Andrew Bailey
Encyclopedia
Andrew John Bailey is a British banker, who was the Executive Director
Banking and Chief Cashier
at the Bank of England
from January 2004 until April 2011. He is a member of the Governor
's Executive Team, which is the bank's senior management group. As Chief Cashier, Bailey's signature appears on all bank notes issued by the bank since his appointment.
Bailey studied at Queens' College, Cambridge
, where he gained a BA
and a PhD
. He then became a research officer at the London School of Economics
, before joining the Bank of England
in 1985.
He has worked at the Bank in a number of areas, most recently as Executive Director for Banking Services and Chief Cashier, as well as Head of the Bank’s Special Resolution Unit (SRU). Previous roles include Governor’s Private Secretary, and Head of the International Economic Analysis Division in Monetary Analysis.
Since the onset of the financial crisis in August 2007 and until April 2011, Bailey was responsible for the Bank’s special operations to resolve problems in the banking sector, and in 2009 was Chairman and Chief Executive of Dunfermline Building Society Bridge Bank Ltd. His involvement in special operations also extended to taking responsibility for the so-called London Approach, in which the Bank uses its influence to seek resolution of problems in company refinancing and other such issues. At the Bank, Bailey remains a member of the Governor’s Executive Team.
In 2013, Bailey will become the Deputy Chief Executive of the new Prudential Regulation Authority.
Executive director
Executive director is a term sometimes applied to the chief executive officer or managing director of an organization, company, or corporation. It is widely used in North American non-profit organizations, though in recent decades many U.S. nonprofits have adopted the title "President/CEO"...
Banking and Chief Cashier
Chief Cashier
The Chief Cashier is the person responsible for issuing banknotes at the Bank of England and is the director of the divisions which provide the Bank of England's banking infrastructure. This person is known to the general public because since 1870 the Chief Cashier's signature is printed on all...
at the Bank of England
Bank of England
The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694, it is the second oldest central bank in the world...
from January 2004 until April 2011. He is a member of the Governor
Governor of the Bank of England
The Governor of the Bank of England is the most senior position in the Bank of England. It is nominally a civil service post, but the appointment tends to be from within the Bank, with the incumbent grooming his or her successor...
's Executive Team, which is the bank's senior management group. As Chief Cashier, Bailey's signature appears on all bank notes issued by the bank since his appointment.
Bailey studied at Queens' College, Cambridge
Queens' College, Cambridge
Queens' College is a constituent college of the University of Cambridge, England.The college was founded in 1448 by Margaret of Anjou , and refounded in 1465 by Elizabeth Woodville...
, where he gained a BA
Bachelor of Arts
A Bachelor of Arts , from the Latin artium baccalaureus, is a bachelor's degree awarded for an undergraduate course or program in either the liberal arts, the sciences, or both...
and a PhD
Doctor of Philosophy
Doctor of Philosophy, abbreviated as Ph.D., PhD, D.Phil., or DPhil , in English-speaking countries, is a postgraduate academic degree awarded by universities...
. He then became a research officer at the London School of Economics
London School of Economics
The London School of Economics and Political Science is a public research university specialised in the social sciences located in London, United Kingdom, and a constituent college of the federal University of London...
, before joining the Bank of England
Bank of England
The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694, it is the second oldest central bank in the world...
in 1985.
He has worked at the Bank in a number of areas, most recently as Executive Director for Banking Services and Chief Cashier, as well as Head of the Bank’s Special Resolution Unit (SRU). Previous roles include Governor’s Private Secretary, and Head of the International Economic Analysis Division in Monetary Analysis.
Since the onset of the financial crisis in August 2007 and until April 2011, Bailey was responsible for the Bank’s special operations to resolve problems in the banking sector, and in 2009 was Chairman and Chief Executive of Dunfermline Building Society Bridge Bank Ltd. His involvement in special operations also extended to taking responsibility for the so-called London Approach, in which the Bank uses its influence to seek resolution of problems in company refinancing and other such issues. At the Bank, Bailey remains a member of the Governor’s Executive Team.
In 2013, Bailey will become the Deputy Chief Executive of the new Prudential Regulation Authority.