{
  "url": "https://openlegislation.uk/eu-decision-2019-655/introduction",
  "json_url": "https://openlegislation.uk/eu-decision-2019-655/introduction.json",
  "legislation": "eudn/2019/655",
  "legislation_title": "Decision of the Board of Governors of the European Investment Bank of 16 April 2019 on the replacement of the capital of the United Kingdom in the European Investment Bank by capital subscribed by the remaining Member States [2019/655]",
  "legislation_url": "https://openlegislation.uk/eu-decision-2019-655",
  "path": "introduction",
  "kind": "introduction",
  "number": null,
  "heading": "Introductory text",
  "text": "Decision of the Board of Governors of the European Investment Bank\nof 16 April 2019\non the replacement of the capital of the United Kingdom in the European Investment Bank by capital subscribed by the remaining Member States [2019/655]\nTHE BOARD OF GOVERNORS OF THE EUROPEAN INVESTMENT BANK,\nHAVING REGARD to Articles 4(3) and 5(2) of the Statute,\nWHEREAS the United Kingdom is expected to withdraw from the European Union as of 30 March 2019 in accordance with the provisions of Article 50 of the Treaty on European Union,\nWHEREAS in accordance with Article 308 of the Treaty on the Functioning of the European Union, the members of the European Investment Bank are the Member States,\nWHEREAS the withdrawal of the United Kingdom from the European Union will bring an end to the membership of the United Kingdom in the European Investment Bank and to its subscribed capital in the Bank,\nWHEREAS the withdrawal of the United Kingdom from the European Union should not affect the financing activity and the business model of the European Investment Bank,\nWHEREAS the maintenance of the capital of the Bank requires an increase of the capital subscribed by the remaining Member States,\nWHEREAS the paid-in portion of this increase of the capital subscribed by the remaining Member States should amount to EUR 3 495 903 950, to be funded entirely from the Additional Reserves of the Bank, in order to preserve the paid-in portion of the total subscribed capital at its current level,\nWHEREAS the maintenance of the capital of the Bank should go in parallel with a further strengthening of the governance of the Bank,\nWHEREAS the function of the Board of Directors should be strengthened, allowing the nomination of additional alternates, and better use should be made of alternate Board members and non-voting experts to enhance their support to the decision-making process of the Board of Directors, in particular regarding the analysis of financing proposals,\nWHEREAS the use of qualified majority voting in the Board of Directors and the Board of Governors should be extended to crucial areas, namely the decision on the Bank's Operational Plan, the appointment of members of the Management Committee and the approval of the Rules of Procedure,\nWHEREAS the Bank should take further initiatives to reflect, in line with best banking practice, the principles of ‘three lines of defence’, at all relevant levels of the institution, including in the Management Committee,\nWHEREAS in line with Member States' expectations, lending volumes should be kept sustainable and a framework for determining sustainable lending levels should be further developed,\nWHEREAS the function of the Audit Committee shall be strengthened by making sure that the Committee has amongst its members knowledge on supervisory issues, the selection process for members of the Audit Committee should also be explored to ensure, inter alia, that the Audit Committee always includes members drawn from a banking supervisory authority from both inside and outside the euro area,\nWHEREAS the Council is requested to adopt, in parallel, the necessary amendments to the Statute of the Bank in accordance with Article 308 of the Treaty on the Functioning of the European Union,\nWHEREAS certain Member States expressed interest to subscribe additional capital in the Bank, and the Board of Governors calls upon the Board of Directors to put forward a proposal in this matter at the latest for the Annual Meeting in 2019,\nTHE BOARD OF GOVERNORS OF THE EUROPEAN INVESTMENT BANK HAS THEREFORE DECIDED UNANIMOUSLY AS FOLLOWS:",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/eudn/2019/655/introduction",
    "retrieved_at": "2026-11-01T15:12:44.895996+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}