Bank of England names Canadian for top job

Written By limadu on Senin, 26 November 2012 | 23.10

Mark Carney is leaving the Bank of Canada to head the British central bank

LONDON (CNNMoney) -- The U.K. government has appointed Bank of Canada Governor Mark Carney to head the Bank of England, opting for an outsider as the British central bank confronts slowing growth and takes on a bigger supervisory role.

Carney will continue to serve as head of the Canadian central bank until the end of May 2013. He will succeed Mervyn King at the Bank of England on July 1, U.K. finance minister George Osborne announced Monday.

Osborne said Carney was being appointed for eight years but planned to serve for a maximum of five, standing down in 2018 when his current term as chairman of the international Financial Stability Board is also due to end.

"I am honored to accept this important and demanding role, and to succeed Sir Mervyn King with whom I have worked closely over these past five years and from whom I learned so much," Carney said in a statement.

"This is a critical time for the British, European and global economies; a decisive period for reform of the global financial system including its leading financial center, the City of London; and a crucial point in the Bank of England's history as it accepts vital new responsibilities," he added.

Related : U.K. growth slowing as Europe weakens

The announcement surprised many Bank of England watchers, who had been expecting Osborne to appoint odds-on favorite Paul Tucker, currently the bank's deputy governor.

Tucker's votes on interest rate policy had coincided with King's since June 2007, and they had voted together 43 months out of 45 on asset purchases since the bank launched quantitative easing in March 2009.

But Tucker was drawn into the Libor-fixing scandal earlier this year, after an e-mail from former Barclays CEO Bob Diamond was interpreted by some to suggest he had approved of the bank's attempts to make it look stronger than it was as the financial crisis raged in 2008.

Barclays' role in manipulating the London Interbank borrowed rate, used as a basis for $10 trillion in loans worldwide, cost Barclays a fine of $453 million and Diamond his job.

Tucker, appearing before a parliamentary committee in July, repeatedly denied any knowledge of rate fixing, rejected suggestions he had come under political pressure, and said he had spoken to Diamond to express his concern about Barclays' funding costs.

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First Published: November 26, 2012: 11:04 AM ET


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