BOE's Lees Reappointed As Chairman Of Court Of Directors

The chairman of the Bank of England's court of directors, David Lees, has been reappointed, the BOE and the U.K. Treasury said Friday.

The court, which is similar to a company's board of directors, is responsible for managing the BOE's affairs, including determining its goals and strategy.

Lees' current term expires at the end of May and his reappointment is for a further three years. But he has signaled that he will step down at the end of 2013, once he has overseen the BOE taking on new powers for financial stability.

That change is part of a regulatory shakeup brought in by Prime Minister David Cameron's government, aimed at beefing up financial oversight following the financial crisis.

Lees' reappointment was recommended by Cameron and Chancellor of the Exchequer George Osborne, and approved by the Queen.