Bank of Canada names Carolyn Wilkins senior deputy governor

Fri Apr 11, 2014 7:42pm EDT
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By Leah Schnurr

TORONTO (Reuters) - The Bank of Canada named Carolyn Wilkins as its senior deputy governor on Friday, promoting an insider with strong financial markets expertise and credibility with Bay Street bankers as the central bank's No. 2 policymaker.

Wilkins, with more than a decade of experience inside the bank and most recently as adviser to the governor, will start her seven-year term May 2.

She replaces Tiff Macklem, who is leaving to become dean of a business school in Toronto and will be the first woman to hold the position.

Bank of Canada Governor Stephen Poloz said the range of ideal qualifications for the job "just pop out of this candidate" and described Wilkins as a "jack of all trades."

She has experience in economic research, forecasting and project management, he said. She headed the bank's financial stability department during the global financial crisis and negotiated with financial market players on complex new rules for collateral used in the over-the-counter derivatives market.

Her skills fill a gap among the bank's top policymakers, where there is more macro-economic experience than financial markets expertise since the departure of Mark Carney last year to lead the Bank of England.

"Having that awareness and direct hands-on interaction with (financial market) players I think is a positive thing," said Poloz. "That diversification of experience and abilities is important to us."

Hiring a woman was not a conscious decision, Poloz said, but an added bonus.   Continued...