By letter of 2 October 2006, the United Kingdom of Great Britain and Northern Ireland nominated Mr Stephen Pickford (Director, Europe, HM Treasury) for appointment as full member of the Bank's Board of Directors to succeed Mr Simon BROOKS, who had tendered his resignation.

On 6 October 2006, the Governors of the EIB were invited, by written procedure, to vote on this proposed appointment.

The decision to appoint Mr Stephen Pickford was taken on 24 October 2006, the date on which the Bank received the requisite majority of votes in favour by the Governors.

Mr Stephen Pickford has been appointed for the remainder of his predecessor's term of office, which will expire in 2008 at the end of the day of the Annual Meeting of the Board of Governors during which the annual report, balance sheet and profit and loss account for the 2007 financial year are examined.