Mr Algirdas Butkevicius has stepped down from the post of Lithuanian Minister of Finance and been replaced by Mr Zigmantas Balcytis, who took up his position on 14 May 2005.

Mr Balcytis, who also becomes Governor of the EIB for Lithuania, graduated in Economics and Mathematics from Vilnius State University Finance and Accounting Faculty in 1976.

Mr Balcytis, 51 years old, like his predecessor Mr Butkevicius, belongs to the Social Democratic Party. He served as Minister of Transport and Communications from 5 July 2001 till 14 May 2005.