LONDON (Reuters) - The Bank of England on Tuesday appointed Andrew Bailey to head its Special Resolution Unit, an entity created this year to deal with distressed banks and building societies.
Bailey, currently executive director for banking services and chief cashier, will report to BoE Deputy Governor for Financial Stability Paul Tucker.
The Special Resolution Unit administers the central bank's responsibilities for financial stability created by the Banking Act 2009.
"I am delighted to take on this new role on a permanent basis, alongside my other duties," Bailey said in a statement. "The international banking system remains vulnerable to adverse economic and financial sector developments, and we stand ready to act if the need arises."
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