Search

 

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

© Scoop Media

 
 
 
World Headlines

 

Climate Change: Record Northern Heat, Fuels Concerns Over US Wildfire Destruction

More than 78,000 acres of forest in the Sierra mountains in California has been lost due to wildfires. Photo: San Francisco Fire Department The northern hemisphere experienced its warmest August ever, the World Meteorological Organization ( WMO ... More>>

UN: Guterres Condemns Killing Of Journalists, Following Beheading Of Mexican Crime Reporter

© UNESCO | International Day to End Impunity for Crimes against Journalists. Following the gruesome death of a Mexican journalist specializing in crime reporting, who was found beheaded on Wednesday, UN chief António Guterres has issued a statement condemning ... More>>

UN: WHO Warns Against Potential Ebola Spread In DR Congo And Beyond

Ebola is spreading in a western province in the Democratic Republic of the Congo (DRC), raising fears that the disease could reach neighbouring Republic of Congo and even the capital, Kinshasa, the World Health Organization (WHO) said on Friday. ... More>>

WWF: Living Planet Report Reveals Average Two-Thirds Decline In Wildlife Populations Since 1970

According to WWF’s Living Planet Report 2020 released today, global populations* of mammals, birds, amphibians, reptiles and fish have suffered an average two-thirds decline in less than half a century. The decline is due in large part to the very ... More>>