The President French

The Security Council will now begin its consideration of the item on its agenda. The Council is meeting in accordance with the understanding reached in its prior consultations.

Members of the Council have before them copies of document S/2005/406, which contains the text of a letter dated 20 June 2005 from the Secretary-General addressed to the President of the Security Council concerning the United Nations Monitoring, Verification and Inspection Commission (UNMOVIC) escrow account established under Security Council resolution 1284 (1999) and related resolutions.

Members of the Council also have before them the draft of a letter that I, as President of the Security Council, propose to send to the Secretary-General in reply to the aforementioned letter, approving the proposal contained in the Secretary-General's letter to transfer $200 million from the UNMOVIC escrow account to the Development Fund for Iraq, and $20,256,697 to be credited against assessments issued in respect of the obligations of the Government of Iraq for regular budget, peacekeeping and tribunal activities and the capital master plan of the Organization.

In the absence of objection, I shall assume that the Security Council endorses the proposal of the Secretary-General and agrees that I should send the letter, as drafted, to the Secretary-General.

It is so decided.

The reply will be issued as a document of the Council under symbol S/2005/407.

The Security Council has thus concluded the present stage of its consideration of the item on the agenda.