Article 18

In accordance with Article 9(1) of the Statute, the Board of Directors shall exercise the following powers:

• it shall lay down, on a proposal from the Management Committee, the terms and conditions constituting the general framework for the Bank's financing, guarantee and borrowing operations, in particular by approving the criteria for the fixing of interest rates, commission and other charges,

• it shall adopt, on a proposal from the Management Committee, the policy decisions concerning the management of the Bank,

• it shall ensure the consistency of the EIB Group's policies and activities,

• it shall approve the financing and guarantee operations proposed by the Management Committee,

• it shall authorise the Management Committee to carry out borrowing operations and associated treasury and derivatives activities under global programmes which it shall establish,

• it shall oversee the financial equilibrium of the Bank and risk control,

• it shall decide on the key management documents of the Bank presented by the Management Committee — in particular the Corporate Operational Plan, the annual budget and the financial statements, including the consolidated version thereof — and, where appropriate, on their implementation,

• it shall examine all Management Committee proposals to be submitted to the Board of Governors,

• it shall adopt the special provisions of the Bank concerning access to documents,

• it shall determine the provisions applicable to co-opted experts,

• it shall adopt, after having consulted the Audit Committee, the accounting principles applied to the Bank's financial statements.

In general, it shall ensure that the Bank is properly run in accordance with the Treaty, the Statute, the directives laid down by the Board of Governors and the other texts governing the Bank's activity in the performance of its task under the Treaty. In the exercise of its powers, the Board of Directors may request the Management Committee to take the initiative and to submit proposals.

It may, on the basis of a decision taken by qualified majority, delegate some of its functions to the Management Committee. It shall determine the terms and conditions for such delegation and shall supervise its execution.

It shall exercise all other powers provided for in the Statute and shall confer upon the Management Committee, in the rules and decisions that it adopts, the corresponding implementing powers, it being understood that the Management Committee shall, in accordance with Article 11(3) of the Statute, be responsible for the current business of the Bank, under the authority of the President and the supervision of the Board of Directors.