Diana Blakeney

Mervyn, now Lord King, also received a £597 silver napkin ring and a £2,505 sculpture of German playwright and scientist Johann von Goethe when he retired on July 1. The £13,000-worth of gifts were all paid for by the Bank of England, which is owned by the country. Three events were also held to mark his departure, which came to more than £10,000. An evening reception on June 26 cost £4,672, while a £3,450 dinner was held the following day. Another dinner was held on June 28 at a cost of £3,800, with the flowers and invitations for the three events coming to £1,501. 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. See PA story ECONOMY King. Photo credit should read: Diana Blakeney/Bank of England/PA Wire NOTE TO EDITORS: This handout photo may only be used in for editorial reporting purposes for the contemporaneous illustration of events, things or the people in the image or facts mentioned in the caption. Reuse of the picture may require further permission from the copyright holder.

Diana Blakeney/PA/Bank of England

On stepping down as governor of the Bank of England, Mervyn King was presented with this portrait of himself by artist Diana Blakeney. In addition to the £10,000 painting Sir Mervyn, now Lord King, received a £597 silver napkin ring and a £2,505 sculpture of German playwright and scientist Johann von Goethe when he retired on July 1. The £13,000-worth of gifts were all paid for by the Bank of England, which is owned by the country. Three events were also held to mark his departure, which came to more than £10,000. 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