Press Release

New York Fed Names Five New Senior Vice Presidents and Three Vice Presidents

July 1, 2005

NEW YORK – The Federal Reserve Bank of New York’s board of directors has approved the promotion of five senior vice presidents and three vice presidents.

Arthur G. Angulo has been promoted to senior vice president in the bank supervision group. He joined the bank in July 1987 as an assistant bank examiner and was named an officer of the New York Fed in December 1998. He was promoted to assistant vice president in December 2000 and vice president in January 2004.

Mr. Angulo holds a B.A. degree and M.B.A degree from Columbia University.

Robert W. Elsasser has been promoted to senior vice president in the markets group. He joined the bank in June 1990 as an assistant financial analyst and was named an officer of the New York Fed in June 1997. Mr. Elsasser was promoted to assistant vice president in December 1999 and vice president in June 2002.

Mr. Elsasser holds a B.A. degree from the University of Washington and an M.B.A. degree from New York University.

Martin C. Grant has been appointed the bank’s chief compliance officer and senior vice president in the legal group. He joined the bank in September 1990 as an attorney and was named an officer of the New York Fed in December 1993. Mr. Grant was promoted to assistant vice president in April 1997 and vice president in December 1999.

Mr. Grant holds an A.B. degree from Princeton University and a J.D. degree from Harvard University. He is a member of the New York State Bar.

Valerie I. Rainford has been promoted to senior vice president in the corporate group. She joined the bank in July 1986 as an assistant bank examiner in the bank supervision group and was named an officer of the New York Fed in January 1995. She was promoted to assistant vice president in December 1997 and assigned to the markets group and was promoted to vice president in June 2000.

Ms. Rainford holds a B.A. degree from Fordham University.

Stefan Walter has been promoted to senior vice president in the bank supervision group. He joined the bank in July 1991 as a financial analyst and was granted a leave of absence in October 1994 for two years to work at the Bank for International Settlements as a member of the Secretariat for the Basel Committee on Banking Supervision. Mr. Walter returned to the New York Fed in November 1996 and was named an officer. He was promoted to assistant vice president in March 1998 and vice president in June 2000.

Mr. Walter holds a B.A. degree from the University of California and an M.A. degree from Columbia University.

Gerard P. Collins has been promoted to vice president in the automation and systems services group, where he joined the bank as a systems programmer in May 1986. Mr. Collins was named an officer of the New York Fed in June 1998 and promoted to assistant vice president in June 2000.

Mr. Collins holds a B.S. degree from Dominican College of Blauvelt in Orangeburg, New York.

Helen E. Mucciolo has been promoted to vice president in the markets group. She joined the bank as a financial analyst in the credit and discount department in April 1993. Ms. Mucciolo was named an officer of the New York Fed in June 1999 and was promoted to assistant vice president in June 2002.

Ms. Mucciolo holds a B.S. degree from Syracuse University and an M.B.A degree from Pace University. She is also a certified financial analyst.

Isaac Obstfeld has been promoted to vice president in the automation and systems services group, where he joined the bank as a system specialist in October 1980. Mr. Obstfeld was named an officer of the New York Fed in July 1991 and was promoted to assistant vice president in June 1996.

Mr. Obstfeld holds a B.A. degree from Aaron Kotler Institute in Lakewood, New Jersey.