Sun, Nov 22 2009

EIB 67 billion euro capital increase approved

Sat, Apr 04 2009 12:04 CET byClive Leviev-Sawyer 889 Views
EIB 67 billion euro capital increase approved

The European Investment Bank’s (EIB) board of governors has unanimously approved a 67 billion euro capital increase, bringing the bank’s subscribed capital to 232.4 billion euro.

The capital increase, which had previously been envisaged for 2010, was brought forward to 2009 to enable the EIB to expand its lending volume as part of its anti-crisis measures in response to the economic downturn, an April 3 2009 media statement said.

The call for an anticipated increase in subscribed capital was supported by the EIB’s board of directors in December 2008 and subsequently put to the board of governors – the 27 EU finance ministers.

"The EU member states demonstrated their support for the EIB’s increased lending role during the financial crisis by unanimously approving the increase," the media statement said.

The capital increase will be conducted through a transfer from the EIB’s additional reserves to its paid-in capital.

"This has the benefit of not burdening the member states themselves to provide the additional resources," the statement said.

The capital increase will take effect immediately.

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