New Guv'nor To Be Announced At 3.30Pm

[Jack's Creation]

He's appointed by Osborne. Who didn't win the election

If you are saying that he didn't win the election and doesn't hold a mandate, then I'm sure you'll be able to tell us who did and who they should have appointed?

[interestrateripoff]

Has it been approved by the giant squid?

[Sledgehead]

Carney the Loonie it is

Edited November 26, 2012 by Sledgehead

[Democorruptcy]

Mark Carney ex-Goldman Sachs

Edited November 26, 2012 by Democorruptcy

[R K]

Carney.

My edit hedge paid off.

[/url]

HM Treasury ‏@hmtreasury HM Queen has approved the appointment of Mark Carney as the next Governor of the Bank of England

Queen approves the Goldman Sachs loonie

https://twitter.com/hmtreasury' rel="external nofollow"> Edited November 26, 2012 by R K

[Blue Peter]

Anyone any idea what that might mean for HPC?

He seems to have come out of the blue,

Peter.

[Blue Peter]

Has it been approved by the giant squid?

Yup, ex-Goldman,

Peter.

[thecrashingisles]

Mike Carney ex-Goldman Sachs

Mike or Mark (ex-Canadian Governor)? Mark Carney is quite hawkish if I recall correctly.

[mikthe20]

Yup, ex-Goldman,

FFS!

[19 year mortgage 8itch]

Anyone any idea what that might mean for HPC?

He seems to have come out of the blue,

Peter.

Hmmm...

http://www.housepricecrash.co.uk/forum/index.php?showtopic=177637

[thecrashingisles]

In August Carney was ruling himself out.

http://business.financialpost.com/2012/08/09/rate-hike-still-on-the-table-carney-says/

Such is Canada’s reputation that there has been speculation in England that Carney himself might succeed Mervyn King as governor of the Bank of England next year. Carney ruled out that possibility though.

“I’m very focused on my post at the Bank of Canada and the Financial Stability Board, and I look forward to working with the new or the next Governor of the Bank of England,” he said.

When asked whether his answer meant he would never consider the job, Carney answered, “Yes.”

[Snafu]

So Tucker didn't get it because of Libor ...ahm....ehm...well because of Libor then? Or what was his name? It was Tucker wasn't it?

[Sledgehead]

Anyone any idea what that might mean for HPC?

"Sweden and Canada, which in the 1990s took the axe to public spending to reduce their vast levels of debt, have both been cited admiringly by the chancellor and Nick Clegg, the deputy prime minister."

He seems to have come out of the blue,

hardly

[Democorruptcy]

Mike or Mark (ex-Canadian Governor)? Mark Carney is quite hawkish if I recall correctly.

Edited it to Mark.

His track record in Canada re housing

http://www.crackshackormansion.com/

http://canadabubble.com/

[Monkey]

http://en.wikipedia.org/wiki/Mark_Carney

Career[edit] Goldman SachsBefore joining the Canadian public service, Carney spent thirteen years with Goldman Sachs in its London, Tokyo, New York and Toronto offices. His progressively more senior positions included co-head of sovereign risk; executive director, emerging debt capital markets; and managing director, investment banking. He worked on South Africa's post-apartheid venture into international bond markets, and was involved in Goldman's work with the 1998 Russian financial crisis.[4]

Goldman's role in the Russian crisis was criticized at the time because while the company was advising Russia it was simultaneously betting against the country's ability to repay its debt.[6]

[edit] Department of FinanceBetween November 2004 and October 2007 Carney was senior associate deputy minister, and G7 deputy, at the Canadian Department of Finance. He served under Liberal finance minister Ralph Goodale and Conservative finance minister Jim Flaherty. During that time Carney oversaw the government's controversial plan to tax income trusts at source.[7]

Carney was also the "point man" in the government's profitable sale of its 19 percent stake in Petro-Canada.[8][9]

[edit] Bank of Canada[edit] Deputy governor, 2003-2004Carney first joined the Bank of Canada as a deputy governor on August 5, 2003.[10] About a year later he was seconded to the federal Department of Finance as senior associate deputy minister of finance, effective November 15, 2004.[11]

Mark Carney at the 2010 World Economic Forum, Davos, Switzerland[edit] Governor, 2008-presentCarney returned to the Bank in November 2007 after his appointment as Governor, and served as advisor to retiring Governor David Dodge before formally assuming Dodge's job on February 1, 2008.[2] Carney was selected over Paul Jenkins, the Senior Deputy Governor, who had been considered the front-runner to succeed Dodge.[12] Carney took on this role during the depths of the recent global financial crisis. At the time of his appointment, Carney was the youngest central bank governor among the G8 and G20 groups of nations.[13]

[edit] The financial crisisCarney's actions as the Bank of Canada's governor are said to have played a major role in helping Canada avoid the worst impacts of the financial crisis that began in 2007.[14][15] The Canadian economy outperformed those of its G7 peers during the crisis, and Canada was the first G7 nation to have both its GDP and employment recover to pre-crisis levels.

The Bank's decision to provide substantial additional liquidity to the Canadian financial system,[16] and its unusual step of announcing a commitment to keep interest rates at their lowest possible level for one year,[17] appear to have been significant contributors to Canada's weathering of the crisis.[18]

Canada's risk-averse fiscal and regulatory environment is also cited as a factor. In 2009 a Newsweek columnist wrote, "Canada has done more than survive this financial crisis. The country is positively thriving in it. Canadian banks are well capitalized and poised to take advantage of opportunities that American and European banks cannot seize."[19]

[edit] Financial Stability BoardOn November 4, 2011, Carney was named chairman of the Basel-based Financial Stability Board. In a statement, Carney credited his appointment to "the strong reputation of Canada's financial system and the leading role that Canada has played in helping to develop many of the most important international reforms." The three-year term is a part-time commitment, allowing Carney to complete his term at the Bank of Canada. While there has been no indication of his priorities as chairman, on the day of his appointment the Board published a list of 29 banks that were considered sufficiently large as to pose a risk to the global economy should they fail.[20][21] At his first press conference as Chair of the FSB in January 2012, Carney laid out his key priorities for the Board.[22]

[edit] RecognitionCarney has earned various accolades for his leadership during the financial crisis. He was named one of the Financial Times' Fifty who will frame the way forward,[23] and of Time magazine's 2010 TIME 100.[24] In May 2011, Reader's Digest magazine named him Editor's Choice for Most Trusted Canadian.[25]

He sits on the board of directors of the Bank for International Settlements and was chairman of its Committee on the Global Financial System from July 2010 until January 2012.[26] Carney is also a member of the Group of Thirty, an international body of leading financiers and academics, and of the Foundation Board of the World Economic Forum.[27][28] In 2012, Carney attended the 60th Bilderberg Group meeting in Chantilly, Virginia.[29]

In October 2012 Carney was named Central Bank Governor of the Year 2012 by the editors of Euromoney magazine.[30]

[edit] Governor of the Bank of EnglandOn 26th November 2012 Carney was appointed Governor of the Bank of England.

[R K]

In August Carney was ruling himself out.

http://business.fina...le-carney-says/

Goldman Sachs

and lies to the media

Ideal candidate then

Perhaps he can help advise Osborne on how to hide the deficit a la Greece.

Depressing.

Edited November 26, 2012 by R K

[Errol]

This beggars belief. Goldman ...

[Venger]

Hmmm...

http://www.housepric...howtopic=177637

You beat me to it.

Mark Carney has a dilemma: He views record high household debt the number one domestic risk to the economy, but believes he would hurt the recovery if he raised interest rates to slow borrowing.

As long as rates remain low, reports suggest Canadians can afford the homes they have bought

Record levels of debt may not seem like much of a concern as long as home prices keep rising and interest rates remain rock-bottom, he concedes.

[mikthe20]

Ed Balls saying what a good appointment it is. All we need to know!

[200p]

Well that's £7 gone on my bet on Gordon Brown! 200 to 1!

[Democorruptcy]

Ed Balls slipped up there....

"He is coming in at what is said to be a difficult sterling.... err... err.. err.....err.... a difficult stern economic environment

[Bruce Banner]

Osborne

http://www.housepricecrash.co.uk/forum/index.php?showtopic=177113&view=findpost&p=909006066

[nmarks]

According to Wikipedia:

On 26th November 2012, he was announced as the next Governor of the Bank of England by British Chancellor of the Exchequer George Osborne. He will assume the position on 1st July 2013.

He's Canadian, from the North West Territories apparently. Does that mean our economy is headed Due South?

What's happening with Paul Tucker? Is he tarnished by the LIBOR scandal?

Have they gone for a Canadian so when it all goes tits-up they can blame the outsider? I mean, has he been recruited as a sacrificial lamb, for Tucker to come in later after armageddon?

Edited November 26, 2012 by nmarks

[Venger]

The proportion of Canadians in a stretched financial position “has grown significantly,” Carney said in his speech -- entitled “Living with Low for Long” -- adding that authorities continue to monitor households’ finances.

“The level of vulnerabilities of households remains high” Carney said at the press conference. “The authorities are cooperating closely, we are continuing to monitor the situation closely.”

“We have debt levels that are unprecedented in this country,” Carney said in an interview broadcast today on BNN Television. “We are in uncharted territory.”

Instead of central bankers constantly monitoring households' finances, how about sparing a thought for non owners and giving them a chance to enter the market without huge jumbo mortgages.

http://www.housepricecrash.co.uk/forum/index.php?showtopic=156208

[punter]

So Goldman Sachs have one of their own as the Central banker in London to continue to bail them out and their subsidiaries or wherever they have exposure. Handy that.

Meet the new boss, same as the old boss.