's not very stable. The job summary looks a right load of old sh*t....lots of demotion with all the cr@p and potential brickbats if things go wrong: Got to wonder how he came to hear of the BP position. Did he seek it out, or headhunters approached him. Bank’s Executive Director for Financial Stability Strategy and Risk The financial stability committee was soon a “running joke” in monetary analysis, the division of the BoE geared around setting interest rates every month. “Before the crisis, working in financial stability was an absolute career graveyard,” says Richard Barwell, UK economist at RBS who left the BoE in 2010 after nine years. FT - 05.05.2012 (not behind the paywall) http://www.ft.com/cms/s/2/f853d068-94b7-11e1-bb0d-00144feab49a.html#axzz39Ol630Kv Quote Link to comment Share on other sites More sharing options...
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