By letter of 16 May 2007, the Republic of Hungary, by common accord with the Republic of Bulgaria and the Slovak Republic and with the assent of the Czech Republic and the Republics of Cyprus, Malta, Poland and Slovenia, nominated Ms Zsuzsanna Varga (Deputy Director General of the Department of International Relations at the Hungarian Ministry of Finance) for appointment as alternate member of the EIB's Board of Directors to replace Ms Marcela Zubriczká, who has resigned.

On 31 May 2007, the Governors of the EIB were invited by written procedure to vote on the proposed appointment.

The decision to appoint Ms Zsuzsanna Varga was taken on 13 June 2007, the date on which the Bank received the requisite majority of votes in favour from the Governors.

Ms Zsuzsanna Varga has been appointed for the remainder of her 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.