(1)

On 29 March 2017, the United Kingdom notified the European Council of its intention to withdraw from the Union pursuant to Article 50 of the Treaty on European Union. The Treaties will cease to apply to the United Kingdom from the date of entry into force of the Withdrawal Agreement, or failing that, two years after that notification, i.e. on 30 March 2019, unless the European Council, in agreement with the United Kingdom unanimously decides to extend that period.

(2)

In accordance with Article 308 of the Treaty on the Functioning of the European Union, the members of the European Investment Bank (the ‘Bank’) are the Member States.

(3)

The withdrawal of the United Kingdom from the Union will bring an end to the United Kingdom's membership of the Bank, to its subscribed capital in the Bank, to its right to nominate members and alternate members of the Board of Directors, and to the term of office of the members and alternate members of the Board of Directors nominated by the United Kingdom.

(4)

The maintenance of the capital of the Bank requires an increase in the capital subscribed by the remaining Member States.

(5)

The increase in the capital subscribed by the remaining Member States should occur in parallel with a further strengthening of the governance of the Bank.

(6)

The functions of the Board of Directors should be strengthened by allowing for the nomination of additional alternates, and better use should be made of alternate Board members and non-voting experts to enhance their role in supporting the decision-making process of the Board of Directors, in particular with regard to the analysis of financing proposals.

(7)

The use of qualified majority voting by 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.

(8)

In order to enhance the effectiveness of the reforms set out in this Decision, the Bank should take further initiatives to reflect, in line with best banking practice, the principles of the ‘three lines of defence’ at all relevant levels of the Bank, including in the Management Committee.

(9)

Furthermore, and in line with Member States' expectations, lending volumes should be kept sustainable and a framework for determining sustainable lending levels should be further developed, while the functions of the Audit Committee should be strengthened by making sure that the Committee includes members with knowledge of supervisory issues. In particular, it should be ensured that the Audit Committee always includes members drawn from a banking supervisory authority from both inside and outside the euro area.

(10)

The Statute of the European Investment Bank should therefore be amended accordingly,

(1)

the first subparagraph of Article 4(1) is amended as follows:

(2)

in Article 7(3), point (h) is replaced by the following:

(3)

in the first subparagraph of Article 9(1), the following sentence is added:

‘It shall, acting by a qualified majority, decide on the Bank's operational plan.’;

(4)

Article 9(2) is amended as follows:

(5)

the first subparagraph of Article 11(1) is replaced by the following: