The Prime Minister announced today that Tiff Macklem, Deputy Governor of the Bank of Canada, has been appointed Associate Deputy Minister of Finance, effective 1 November. Mr. Macklem will also serve as Canada's Finance Deputy at the G-7, G-20, and the Financial Stability Forum.

Mr. Macklem will replace Mark Carney in these roles. Mr. Carney was recently appointed the next Governor of the Bank of Canada, effective 1 February 2008 and is joining the Bank of Canada as an Adviser to the Governor effective 1 November.

Bank of Canada Governor David Dodge expressed his appreciation for Mr. Macklem's contribution to the Bank's domestic and international work during his 20-year career at the Bank. "Tiff will continue to contribute to public policy in his new role at the Department of Finance, and we wish him well," Governor Dodge said.

The Bank will undertake a recruitment process for the Deputy Governor position in January.