Jim Keogh (banker)
Patrick James Keogh | |
|---|---|
| Born | 1917 Dublin, Ireland |
| Occupation | Banker |
| Years active | 1937–1974 |
| Known for | Head of the Bank of England's Discount Office (1967–1974) |
Patrick James Keogh, MC (born 1917), served as the head of the Bank of England's Discount Office between 1967 and 1974, managing its functions throughout the British secondary banking crisis in the early 1970s. He opted for early retirement in 1974 following criticism over his failure to predict the financial upheaval.
Early life
Born in Dublin in 1917, Patrick James Keogh began his career at the Bank of England in 1937.
Second World War
Keogh's progression in banking was paused due to his military service during World War II, where he was an officer with The Gordon Highlanders (Aberdeen). In 1943, he was awarded the Military Cross for exemplary leadership under fire on the plains near Catania, Sicily, where he motivated his troops despite sustaining serious injuries. This wound remained a lifelong challenge.
Career
In 1955–56, Keogh acted as the UK's alternate executive director at the International Monetary Fund. He then held the role of deputy chief of establishment at the Bank of England from 1959 to 1964, followed by deputy chief cashier until 1967.
During a time marked by relatively lax financial oversight and a more libertarian stance within the Bank, Keogh advised Russell Taylor, founder of the consortium bank Italian International Bank, that their activities could continue freely as long as they did not provoke public concern. This guidance mirrored the changing landscape with the rise of Euromarkets.
As principal of the Discount Office amid the secondary banking crisis (1973–75), Keogh played a key role in initiating a rescue strategy but was reproached for his inability to anticipate the crisis. He retired prematurely in December 1974 and subsequently joined the newly formed Monetary Authority of Singapore.
Family
In 1940, Keogh married Winifred Amy Gray; they had two sons named Anthony and Simon.
See also
Further reading
- Capie, Forrest. The Bank of England: 1950s to 1979.