Ms Place had been the acting COO since 1st May and was previously the executive director of human resources.

Mr Ramsden’s new role was confirmed following the announcement that Her Majesty the Queen had agreed – on the recommendation of the chancellor and prime minister – to appoint him to the post.

Joanna Place, COO at the Bank of England 

Ms Place has over 30 years of experience at the Bank, during which time she led teams in banking, statistics and supervision, before becoming a HR director three years ago.

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David Ramsden, deputy governor for markets and banking

Mr Ramsden’s role includes specific responsibility for managing the balance sheet of the Bank and its Real Time Gross Settlement system.

Mark Carney, governor of the Bank of England, said: “I am very pleased that Jo will be the Bank’s new chief operating officer.

“She is exceptionally well qualified for this vital role given her breadth of policy experience and operational leadership."

Ms Place added: “I am delighted to take up the role of chief operating officer and look forward to working with colleagues from across the Bank as we seek to maximise our potential in the service of the people of the United Kingdom."

With regards to Mr Ramsden’s new position, Mr Carney said: “I am delighted that Dave Ramsden has been appointed as deputy governor for markets and banking.

“As an outstanding public servant, he will bring a wealth of experience and economic expertise to the Bank’s policy committees."

Mr Ramsden added: “I am honoured to be joining the Bank and to be given the opportunity to contribute to the Bank’s mission to maintain monetary and financial stability at such an important time for the UK economy."