Reflecting diversity, choosing inclusion Speech given by Mark Carney, Governor of the Bank of England  Court Room, Bank of England 9 February 2017  I am grateful to Jennifer Nemeth, Anne Wetherilt and Iain de Weymarn for their assistance in preparing these remarks, and to Richard Galletly, Cat Hines and Daniel Nixon for background research. 1  All speeches are available online at www.bankofengland.co.uk/speeches  And there were never, in the world, two opinions alike, no more than two hairs, or two grains; their most universal quality is diversity. (Michel de Montaigne, Essais, Book II, Chapter 37)  Introduction  The Bank of England recognises that to pursue its mission it must reflect the diversity of the people it serves. That has not always been the case. Historically, there were times when this institution was run by the City for the City. Our first female Court member, Frances Heaton was only appointed in 1993, while our first Black, Asian and Minority Ethnic (BAME) member, Lord Morris, followed five years later. Ten years ago our th  graduate intake was drawn from just 11 universities. And I am the 120 in a very long line of male Governors of the Bank. Frequent charges levelled at this central bank – like many of our peers – include being mono-culture, secretive and ridden with groupthink. Those charges began to lose their force in the face of significant efforts by my predecessors.
With today’s interest rate increase, we are also raising the interest rate on sight deposits above the threshold. For domestic banks, this threshold is calculated on the basis of their minimum reserve requirements. 1 By remunerating sight deposits above the threshold now at 0.5%, we ensure that our tighter monetary policy will continue to be passed through efficiently to interest rates in the money market overall. 1  Further information is available in the Instruction sheet governing interest on sight deposits. Page 1/2  Berne, 15 December 2022 Andréa M. Maechler  News conference  Page 2/2