CELEX: 11957E/PRO/BEI/06
Language: en
Date: 1957-03-25 00:00:00
Title: TREATY ESTABLISHING THE EUROPEAN ECONOMIC COMMUNITY, PROTOCOL ON THE STATUTE OF THE EUROPEAN INVESTMENT BANK, ARTICLE 6

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11957E/PRO/BEI/06

TREATY ESTABLISHING THE EUROPEAN ECONOMIC COMMUNITY, PROTOCOL ON THE STATUTE OF THE EUROPEAN INVESTMENT BANK, ARTICLE 6  

++++Article 6  1 . The Board of Governors may , acting by a qualified majority on a proposal from the Board of Directors , decide that Member States shall grant the Bank special interest-bearing loans if and to the extent that the Bank requires such loans to finance specific projects and the Board of Directors shows that the Bank is unable to obtain the necessary funds on the capital markets on terms appropriate to the nature and purpose of the projects to be financed .  2 . Special loans may not be called for until the beginning of the fourth year after the entry into force of this Treaty . They shall not exceed 400 million units of account in the aggregate or 100 million units of account per annum .  3 . The term of special loans shall be related to the term of the loans or guarantees which the Bank proposes to grant by means of the special loans ; it shall not exceed twenty years . The Board of Governors may , acting by a qualified majority on a proposal from the Board of Directors , decide upon the prior repayment of special loans .  4 . Special loans shall bear interest at 4 % per annum , unless the Board of Governors , taking into account the trend and level of interest rates on the capital markets , decides to fix a different rate .  5 . Special loans shall be granted by Member States in proportion to their share in the subscribed capital ; payment shall be made in national currency within six months of such loans being called for .  6 . Should the Bank go into liquidation , special loans granted by Member States shall be repaid only after the other debts of the Bank have been settled .