Save, make, understand money


Mervyn King given £10k portrait as retirement gift

Julia Rampen
Written By:
Julia Rampen

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.”

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.