Torsten Gersfelt joined the European Investment Bank as Vice-President on 1st August 2004. He succeeds Mr. Michael Tutty who ended his four-year term. Mr. Gersfelt is a Danish citizen and was appointed by the EIB Board of Governors on a proposal from the shareholder constituency of Denmark, Greece and Ireland.

As Vice-President Mr. Gersfelt is a member of the EIB Management Committee consisting of President Maystadt and eight Vice-Presidents who are collectively in charge of the current management of the EIB.

Mr. Gersfelt has taken over the portfolio of Mr. Tutty, and his supervisory responsibilities include EIB operations in Denmark, Ireland, the Netherlands, the ACP States and South Africa, the Cotonou Agreement Investment Facility, project appraisal and ex post evaluation, regional development policy, general aspects of global loans, and staff training.

Mr. Gersfelt was born in 1945. An economist by education, he has worked in the Danish Central Bank, in the Ministry of Taxation as chief economist, and in the Ministry of Economic Affairs as deputy permanent secretary. 1997-2004 Mr. Gersfelt was member of the Board of Directors of the European Bank for Reconstruction and Development (EBRD) in London.