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King Given $15,500 Portrait by BOE as Leaving Gift, MSN Reports

Mervyn King received a 10,000-pound ($15,500) painting of himself as a leaving present when he retired as Bank of England governor in June, MSN UK reported on its website, citing a Freedom of Information request.

King was given gifts worth a total of 13,000 pounds, including a 597-pound silver napkin ring and a 2,505-pound bust of German politician and writer Johann Wolfgang von Goethe, the news organization said. The BOE paid for the items with the approval of the Court, its governing body, MSN reported.

Three events to mark King’s departure were also held at the central bank costing more than 10,000 pounds, the news organization said. An evening reception on June 26 cost 4,672 pounds and a 3,450-pound dinner was held the following day, it reported. Another dinner was held on June 28 at a cost of 3,800 pounds, with 1,501 pounds spent on flowers and invitations for the events, MSN said.

King left the London-based central bank on June 30 and was succeeded by former Bank of Canada Governor Mark Carney. King will become a visiting professor at the New York University Stern School of Business and New York University School of Law in the fall.

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