Former Clydesdale Bank boss David Thorburn resigns from Bank of England Prudential Regulation Committee

 
Rebecca Smith
Thorburn joined the BoE's PRC back in 2015
Thorburn joined the BoE's PRC back in 2015 (Source: Getty)

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."

Thorburn said:

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.

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