Patterson appointment adds to Western Bank of Canada influence

With her appointment as Deputy Governor of the Bank of Canada, Lynn Patterson becomes the latest of Western alumni to join the bank’s Governing Council. In fact, her rise puts Western economists at four of the top six positions at the bank, including governor, senior deputy governor and two of four deputy governor posts.

“Lynn’s extensive market experience, and her understanding of financial sector issues, make her a terrific addition to Governing Council,” said Stephen S. Poloz, Governor of the Bank of Canada. “Lynn joins an exceptional team of leaders whose expertise helps the bank perform all of its functions with the excellence and credibility that Canadians deserve. I am excited to be working more closely with Lynn in this important role.”

Patterson, HBA’83, began her term earlier this week.

Since June 2013, Patterson has been special adviser to the governor and senior representative for financial markets at the bank’s Toronto regional office. She has led the team responsible for maintaining strong relationships with Toronto’s financial community and contributing to the bank’s analysis of financial markets, institutions, products and regulations. As deputy governor, Patterson will divide her time between the Toronto regional office and the bank’s Ottawa headquarters.

A native of Chatham, Ont., Patterson 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.

Western economists now dominate the ranks of the Governing Council, the bank’s policy-making body.

Together with Poloz, and 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.

Poloz, MA’79, PhD’82, started his term as governor in June 2013. Born in Oshawa, Ont., Poloz has more than 30 years of public and private sector experience in financial markets, forecasting and economic policy. He first joined the bank in 1981.

Wilkins, MA’88, started her term as senior deputy governor May 2. Born in Peterborough, Ont., Wilkins has held a broad range of senior analytical roles at the Department of Finance and the Privy Council Office. She joined the bank in 2001.

Wilkins will become the bank’s highest-ranking woman ever when she assumes the role as Poloz’s No. 2 from alumnus Tiff Macklem, MA’84, PhD’89.

Timothy Lane, PhD’83, started his term as one of four deputy governors in February 2009. Born in Ottawa, Ont., Lane served for 20 years on the staff of the International Monetary Fund (IMF) in Washington, D.C., where he contributed to the IMF’s work on a number of countries. He joined the bank in 2008.

Patterson, along with fellow Deputy Governor Lawrence Schembri, will oversee the bank’s analysis and activities to promote a stable and efficient financial system. Lane will oversee the bank’s international economic analysis.