New President

At its meeting on 10th March 1997 the Board of Directors elected Alfons Verplaetse, Governor of the National Bank of Belgium, to the positions of Chairman of the Board and President of the Bank for International Settlements for a period of three years commencing on 1st July 1997.

Alfons Verplaetse will succeed W.F. Duisenberg, who will be retiring as President of De Nederlandsche Bank on 30th June 1997 and whose term of office as Chairman of the Board and President of the Bank for International Settlements expires on the same date.

At its meeting today the Board of Directors expressed to W.F. Duisenberg its deep gratitude for the outstanding services he has rendered to the Bank during his 15 years as a member of the Board, including two terms as Chairman of the Board of Directors and President of the Bank. As Chairman and President he has guided the Bank with skilful and firm leadership and has reinforced its role as a forum for cooperation among central banks.