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.
Patterson’s appointment, effective May 5, will mean that for the first time women will hold half the seats on the six-member council.
Turnover at the council, which plays a role similar to the U.S. Federal Open Market Committee, has been rapid since the start of last year. Four of the six council members have been appointed since February 2013.
They include Poloz, who took over as governor in June, and Carolyn Wilkins, who will take over from Tiff Macklem as senior deputy governor on May 2. Tim Lane, who became a deputy in February 2009, is now the doyen of the group.
Poloz said in a statement he is also reallocating responsibilities among council members.
Patterson and Lawrence Schembri will share oversight of the bank’s analysis and activities to promote a stable and efficient financial system.
Lane, with two decades of experience at the International Monetary Fund, will oversee international economic analysis.
Agathe Cote, a 30-year veteran of the central bank, will continue to have responsibility for domestic economic analysis.
The entire council will share responsibility for monetary policy and financial system stability, and for setting strategic direction.
Patterson has a degree in business administration from the University of Western Ontario and is a chartered financial analyst. She will be the third member on the upcoming Governing Council without a PhD. Five of the current six members have PhDs.
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