New Bank of Canada senior deputy governor appointed, signature combo coming

Updated signature combinations featuring Macklem, Rogers expected by mid-2022

Collectors can expect an updated banknote signature combination by the middle of next year, about six months after Winnipeg-born finance executive Carolyn Rogers takes on the Bank of Canada’s second-highest position for a seven-year term.

Set to assume the senior deputy governor role on Dec. 15, Rogers will conclude her work at the Swiss-based Basel Committee on Banking Supervision before relocating to Ottawa with her family later this year. Appointed to the role on July 12, Rogers will replace Carolyn Wilkins, who resigned last December.

Rogers’ appointment was made by independent members of the bank’s board and approved by the federal cabinet, according to a statement issued by the bank this summer. In her new role, Rogers will oversee the bank’s strategic planning and operations, providing “leadership to the bank’s role in promoting a stable and efficient financial system,” the statement added. As a member of the bank’s governing council, she will also share responsibility for the conduct of monetary policy. She will also join the bank’s board of directors.

“Carolyn Rogers’ wide-ranging experience and unique set of skills superbly complement those of Governor Tiff Macklem and rest of the bank’s governing council,” said Claire Kennedy, the lead director and chair of the special committee of the board of directors. “Her deep knowledge of the Canadian financial system, federal and provincial financial institutions, and payments systems will be invaluable to the Bank in its financial stability responsibilities, and its continued work on payments modernization, central bank digital currency, climate risks and the digitalization of the economy and financial system.”

A $5 note issued in 2020 with the ‘INE’ prefix features the Wilkins-Macklem signature combination.

BANKNOTE SIGNATURES

Because Canadian banknotes feature the signatures of the central bank’s current governor and senior deputy governor, notaphilists should have a second signature combination to add to their polymer note collections in mid-2022.

Last September, Macklem’s signature began appearing on $5 banknotes alongside outgoing Senior Deputy Governor Wilkins.

Macklem, who resigned after four years as senior deputy governor in 2014, rose to the bank’s helm, replacing former governor Stephen Poloz, in June 2020.

The prefix and serial number of the last $5 note with Wilkins-Poloz signatures are “IND 8981999” while the prefix and serial number of the first $5 note with Wilkins-Macklem signatures are “IND 8982000,” according to the bank.

CAROLYN ROGERS

A Winnipeg native, Rogers currently serves as the secretary-general of the Basel Committee on Banking Supervision.

From 2016-19, Rogers served as the assistant superintendent of the regulation sector at the Office of the Superintendent of Financial Institutions (OSFI), where she was responsible for OSFI’s policy-related functions, including capital, accounting and legislation. Before joining OSFI, she served as the superintendent and chief executive officer of the integrated financial sector regulator of British Columbia, the Financial Institutions Commission from 2010-16. She chaired the Independent Advisory Group on Real Estate Regulation in British Columbia. She also chaired the Canadian Council of Insurance Regulators and the Canadian Credit Union Prudential Supervisors’ Association.

“I am delighted that Carolyn Rogers will be joining our team,” said Macklem. “Her domestic and international experience will bring a diverse perspective to the bank. She is also a strong senior leader and strategic thinker—invaluable skills as the bank charts an ambitious path to best serve Canadians.”

Before entering the provincial public service, Rogers worked in various roles in the private sector, including as the chief financial officer and chief executive officer of a private company. She also worked in the financial services sector at several credit union organizations and a major bank.

Rogers is a chartered professional accountant, holds a bachelor of arts from Brandon University, a master of business administration from Queen’s University and has completed the Institute of Corporate Directors program.

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