The Bank of Canada today announced a number of new appointments to the senior management team.

The appointments are effective 30 May, and include the following:

  • George Pickering, currently chief, financial markets department, becomes adviser to the governor, financial markets;
  • Donna Howard, currently deputy chief, financial markets department, becomes chief of the department;
  • Larry Schembri, currently research director in the international department, becomes chief of the department;and
  • James Powell, currently chief of the international department, will be retiring later this year.

    In a separate release, the central bank announced a reallocation of responsibilities among several deputy governors.

    Effective September 1 September, the responsibilities of the four deputy governors will be the following:

    Sheryl Kennedy will assume responsibility for analysis of all domestic economic issues and their relationship to monetary policy. The research department will report to her.

    Pierre Duguay will assume responsibility for issues related to financial stability and financial institutions and will retain responsibility for the issuance of bank notes. The department of monetary and financial analysis and the department of banking operations will report to him.

    David Longworth will assume responsibility for domestic and international financial market issues and the bank’s fiscal agency role for the federal government. The financial markets department and the debt administration office will report to him.

    Tiff Macklem will retain responsibility for analysis of international economic and financial issues. The international department will continue to report to him.

    The four deputy governors, along with the governor and senior deputy governor, comprise the governing council, the body responsible for the conduct of monetary policy at the Bank of Canada.