Bank of Canada Senior Deputy Governor Carolyn A. Wilkins

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Bank of Canada Senior Deputy Governor Carolyn A. Wilkins will not seek second term

FOR IMMEDIATE RELEASE
Media Relations
613-782-8782
Ottawa, Ontario
September 17, 2020

The Board of Directors of the Bank of Canada announced today that Senior Deputy Governor Carolyn A. Wilkins informed them that she will not seek a second term. Her current term runs to May 1, 2021. The Board will initiate a search process to select her successor.

“It has been a great honour and privilege to serve Canadians in this role, and throughout my 20 years at the Bank,” Senior Deputy Governor Wilkins said. “My time at the Bank has been the most fulfilling period of my career – a testament to the many dedicated and talented colleagues, both at home and abroad, that I have been fortunate to work with.”

The Senior Deputy Governor thanked past and present members of the Bank’s Board of Directors, former Governor Stephen Poloz, and current Governor Tiff Macklem for the confidence that they have shown in her over the years.

“Building and carrying out a shared vision for the Bank with Governor Poloz has been a professional highlight. I’ve also enjoyed working closely again with Governor Macklem. The Bank is in good hands.”

The Board’s lead independent director, Claire Kennedy, said the Senior Deputy Governor has served the Bank and Canadians with distinction. “Through her leadership and innovative approach to the role of Senior Deputy Governor, Carolyn has made an invaluable contribution to the economic and financial welfare of all Canadians. Most recently, she led the development and implementation of the Bank’s asset purchase programs. These programs have helped Canadians bridge a very difficult period and are supporting the economic recovery.”

Additional information

The following is the process to appoint a new Senior Deputy Governor:

• The independent directors of the Bank’s Board undertake a recruitment process for the selection of the next Senior Deputy Governor. They are assisted in this process by an executive recruiting firm.

• Public advertisements for the position are published on the Bank's web site and in a variety of Canadian and international publications.

• Subject to the approval of the Minister of Finance and the federal Cabinet, the Bank’s independent directors appoint the next Senior Deputy Governor for a seven-year term.

https://www.bankofcanada.ca/2020/09/bank-canada-senior-deputy-governor-carolyn-a-wilkins-will-not-seek-second-term/

That's interesting BOC info. Thanks for sharing.

Makes one wonder who will be next?

Also, makes us speculate if there will be a Wilkins-Macklem signature change-overs to expect or will they wait for the next Deputy Governor (from Wilkins-Poloz)?

Two new signature combinations MAY be issued in Canada in the not too distant future

According to a Bank of Canada press release dated September 17, 2020, Senior Deputy Governor Carolyn A. Wilkins, whose signature appears on the polymer banknotes now in circulation, will not seek a second term. Her current term ends on May 1, 2021. The Board of Directors will now begin the search process to select her successor.

Press release:

https://www.bankofcanada.ca/2020/09/bank-canada-senior-deputy-governor-carolyn-a-wilkins-will-not-seek-second-term/?fbclid=IwAR3fFMRiIEbh0OM-2AzJKvpNDyvhb74jYNwTc631qY51HfKVhr0lHyBwzAg

Canadian banknotes (all denominations) now in circulation are signed by Carolyn A. Wilkins and Stephen S. Poloz (who served as Governor of the Bank of Canada from 2013 to 2020). The current Governor of the Bank of Canada is Richard Tiffany "Tiff" Macklem: he succeeded Stephen Poloz on June 3, 2020

https://www.bankofcanada.ca/2020/05/tiff-macklem-appointed-governor-bank-canada/?fbclid=IwAR0hrYN-yHN-yr0XiROv0wewjGy5FzMRCl67RIUGbMC7fbH-9-AwRL1xNSE

No Wilkins-Macklem banknotes have been issued to date. Will we see any, will any be printed before May 1, 2021, bearing the Wilkins-Macklem signatures? Time will tell... and when banknotes are printed after May 1, 2021, they will then contain the ??-Macklem signature combination.

Canada has issued polymer banknotes now with three different signature combinations:
 - Macklem-Carney
 - Macklem-Poloz
 - Wilkins-Poloz

The illustrated picture shows Stephen Poloz on the left and Carolyn Wilkins on the right (picture courtesy of the Bank of Canada Museum website).

https://www.flickr.com/photos/bankofcanada/14786853375/in/album-72157679201255840/

I personally think they're going to hold off until after Wilkins steps down to release a new signature combo.  I think for there to be no banknotes printed with a Wilkins/Macklem signature combo implies that the Bank of Canada knows Wilkins' initial term was expiring soon, so it would make sense to hold off until Wilkins' successor takes over before they think about printing fresh banknotes with the new signatures.

Or, maybe the reason for no new banknotes is likely due to the COVID-19 saga, which resulted in demand for cash being at a low point at this time.  However, it was stated that new $50 bills were scheduled to be printed late in the summer.  At this time, I have not heard tell of any new supply of $50 bills printed at this time, otherwise I would have seen or heard mention of prefixes such as GMD and GMF by now.