The Board of Directors

The Board of Directors has sole power to take decisions in respect of loans, guarantees and borrowings. As well as seeing that the Bank is properly run, it ensures that the Bank is managed in keeping with the provisions of the Treaty and the Statute and with the general directives laid down by the Governors. Its members are appointed by the Governors for a renewable period of five years following nomination by the Member States and are responsible solely to the Bank.

The Board of Directors consists of 28 Directors, with one Director nominated by each Member State and one by the European Commission. There are 18 Alternates, meaning that some of these positions will be shared by groupings of States.

Furthermore, in order to broaden the Board of Directors' professional expertise in certain fields, the Board will be able to co-opt a maximum of 6 experts (3 Directors and 3 Alternates), who will participate in the Board meetings in an advisory capacity, without voting rights.

The President of the Management Committee or, in his absence, one of the Vice-Presidents, shall preside over meetings of the Board of Directors but shall not vote.

Since 1 May 2004, decisions have been taken by a majority consisting of at least one third of members entitled to vote and representing at least 50% of the subscribed capital.

As the Board of the Directors is non-resident, members do not receive a remuneration from the Bank. For each meeting day of the Board (normally ten per year) in which they participate Members and Alternates of the Board of Directors receive an indemnity of EUR 600. In addition the Bank pays a per diem of EUR 200 as a lump-sum reimbursement for hotel and related expenses to be covered by individual Board Members and reimburses travel expenses.

Date of situation:10-03-2008

Directors

Olivier HENIN	Dimiter IVANOVSKI	Zdenĕk HRUBÝ
Sigmund LUBANSKI	Carsten PILLATH	Aare JÄRVAN
Konstantinos MOUSOUROULIS	Isabel RIAÑO	Claire WAYSAND
Kevin CARDIFF	Ignazio ANGELONI	Kyriacos KAKOURIS
Irena KRUMANE	Miglė TUSKIENĖ	Gaston REINESCH
János ERŐS	Vince GRECH	Pim VAN BALLEKOM
Kurt BAYER	Katarzyna ZAJDEL-KUROWSKA	Maria Alexandre da COSTA GOMES
Eugen Orlando TEODOROVICI	Sibil SVILAN	Katarina KASZASOVÁ
Tytti NORAS	Kurt A. HALL	Stephen PICKFORD
Klaus REGLING

Experts

Pierre RICHARD

Rainer MASERA

Timothy STONE

Alternates

Karl-Ernst BRAUNER	Ralph MÜLLER	Madis ÜÜRIKE
Jean-Michel SEVERINO	Benoît de la CHAPELLE BIZOT	Michael SOMERS
Pietro MASCI	Giampaolo BOLOGNA	Andrej KAVČIČ
Rudolf de KORTE	Alicia VARELA	Zsuzsanna VARGA
Kristina SARJO	Jean-Christophe GRAY	Tamsyn BARTON
Stefan NANU	Dirk AHNER

Alternate Experts

Óscar FANJUL

Antoni SALA

Detlef LEINBERGER