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Mr Michael G. Tutty has been appointed Vice-President ofthe European Investment Bank by its Board of Governors. An Irish citizen, hetakes up the post, held until recently by Mr P-L Gennimatas, from 16 October2000.

Before taking up his new postion, Mr Tutty served from1994 as Second Secretary General in Charge of Budget and Economic Division inthe Department of Finance in Dublin. He was responsible for overall strategy andco-ordination of the budget, tax policy, economic policy and forecasting, aswell as being a member of the European Union Tax Policy Group and Code ofConduct Group, and of the EU Economic and Financial Committee.

He gained a Bachelor's Degree in Commerce and aMaster's Degree in Economic Science from University College Dublin and then aMaster's Degree in Strategic Management in the Public Sector from TrinityCollege, University of Dublin. He joined the Department of Finance in Dublin in1968 as an Administrative Officer, becoming Assistant Principal Officer in 1973,before moving to the Budget Section in 1981, responsible for budgetco-ordination and VAT and Customs Excise Duty policy. In 1985, he moved to theFinance Division to work on international monetary issues, including exchangerate policy, liberalisation of capital movements and IMF/World Bank issues.

He was promoted to Assistant Secretary General in theFinance Division, 1987-1994, responsible for: coordination of EU affairs,including ECOFIN and EU budget and EU Treaty negotiations, such as EMU aspectsof the Maastricht Treaty; regional policy, including the Structural Funds,preparation of Ireland's National Development Plans, and negotiation ofCommunity Support Frameworks; exchange rate policy, banking legislation andpolicy on supervision of financial institutions; and the Department's AccountsBranch. He served as Alternate Member of the EU Monetary Committee and Chairmanof the Alternates (1993-1994).

Mr Tutty is an Associate of the Institute of CharteredSecretaries and Administrators, and a Member of the Council of the IrishInstitute of European Affairs as well as the Foundation for Fiscal Studies andthe Statistical and Social Inquiry Society of Ireland. He was born in Dublin on28 May 1946.

The EIB's Management Committee is composed of thePresident and seven Vice-Presidents appointed by the Bank's Board of Governorson a proposal from the Board of Directors. A collegiate executive body, theManagement Committee oversees day-to-day business at the EIB, recommendsfinancing decisions, as well as management and lending policy decisions to theBoard of Directors and ensures that these are implemented.