December 16, 2011 / 9:03 PM / 6 years ago

Bank of Canada names ex-oil executive as adviser

OTTAWA (Reuters) - The Bank of Canada has appointed Evan Siddall, a former oil executive, as special adviser to Governor Mark Carney, it said on Friday.

Siddall was most recently corporate finance officer at Fort Reliance Co, the holding company of Irving Oil Ltd. He has also worked at Goldman Sachs and BMO Nesbitt Burns in the course of a 20-year career, the bank said.

As is the custom, he will serve a two-year term at the central bank, taking on the role of senior representative of financial markets based in Toronto.

In a statement, Carney lauded Siddall’s “strong connections with Canada’s business community”, which may help the bank as it oversees the transition toward tougher capital and liquidity regulations for domestic banks as part of a global drive to prevent big bank bailouts in future crises.

“Mr. Siddall will lead a team that is responsible for maintaining strong relationships with the Toronto financial community and contributing to the bank’s analysis of financial markets, institutions, products and regulations,” the bank said in a statement.

Siddall replaces Timothy Hodgson, who took leave of his job as chief executive of Goldman Sachs Canada to advise Carney for an 18-month term ending March 31.

Carney’s own 13-year career at Goldman Sachs overlapped

that of Hodgson in New York from 1998 to 2000.

Hodgson’s arrival at the Bank of Canada irked some critics who worried about a possible conflict of interest as he may be able to return to his old job at the private investment bank after having had a role in shaping rules for the banking sector.

Hodgson said he has not yet decided his plans.

“I remain committed to my work at the bank, and intend to focus on ensuring a smooth process of transition with Mr. Siddall as I complete my term,” he said in a statement.

“Once that transition is complete, I will turn my attention towards exploring my future career plans.”

Reporting By Louise Egan; editing by Rob Wilson and Peter Galloway

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