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By David Ljunggren
OTTAWA Aug 8 Jean Boivin, the Canadian Finance
Ministry's second most powerful official and a man seen as a
potential candidate to head the Bank of Canada one day, is
leaving to take a job in the private sector, the ministry said
Boivin will leave on Aug. 29, a spokesman said, saying he
had no further details. Two-well placed sources earlier told
Reuters that ministry staff were told last week about Boivin's
The news came as a surprise, since Boivin had only taken up
his position as associate deputy minister in October 2012. He
also serves as Canada's representative to the Group of Seven,
the Group of 20 and the Financial Stability Board.
Boivin declined an interview request from Reuters, saying he
had no further details to share.
In an e-mail to staff announcing the move, the Finance
Ministry's deputy minister, Paul Rochon, said Boivin had
"consistently made outstanding contributions at the highest
Boivin moved to the Finance Ministry from the Bank of
Canada, where he had been a deputy governor from 2010 to 2012
and before that a special adviser to then-Governor Mark Carney.
Market players say he is a possible candidate to eventually
head the Bank of Canada.
Gaining experience outside the central bank and the federal
bureaucracy proved important for Carney and the current
governor, Stephen Poloz, who were both outsiders when named to
the top job and who both beat favored internal candidates.
Poloz, who started a seven-year term as governor in June
2013, had worked for the Bank of Canada for 13 years before
joining a private research firm. He later worked for Export
Development Canada, where he became president in 2011.
Carney spent 13 years at Goldman Sachs before joining the
Bank of Canada in 2003 as a deputy governor. He left after a
year to join the Finance Ministry and returned to the central
bank as governor in 2008.
In April this year, when Poloz named Lynn Patterson to the
bank's rate-setting governing council, he cited her "extensive
market experience and her understanding of financial-sector
issues" as a reason for her appointment.
The Finance Ministry spokesman had no information as to who
would replace Boivin as representative to the G7 and G20.
One obvious candidate, senior Finance Ministry official
Jeremy Rudin, was named as head of Canada's banking and
insurance regulator in June.
Boivin, who also co-chaired a G20 working group on strong
sustainable and balanced growth, was a professor before he
joined the Bank of Canada in 2009. He held the chair of monetary
policy and financial markets of the Institute of Applied
Economics at HEC Montreal, a university business school. He is
married with three young children.
(Reporting by David Ljunggren; Editing by Leslie Adler)