UPDATE 2-Bank of Canada adds market expertise to its governing body

Wed Apr 30, 2014 1:31pm EDT
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By Randall Palmer

OTTAWA, April 30 (Reuters) - The Bank of Canada named Lynn Patterson, 53, a former banker with extensive financial market experience, as a new deputy governor on its rate-setting Governing Council on Wednesday.

Patterson joined the Bank of Canada in June and has served as special adviser to bank Governor Stephen Poloz and as the senior representative for financial markets at the central bank's Toronto office. She replaces John Murray, who is retiring.

Patterson has more than 25 years' experience in capital markets, risk oversight and senior management, and was previously president of Bank of America Merrill Lynch Canada.

"Lynn's extensive market experience and her understanding of financial-sector issues make her a terrific addition to Governing Council," Poloz said in a statement.

There has been a "changing of the guard" at the bank recently with some policymakers retiring or stepping down, said David Madani, Canada economist at Capital Economics in Toronto.

"They seem to be replacing them with people that not only are perhaps a bit younger on average, but also have great experience from a financial perspective," he said.

"I don't think it has any implication for monetary policy because there's so much input from the other departments that contribute to the end result in terms of the policy decision, and that really hasn't changed."   Continued...