His impact on the EU Bank
The United Kingdom formally notified the European Union of its intent to leave the EU in 2017. President Hoyer worked with the European Council, the European Commission and the Member States to ensure that Britain, which had a stake in the Bank, departed in an orderly fashion and that the Bank could continue to deliver the results laid out in its business plan. In the spring of 2019, the Bank’s Board of Governors approved plans to replace the UK’s capital in the bank if and when the UK left the EU.
Over the last seven and a half years, Dr Hoyer has overseen a huge expansion and transformation at the EIB, the EU’s bank, with annual financing of up to €84 billion, and €287 billion of investment supported, compared to €55 billion in financing and €169 billion in investment supported when he took over. The number of employees at the Bank has almost doubled during this time, as the Bank is investing in a growing number of smaller and riskier projects.