Sir Mervyn King's presents include a huge £10,000 portrait of himself and a £597 silver napkin ring Governor retires with presents and parties costing £23,000 Gifts included portrait, napkin ring and £2,505 bust of German politician Sir Mervyn King quit the Bank of England with leaving parties and presents costing more than £23,000, including a huge portrait of himself, it emerged today. The 65-year-old was also presented with a silver napkin ring costing £597 and a £2,505 sculpture of a German politician. As well as buying the presents, the Bank also footed the bill for three leaving parties at a total cost of more than £10,000. Gift: Sir Mervyn King was given a copy of this portrait by Diana Blakeney as part of his farewell from the Bank of England Sir Mervyn stepped down as governor in July after a decade in charge at the Bank. But the eye-watering bill for his farewell gifts and gatherings lifts the lid on the extravagant culture which appears to exist in Threadneedle Street. It is all the more embarrassing because Sir Mervyn was an outspoken supporter of the need for austerity. Sir Mervyn, who reportedly retired with a gold-plated pension worth £6.3million, was showed with gifts on his departure. He received a copy of a £10,000 portrait of himself by artist Diana Blakeney, MSN UK reported. The original is hanging outside the office of the new governor, Canadian Mark Carney. Fond farewell: Sir Mervyn King left the Bank of England with a portrait of himself, a silver napkin ring and a bust of German politician Johann von Goethe Largesse: Critics said the revelations reveal the apparent culture of extravagance at the Bank, which has preached the virtues of austerity He was also presented with a bust of German politician and writer Johann von Goethe, because his family said it was what he really wanted. Responding to a freedom of information request, the Bank of England said it gave Sir Mervyn a £597 silver napkin ring because it is traditional. Successor: Canadian Mark Carney took over as governor in July All departing senior directors get a replica of the rings used in the directors' dining room. The Bank added: "As with previous retiring governors, the bank commissioned a portrait of governor King, and presented him with a copy. This cost £10,000. In addition, the governor received a replica bust of Johann von Goethe. This cost £2,505. These costs were met by the bank, with the approval of the court of directors. It also emerged the Bank paid for three events to mark Sir Mervyn's departure at a cost of £10,000, including £1,500 for flowers and invitations for an evening reception and two dinners. Labour MP George Mudie told MSN: "If I compare what happened to him and what happens to a nurse or teacher when they retire, I think ordinary people will be outraged at a time of austerity that such money should be lavished on someone who has a £198,000 pension. "It is completely inappropriate, particularly in terms of austerity," the member of the Treasury select committee added. Mr Carney has struck a more upbeat tone about the British economy since taking over. Last week he raised growth forecasts for this year from 1.2 per cent to 1.4 per cent and for next year from 1.7 per cent to 2.5 per cent.