Board of Governors
Date: 2000-09-22
Institutions: Board of Governors of the European Investment Bank
Subjects: European Investment Bank, decision-making body (EU), financial aid, small and medium-sized enterprises

C 271/10

EN

Official Journal of the European Communities

22.9.2000

EUROPEAN INVESTMENT BANK

BOARD OF GOVERNORS

(2000/C 271/10)

THE BOARD OF GOVERNORS OF THE EUROPEAN
INVESTMENT BANK,

deemed necessary to support
activities;

the Bank’s

regular

lending

endorsed

Whereas the Board of Governors, by its decision taken by
unanimity on 20 August 1997,
the Bank’s
Amsterdam special action programme (ASAP), responding to
the European Council’s resolution of 16 June 1997 on growth
and employment, and authorised inter alia the use of an overall
amount of ECU 1 billion from the Bank’s annual surpluses
arising in the years 1996 to 1999 for new financing
instruments, including the provision of risk capital to certain
categories of enterprises through suitable intermediaries;

incentives

extra
including

Whereas the Cologne European Council on 3 and 4 June 1999
underlined the need for an investment initiative in Europe and
and
called for
European
investment,
Investment Bank’s activities(cid:146) and invited the Bank in particular
to (cid:145)make available an extra one billion euro for risk-capital
funding benefiting high-technology investments of small and
medium-sized enterprises in the period 2000 to 2003(cid:146);

employment

for higher

broadening

the

of

(cid:145)a

Whereas the Lisbon European Council on 23 and 24 March
2000 welcomed the contribution which the Bank stands ready
to make in, among others, the areas covered by the (cid:145)Innovation
2000 initiative(cid:146) and has in particular invited the Bank to go
ahead with its plans to make another billion euro available
from its surpluses for venture capital operations for SMEs
over the next three years;

Whereas these requests recognise the continuing need for the
Bank to provide risk-capital financing for SMEs;

is recalled that

Whereas it
the Board of Governors in its
decision of 20 August 1997 considered that while risk
capital investments or lending instruments involving particular
risks are not among the Bank’s
such
facilities, including in particular the provision of risk capital
for certain categories of SMEs, were an appropriate way of
and of
complementing
contributing to the objectives of
the European Council’s
resolution, and that it was appropriate for excess resources
from the Bank’s surplus to be used to extend the forms of
the Bank’s financing in a manner compatible with its mission;

statutory activities,

the Bank’s

customary

activities

Whereas these considerations remain valid, and whereas the
state of the Bank’s reserves continues to exceed what can be

resources

is therefore appropriate to continue to allocate
Whereas it
excess
for
instruments designed to provide risk capital for SMEs, in line
with the framework established for this purpose in the above-
mentioned decision of 1997;

from the Bank’s

surpluses

annual

Whereas risk capital operations or related mandates under the
following decision shall be approved by the Board of Directors
in accordance with the Bank’s normal procedures,

HEREBY DECIDES:

1. to respond to the European Council’s resolutions of 4 June
1999 and of 23/24 March 2000 inviting the Bank to make
available an extra one billion euro for risk-capital funding
benefiting high-technology
and
medium-sized enterprises;

investments of

small

the

that

these

exceed

in the

resources

interests of

2. that an amount of up to EUR 1 billion from the Bank’s
annual surpluses in the years 1999 to 2002 may, to the
extent
statutory
requirements for reserves, be used for financing sound
projects
the Community through
instruments extending the scope of the Bank’s financing
through the provision of risk capital to certain categories
of enterprises through suitable intermediaries, excluding any
subsidies. The first allocation for these purposes from the
1999 annual
shall be EUR 500 million. The
amount of subsequent allocations from any surplus arising
in 2000 to 2002 shall be determined annually by the Board
of Governors on a proposal from the Board of Directors, in
the context of the approval of the Bank’s balance sheets and
profit and loss accounts;

surplus

3. that the operations referred to in point 2 shall be carried
out in accordance with the guiding principles set out in the
Annex to the Board of Governors’ decision of 20 August
1997 and with the respective guidelines established, or to be
established by the Board of Directors;

4. that the Board of Directors shall,

in so far as it deems
necessary and on the basis of proposals
from the
Management Committee, approve further guidelines as to
the modalities for the operations referred to in point 2 in
accordance with the Bank’s normal procedures.