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VICE PRESIDENT BART LE BLANC TO LEAVE EBRD

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Bart le Blanc, Vice President, Finance at the European Bank for Reconstruction and Development (EBRD), has announced his decision to leave the Bank at the end of this year.

"Bart le Blanc has made an outstanding contribution to the EBRD," said Jacques de Larosiere, President of the EBRD. "The disciplined budgetary measures he has introduced, his thoroughly professional and innovative approach to Treasury management, as well as his success in strengthening financial reserves, have all greatly contributed to the Bank's solid financial position."

"Mr le Blanc is leaving the EBRD in good shape, with a strong basis for future profitability", he added.

Mr le Blanc introduced modern budgetary measures and instruments that have reinforced the Bank's fiscal discipline. With strong emphasis on risk management, he established prudent provisioning policies and gave priority to building up the Bank's reserves. Provisions and reserves have now exceeded ECU 500 million, or approximately 12 per cent of total disbursements.

Mr le Blanc, who joined the EBRD in November 1990 as its first Secretary General and was appointed Vice President, Finance, in September 1994, joins Caisse des Depots et Consignations in Paris.

A successor to Mr le Blanc will be appointed by the EBRD's Board of Directors on the recommendation of the Bank's President, who will make a recommendation shortly.

SOURCE EBRD



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