By letter dated July 2010, the Republic of Hungary nominated Mr Zoltán Urbán (Deputy CEO and Member of the Board of Directors of the Hungarian Development Bank) for appointment as a Full Member of the Board of Directors following the resignation from the Board of Directors as of 22 June 2010 of Mr János Erös.

By letter dated 26 August 2010, the Board of Governors was invited to vote on the proposed appointment.

The decision to nominate Mr Zoltán Urbán was taken on  14 September 2010, the date on which the requisite majority of Governors' votes was reached.

The term of office of Mr Urbán 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.