President Thabo Mbeki has informed the Governor of the South African Reserve Bank, Mr Tito Mboweni, that he has appointed Mr Ian Plenderleith as deputy governor. Mr Plenderleith has been appointed for three years, effective from 1 January 2003.Mr Plenderleith joins the South African Reserve Bank with considerable financial market and central banking experience.“I am delighted at the appointment,” said Mr Mboweni. “We welcome Mr Plenderleith to the South African Reserve Bank and we wish him a fruitful stay here.”Mr Plenderleith was an Executive Director at the Bank of England, responsible for the Bank’s financial market operations, and a member of the Bank’s Monetary Policy Committee.He joined the Bank of England in 1965.Mr Plenderleith also served as an Alternate Director of the European Investment Bank, Luxembourg, from 1980 to 1986 and was an Alternate Director of the Bank for International Settlements (BIS) in Basel.Besides his responsibilities at the Bank of England, Mr Plenderleith was a non-executive director of the London Stock Exchange from 1989 to 2001. He has served as a member of the Legal Risk Review Committee and of the Financial Law Panel. Internationally, he chaired the Government Borrowers Forum in the early 1990s and the G-10 Gold and Foreign Exchange Committee from 1995 to 2001.Mr Plenderleith joins the South African Reserve Bank’s two other deputy governors, Dr Xolile Guma and Ms Gill Marcus as part of the Governor’s executive management team.In accordance with section 4 of the South African Reserve Bank Act 90 of 1989, the Governor and three deputy governors of the South African Reserve Bank are appointed by the President after consultation with the Minister of Finance and the Board of the Reserve Bank. Both the Minister of Finance and the Board support this appointment. By this appointment, the executive directors of the Bank are complete in terms of the South African Reserve Bank Act 90 of 1989.The management and staff of the South African Reserve Bank would like to welcome Mr Plenderleith and will afford him all the necessary support during his tenure, the Governor said.​