By letter dated 23 November 2009, the Portuguese Republic nominated Prof. Álvaro Aguiar (Chief Economist at the Cabinet of the Minister of State and Finance) for appointment as a Full Member of the Board of Directors following the resignation from the Board of Directors on 19 November 2009 of Prof. de Sousa Pereira.

By letter dated 2 December 2009, the Board of Governors were invited to vote on the proposed appointment.

The decision to nominate Prof. Álvaro Aguiar was taken on 17 December 2009, the date on which the requisite majority of Governors' votes was reached.

The term of office of Prof. Álvaro Aguiar will expire in 2013, at the end of the day of the Annual Meeting of the Board of Governors during which the annual report, balance sheet and profit and loss account for the 2012 financial year are examined.