Sebastian Vladescu, full member of the Board of Directors

By letter of 7 June 2007, Romania nominated Mr Sebastian Vladescu (Secretary of State, Ministry of Economy and Finance) for appointment as full member of the EIB's Board of Directors to replace Mr Eugen Teodorovici, who has resigned.

On 15 June 2007, the Governors of the EIB were invited by written procedure to vote on the proposed appointment.

The decision to appoint Mr Sebastian Vladescu was taken on 2 July 2007, the date on which the Bank received the requisite majority of votes in favour from the Governors.

Mr Sebastian Vladescu has been appointed for a term of office which will expire in 2008 at the end of the day of the Annual Meeting of the Board of Governors during which the annual report, balance sheet and profit and loss account for the 2007 financial year are examined.