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 242392989000 ; 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 232392989000 to EUR 242392989000 . This aggregate capital contribution shall be distributed across Member States as described below: Germany 1617003000 France 1617003000 Italy 1617003000 United Kingdom 1617003000 Spain 970202000 Belgium 448222000 Netherlands 448222000 Sweden 297351000 Denmark 226947500 Austria 222499500 Poland 206984000 Finland 127834500 Greece 121579000 Portugal 78351000 Czech Republic 76379000 Hungary 72258000 Ireland 56737000 Romania 52395000 Slovakia 25999500 Slovenia 24138000 Bulgaria 17652000 Lithuania 15146000 Luxembourg 11347500 Cyprus 11127000 Latvia 9243000 Estonia 7138000 Malta 4235500 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 11619649450 to EUR 21619649450 .
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 242392989000 , subscribed by the Member States as follows: Germany 39195022000 France 39195022000 Italy 39195022000 United Kingdom 39195022000 Spain 23517013500 Belgium 10864587500 Netherlands 10864587500 Sweden 7207577000 Denmark 5501052500 Austria 5393232000 Poland 5017144500 Finland 3098617500 Greece 2946995500 Portugal 1899171000 Czech Republic 1851369500 Hungary 1751480000 Ireland 1375262000 Romania 1270021000 Slovakia 630206000 Slovenia 585089500 Bulgaria 427869500 Lithuania 367127000 Luxembourg 275054500 Cyprus 269710500 Latvia 224048000 Estonia 173020000 Malta 102665000 ’ .
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