By letter dated 7 September 2016, the Portuguese Republic nominated, by common accord with the Kingdom of Spain, Mr Luís SARAMAGO (Deputy Director General for Economic Policy and International Relations, Ministry of Finance) for appointment as an Alternate Member of the Board of Directors of the EIB to succeed Ms Carla DÍAZ ÁLVAREZ de TOLEDO, who had tendered her resignation.

By letter dated 9 September 2016, the Board of Governors was invited to vote on the proposed appointment.

The decision to appoint Mr Luís SARAMAGO was taken on 21 September 2016, the date on which the requisite majority of Governors' votes was reached.

The term of office of Mr Luís SARAMAGO 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.