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PRESS RELEASE

Signing of a tripartite protocol on the start of a Eurosystem Programme on Banking Supervision in Cairo

13 November 2005

On 13 November 2005, Jean-Claude Trichet, President of the European Central Bank (ECB), Dr. Klaus Ebermann, Head of the Delegation of the European Commission in Egypt, and Dr. Farouk El Okdah, Governor of the Central Bank of Egypt, signed a Tripartite Protocol to mark the start of a Eurosystem Technical Assistance Programme on Banking Supervision, to the benefit of the Central Bank of Egypt.

From the side of the Eurosystem, the programme involves the European Central Bank, in partnership with Deutsche Bundesbank, Bank of Greece, Banque de France, and Banca d’Italia. Personalities from the Partner Central Banks, namely the Governor of Banque de France, Christian Noyer, the Vice-President of Deutsche Bundesbank, Dr. Jürgen Stark, Prof. Vassilios Droukopoulos, Member of the Monetary Policy Council of Bank of Greece and Dr. Antonio Finocchiaro, Deputy Director General of Banca d’Italia, signed an expression of support.

The programme will be coordinated through a team of two resident Eurosystem staff members based at the Central Bank of Egypt in Cairo. Experienced supervisors from the Eurosystem central banks will be recurrently involved with visits to the Central Bank of Egypt. The programme will start on 1 December 2005 and is financed by the European Commission under the MEDA programme.

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Banco Central Europeu

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