Patterson, whose appointment is effective May 5, fills the vacancy created by the retirement in May of deputy governor John Murray. As deputy governor, she joins the central bank's governing council, which is the bank's policy-making body.
Since June 2013, Patterson has been a special adviser to the central bank's governor and senior representative for financial markets at its Toronto regional office.
"She has led the team responsible for maintaining strong relationships with Toronto’s financial community and contributing to the bank’s analysis of financial markets, institutions, products and regulations," the bank's board of directors said in a statement.
“Lynn’s extensive market experience and her understanding of financial sector issues make her a terrific addition to governing council,” said bank governor Stephen Poloz. “Lynn joins an exceptional team of leaders whose expertise helps the bank perform all of its functions with the excellence and credibility that Canadians deserve."
As deputy governor, the Chatham, Ont., native will divide her time between the Toronto regional office and its Ottawa headquarters.
With the appointment, Poloz also announced a reallocation of responsibilities among governing council members, with oversight of its analysis and activities to promote a stable and efficient financial system becoming the responsibility of Patterson and deputy governor Lawrence Schembri, who has extensive experience in the area of international financial reform.
Deputy governor Timothy Lane, an economist with 20 years of experience at the International Monetary Fund, will oversee the bank’s international economic analysis, while domestic economic analysis remains the responsibility of deputy governor Agathe Cote, who has 30 years experience in the bank’s analytical departments.
Together with Poloz and incoming senior deputy governor Carolyn Wilkins, the four deputy governors share responsibility for decisions on monetary policy and financial system stability, and for setting the strategic direction of the bank.