Senior Deputy Governor Tiff Macklem will leave the Bank in May 2014

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FOR IMMEDIATE RELEASE

5 December 2013
Contact: Media Relations
613 782-8782

Ottawa, Ontario - Senior Deputy Governor Tiff Macklem has announced that he will resign from the Bank of Canada next spring to become Dean of University of Toronto’s Rotman School of Management.
Mr. Macklem, who began his career at the Bank in 1984, was appointed Senior Deputy Governor in July 2010, for a term of seven years. He will leave the Bank on 1 May 2014 and assume his new role at Rotman on 1 July for a term of five years.

As Senior Deputy Governor, Mr. Macklem is the Bank's Chief Operating Officer and a member of the Board of Directors of the Bank. The Senior Deputy Governor oversees the Bank’s strategic planning and operations and shares responsibility for the conduct of monetary policy as a member of the Bank’s Governing Council.

“I am very excited by the opportunity to lead this outstanding school of management. I look forward to working with Rotman’s exceptional faculty to shape a new generation of business and public policy leaders and to promote excellent research on the most pressing economic and business issues of our time,” Mr. Macklem said. “I will miss the Bank a great deal. I am extremely proud of the work we have done to promote the economic and financial well-being of Canadians, and I am confident that the Bank’s first-rate research and policy formulation will continue to protect and strengthen Canada’s economy. Governor Poloz, my colleagues on Governing Council, and the Bank’s staff are the most dedicated and talented professionals with whom I’ve had the pleasure to work. Canada’s economy is in good hands.”

Governor Poloz saluted the outstanding contribution that Mr. Macklem has made to the Bank.

"Tiff has dedicated nearly 30 years to the Bank and to Canada, and his influence can be seen in every aspect of our work and in central banking worldwide. I want to thank him for making the Bank better, and especially for his support and mentorship during my first six months as Governor, and I look forward to our continuing close collaboration during the months leading up to his departure.”

The Senior Deputy Governor is appointed by the Directors of the Bank with the approval of the Governor-in-Council (federal Cabinet). A Special Committee of Directors will be formed to launch the selection process for the next Senior Deputy Governor.

http://www.bankofcanada.ca/2013/12/publications/press-releases/senior-deputy-governor-tiff-macklem-leave-may-2014/

more signatures to look forward too....

I wonder if the new $5 note will be the only denomination to have the Macklem-Poloz signature pair.

more signatures to look forward too....

I thought the bills were supposed to last longer and not be printed as often?  Doesn't issuing bills with new signatures in the next two years mean more printing costs?  Kind of defeats the purpose of saving money, it seems.

I wonder if the new $5 note will be the only denomination to have the Macklem-Poloz signature pair.

Wouldn't surprise me one bit.

I wonder if the new $5 note will be the only denomination to have the Macklem-Poloz signature pair.

Wouldn't surprise me, either.  The other notes will likely go from Macklem-Carney to new name-Poloz.

Wouldn't surprise me, either.  The other notes will likely go from Macklem-Carney to new name-Poloz.

  I agree that will probably happen.  They have probably had all the notes they need in the next few years printed already, so when they need more in the future (which will be longer since the notes last longer), the new deputy governor will be here and new signatures.  Its probably also the reason why the 10$ polymers are M/C signatures, they were probably pre printed while Carney was still around.

Who knows what signature combos we'll see down the road. The BOC could have such a massive stockpile of new notes that new print runs won't be seen for a while, but some denominations we might see earlier than others.

For example, Australia didn't print any $100 notes for close to 10 years after printing them from 1996-1999, but there were occasional print runs of $50s, and annual print runs of $20, $10 and $5 bills.

 They have probably had all the notes they need in the next few years printed already,

If you go by pure numbers there are more than 500 million notes yet to be printed to replace the polymer notes. I arrive at the number based on the following rationale.

The third quarter 2013 report of the BoC anticipates more printing of notes in the future as the quote from the report indicates:

Some of the planned bank note production volume for 2013 is expected to shift into next year.
The Bank expects to receive approximately 713 million polymer notes in 2013, which is lower
than the original 2013 plan volumes but still higher than the 580 million notes received in 2012.

So the number of polymer notes printed as of quarter ending October 2013 are as follows:

2011 - 107 million (mostly 100's)
2012 - 580 million (100's + 50's + 20's)
2013 - 713 million (as above + 5's and 10's)

Total to the end of October 2013 = 1.4 billion notes

The total notes in circulation are in the neighbourhood of 1.9-2.0 billion notes

Even if we consider that the BoC only had as many notes as are required for circulation there are still at least 400 million to 500 million notes that are to be printed in 2014. That is about 25% of the total possible notes in circulation.

And these are just to replace the journey notes.

In reality one would assume that the BoC actually prints many more notes than are required for circulation. If you factor that in then there are many more notes to be printed.

Now whether as a policy the BoC decides to wait for the new Dep. Gov. to print the notes - well that is anyone's guess.

It would kinda suck if you were the next Senior Deputy Governor and you never had your signature on a banknote before your term was up....
Maybe they could come out with a Bank of Canada limited edition note