The Board of Directors of the Bank of Canada today announced the appointment of David Longworth and Mark Carney as Deputy Governors of the Bank. These appointments fill the vacancies created by the recent appointment of Paul Jenkins as Senior Deputy Governor, and by the planned retirement later this year of Deputy Governor Charles Freedman.

Mr. Longworth has had a wide-ranging career since joining the Bank as an economist in 1974. He has assumed increasingly more senior responsibilities, most recently as Adviser to the Governor. Prior to becoming Adviser, he held various key positions, including Chief of Research, Chief of Monetary and Financial Analysis, and Deputy Chief of the International Department. Mr. Longworth has a Masters degree in economics from the University of Alberta, and a PH.D. in economics from the Massachusetts Institute of Technology. Born in Edmonton, Alberta, Mr. Longworth is married with two children. His appointment is effective immediately.

Mr. Carney is joining the Bank following a career at Goldman Sachs, where most recently he has been a Toronto-based Managing Director in the Investment Banking Division. Mr. Carney has broad Canadian and international experience dealing with a wide range of financial issues. He brings a breadth of knowledge of diverse financial market and policy environments, having worked in Asia, Europe, the United States and Canada on complex financial initiatives. Mr. Carney has an economics degree from Harvard University, and a Masters degree and D.Phil. in economics from Oxford University. Born in Fort Smith, the Northwest Territories, Mr. Carney is married with two children. His appointment takes effect 5 August 2003.

Bank of Canada Governor David Dodge welcomed the appointments. "Mr. Longworth and Mr. Carney possess exceptional economic and financial expertise that will be vital in helping the Bank promote the economic and financial welfare of Canada," Governor Dodge said.