Decision of the Board of Governors of 31 December 2012 on the increase in the capital of the European Investment Bank
Date: 2012-12-31
Institutions: Board of Governors of the European Investment Bank
Subjects: European Investment Bank, Member States' contribution, capital increase








C_2013100EN.01000701.xml










6.4.2013   


EN


Official Journal of the European Union


C 100/7





DECISION OF THE BOARD OF GOVERNORS
of 31 December 2012
on the increase in the capital of the European Investment Bank
2013/C 100/03
THE BOARD OF GOVERNORS OF THE EUROPEAN INVESTMENT BANK,
HAVING REGARD to Articles 4(3) and 5(2) of the Statute,
WHEREAS:






(1)


The task of the Bank is set out in Article 309 of the Treaty on the Functioning of the European Union.










(2)


The recent economic developments in the EU call for enhanced action to be undertaken by the EIB, in particular with a view to respond to the European Council invitation to contribute to sustainable growth and employment in the EU.










(3)


A capital increase with an actual cash payment by existing shareholders is considered as the most effective way to reinforce the EIB’s lending capacity while strengthening the capital position of the EIB, thus responding to the current needs, whilst making sure that its highest credit standing in the financial markets is maintained.










(4)


It is crucial that all available EIB financing in the EU makes an optimal contribution to sustainable growth and employment in all Member States, particularly in the less developed regions.










(5)


While the EIB will maintain a sectoral approach in line with the Europe 2020 objectives, the Bank will develop, in cooperation with Member States, result-driven investment strategies properly tuned to regional growth priorities to be used from 2013 onwards.










(6)


The quality of the Bank’s loan portfolio should be maintained at the highest standard and the Bank should remain an attractive partner in all EU Member States, and should ensure an optimal value added of its operations.










(7)


According to the deliberations of the Board of Directors on the Bank's requirements for the capital at its meeting on 24 July 2012, the subscribed capital of the Bank should be increased to EUR 242 392 989 000; the portion to be paid in should increase from 5 % to 8,919255272 % of the subscribed capital, funded by the Member States in proportion to their current share of EIB capital, and the reserve fund should progressively be rebuilt by the Bank to its statutory requirement of 10 % of the subscribed capital,




BEARING IN MIND that, on 1 July 2013, following the entry into force of the Treaty of Accession of Croatia, Croatia will become a member of the Bank; on this occasion, a further capital increase shall be considered with a view to maintain the alignment between Croatia’s shareholding in the Bank and its relative gross domestic product within the European Union published by Eurostat before accession,
UNANIMOUSLY DECIDED, on a proposal from the Board of Directors, in accordance with Articles 4(3) and 5(2) of the Statute, that:






1.


With effect from 31 December 2012, the capital of the Bank shall be increased as follows:
The capital subscribed by the Member States shall be raised pro rata by EUR 10 billion, namely from EUR 232 392 989 000 to EUR 242 392 989 000. This aggregate capital contribution shall be distributed across Member States as described below:






Germany


1 617 003 000




France


1 617 003 000




Italy


1 617 003 000




United Kingdom


1 617 003 000




Spain


970 202 000




Belgium


448 222 000




Netherlands


448 222 000




Sweden


297 351 000




Denmark


226 947 500




Austria


222 499 500




Poland


206 984 000




Finland


127 834 500




Greece


121 579 000




Portugal


78 351 000




Czech Republic


76 379 000




Hungary


72 258 000




Ireland


56 737 000




Romania


52 395 000




Slovakia


25 999 500




Slovenia


24 138 000




Bulgaria


17 652 000




Lithuania


15 146 000




Luxembourg


11 347 500




Cyprus


11 127 000




Latvia


9 243 000




Estonia


7 138 000




Malta


4 235 500




This capital shall be deemed to be part of the subscribed and paid-in capital, thus increasing the Bank's paid-in capital from EUR 11 619 649 450 to EUR 21 619 649 450.










2.


The portion to be paid-in by Member States shall increase from 5 % to 8,919255272 % on average of the subscribed capital, as a result of the present increase.










3.


Each Member State shall pay its share in the capital increase as soon as possible after the date of approval by the Board of Governors, but no later than 31 March 2013. However, Member States which have notified the Bank on or before 14 September 2012 will be allowed to pay their respective share of the capital increase in three instalments, 50 % no later than 31 March 2013 and the remaining 50 % in two equal instalments no later than 31 March 2014 and 31 March 2015,




CONSEQUENTLY:






4.


The Bank's Statute shall be amended, as from 31 December 2012, as follows:






 


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

‘The capital of the Bank shall be EUR 242 392 989 000, subscribed by the Member States as follows:






Germany


39 195 022 000




France


39 195 022 000




Italy


39 195 022 000




United Kingdom


39 195 022 000




Spain


23 517 013 500




Belgium


10 864 587 500




Netherlands


10 864 587 500




Sweden


7 207 577 000




Denmark


5 501 052 500




Austria


5 393 232 000




Poland


5 017 144 500




Finland


3 098 617 500




Greece


2 946 995 500




Portugal


1 899 171 000




Czech Republic


1 851 369 500




Hungary


1 751 480 000




Ireland


1 375 262 000




Romania


1 270 021 000




Slovakia


630 206 000




Slovenia


585 089 500




Bulgaria


427 869 500




Lithuania


367 127 000




Luxembourg


275 054 500




Cyprus


269 710 500




Latvia


224 048 000




Estonia


173 020 000




Malta


102 665 000’.















 


The first paragraph of Article 5 of the Bank's Statute shall be amended as set out below:

‘The subscribed capital shall be paid in by Member States to the extent of 8,919255272 % on average of the amounts laid down in Article 4(1).’















5.


This decision shall be published in the Official Journal of the European Union.







For the Board of Governors


The Chairman

G. MATOLCSY

The Secretary

A. QUEREJETA