Mr Tibor Draskovics has stepped down from the post of Hungarian Minister of Finance and been replaced by János Veres, who took up his position on 25 April 2005.

Mr Veres, who also becomes Governor of the EIB for Hungary, is a finance expert who graduated in Economics from the Karl Marx University of Economics in 1986.

Mr Veres, 48 years old and a senior member of the Prime Minister's Socialist Party, served as Political Secretary of State at the Finance Ministry in 2003-2004, before becoming Chief of Staff at the PM's Office last August.