Mortgage News
Mervyn King awarded portrait among £13,000 of retirement gifts
Sir Mervyn King was handed roughly £13,000 of leaving presents, including a £10,000 portrait of himself when he left the Bank of England in June.
The former governor was also presented with a £597 silver napkin ring and a £2,505 bust of the German thinker Johann von Goethe.
The gift list was obtained under the Freedom of Information Act by MSN UK.
The Bank of England said: “As with previous retiring governors, the bank commissioned a portrait of governor King, and presented him with a copy. This cost £10,000.
“In addition, the governor received a replica bust of Johann von Goethe. This cost £2,505.
“These costs were met by the Bank, with the approval of the court of directors.”
Are your clients ready for the first Making Tax Digital reporting deadline?
Sponsored by BM Solutions
A £4,672 evening reception and two dinners held to mark King’s departure set the central bank back more than £10,000 with £1,501 spent on flowers and invitations.
It is the Bank’s custom to present all senior departing directors with a silver napkin ring in the style of those used in the directors’ dining room. The bust of von Goethe was chosen based on recommendations from King’s family and friends.
A portrait of King is also understood to be hanging outside the office of his successor, the Canadian Mark Carney, along with portraits of other previous governors.