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European Investment Bank: Basic facts

Source: www.foei.org
Topic: Bank Investment

Sort Desciption: possible for the members to be nominated for a. second term giving them a long-term influence. on policy and direction. European Investment Bank: ...

Content Inside: EIB Fact Sheet 2 1 Created: The EIB was set up in 1958 under the Treaty of Rome, which established the European Union (EU), then known as the European Economic Community. Mission: The EIB states that its Mission is to further the objectives of the EU by making long- term finance available for sound investment. It is at the service of the Union. Shareholders: The 25 Member States of the EU are the shareholders of the EIB, and jointly provide the EIBs capital, their respective contributions reflecting their economic weight within the Union. The EU Member States are fully eligible for EIB loans, without having any geographical or sectoral quotas applied. However, the biggest contributors France, Germany, Italy and the United Kingdom — are also the biggest recipients of EIB projects. Governing and decision making structure: The EIB Board of Governors - The Board is composed of Ministers from the Member States, from the Ministries of Finance, Economic Affairs or the Treasury. They are not nominated, and usually a new Minister of Finance automatically becomes a Governor. The Board lays down general directives on credit policy, decides on capital increases, and authorises EIB activities outside the Union. It also receives the Audit Committees report and approves the financial statements, including the balance sheet and profit and loss account, and the annual report. Finally it appoints the members of the Board of Directors, the Management Committee and the Audit Committee. Having EU member state ministers as Governors is one of the key reasons why the EIB has been able to function as it does. The very status of the Governors lends legitimacy to the EIB operations and lending procedures, supporting it against criticism while simultaneously not pushing for any fundamental change. Board of Directors - The Board of Directors consists of 26 Directors and 16 Alternates appointed by the Board of Governors. The Member States nominate 25 Directors and 16 Alternate ...

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