BIS Asian Consultative Council

12 March 2001

Press release

The BIS has today established an Asian Consultative Council (ACC), comprising the Governors of the BIS member Central Banks in the Asia/Pacific region. The purpose of the ACC is to provide a vehicle for communication between the Asian and Pacific members of the BIS and the Board and Management on matters of interest and concern to the Asian central banking community.

The ACC has been set up following thorough consultations with member central banks concerned about its purposes, organisational arrangements and specific tasks. The first Chairman of the Council will be Mr Ian Macfarlane, Governor of the Reserve Bank of Australia. The Secretariat Services for the Council will be provided by the BIS Representative Office for Asia and the Pacific in Hong Kong. The new body will meet at least once a year, with additional meetings at the initiative of members of the Council.

Mr Urban Bäckström, President of the BIS said, "I am delighted to announce this important initiative, which will further strengthen the already close ties between the BIS and its member central banks in the Asia Pacific region".

Mr Ian Macfarlane, Chairman of the ACC said, "I am honoured to be invited to serve as the first Chairman of the ACC. The BIS is playing a growing role in Asia, and the creation of the new Council will give Asia/Pacific central banks an increased voice in its activities".