Nout Wellink to continue as Chairman of the Board and President of the BIS

The Board of Directors of the Bank for International Settlements (BIS) today announced the re-election of Nout Wellink, President of the Netherlands Bank, for a second three-year term as Chairman of the Board and President of the BIS.

The term will commence on 1 March 2005 after the expiration of Mr Wellink’s current term of office at the end of February. He first assumed his responsibilities as Chairman of the Board and President of the BIS on 1 March 2002.

Members of the Board of Directors thanked Mr Wellink for his valuable contributions during his first term and welcomed his continued service to the Bank.