Pat Hickey has been released from a Brazilian jail.
Police in Rio have placed Mr Hickey on house arrest.
A judge in Rio ordered his release from Bangu Prison yesterday and it was decided that placing Mr Hickey under house arrest would not cause any risk to public order, or undermine the criminal investigation against him.
Mr Hickey left Bangu Prison in a car with blacked out windows.
The OCI has welcomed his release while the European Olympic Committees says it respects his dignity and fundamental human rights.
Mr Hickey issued a statement after his release.
He said: "I have been released from the police detention system. I will now stay in Rio and my lawyers will proceed to have the charges laid against me set aside as there is no substantive proof of any wrong doing on my part.
"I would like to thank the prison authorities for their kindness they have shown to me. Due to my medical condition, I will be making no further statements."
The Executive Committee of the European Olympic Committees (EOC) held an "extraordinary meeting" on Monday in Frankfurt.
After Mr Hickey's release from prison today, it released a statement welcoming the move.
"We believe this was the correct decision as it respects the dignity and fundamental human rights of Mr Hickey," it said.
"The EOC respectfully requests that these rights continue to be respected, including the principle of proportionality when under criminal investigation and Mr Hickey's presumption of innocence.
"The EOC Executive Committee fully respects the Brazilian judicial procedures and it is not our intention to comment on, nor question, any matter relating to a specific legal case in Brazil."
Separately, the OCI also hailed Mr Hickey's release on bail.
"The OCI also welcomes the news that three OCI officials are due to have their passports returned over the coming days and we look forward to welcoming Kevin Kilty, Stephen Martin and Dermot Henihan home shortly," the council added.