Lynn Patterson was appointed Deputy Governor, effective May 2014. In this capacity, she is one of two deputy governors responsible for overseeing the Bank’s analysis and activities in promoting a stable and efficient financial system. As a member of the Bank’s Governing Council, she shares responsibility for decisions with respect to monetary policy and financial system stability, and for setting the strategic direction of the Bank.
Before her appointment, Ms. Patterson served as Special Adviser to the Governor and Senior Representative (Financial Markets) at the Bank’s Toronto Regional Office, a position to which she was appointed in June 2013.
Ms. Patterson has an honours degree in Business Administration from the University of Western Ontario and is a Chartered Financial Analyst. Ms. Patterson has more than 25 years’ experience in capital markets, risk oversight, and senior management roles, including as President and Country Head for Bank of America Merrill Lynch Canada. In that role she was responsible for developing and implementing the company’s strategy for growing its franchise in all products and services in Canada. Prior to her appointment as President and Country Head, she held a variety of positions at the firm within the fixed income and equity sales and trading platforms.
Before joining Merrill Lynch in 1999, Ms. Patterson held a number of senior positions with several leading organizations including Goldman Sachs Canada, where she was National Sales Manager of Fixed Income, and the Ontario Teachers' Pension Plan Board, where she was a fixed income portfolio manager. She also held various trading positions with JP Morgan Canada and CIBC Wood Gundy.
Ms. Patterson has served on the Government of Ontario’s Economic Advisory Panel and is a recipient of the Diamond Jubilee Medal as a builder and innovator in Canada’s investment industry.
In our Financial System Review, we identify the main vulnerabilities and risks to financial stability in Canada and explain how they have evolved over the past year. This issue reflects the Bank’s judgment that the vulnerabilities associated with high household debt and imbalances in the housing market have declined modestly but remain significant. The Financial System Review is a product of the Governing Council of the Bank of Canada: Stephen S. Poloz, Carolyn A. Wilkins, Timothy Lane, Lawrence Schembri, Lynn Patterson and Paul Beaudry.
Deputy Governor Lynn Patterson discusses the efforts in multiple jurisdictions to strengthen LIBOR and similar benchmarks and work underway in Canada to consider a new risk-free benchmark for the Canadian dollar market.