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Gerlando Genuardi has been nominated by the Italian Government to succeed Massimo Ponzellini as Vice President of the European Investment Bank (EIB). This proposal, in line with article 13 of the EIB Statute, will now be presented for approval to the Board of Governors, on a proposal from the Board of Directors.

The Management Committee of the EIB consists of a President and seven Vice-Presidents appointed for a period of six years by the Board of Governors, composed of the Finance Ministers of the EU Member States.

Mr Genuardi, born in Palermo, Italy on 29 March 1948, holds a Diploma of Higher Studies in Economics and Business from the University of Palermo. He joined the EIB in 1980 and worked in the General Secretariat of the Bank. In 1996 he became Director of the Human Resources Department. In 2000 he was appointed member of the Board of the London-based European Bank for Reconstruction and Development (EBRD) on behalf of the EIB, which is a shareholder of the EBRD.

On 31 October the Italian Treasury nominated Massimo Ponzellini chief executive of Patrimonio SpA, a company aiming at improving the efficiency of the management of Italy's cultural heritage. Ponzellini had been appointed Vice President of the EIB in 1994. His mandate had been renewed in 2000. During his career at the Bank, the EIB strongly contributed to the development and modernisation of Italy's economy. In 2001, total lending to Italy amounted to EUR 5.4 billion.

The Management Committee is the Bank's full-time executive body. Under the authority of the President, it collectively oversees the day-to-day running of the EIB as well as preparing and ensuring the implementation of the Board of Directors' decisions, notably regarding borrowing and lending operations. The members of the Management Committee (composed of the EIB's President and seven Vice-Presidents) are responsible solely to the Bank. They are appointed by the Board of Governors - consisting of Ministers (generally Finance Ministers) from each EU Member State - for a renewable period of six years, on a proposal from the Board of Directors, from among candidates put forward by the Member State concerned. As one of the Bank's principal shareholders (alongside Germany, France and the United Kingdom) Italy has a permanent place on the Management Committee.

The EIB's Management Committee is based in Luxembourg.