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REVELATIONS PAINT A PICTURE OF BANK'S CASH SPLASH.

FORMER Governor of the Bank of England Sir Mervyn King was presented with a PS10,000 painting of himself as a leaving present when he stood down.

Sir Mervyn, now Lord King, also received a PS597 silver napkin ring and a PS2,505 sculpture of German playwright and scientist Johann von Goethe when he retired on July 1. The PS13,000-worth of gifts were all paid for by the Bank of England.

Three events were also held to mark his departure, which came to more than PS10,000.

An evening reception on June 26 cost PS4,672, while a PS3,450 dinner was held the next day.

Another dinner was held on June 28 at a cost of PS3,800, with the flowers and invitations for the three events coming to PS1,501.

The information emerged following a freedom of information request from msn.com, with the Bank of England insisting the gift of the silver napkin ring is normal for all departing senior directors.

The response said: "As with previous retiring governors, the Bank commissioned a portrait of Governor King and presented him with a copy. This cost PS10,000.

"In addition, the Governor received a replica bust of Johann von Goethe. This cost PS2,505.

"These costs were met by the Bank, with the approval of the court of directors."

Lord Mervyn was replaced by Canadian Mark Carney who became the first non-British citizen to govern the Bank.

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GIFTS Lord King received a silver napkin ring, PS10,000 painting and a PS2,505 sculpture
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Title Annotation:Business
Publication:The Journal (Newcastle, England)
Date:Aug 15, 2013
Words:258
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