Senior civil servant and Treasury veteran Sir Dave Ramsden has been appointed as the new deputy governor for markets and banking at the Bank of England following the departure of Charlotte Hogg.
Sir Dave, who led the Treasury's work on whether the UK should join the euro at the turn of the century, will also be joining the bank's rate-setting Monetary Policy Committee.
His appointment comes after the bank was left red-faced in March when Ms Hogg resigned just two weeks after she took up the post for failing to declare her brother works for Barclays.
A scathing verdict in a report by MPs on the Treasury Select Committee found her "professional competence falls short" of the standards required for the role after the conflict of interest breach.
The commission saw her fall foul of the code of conduct rules she helped to draw up at the bank.