Former Clydesdale Bank chief executive David Thorburn has resigned from the Bank of England's Prudential Regulation Committee, in order to make a return to the private sector.
The Bank of England said in a statement today that an HM Treasury process to identify a successor was already underway.
Thorburn joined the Prudential Regulation Authority board - now the PRC - as one of six independent members in July 2015. His current term would have expired in August this year.
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The bank's governor, Mark Carney, said: "I would like to thank David for the many great contributions he has made to the PRC’s work. We have all benefited from his tremendous practical knowledge of retail banking. I wish him every success in the future."
It has been a privilege to serve alongside my colleagues, first on the PRA Board and then the PRC, during the final stages of implementing the post-crisis reforms in banking and insurance.
I am confident that the PRA’s forward looking, judgement based approach focussed on the key risks is the right one. I have greatly enjoyed playing my part in putting that approach into practice.
Under the Bank's rules, Thorburn will serve a three-month restriction period before taking up any outside commitment that would not have been permitted to a serving member of the PRC.