The Bank of Canada announced today that Deputy Governor Sheryl Kennedy has decided to leave the Bank to pursue other interests. She will step down from her position effective 1 December 2008.

The Governor of the Bank of Canada, Mark Carney, expressed his appreciation for Ms. Kennedy's dedication, leadership and many contributions to the Bank during her 14-year career as Deputy Governor. "Sheryl's numerous contributions to the Bank of Canada range from her responsibilities as a member of the Executive Management Committee to her work as a member of the Governing Council in carrying out the Bank's monetary policy and financial stability mandates. She also served Canada with distinction internationally, including as Chair of the Bank for International Settlements (BIS) Markets Committee from 2003 - 2006."

"I will always cherish the dedication to excellence and commitment to public service shared by my colleagues here at the Bank of Canada and in central banks around the world. There never is a good time to move on, but after fourteen years as Deputy Governor, it is time to open a new chapter in my career," said Ms. Kennedy.

The Bank will launch a recruitment process for the Deputy Governor position shortly.