The Bank of Canada is appointing Lynn Patterson as deputy governor.

Starting on May 5, Patterson will replace retiring deputy governor John Murray. She joins the bank’s governing council, which is the bank’s policy-making body.

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Since June 2013, Patterson has been special adviser to BoC Governor Stephen Poloz and senior representative for financial markets at the bank’s Toronto office. She’s led the team responsible for maintaining ties to the financial community and analyzing financial markets, institutions, products and regulations. As deputy governor, she’ll work in Toronto and Ottawa.

Patterson has an honours degree in business administration from the University of Western Ontario and is a Chartered Financial Analyst. She has more than 25 years of experience in capital markets, risk oversight and senior management roles, including as president and country head for Bank of America Merrill Lynch Canada.

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With today’s appointment, Poloz shuffled responsibilities among the Bank’s governing council members.

Together with Poloz and incoming senior deputy governor Carolyn Wilkins, the four deputy governors share responsibility for decisions with respect to monetary policy and financial system stability, and for setting the strategic direction of the bank.

Deputy governor Agathe Côté, who has 30 years of experience in the Bank’s analytical departments, is responsible for domestic economic analysis. Oversight of the bank’s analysis and activities to promote a stable and efficient financial system will be the responsibility of Patterson and deputy governor Lawrence Schembri, who has extensive knowledge of and leadership in international financial reform. Deputy governor Timothy Lane will oversee the bank’s international economic analysis.

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