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PART ONE

ADJUSTMENTS TO THE STATUTE OF THE EUROPEAN INVESTMENT BANK

ARTICLE 1

THE FOLLOWING SHALL BE SUBSTITUTED FOR ARTICLE 3 OF THE PROTOCOL ON THE STATUTE OF THE BANK :

" ARTICLE 3

IN ACCORDANCE WITH ARTICLE 129 OF THIS TREATY , THE FOLLOWING SHALL BE MEMBERS OF THE BANK :

_ THE KINGDOM OF BELGIUM ;

_ THE KINGDOM OF DENMARK ;

_ THE FEDERAL REPUBLIC OF GERMANY ;

_ THE FRENCH REPUBLIC ;

_ IRELAND ;

_ THE ITALIAN REPUBLIC ;

_ THE GRAND DUCHY OF LUXEMBOURG ;

_ THE KINGDOM OF THE NETHERLANDS ;

_ THE KINGDOM OF NORWAY ;

_ THE UNITED KINGDOM OF GREAT BRITAIN AND NORTHERN IRELAND . "

ARTICLE 2

THE FOLLOWING SHALL BE SUBSTITUTED FOR THE FIRST SUBPARAGRAPH OF ARTICLE 4 ( 1 ) OF THE PROTOCOL ON THE STATUTE OF THE BANK :

" 1 . THE CAPITAL OF THE BANK SHALL BE TWO THOUSAND AND SEVENTY MILLION UNITS OF ACCOUNT , SUBSCRIBED BY THE MEMBER STATES AS FOLLOWS :

GERMANY 450 MILLION

FRANCE 450 MILLION

UNITED KINGDOM 450 MILLION

ITALY 360 MILLION

BELGIUM 118.5 MILLION

NETHERLANDS 118.5 MILLION

DENMARK 60 MILLION

NORWAY 45 MILLION

IRELAND 15 MILLION

LUXEMBOURG 3 MILLION . "

ARTICLE 3

THE FOLLOWING SHALL BE SUBSTITUTED FOR ARTICLE 5 OF THE PROTOCOL ON THE STATUTE OF THE BANK :

" ARTICLE 5

1 . THE SUBSCRIBED CAPITAL SHALL BE PAID UP BY MEMBER STATES TO THE EXTENT OF 20 % OF THE AMOUNTS LAID DOWN IN ARTICLE 4 ( 1 ) .

2 . IN THE EVENT OF AN INCREASE IN THE SUBSCRIBED CAPITAL , THE BOARD OF GOVERNORS , ACTING UNANIMOUSLY , SHALL FIX THE PERCENTAGE TO BE PAID UP AND THE ARRANGEMENTS FOR PAYMENT .

3 . THE BOARD OF DIRECTORS MAY REQUIRE PAYMENT OF THE BALANCE OF THE SUBSCRIBED CAPITAL , TO SUCH EXTENT AS MAY BE REQUIRED FOR THE BANK TO MEET ITS OBLIGATIONS TOWARDS THOSE WHO HAVE MADE LOANS TO IT .

EACH MEMBER STATE SHALL MAKE THIS PAYMENT IN PROPORTION TO ITS SHARE OF THE SUBSCRIBED CAPITAL IN THE CURRENCIES REQUIRED BY THE BANK TO MEET THESE OBLIGATIONS . "

ARTICLE 4

THE FOLLOWING SHALL BE SUBSTITUTED FOR SUBPARAGRAPHS ( A ) AND ( C ) OF ARTICLE 9 ( 3 ) OF THE PROTOCOL ON THE STATUTE OF THE BANK :

" ( A ) DECIDE WHETHER TO INCREASE THE SUBSCRIBED CAPITAL IN ACCORDANCE WITH ARTICLE 4 ( 3 ) AND ARTICLE 5 ( 2 ) ;

( C ) EXERCISE THE POWERS PROVIDED IN ARTICLES 11 AND 13 IN RESPECT OF THE APPOINTMENT AND THE COMPULSORY RETIREMENT OF THE MEMBERS OF THE BOARD OF DIRECTORS AND OF THE MANAGEMENT COMMITTEE , AND THOSE POWERS PROVIDED IN THE SECOND SUBPARAGRAPH OF ARTICLE 13 ( 1 ) ; " .

ARTICLE 5

THE FOLLOWING SHALL BE SUBSTITUTED FOR ARTICLE 10 OF THE PROTOCOL ON THE STATUTE OF THE BANK :

" ARTICLE 10

SAVE AS OTHERWISE PROVIDED IN THIS STATUTE , DECISIONS OF THE BOARD OF GOVERNORS SHALL BE TAKEN BY A MAJORITY OF ITS MEMBERS . THIS MAJORITY MUST REPRESENT AT LEAST 40 % OF THE SUBSCRIBED CAPITAL . VOTING BY THE BOARD OF GOVERNORS SHALL BE IN ACCORDANCE WITH THE PROVISIONS OF ARTICLE 148 OF THIS TREATY . "

ARTICLE 6

THE FOLLOWING SHALL BE SUBSTITUTED FOR SUBPARAGRAPHS 1 TO 5 OF ARTICLE 11 ( 2 ) OF THE PROTOCOL ON THE STATUTE OF THE BANK :

" 2 . THE BOARD OF DIRECTORS SHALL CONSIST OF 19 DIRECTORS AND 10 ALTERNATES .

THE DIRECTORS SHALL BE APPOINTED BY THE BOARD OF GOVERNORS FOR FIVE YEARS AS SHOWN BELOW :

3 DIRECTORS NOMINATED BY THE FEDERAL REPUBLIC OF GERMANY ;

3 DIRECTORS NOMINATED BY THE FRENCH REPUBLIC ;

3 DIRECTORS NOMINATED BY THE ITALIAN REPUBLIC ;

3 DIRECTORS NOMINATED BY THE UNITED KINGDOM OF GREAT BRITAIN AND NORTHERN IRELAND ;

1 DIRECTOR NOMINATED BY THE KINGDOM OF BELGIUM ;

1 DIRECTOR NOMINATED BY THE KINGDOM OF DENMARK ;

1 DIRECTOR NOMINATED BY IRELAND ;

1 DIRECTOR NOMINATED BY THE GRAND DUCHY OF LUXEMBOURG ;

1 DIRECTOR NOMINATED BY THE KINGDOM OF THE NETHERLANDS ;

1 DIRECTOR NOMINATED BY THE KINGDOM OF NORWAY ;

1 DIRECTOR NOMINATED BY THE COMMISSION .

THE ALTERNATES SHALL BE APPOINTED BY THE BOARD OF GOVERNORS FOR FIVE YEARS AS SHOWN BELOW :

2 ALTERNATES NOMINATED BY THE FEDERAL REPUBLIC OF GERMANY ;

2 ALTERNATES NOMINATED BY THE FRENCH REPUBLIC ;

2 ALTERNATES NOMINATED BY THE ITALIAN REPUBLIC ;

2 ALTERNATES NOMINATED BY THE UNITED KINGDOM OF GREAT BRITAIN AND NORTHERN IRELAND ;

1 ALTERNATE NOMINATED BY COMMON ACCORD OF THE BENELUX COUNTRIES ;

1 ALTERNATE NOMINATED BY THE COMMISSION .

THE APPOINTMENTS OF THE DIRECTORS AND THE ALTERNATES SHALL BE RENEWABLE .

ALTERNATES MAY TAKE PART IN THE MEETINGS OF THE BOARD OF DIRECTORS . ALTERNATES NOMINATED BY A STATE , OR BY COMMON ACCORD OF SEVERAL STATES , OR BY THE COMMISSION , MAY REPLACE DIRECTORS NOMINATED BY THAT STATE , BY ONE OF THOSE STATES OR BY THE COMMISSION RESPECTIVELY . ALTERNATES SHALL HAVE NO RIGHT OF VOTE EXCEPT WHERE THEY REPLACE ONE DIRECTOR OR MORE THAN ONE DIRECTOR OR WHERE THEY HAVE BEEN DELEGATED FOR THIS PURPOSE IN ACCORDANCE WITH ARTICLE 12 ( 1 ) . "

ARTICLE 7

THE FOLLOWING SHALL BE SUBSTITUTED FOR ARTICLE 12 ( 1 ) OF THE PROTOCOL ON THE STATUTE OF THE BANK :

" 1 . EACH DIRECTOR SHALL HAVE ONE VOTE ON THE BOARD OF DIRECTORS . HE MAY DELEGATE HIS VOTE IN ALL CASES , ACCORDING TO PROCEDURES TO BE LAID DOWN IN THE RULES OF PROCEDURE OF THE BANK . "

ARTICLE 8

THE FOLLOWING SENTENCE SHALL BE SUBSTITUTED FOR THE SECOND SENTENCE OF ARTICLE 12 ( 2 ) OF THE PROTOCOL ON THE STATUTE OF THE BANK :

" A QUALIFIED MAJORITY SHALL REQUIRE THIRTEEN VOTES IN FAVOUR . "

ARTICLE 9

THE FOLLOWING SHALL BE SUBSTITUTED FOR ARTICLE 13 ( 1 ) OF THE PROTOCOL ON THE STATUTE OF THE BANK :

" 1 . THE MANAGEMENT COMMITTEE SHALL CONSIST OF A PRESIDENT AND FOUR VICE-PRESIDENTS APPOINTED FOR SIX YEARS BY THE BOARD OF GOVERNORS ON A PROPOSAL FROM THE BOARD OF DIRECTORS . THEIR APPOINTMENTS SHALL BE RENEWABLE .

THE BOARD OF GOVERNORS , ACTING UNANIMOUSLY , MAY VARY THE NUMBER OF MEMBERS ON THE MANAGEMENT COMMITTEE . "

PART TWO

OTHER PROVISIONS

ARTICLE 10

1 . THE NEW MEMBER STATES SHALL , NOT LATER THAN TWO MONTHS FROM THE DATE OF ACCESSION , MAKE THE PAYMENTS LAID DOWN IN PARAGRAPH 1 OF THE AMENDED ARTICLE 5 OF THE STATUTE OF THE BANK SET OUT IN ARTICLE 3 OF THIS PROTOCOL . THESE PAYMENTS SHALL BE MADE IN THEIR RESPECTIVE NATIONAL CURRENCIES . ONE-FIFTH OF THE PAYMENT SHALL BE IN CASH AND FOUR-FIFTHS IN THE FORM OF NON-INTEREST-BEARING GOVERNMENT NOTES , MATURING IN FOUR EQUAL INSTALMENTS , NINE MONTHS , SIXTEEN MONTHS , TWENTY-THREE MONTHS AND THIRTY MONTHS RESPECTIVELY FROM THE DATE OF ACCESSION . PART OR ALL OF THE GOVERNMENT NOTES MAY BE REDEEMED BEFORE THEIR DUE DATE BY AGREEMENT BETWEEN THE BANK AND THE NEW MEMBER STATE CONCERNED . THE CASH PAYMENTS , AND THE PROCEEDS OF THE GOVERNMENT NOTES WHEN REPAID , SHALL BE FREELY CONVERTIBLE .

2 . ARTICLE 7 OF THE STATUTE OF THE BANK SHALL APPLY TO ALL PAYMENTS MADE BY THE NEW MEMBER STATES IN THEIR RESPECTIVE NATIONAL CURRENCIES UNDER THIS ARTICLE . ANY NECESSARY ADJUSTMENTS RELATING TO OUTSTANDING GOVERNEMENT NOTES SHALL BE MADE AT THE DATE OF MATURITY OR ADVANCE REDEMPTION OF THESE NOTES .

ARTICLE 11

1 . THE NEW MEMBER STATES SHALL CONTRIBUTE TOWARDS THE STATUTORY RESERVE AND THOSE PROVISIONS EQUIVALENT TO RESERVES , AS AT 31 DECEMBER OF THE YEAR PRIOR TO ACCESSION , AS STATED IN THE BANK'S APPROVED BALANCE SHEET , THE AMOUNTS CORRESPONDING TO THE FOLLOWING PERCENTAGES OF THESE RESERVES :

UNITED KINGDOM 30 %

DENMARK 4 %

NORWAY 3 %

IRELAND 1 % .

2 . THE AMOUNTS OF THE PAYMENTS UNDER THIS ARTICLE SHALL BE CALCULATED IN UNITS OF ACCOUNT AFTER THE BANK'S ANNUAL BALANCE SHEET FOR THE YEAR PRIOR TO ACCESSION HAS BEEN APPROVED .

3 . THESE AMOUNTS SHALL BE PAID IN FIVE EQUAL INSTALMENTS NOT LATER THAN TWO MONTHS , NINE MONTHS , SIXTEEN MONTHS , TWENTY-THREE MONTHS AND THIRTY MONTHS AFTER ACCESSION . EACH OF THESE FIVE INSTALMENTS SHALL BE PAID IN THE FREELY CONVERTIBLE NATIONAL CURRENCY OF EACH NEW MEMBER STATE .

ARTICLE 12

1 . UPON ACCESSION , THE BOARD OF GOVERNORS SHALL INCREASE THE BOARD OF DIRECTORS BY APPOINTING :

3 DIRECTORS NOMINATED BY THE UNITED KINGDOM OF GREAT BRITAIN AND NORTHERN IRELAND ;

1 DIRECTOR NOMINATED BY THE KINGDOM OF DENMARK ;

1 DIRECTOR NOMINATED BY IRELAND ;

1 DIRECTOR NOMINATED BY THE GRAND DUCHY OF LUXEMBOURG ;

1 DIRECTOR NOMINATED BY THE KINGDOM OF NORWAY ;

2 ALTERNATES NOMINATED BY THE UNITED KINGDOM OF GREAT BRITAIN AND NORTHERN IRELAND .

2 . THE TERMS OF OFFICE OF THE DIRECTORS AND ALTERNATES THUS APPOINTED SHALL EXPIRE AT THE END OF THE ANNUAL MEETING OF THE BOARD OF GOVERNORS DURING WHICH THE ANNUAL REPORT FOR THE 1977 FINANCIAL YEAR IS EXAMINED .

3 . AT THE END OF THE ANNUAL MEETING DURING WHICH THE ANNUAL REPORT FOR THE 1972 FINANCIAL YEAR IS EXAMINED , THE BOARD OF GOVERNORS SHALL APPOINT FOR A TERM OF OFFICE OF FIVE YEARS :

3 DIRECTORS NOMINATED BY THE FEDERAL REPUBLIC OF GERMANY ;

3 DIRECTORS NOMINATED BY THE FRENCH REPUBLIC ;

3 DIRECTORS NOMINATED BY THE ITALIAN REPUBLIC ;

1 DIRECTOR NOMINATED BY THE KINGDOM OF BELGIUM ;

1 DIRECTOR NOMINATED BY THE KINGDOM OF THE NETHERLANDS ;

1 DIRECTOR NOMINATED BY THE COMMISSION ;

2 ALTERNATES NOMINATED BY THE FEDERAL REPUBLIC OF GERMANY ;

2 ALTERNATES NOMINATED BY THE FRENCH REPUBLIC ;

2 ALTERNATES NOMINATED BY THE ITALIAN REPUBLIC ;

1 ALTERNATE NOMINATED BY COMMON ACCORD OF THE BENELUX COUNTRIES ;

1 ALTERNATE NOMINATED BY THE COMMISSION .

ARTICLE 13

UPON ACCESSION , THE MEMBERSHIP OF THE MANAGEMENT COMMITTEE SHALL BE INCREASED BY THE APPOINTMENT OF AN ADDITIONAL VICE-PRESIDENT . HIS TERM OF OFFICE SHALL EXPIRE AT THE SAME TIME AS THOSE OF THE MEMBERS OF THE MANAGEMENT COMMITTEE WHO HOLD OFFICE ON THE DATE OF ACCESSION .