By decision of the EIB's Board of Governors with effect from 1 September 1999, Mr Ewald Nowotny has joined the Management Committee of the European Investment Bank.

Austrian, born in Vienna in 1944, Mr Nowotny takes office as successor to Claes de Neergaard, a Swede appointed on 1 September 1995, who leaves the Bank after four years of outstanding service on the Management Committee; in recognition of his contribution, Mr de Neergaard has had the title of Honorary Vice-President conferred upon him by the Board of Governors.

Prior to joining the EIB, Mr Nowotny was a Professor of economics at the University of Vienna as well as a Member of Austria's Parliament since 1978, representing the Social Democratic Party, and from 1985 chairing the Financial Committee; from 1994 to 1999, he also was one of the Austrian delegates at the Parliamentary Assembly of the Western European Union (WEU). In addition, Mr Nowotny has held the posts of Chairman of the Board of Directors of the Austrian Postal Savings Bank (1973-1978) and of Vice-Chairman of the "Österreichische Nationalökonomische Gesellschaft" (1990-1999). From 1993 until 31 August 1999, Mr Nowotny was also member of the Supervisory Board of the "Wiener Städtische Versicherung", Austria's largest insurance group. He has published numerous economic, financial and political works.

The EIB's Management Committee, whose members are appointed by the Bank's Board of Governors on a proposal from the Board of Directors, is composed of eight members - the President and seven Vice- Presidents. It is the EIB's full-time collegiate executive body responsible for day-to-day business, recommending financial decisions and policy changes to the Board of Directors and ensuring their implementation. Austria, Finland and Sweden share one of the posts as Vice-President of the EIB. The Vice-President appointed after nomination by Austria, Finland and Sweden has a term of office of four years, thus allowing rotation of the post between those three countries.