Lord King Given £10,000 Gift For Retirement

Mervyn King has been given a £10,000 painting of himself from the Bank of England.

The portrait was one of several gifts the Bank's former Governor received following his retirement last month.

His leaving presents totalled £13,000 and also included a £597 silver napkin ring and a £2,505 sculpture of German politician and writer Johann von Goethe.

The cost to the Bank for marking Lord King's departure escalated further as it put on three events that added up to more than £10,000.

An evening reception was held on 26 June and cost £4,672 while there was also a £3,450 dinner the following day.

Another meal came in at £3,800, with flowers and invitations for all occasions costing £1,501.

The most recent figures to be published put Lord King's pension pot at £198,200 a year, but some reports suggest it is now worth much more.

Canadian banker Mark Carney succeeded Lord King, taking up the post as the Bank of England's new Governor on July 1.

Related stories:

Forward Guidance: A Monetary Policy Gamble

Carney Starts As Bank Of England Governor

King Heads Towards Bank Exit With A Smile

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