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Cablegate: Bank of Canada Promotes From Within

This record is a partial extract of the original cable. The full text of the original cable is not available.

UNCLAS OTTAWA 001036

SIPDIS

DEPARTMENT FOR WHA/CA
TREASURY FOR OASIA/IMI - HARLOW, MATHIEU

E.O. 12958: N/A
TAGS: EFIN CA PBIO
SUBJECT: BANK OF CANADA PROMOTES FROM WITHIN


1. The Bank of Canada's April 9 announcement that Paul
Jenkins will be promoted to Senior Deputy Governor reverses a
recent trend of drawing on outside talent for top leadership.
Jenkins, a Deputy Governor for 10 years, had been a
front-runner for the SDG job in 1999, but was edged out by
Malcolm Knight. (Knight left to assume the top job at the
Bank for International Settlements earlier this month.) The
promotion makes Jenkins a member of the BOC Board of
Directors and a strong contender to eventually replace David
Dodge as Governor (if Dodge does not continue when his 7-year
term expires in about five years.) Dodge, too, was selected
from outside the BOC.

2. The choice of Jenkins had been leaked earlier in the
week. His promotion leaves the BOC with two Deputy Governor
jobs to fill (Charles Freedman is retiring at the end of
August), and both internal and external candidates are under
consideration. A decision on those jobs is expected "soon"
and the choice is expected to signal the BOC's future
direction. Deputy Governor appointments, unlike the
Governor and the Senior Deputy, do not require Cabinet
approval.

3. Jenkin's promotion, which takes effect immediately, has
been positively received and economists believe it reinforces
the BOC's priorities of transparency and maintaining an
aggressive stance on inflation. Jenkins has focussed on
international economics (and hosted the Bank's biannual
briefings for G-7 financial attaches on the Monetary Policy
Report).

4. Jenkins, 55, joined the Bank's research department in
1972. In 1978 he transferred to the Department of Monetary
and Financial Analysis, becoming Deputy Chief in 1983, Chief
of the Research Department in 1984, and Advisor to the
Governor in 1989. Jenkins graduated from the University of
Western Ontario, and received a Masters in Political Science
from the London School of Economics. He studied at Princeton
from 1982-83 before returning to the Bank. He was born in
St. Catharines, Ontario, and he and his wife Sheila have
three children.
CELLUCCI

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