Following the elections and formation of a new Government in Austria, Mr Wilhelm Molterer was appointed Vice Chancellor and Minister of Finance on 11 January 2007. He will therefore succeed Mr Karl Heinz Grasser as Governor of the EIB once he is confirmed in that position by the Parliament, as required under Austrian regulations.

Before becoming Minister of Finance, Mr Molterer, 51 years of age, was Federal Minister of Agriculture, Forestry, Environment and Water Resource Management from 2000-2003, and Federal Minister of Agriculture and Forestry from 1994-2000. He was a member of Parliament from 1990-1994, Secretary General of the ÖVP (Austrian Peoples' Party) from 1993-1994 and leader of the ÖVP parliamentary party from 2003 to January 2007.

Mr Molterer has a degree and postgraduate qualifications in economics and social sciences from the University of Linz.