Ron Morrow

Ron Morrow



Ron Morrow was appointed Advisor to the Governor in July 2018. In this role he is focused on advancing the Bank’s strategic objectives relating to retail payments and other financial market infrastructure issues. He is also responsible for leading several initiatives to explore potential improvements to the efficiency of the Canadian financial system. Ron represents the Bank on the Basel Committee on Banking Supervision and is the Chair of the Bank’s Pension Fund Investment Committee.

Mr. Morrow began his career at the Bank of Canada in 1992 and has worked in a number of different areas related to monetary policy and the Bank’s financial market activities. In 2010, Mr. Morrow became Managing Director of the Bank’s Funds Management and Banking Department, a position he held until his appointment as Managing Director of the Financial Stability Department in 2013.

Born in Thunder Bay, Ontario, Mr. Morrow received an honours bachelor of arts degree in economics, with a minor in mathematics, from the University of Waterloo. He also holds a master’s degree in economics from Queen’s University.

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Bank publications

Bank of Canada Review articles

November 16, 2000

Credit Derivatives

Credit derivatives are a useful tool for lenders who want to reduce their exposure to a particular borrower but are unwilling to sell their claims on that borrower. Without actually transferring ownership of the underlying assets, these contracts transfer risk from one counterparty to another. Commercial banks are the major participants in this growing market, using these transactions to diversify their portfolios of loans and other risky assets. The authors examine the size and workings of this relatively new market and discuss the potential of these transactions for distorting existing incentives for risk management and risk monitoring.
December 7, 1994

Repo, reverse repo and securities lending markets in Canada

Repurchase agreements (repos), reverse repos and securities lending markets permit a variety of institutions to conduct a broad range of financial transactions efficiently. In addition, they allow financial market participants to augment the returns on their cash holdings and securities portfolios. Canadian repo and securities lending markets have grown rapidly in recent years, following the expansion of such markets in major financial centres around the world; the volume of transactions in Canada now averages between $35 billion and $50 billion per day. The author notes that structural and regulatory changes in Canada have played important roles in promoting this growth. The vast majority of repo and securities lending transactions involve securities issued by the Government of Canada—principally Government of Canada bonds.

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Financial System Review articles

December 10, 2014

Cyber Security: Protecting the Resilience of Canada’s Financial System

Harold Gallagher, Wade McMahon and Ron Morrow examine the various sources of cyber attacks and their potential for systemic risk. Against this background, the report highlights efforts being made to protect against cyber-security threats, including individual and collective actions by financial institutions and financial market infrastructures, as well as initiatives by international organizations, regulatory authorities and governments. The authors then describe the coordination, under the Joint Operational Resilience Management program, of private and public sector actions in Canada for managing and testing capabilities during severe operational events such as cyber attacks.

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