Carney not a candidate for BoE job

Mark Carney, the Governor of the Bank of Canada. (File Photo)

Mark Carney, the Governor of the Bank of Canada. (File Photo)

REUTERS

, Last Updated: 9:58 AM ET

Bank of Canada Governor Mark Carney indicated on Wednesday he will not be a candidate to succeed Mervyn King as head of the Bank of England, dampening lingering speculation that he would seek the job.

In April, the Bank of Canada dismissed a media report as inaccurate that said Carney had been approached as a possible candidate to take over the central bank when King stands down at the end of June 2013.

But the denial was not viewed as very forceful and the rumors persisted.

Carney, who is also the chairman of the Financial Stability Board — a G20 body overseeing global financial reform — said in an interview with CTV television in London that he had not been approached by the court of the Bank of England about the job, nor had he discussed it with Prime Minister David Cameron.

“I have my job as governor of the Bank of Canada and absolutely intend to fulfill that role. I also have the responsibilities of the FSB. I look forward to working with the next governor of the Bank of England and I’m sure that this government has many options to fulfill that role,” Carney said in an audio file of the interview distributed to other media.

When asked whether he would be interested once the selection process is formally launched, he answered, “I am interested in my own role.”

Carney’s untarnished reputation and connections to England - he worked there for years and his wife is British — led to bets he would be a welcome contender at a time when financial scandals have rocked the City of London.

Bank of England Deputy Governor Paul Tucker was seen as the front runner for the governorship, but his apparent failure to recognize early warnings that the Libor interest rate was being rigged has cast doubt on him.

Gus O’Donnell, a top civil servant, and Adair Turner, Financial Services Authority Chairman, are also seen as strong candidates.

 


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