Otto Niemeyer

Sir Otto Ernst Niemeyer GBE KCB (1883–1971) was an Anglo-Jewish banker who ascended to the post of financial controller at the Treasury and a director at the Bank of England.

Niemeyer was educated at St Paul's and Balliol College, Oxford before joining HM Treasury. He moved to the Bank in 1927 as an Adviser to the Governors. Niemeyer was a member of the Financial Committee of the League of Nations between 1922 and 1937, and he was also involved with a number of financial missions (to Australia and New Zealand, Brazil, Argentina, India, Bombpton and China). In 1938 Niemeyer became an Executive Director of the Bank, and he stayed in this position until 1949, though he continued as a non-executive director until 1952, and had a room at the Bank until 1966. Outside the Bank he was also on the Council of Foreign Bondholders (1935–65) and director of the Bank for International Settlements 1937–1940.

He was also treasurer of the National Association of Mental Health (UK) post World War II. His niece, Mary Applebey, was General Secretary of the association.

Australia had accrued substantial debt, mainly from Britain's independent banking sector, by the late 1920s – partly as a result of Prime Minister Bruce's "Men, Money, Markets" economic strategy, and partly because of the large war debt established during World War I. After the Wall Street Crash, the United States called in many of its World War I loans, including many from the UK, which, in turn called in its own loans from Australia. Australia had accumulated such massive debt that it was unable to repay even the interest on its loans. To avert total bankruptcy with the onset of the Australia's Great Depression, Australia asked Britain for a deferment of payment on its war debts. To determine whether or not this was a viable financial option, the Bank of England sent Niemeyer to give an assessment of Australia and its financial situation. He came by arrangement with the Commonwealth Bank of Australia and agreement by Prime Minister James Scullin.

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