Host Country Agreement opens the way for the establishment of a BIS Representative Office for the Americas

The Bank for International Settlements (BIS) is pleased to announce that negotiations have been concluded with the Mexican Government concerning the legal arrangements for establishing a BIS Representative Office for the Americas in Mexico City. The Host Country Agreement was signed on 5 November 2001 and will become effective following approval by the Mexican Senate and the Board of the BIS.

The Representative Office, which is expected to open early next year, will serve as a centre for the activities of the BIS in the Americas and will, in particular, aim to strengthen further relations between the BIS and central banks and monetary authorities in the region.

The Representative Office for the Americas will be the BIS's second Representative Office outside its headquarters in Basel, Switzerland, following the establishment of a Representative Office for Asia and the Pacific in Hong Kong Special Administrative Region of the People's Republic of China, in 1998.

Following the signing of the Agreement yesterday, the Banco de México issued a news release on the event, which can be found on its website ( www.banxico.org.mx).

Andrew Crockett, General Manager of the BIS, commented: "This agreement augurs well for the future activities of the BIS Representative Office for the Americas and underscores the importance of its mission to foster cooperation in the area of monetary and financial stability."