Ernest T. Patrikis was named first vice president of the Federal Reserve Bank of New York on Thursday, making him its second-ranking officer.
Mr. Patrikis, 51, replaces James H. Oltman, who is retiring effective May 31.
Mr. Patrikis, who has been with the New York Fed since 1968, most recently served as executive vice president and general counsel. In his new position, he will vote as a member of the Federal Open Market Committee in the absence of New York Fed president William J. McDonough.
Mr. Patrikis is chairman of the Fed's subcommittee of counsel and serves on the staff of its payments system policy committee.
Mr. Patrikis has participated in a number of cooperative international efforts, including central bank bridge loans, the Iranian hostage release transaction, and work for the Group of 10 central bank governors on issues related to payments and insolvency law.
Mr. Oltman, 64, has been with the New York Fed since 1961. He was named first vice president in July 1988.
Mr. Oltman became manager of the bank examinations department in 1964. He held various positions in the legal department until his appointment as general counsel in 1979.
In conjunction with Mr. Patrikis' appointment, the New York Fed board promoted Thomas C. Baxter Jr. and Kathleen A. O'Neil to executive vice president.
Mr. Baxter, 40, was promoted from deputy general counsel to general counsel and will serve as the senior executive of the bank's legal department. He had been deputy general counsel. He came to the New York Fed as an attorney in 1980 and has played an instrumental role in the Federal Reserve's enforcement efforts in the BCCI affair.
Ms. O'Neil, 42, was named head of the bank's corporate group. She had been senior vice president and head of human resources, planning, and control.
Ms. O'Neil joined the bank in 1976 as an analyst in the management information division. She was named the bank's chief financial examiner in 1987 and was head of international examinations before becoming senior vice president in March 1994.
As head of the corporate group, she will oversee the bank's management information service, public information, loans and credits, human resources, and international affairs functions, and the secretary's office.
Both appointments are effective immediately, the bank said.
