By letter dated 8 May 2006, the Republic of Austria nominated Mr Kurt Bayer (Deputy Director General for Economic Policy and International Financial Institutions, Austrian Ministry of Finance) for appointment as full member of the EIB's Board of Directors, to replace Mr Oehler, who had tendered his resignation.

On 11 May 2006, the Governors of the EIB were invited by written procedure to vote on the proposed appointment.

The decision to appoint Mr Bayer was taken on 30 May 2006, the date on which the Bank received the requisite majority of votes in favour by the Governors.

Mr Kurt Bayer has been appointed for the remainder of his predecessor's term of office, which will expire in 2008 at the end of the annual meeting of the Board of Governors in which the annual report, balance sheet and profit and loss account for the 2007 financial year will be examined.