Bank of England hires financial crisis specialist

The Bank of England has appointed Andrew Gracie as director of its special resolution unit.

Gracie returns to the Bank five years since he left to set up a financial crisis management consultancy, which provided services to central banks and international financial institutions.

He had previously joined the Bank in 1990, working in supervision, before heading to its Foreign Exchange Division.

Gracie was private secretaty to former deputy governor for financial stability David Clementi in 1998, and joined the Financial Stability Area in 2001, later becoming head of division in 2003.

Joining later this month, Gracie will no longer have a continuing interest in his consultancy while working for the Bank.

The Special Resolution Unit was established to carry out responsibilities under the special reolsution regime, brought in with the Banking Act 2009.

The regime was created to give authorities tools for dealing with distressed banks and building societies.