LONDON (Reuters) - Britain's finance ministry said on Thursday it had appointed Charlotte Hogg, who is currently chief operating officer of the Bank of England, to replace Minouche Shafik as a deputy governor at the central bank.
Hogg, who will be responsible for the BoE's newly expanded bond-buying programme, will have oversight of Britain's banking system just as the country prepares to leave the European Union.
As well as being deputy governor for markets and banking, she will continue to hold her COO role at the bank where she oversaw a sweeping restructuring in recent years.
"Charlotte has done an excellent job as the Bank's first Chief Operating Officer," finance minister Philip Hammond said in a statement. "She will take over this new role at a key time for the City (of London financial services industry)."
Shafik said in September she would leave the BoE to become director of the London School of Economics.
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The appointment of Hogg, who starts her five-year term on March 1, was the first monetary policy appointment by Hammond since he became finance minister last year.
At the same time, the BoE said Kristin Forbes, one of the nine members of its Monetary Policy Committee, would return to her academic career in the United States when she completes her three-year term on the MPC on June 30.
Forbes has been the most sceptical of the MPC's nine rate-setters about the need to pump more stimulus in Britain's economy after it withstood the shock of last year's Brexit vote in much better shape than the BoE and investors expected.
British government bond futures hit a session high after the announcements.
(Writing by William Schomberg; Editing by Kate Holton and Andy Bruce)
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