David Clementi
Encyclopedia
Sir David Cecil Clementi (born 25 February 1949) is a former Deputy Governor of the Bank of England
. Clementi also holds positions on the boards of several large corporations, including Chairman of Prudential plc
, one of Britain's largest insurance companies, and is a non-executive director on the board of governors of the Rio Tinto Group
. In March 2008, he was announced as Warden of Winchester College
to replace Sir Andrew Large
on his retirement in September 2008.
David Clementi was educated at Winchester College
, where he was captain of athletics and a distinguished footballer. He then went to Lincoln College, Oxford
, where he obtained a degree in Politics, Philosophy and Economics and a blue for athletics. After graduating he qualified as a chartered accountant
. He then had a career in the finance industry culminating in his appointment as Deputy Governor of the Bank of England
.
In June 2002 he told the Treasury select committee that a house price crash was a virtual certainty. He said, "I said in April that the level of house price inflation, then running in the mid-teens was unsustainable. Since then we've seen something of an acceleration ... and the longer it goes on, the sharper is likely to be the eventual adjustment." Although at the time many regarded this statement as the view of a pessimistic traditionalist, subsequent events proved Sir David entirely right.
In July 2003, he was given the task, by the Secretary of State for Constitutional Affairs
, Baron Falconer of Thoroton
, of undertaking a wide-ranging independent review of the regulation of legal services in England and Wales, now known generally as the Clementi report.
His father, Cresswell Clementi
, was an Air Vice-Marshal
in the Royal Air Force
. His grandfather Cecil Clementi
was Governor of Hong Kong.
Bank of England
The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694, it is the second oldest central bank in the world...
. Clementi also holds positions on the boards of several large corporations, including Chairman of Prudential plc
Prudential plc
Prudential plc is a multinational financial services company headquartered in London, United Kingdom.Prudential's largest division is Prudential Corporation Asia, which has over 15 million customers across 13 Asian markets and is a top-three provider of life insurance in mainland China, Hong...
, one of Britain's largest insurance companies, and is a non-executive director on the board of governors of the Rio Tinto Group
Rio Tinto Group
The Rio Tinto Group is a diversified, British-Australian, multinational mining and resources group with headquarters in London and Melbourne. The company was founded in 1873, when a multinational consortium of investors purchased a mine complex on the Rio Tinto river, in Huelva, Spain from the...
. In March 2008, he was announced as Warden of Winchester College
Winchester College
Winchester College is an independent school for boys in the British public school tradition, situated in Winchester, Hampshire, the former capital of England. It has existed in its present location for over 600 years and claims the longest unbroken history of any school in England...
to replace Sir Andrew Large
Andrew Large
Sir Andrew McLeod Brooks Large was Deputy Governor of the Bank of England, and a member of its Monetary Policy Committee from September 2002 to January 2006....
on his retirement in September 2008.
David Clementi was educated at Winchester College
Winchester College
Winchester College is an independent school for boys in the British public school tradition, situated in Winchester, Hampshire, the former capital of England. It has existed in its present location for over 600 years and claims the longest unbroken history of any school in England...
, where he was captain of athletics and a distinguished footballer. He then went to Lincoln College, Oxford
Lincoln College, Oxford
Lincoln College is one of the constituent colleges of the University of Oxford in the United Kingdom. It is situated on Turl Street in central Oxford, backing onto Brasenose College and adjacent to Exeter College...
, where he obtained a degree in Politics, Philosophy and Economics and a blue for athletics. After graduating he qualified as a chartered accountant
Chartered Accountant
Chartered Accountants were the first accountants to form a professional body, initially established in Britain in 1854. The Edinburgh Society of Accountants , the Glasgow Institute of Accountants and Actuaries and the Aberdeen Society of Accountants were each granted a royal charter almost from...
. He then had a career in the finance industry culminating in his appointment as Deputy Governor of the Bank of England
Bank of England
The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694, it is the second oldest central bank in the world...
.
In June 2002 he told the Treasury select committee that a house price crash was a virtual certainty. He said, "I said in April that the level of house price inflation, then running in the mid-teens was unsustainable. Since then we've seen something of an acceleration ... and the longer it goes on, the sharper is likely to be the eventual adjustment." Although at the time many regarded this statement as the view of a pessimistic traditionalist, subsequent events proved Sir David entirely right.
In July 2003, he was given the task, by the Secretary of State for Constitutional Affairs
Secretary of State for Constitutional Affairs
The Secretary of State for Justice is a senior position in the cabinet of the United Kingdom. It was created in 2007 replacing the abolished Secretary of State for Constitutional Affairs, which was originally intended to fulfil those functions of the office of Lord Chancellor which related to the...
, Baron Falconer of Thoroton
Charles Falconer, Baron Falconer of Thoroton
Charles Leslie Falconer, Baron Falconer of Thoroton, PC is a British Labour politician, who became the Lord Chancellor and the first Secretary of State for Constitutional Affairs in 2003...
, of undertaking a wide-ranging independent review of the regulation of legal services in England and Wales, now known generally as the Clementi report.
His father, Cresswell Clementi
Cresswell Clementi
Air Vice Marshal Cresswell Montagu Clementi CB, CBE was the son of Cecil Clementi, Governor of Hong Kong. Clementi was born in British Guiana during his father's posting there as Colonial Secretary. He joined the Royal Air Force Volunteer Reserve, and the RAF in 1939. He attended the British...
, was an Air Vice-Marshal
Air Vice-Marshal
Air vice-marshal is a two-star air-officer rank which originated in and continues to be used by the Royal Air Force. The rank is also used by the air forces of many countries which have historical British influence and it is sometimes used as the English translation of an equivalent rank in...
in the Royal Air Force
Royal Air Force
The Royal Air Force is the aerial warfare service branch of the British Armed Forces. Formed on 1 April 1918, it is the oldest independent air force in the world...
. His grandfather Cecil Clementi
Cecil Clementi
-Early life and education:Born in Cawnpore, India, Clementi was the son of Colonel Montagu Clementi, Judge Advocate General in India, and his wife, Isabel Collard. He attended St Paul's School and Magdalen College, Oxford, where he studied Sanskrit and the classics. In 1895, he won the Hertford...
was Governor of Hong Kong.