1.  We welcome the Chancellor of the Exchequer's positive response to our previous recommendation that the posts of the Governor of the Bank of England and of the Deputy Governors be filled by open advertisement, while noting that this process was not followed for the appointment of Charlie Bean as Deputy Governor. (Paragraph 7)

2.  To maximise the benefit from the holding of appointment hearings, the Government must give adequate notice of appointments. We have previously welcomed the Chancellor of the Exchequer's commitment to give three month's notice of external appointments to the Monetary Policy Committee and regret that, in the case of the appointment of the Deputy Governor, less than two weeks was given. (Paragraph 9)

3.  We are satisfied that Charlie Bean has the professional competence and personal independence required for the post of Deputy Governor of the Bank of England for Monetary Policy. We therefore welcome his appointment and wish him every success in his new post. (Paragraph 16)