By letter of 1 August 2007, the Italian Republic nominated Mr Giorgio Leccesi (Director of the International Financial Relations Directorate, Treasury Department, Italian Ministry of Economy and Finance) for appointment as alternate member of the EIB's Board of Directors to replace Ms Stefania Bazzoni, who has resigned.

On 28 August 2007, the Governors of the EIB were invited by written procedure to vote on the proposed appointment.

The decision to appoint Mr Giorgio Leccesi was taken on 11 September 2007, the date on which the Bank received the requisite majority of votes in favour from the Governors.

Mr Giorgio Leccesi has been appointed for a term of office which will expire in 2008 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 2007 financial year are examined.