The Chief Cashier of the Bank of England is a senior official of the Bank of England. The Chief Cashier is the person responsible for issuing banknotes and is the director of the Bank of England's banking infrastructure. In 2004, the position was combined with that of the Executive Director of Banking. Since 1870, the signature of the Chief Cashier has appeared on all Bank of England note issues.
The post is currently held by Victoria Cleland, who was appointed in March 2025 to a second term as Chief Cashier, having previously served in the post between 2014 and 2018.
Responsibilities The position has the following responsibilities: The security and effective operation of real-time gross settlement in the UK's high value payment systems (CHAPS and CREST). Alongside the Bank's Sterling Markets Division, they are also responsible for the provision of liquidity to the market and settlement banks. The issuing and effective distribution of banknotes and their security against counterfeiting. The provision of banking services, focusing on high-value government banking.
The Executive Director Banking & Chief Cashier is a member of the Governor's Executive Team, which is the Bank's senior management group.
History
In 1694, the Bank of England was established. Almost immediately, the Bank started to issue notes in return for deposits. The crucial feature that made Bank of England notes a means of exchange was the promise to pay the bearer the sum of the note on demand. This meant that the note could be redeemed at the Bank for gold or coinage by anyone presenting it for payment. If it was not redeemed in full, it was endorsed with the amount withdrawn. These notes were initially handwritten on Bank paper and signed by one of the Bank's cashiers.
During the 18th century, there was a gradual move towards fixed denomination notes. In 1725, the Bank started issuing partly printed notes for completion in manuscript. The £ sign and the first digit were printed but the cashier's signature alongside the name of the payee and other numerals were added by hand.
The first fully printed notes appeared in 1855 relieving the cashiers of the task of filling in the name of the payee and signing each note individually. The practice of writing the name of the Chief Cashier as the payee on notes was halted in favour of the anonymous "I promise to pay the bearer on demand the sum of …", a feature that has remained unchanged on notes to this day. The printed signature on the note continued to be that of one of three cashiers until 1870; since then, it has always been that of the Chief Cashier. The Bank of England notes on its website that the promise holds "for all time", even after notes have been withdrawn from circulation. This means that every Bank of England note may be exchanged for its face value at any time.
Chief Cashiers of the Bank of England
Listed below are the names of people who have held the post of Chief Cashier at the Bank of England:
1694–1694: John Kendrick 1694–1699: Thomas Speed 1699–1739: Thomas Madockes 1739–1751: James Collier and Daniel Race (jointly) 1751–1759: Daniel Race and Elias Simes (jointly) 1759–1775: Daniel Race 1775–1777: Charles Jewson 1778–1807: Abraham Newland 1807–1829: Henry Hase 1829–1835: Thomas Rippon 1835–1864: Matthew Marshall 1864–1866: William Miller 1866–1873: George Forbes 1873–1893: Frank May 1893–1902: Horace Bowen 1902–1918: Sir John Gordon Nairne, 1st Baronet 1918–1925: Ernest Musgrave Harvey 1925–1929: Cyril Patrick Mahon 1929–1934: Basil G. Catterns 1934–1949: Kenneth Peppiatt 1949–1955: Percival Beale 1955–1962: Leslie O'Brien 1962–1966: Jasper Hollom 1966–1970: John Standish Fforde 1970–1980: John Page 1980–1988: David Somerset 1988–1991: Malcolm Gill 1991–1998: Graham Kentfield 1999–2003: Merlyn Lowther 2004–2011: Andrew Bailey 2011–2014: Chris Salmon 2014–2018: Victoria Cleland 2018–2025: Sarah John 2025–present: Victoria Cleland
See also
Deputy Governor of the Bank of England Governor of the Bank of England
References