Bank of England deputy governor to step down

The Bank of England announced of Monday 17 October that Sir Andrew Large, Deputy Governor for Financial Stability, is to leave the Bank almost two years early in January next year.

Following the announcement that Sir Andrew Large is to retire, a UK Treasury statement said the Queen has been pleased to appoint Sir John Gieve to succeed him. The appointment will take effect in January 2006.

Mervyn King, Governor of the Bank, says: "I am extremely grateful to Sir Andrew for all the work he has don