By letter of 8 March 2007, the Republic of Cyprus by common accord with the Republic of Malta and with the agreement of the Czech and Slovak Republics, and the Republics of Bulgaria, Hungary, Poland and Slovenia, nominated Mr Constantinos Karmios (Chief Accountant in charge of the Accounting and Financial Services Directorate of the Treasury at the Cypriot Ministry of Finance) for appointment as full member of the EIB's Audit Committee to replace Ms Solvita Zvidrina, who has resigned.

On 14 March 2007, the Governors of the EIB were invited by written procedure to vote on the proposed appointment.

The decision to appoint Mr Constantinos Karmios was taken on 30 March 2007, the date on which the Bank received the requisite majority of votes in favour from the Governors.

Mr Constantinos Karmios has been appointed for the remainder of his predecessor’s term of office, which will expire in 2009 at the end of the day of the Annual Meeting of the Board of Governors during which the annual report, balance sheet and profit and loss account for the 2008 financial year are examined.