Sven Hulterström comments on Urban Bäckström's decision

"Governor Urban Bäckström informed me during the Whitsun holiday that he intends to resign at the end of this year. In the Riksbank's General Council the work accordingly begins of finding a successor who can fill the post on 1 January, 2003," Mr Hulterström, Chairman of the General Council, said.

The following rules apply when a member leaves the Executive Board: Chapter 3, Article 1 of the Riksbank Act states that for a period of one year after a member has ceased to serve on the Executive Board, she/he may not be employed or carry out assignments in certain activities without the consent of the General Council. This period of "quarantine" applies to employment and assignments where knowledge, were it to be utilised, might harm the Riksbank. Such a statutory "quarantine" is unique to Sweden and does not exist here for any other central government posts. While in "quarantine" the Board member receives full remuneration for employment with no official duties. In order to avoid an unduly rigid regulation, however, the law allows the General Council, from case to case, to shorten the period during which a Board member is debarred from holding another office.

"I want to thank Urban Bäckström for good cooperation and valuable contributions as head of Sveriges Riksbank," Mr Hulterström said.

For further comments: Sven Hulterström, tel.: +46-70-530 42 63