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Bank of Canada chief says ready to head G20 board
October 15, 2011 / 1:05 AM / 6 years ago

Bank of Canada chief says ready to head G20 board

(Reuters) - Canada’s central bank chief says he is ready to serve as head of the Financial Stability Board, the regulatory task force of the Group of 20 leading nations, if the G20 wants him to do the job.

Bank of Canada Governor Mark Carney speaks during a news conference upon the release of the Monetary Policy Report in Ottawa July 20, 2011. REUTERS/Chris Wattie

“If I‘m asked to do it I would serve,” Bank of Canada Governor Mark Carney said in an interview on CBC Television.

The FSB role would be on top of his day job at the Bank of Canada, he added in the interview, which CBC is broadcasting on Friday evening.

CBC said the interview was conducted on Thursday.

The FSB, currently headed by Bank of Italy Governor Mario Draghi, is charged with making sure bank regulations are strong enough to prevent financial crises of the type that triggered the economic problems of 2008 and after.

Canadian Finance Minister Jim Flaherty said Canada’s lobbying on behalf of Carney appeared to be paying off.

“I think we’re making progress (in winning support for Carney),” he told reporters in Paris where he and Carney are both attending a G20 finance ministers’ meeting.

Carney is a former Goldman Sachs banker who has won widespread respect for his handling of the financial crisis and general praise for his grasp of markets.

At a bankers’ meeting in Washington last month, he was at the butt end of a verbal attack by JPMorgan Chase Chief Executive Jamie Dimon for plans by global regulators to impose new capital surcharges and other regulations on the world’s most influential banks.

Carney has headed the Bank of Canada since 2008. He also chairs the Committee on the Global Financial System, a group within the Bank for International Settlements (BIS) in Switzerland, that seeks to detect and respond to threats of instability in the global financial system.

Switzerland’s Philipp Hildebrand has also been mooted as a candidate to head the FSB.

A decision is to be announced at the November 3-4 G20 summit.

Reporting by Randall Palmer in Paris and Janet Guttsman in Toronto, editing by Mike Peacock and Peter Galloway

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