By letter of 21 June 2005, the Republic of Ireland nominated Mr Michael Somers (Chief Executive of the National Treasury Management Agency) for appointment as alternate member of the Bank's Board of Directors to succeed Mr Cardiff, who has resigned.

On 22 August 2005, the Governors of the EIB were invited by written procedure to vote on the proposed appointment.

The decision to appoint Mr Somers was taken on 16 September 2005, the date on which the Bank received the requisite majority of votes in favour by the Governors.

Mr Michael Somers 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 are examined.