Governor David Dodge has informed the Bank of Canada's Board of Directors and the Minister of Finance that he will not seek a second term as Governor.

While Governor Dodge's term continues until 31 January 2008, he indicated he is making his plans known well in advance to facilitate the selection and appointment of his successor.

The Board of Directors will shortly form a Special Committee comprised of the independent directors whose mandate is to undertake a recruitment process for the selection of a Governor. Governors of the Bank of Canada are appointed by the independent directors, subject to the approval of the Minister of Finance and the federal Cabinet. The selection process is expected to be completed by the Fall.

Mr. Dodge became Governor of the Bank of Canada in February 2001, following many years in the federal public service, including positions as Deputy Minister of Finance and Deputy Minister of Health.