The Board of Directors of the Bank of Canada today announced that, pursuant to Section 6 of the Bank of Canada Act, Paul Jenkins has been appointed Senior Deputy Governor of the Bank for a seven-year term. The appointment is effective immediately, in accordance with the approval given today by the Governor-in-Council.

The Board of Directors expressed their thanks to the previous Senior Deputy Governor, Malcolm Knight, for his excellent leadership in his years at the Bank and wished him well in his new position as General Manager of the Bank for International Settlements.

Mr. Jenkins brings to his new role a wealth of experience in the major policy areas of the Bank, where he has served as Deputy Governor for the past 10 years. Among his most recent duties, Mr. Jenkins has been responsible for the Bank's analysis of international economic and financial issues and liaison with related agencies, as well as the strategic direction and oversight of the Bank's public communications. He has been a member of both the Governing Council, which formulates monetary policy decisions, and the Executive Management Committee, which provides overall direction for the management of the Bank. In addition, Mr. Jenkins has provided leadership on major issues of importance to the evolving management of the Bank.

"I am delighted with the appointment of Paul Jenkins as Senior Deputy Governor," said Bank of Canada Governor David Dodge. "Paul has a deep understanding not only of economic and monetary policy issues but also of the Bank and its staff. I know he will provide energetic leadership in helping the Bank continue its tradition of excellence in promoting the economic and financial welfare of Canada."

Mr. Jenkins' career reflects his increasing level of responsibility since joining the Bank's Research Department in 1972. In 1978, he moved to the Department of Monetary and Financial Analysis and was named Deputy Chief of the Department in 1983. He became Chief of the Research Department in 1984, an Adviser to the Governor in 1989 and was appointed Deputy Governor in 1992. Mr. Jenkins joined the Bank following an undergraduate degree at the University of Western Ontario and completed his Masters studies at the London School of Economics and Political Science. In 1982-83, he furthered his studies in economics at Princeton University before returning to the Bank. Mr. Jenkins was born in St. Catharines, Ontario. He and his wife Sheila have three children.