The President Russian

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 photocopies of a letter dated 2 November 2005 from the Secretary-General addressed to the President of the Security Council concerning the status of funds in the escrow account attributable to the United Nations Monitoring, Verification and Inspection Commission established by resolution 1284 (1999). This letter will be issued as a document of the Council under the symbol S/2005/702.

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 his letter, approving the proposal contained in the Secretary-General's letter that $2,182,168 plus 226,493 be transferred from the aforementioned escrow account to be credited against assessments issued in respect of the obligations of the Government of Iraq for the budget of the International Atomic Energy Agency.

In the absence of objection, I shall consider 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.

There being no objection, it is so decided.

The reply will be issued as a document of the Council under the symbol S/2005/703.

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