EIB confirms: no bailouts
- Feb 9, 2010
EIB President Philippe Maystadt confirmed in a media statement that the European Investment Bank will only finance economically viable projects. “The EIB's mission and Statute do not allow for bailouts in terms of budget deficits or balance-of-payments support to individual Member States”, Maystadt said.
The European Investment Bank, based in Luxembourg, was set up in 1958 under the Treaty of Rome. Owned by the European Union Member States, the EIB is the EU’s long-term lending institution, financing projects that promote European economic development and integration. Besides supporting projects in the Member States, its main lending priorities include financing investments in future Member States of the EU and EU Partner countries. The Bank’s consistent AAA rating is underpinned by firm shareholder support, a strong capital base, exceptional asset quality, conservative risk management and a sound funding strategy.
According to its new Corporate Operational Plan for 2010-2012 approved by the Board of Directors, the Bank is targeting a loan signature volume of EUR 75bn in 2010, very similar to the amount achieved in 2009. The borrowing volume ceiling is projected at EUR 80bn for 2010 (same as in 2009).