Sheryl Kennedy, Deputy Governor of the Bank of Canada, has been asked by the Bank's Board of Directors to serve as Deputy Governor, Financial Markets. She takes over the responsibilities formerly carried out by Tim Noël, who passed away last week.

Ms. Kennedy has been a Deputy Governor and member of the Bank's Governing Council since joining the Bank in 1994. The Governing Council takes collective responsibility for the Bank's affairs, including formulating and implementing monetary policy as well as dealing with broad organizational and strategic issues.

Most recently, Ms. Kennedy has been Deputy Governor responsible for the Bank's corporate services and its fiscal agency responsibilities for the federal government's retail debt program. Previously, she had responsibility for currency and the provision of banking services. Prior to joining the Bank, she served as General Director of the Financial Sector Policy Branch of the Department of Finance.

Born in Kingston, Ontario, Ms. Kennedy graduated with a bachelor's degree from the University of Waterloo in 1976 and also has a master's degree in public administration from Harvard University and certificates in finance and financial markets from the London School of Economics.

Ms. Kennedy joined the Government of Canada in 1980 and held various positions in Energy Mines and Resources Canada and the Department of Finance. She served as Finance Counsellor at the Canadian Embassy in Paris from 1990 to 1993 prior to becoming General Director of the Financial Sector Policy Branch of the Department of Finance.

Her new role as Deputy Governor, Financial Markets, is effective immediately.