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Magdalena Álvarez Arza, EIB Vice-President from July 2010 to June 2014 ©EIB

On the basis of a nomination from the Kingdom of Spain, by common accord with the Portuguese Republic, the Board of Directors decided on 15 June 2010 to submit the candidature of Ms Magdalena Álvarez Arza to the Board of Governors for the post of Vice-President and Member of the Management Committee, to succeed Mr Carlos da Silva Costa, who had tendered his resignation.

The written procedure inviting the Board of Governors to vote on this proposal was launched on 15 June 2010.

The decision to appoint Ms Magdalena Álvarez Arza was taken on 29 June 2010, the date on which the requisite majority of votes was reached. Ms Magdalena Álvarez Arza has therefore been appointed as Vice-President and Member of the Management Committee, taking up her post with effect from 16 July 2010.

The Board of Governors also conferred the title of Honorary Vice-President on Mr Carlos da Silva Costa.