February 1—2, 2005

A meeting of the Federal Open Market Committee was held in the offices of The Board of Governors of the Federal Reserve System in Washington, D.C., on Tuesday, February 1, 2005, at 1: 30 p.m. and continued on Wednesday, February 2, 2005, at 9: 00 am. Present:

Mr. Greenspan, Chairman;

Mr. Geithner, Vice Chairman;

Mr. Hornanke.

In the agenda for this meeting, it was reported that advices of the election of the following members and alternate members of the Federal Open Market Committee for the period commencing January 1, 2005 had been received and that these individuals had executed their oaths of office.

I he elected members and alternate members were as follows:

Timothy F. Geithner, President of the Federal Reserve Bank of New York, with Christine M. Cumming, First Vice President, Federal Reserve Bank of New York as alternate.

AUTHORIZATION FOR FOREIGN CURRENCY OPERATIONS (Reaffirmed February 1, 2005)

The Federal Open Market Committee authorizes and directs the Federal Reserve Bank of New York, for System Open Market Account, to the extent necessary to carry out the Committee's foreign currency directive and express authorizations by the Committee pursuant thereto, and in conformity with such procedural instructions as the Committee may issue from time to time:

A.To purchase and sell the following foreign currencies in the form of cable transfers through spot or forward transactions on the open market at home and abroad, including transactions with the U.S. Treasury, with the U.S. Exchange Stabilization Fund established by Section 10 of the Gold Reserve Act of 1934, with foreign monetary authorities, with the Bank for International Settlements, and with other international financial institutions:

Canadian dollars

Danish kroner

Euro

Pounds sterling

Japanese yen

Mexican pesos

Norwegian kroner

Swedish kronor

Swiss francs

B. To hold balances of, and to have outstanding forward contracts to receive or to deliver, the foreign currencies listed in paragraph A above. At the conclusion of the discussion, the Committee voted to authorize and direct the Federal Reserve Bank of New York, until it was instructed otherwise, to execute transactions in the System Account in accordance with the follow­ing domestic policy directive:

«The Federal Open Market Committee seeks monetary and financial condi­tions that will foster price stability and promote sustainable growth in output. To further its long-run objectives, the Committee in the immediate future seeks conditions in reserve markets consistent with increasing the federal funds rate at an average of around 2—1/2 percent.»

The vote encompassed approval of the paragraph below for inclusion in the statement to be released shortly after the meeting:

«The Committee perceives the upside and downside risks to the attainment of both sustainable growth and price stability forthe nextfewquartersto be rough­ly equal. With underlying inflation expected to be relatively low, the Committee believes that policy accommodation can be removed at a pace that is likely to be measured. Nonetheless, the Committee will respond to changes in eco­nomic prospects as needed to fulfill its obligation to maintain price stability.»

Votes for this action: Messrs. Greenspan, Geithner, Bernanke, Ms. Bies, Messrs. Ferguson, Gramlich, Guynn, Kohn, Moskow, Olson, Santomero, and Stern.

Vote against this action: None.

It was agreed that the next meeting of the Committee would be held on Tues­day, March 22, 2005.

The meeting adjourned at 12: 35 p.m. on February 2, 2005.

Notation Vote

By notation vote completed on December 31, 2004, the Committee

unanimously approved the minutes of the meeting of the Federal Open

Market Committee held on December 14, 2004.

Vincent R. Reinhart

Secretary

9.

ОТЧЕТ

ОБРАЗЕЦ 28________________________________________________________________

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CAMPAIGN - DISCUSSION MEETING

6^th meeting

London, 16 June 2001

(9: 30 a.m.)

Room 2

DRAFT REPORT

1. Opening of the meeting by the Chair

The meeting was opened by the Head of the PR Department (PRD), who out lined the key areas of the campaign.