By letter dated 22 June 2017, Hungary nominated, Mr László BARANYAY for appointment as a Full Member of the Board of Directors of the EIB to succeed Mr Zoltán URBÁN, who had tendered his resignation.

By letter dated 28 June 2017, the Board of Governors was invited to vote on the proposed appointment.

The decision to appoint Mr László BARANYAY was taken on 13 July 2017, the date on which the requisite majority of Governors' votes was reached.

The term of office of Mr László BARANYAY will expire in 2018 at the end of the day either of the Annual Meeting or of the approval of the financial statements for the previous financial year, whichever is the later.

Mr BARANYAY was Vice-President of the European Investment Bank from 2013 to 2016. He holds a Master in Economic Studies from the Budapest University.