Board of Governors — Minutes of the decision of the annual meeting of 4 June 2002 — Capital increase
Date: 2002-06-04
Institutions: Board of Governors of the European Investment Bank
Subjects: EU Member State, European Investment Bank, capital increase, special-status institution

6.8.2002

EN

Official Journal of the European Communities

C 186/19

EUROPEAN INVESTMENT BANK

BOARD OF GOVERNORS

Minutes of the decision of the annual meeting of 4 June 2002

CAPITAL INCREASE

(2002/C 186/09)

THE BOARD OF GOVERNORS OF THE EUROPEAN INVESTMENT
BANK,

HAVING REGARD to the recent development of Bank activity
and the likely evolution of lending, in particular with a view to
financing needs to prepare the candidate countries of central
and eastern Europe, Malta and Cyprus for accession and to
financing other priority areas; to the new tasks — such as
support
for a knowledge-based economy — the Bank has
assumed and may in future be called upon to accept, and to
the general orientation of its policies,

and that absolute priority should be given to the progressive
reconstitution of
statutory
the
requirement of 10 % of subscribed capital,

fund up to its

reserve

UNANIMOUSLY DECIDES during its annual meeting of 4 June
2002 that:

1. the capital of the Bank shall be increased as follows:

PURSUANT TO Articles 4(3) and 5(2) of the Statute,

1.1. the capital subscribed by the Member States shall be
raised pro rata, with effect from 1 January 2003, by
50 % from EUR 100 000 million to EUR 150 000
million, so as to arrive at the following amounts (EUR):

PURSUANT TO the general principles common to the laws of
the Member States,

PURSUANT TO the task of the Bank as set out in Article 267 of
the Treaty establishing the European Community,

the

HAVING REGARD to the deliberations of the Board of Directors
on the Bank's requirements for capital and own funds, and on
the objective of maximising
value-added of Bank
operations, by identifying clear criteria to that effect, and by
lending to large corporates with
reducing the Bank's overall
easy access to capital markets. This reduction does not affect
lending to large corporates in assisted areas. In anticipation of
enlargement, the Board of Governors will review its position
on lending to large corporates as far as lending in new Member
States is concerned.

HAVING REGARD to the deliberations of the Board of Directors
on the Bank's requirements for capital and own funds, and to
its conclusions at its meeting on 30 April 2002, that is, that
the subscribed capital of
the Bank should be increased to
EUR 150 billion; that the portion to be paid in should be
5 %, funded entirely by the Bank from its additional reserves,

Germany
France
Italy
United Kingdom
Spain
Belgium
Netherlands
Sweden
Denmark
Austria
Finland
Greece
Portugal
Ireland
Luxembourg

26 649 532 500
26 649 532 500
26 649 532 500
26 649 532 500
9 795 984 000
7 387 065 000
7 387 065 000
4 900 585 500
3 740 283 000
3 666 973 500
2 106 816 000
2 003 725 500
1 291 287 000
935 070 000
187 015 500

TOTAL

150 000 000 000

1.2. additional reserves of

the Bank in the amount of

EUR 3 717 059 887 be considered as free reserves;

1.3. of

the free reserves, EUR 1 500 000 000 be trans-
formed into paid-in capital by way of transfer from
the Bank's additional reserves to its capital;

C 186/20

EN

Official Journal of the European Communities

6.8.2002

1.4. with effect from 1 January 2003 this capital shall be
deemed to be part of
the subscribed and paid-in
capital, so increasing the Bank's paid-in capital from
EUR 6 000 million to EUR 7 500 million;

1.5. of

the

free

of
EUR 2 217 059 887 be transferred to the Bank's
statutory reserve fund;

reserves,

balance

the

WHEREAS, furthermore

according to Article 4(1), second subparagraph, of the Bank's
Statute the unit of account shall be defined as being the euro,
the single currency of the Member States participating in the
third stage of economic and monetary union;

CONSEQUENTLY

2. The Bank's Statute shall be amended as follows:

2.1. as from 1 January 2003, the first subparagraph of

Article 4(1) of the Bank's Statute shall read:

‘The capital of the Bank shall be one hundred and fifty
thousand million
(EUR 150 000 000 000),
subscribed by the Member States as follows:

euro

Germany
France
Italy
United Kingdom
Spain
Belgium
Netherlands
Sweden
Denmark
Austria
Finland
Greece
Portugal
Ireland
Luxembourg

26 649 532 500
26 649 532 500
26 649 532 500
26 649 532 500
9 795 984 000
7 387 065 000
7 387 065 000
4 900 585 500
3 740 283 000
3 666 973 500
2 106 816 000
2 003 725 500
1 291 287 000
935 070 000
187 015 500

TOTAL

150 000 000 000’.

2.2. as from 1 January 2003, Article 5(1) of the Bank's

Statute shall read:

‘The subscribed capital shall be paid in by Member
the
States
amounts laid down in Article 4(1)’.

to the extent of 5 % on average of

3. This decision shall be published in the Official Journal of the

European Communities.

The Chairman

B. BENDTSEN

The Secretary

F. A. W. CARPENTER