"Risks to the inflation outlook remain muted in the near-term ...under these circumstances, the (Monetary Policy Committee) decided to lower the monetary policy rate by a hundred basis points," Addison said, adding that the bank will monitor inflationary pressure on rents and transport fares.
"Following Sabadell's announcement last week that no sale process will be initiated in the near future and with TSB performing well, this is the right time for Richard to step down," TSB said on Wednesday.
Meddings will stay on while the board searches for a successor, TSB said.