Victoria Saporta

Executive Director, Markets


Since 5 February 2024, Vicky Saporta is Executive Director of the Markets Directorate at the Bank of England.

Vicky has held a number of positions in prudential regulation, financial stability and monetary policy in a career spanning 28 years at the Bank of England. Vicky was at the heart of the macro prudential and micro prudential policy reforms undertaken by the Bank after the global financial crisis. From 2016 to 2024, Vicky was Executive Director of the Prudential Policy Directorate, leading the Bank’s work on developing the future regulatory framework after the UK’s exit from the European Union, the PRA’s approach to it’s new secondary objective to facilitate competitiveness and growth,  as well as the delivery of substantial policy packages, including Basel 3.1, Strong and Simple, and Solvency UK. 

Vicky has represented the Bank on numerous international committees dealing with central banking and regulatory issues and has led a number of international working groups and task forces. Vicky was Chair of the Executive Committee of the International Association of Insurance Supervisors from 2015 to 2023 and represents that Bank on the Basel Committee on Banking Supervision.  Vicky is also on the Financial Market Infrastructure Committee which governs supervision and policy of systemic financial market infrastructure in the UK.  She is a member of the Management Board of the Cambridge Endowment for Research in Finance and a Professor in Practice of the Durham University Business School.

Vicky holds a PhD in Economics, M.Phil in Finance from the University of Cambridge and a B.Sc in Mathematical Economics and Econometrics from the London School of Economics. She has published a number of articles in books, professional journals and Bank of England publications.

Victoria's selected academic publications

The Future of Payments, with A Haldane and S Millard, Routledge (2014)
Output costs of sovereign default, with B De Paoli and G Hoggarth, published in Kolb, R (ed), in From Safety to Default, Wiley (2011)
Analytics of sovereign debt restructuring, with A Haldane, S Penalver and H S Shin, Journal of International Economics (2005)
Optimal collective action clauses, with A Haldane, S Penalver and H S Shin, published in proceedings of the IMF/Bank of Spain conference on Dollars, debts and Deficits – 60 years after Bretton Woods (2004)
Bail out or Work out? Theoretical considerations, with A Haldane and G Irwin, Economic Journal (2004)
Costs of banking instability: some empirical evidence, with G Hoggarth and R Reis, Journal of Banking and Finance (2002)
Regulatory and ‘economic’ solvency standards for internationally active banks, with P Jackson and Jackson and W Perraudin, Journal of Banking and Finance (2002)
Binding-in the private sector, with A Haldane, S Hayes, S Penalver and H S ShinRoutledge (2002)

This page was last updated 05 February 2024