The Court has a key role in reviewing the performance of the Monetary Policy Committee and managing the affairs of the Bank of England.
Lady Noakes was appointed to the Bank in 1994 and would stand in for Sir Eddie George as honorary chairwoman in his absence.
A KPMG partner, Lady Noakes supported a high-profile media campaign last summer in which leading business figures came out against the single European currency.
The Bank of England claims to have a neutral stance on the UK’s membership of the euro, though all signatories to the campaign did so in a personal capacity.
Officials at the Bank have now begun the process of recruiting four new non-executives for the Pounds 5,000 a year posts.
Lady Noakes was yesterday named in an Evening Standard table of powerful women in the City.
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Company bosses are considering relocating operations or headquarters away from the UK following the country's decision to leave the European Union