No. 2236

MAY 18, 2001

KOS NAMED TO HEAD NEW YORK FED MARKETS GROUP

NEW YORK - The Board of Directors of the Federal Reserve Bank of New York today approved the promotion of Dino Kos to Executive Vice President and head of the bank’s Markets Group. Mr. Kos succeeds Peter R. Fisher, who has been nominated as Undersecretary for Domestic Finance at the U.S. Department of the Treasury. Previously, the Federal Open Market Committee (FOMC) named Mr. Kos as manager of the Federal Reserve System Open Market Account, also succeeding Mr. Fisher in that role.

Coincident with Mr. Kos' promotion, Debby Perelmuter, Senior Vice President, will assume Mr. Kos’ responsibilities as head of Fixed Income and Foreign Exchange for the Markets Group while continuing to have overall responsibility for the Group’s relationship with the Treasury Department, including overseeing Treasury auctions.

The Market's Group oversees domestic open market and foreign exchange trading operations and provides account services to foreign central banks. Mr. Kos had been senior vice president and head of foreign exchange since March 1998. He also has held various positions in the foreign exchange area of the Markets Group since January 1993.

Mr. Kos joined the bank in July 1985 as an applications analyst in domestic banking applications. He was promoted to staff director of the credit and discount department in March 1989. In September 1989, Mr. Kos took a two-year leave of absence to work in the Secretariat of the Basle Committee on Banking Supervision, at the Bank for International Settlements. In October 1991, he returned to the bank as a special assistant on the payments systems studies staff.

In January 1992 he was appointed an officer of the bank and assigned to the international banking department.

Mr. Kos earned a B.A. degree in economics from the State University of New York in Albany and holds an M.B.A. in corporate finance from New York University.