Mr Luis Manuel Moreira Campos e Cunha has stepped down from the post of Portuguese Minister of Finance and been replaced by Mr Fernando TEIXEIRA DOS SANTOS, who took up his position on 21 July 2005.

Mr Fernando Teixeira dos Santos , who also becomes Governor of the EIB for Portugal, graduated in Economics from the University of Porto in 1973. He obtained Doctorates in Economics from the University of South Carolina in 1985 and the University of Porto in 1986.

Before becoming Minister of Finance and Minister of State, Mr Teixeira dos Santos, 54 years old, served as Chairman in various Organizations and Committees, notably the European Regional Committee of IOSCO, the Instituto Iberoamericano de Mercado de Valores, the Committee of European Securities Regulators Expert Group, the Portuguese Securities Exchange Commission. He also served as Secretary of State for the Treasury and Finance in the Portuguese Government from October 1995 to October 1999.