February 7, 2018 / 2:58 PM / a year ago

UK renews terms of Bank of England FPC members Kohn and Taylor

Workers emerge from Bank underground station with the Bank of England (L) and Royal Exchange building (R) seen in the City of London financial district, London, Britain, January 25, 2018. REUTERS/Toby Melville

LONDON (Reuters) - Bank of England Financial Policy Committee member Donald Kohn will serve a second three-year term, while fellow FPC member Martin Taylor will serve for another 12-15 months, Britain’s finance ministry said on Wednesday.

Taylor, a former Barclays (BARC.L) chief executive, told British finance minister Philip Hammond last year that he did not want to another three-year term on the FPC, after spending nearly five years already on the committee which monitors financial stability risks.

But he agreed to serve another 12-15 months, leaving no later than June 2019, at the request of Hammond and BoE Governor Mark Carney, the finance ministry said.

The finance ministry said it would launch a global search later this year to find replacements for Taylor and for Richard Sharp, who is not eligible to serve another term when his period on the committee ends in March 2019.

Former U.S. Federal Reserve Vice-Chairman Kohn’s new FPC term will last until March 2021.

Reporting by David Milliken, editing by Andy Bruce

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