Читать книгу The economic policy of the european union in the context of the covid-19 crisis - Francisco Jesús Carrera Hernández - Страница 18

The structure established to manage and direct the bank is the responsibility of the Board of Governors, the Board of Directors and the Management Committee, each of which has its own internal organization and decision-making procedures, as established in Protocol (No. 5) on the Statute of the European Investment Bank. We will now proceed to review the internal organization of its bodies, their attributions and how their members are appointed or dismissed:

a) Board of Governors. This is a very important decision-making body, comprising ministers designated by the States of the Union. It is responsible for establishing and monitoring the Bank’s credit policy, deciding on the increase in subscribed capital and unanimously fixing the percentage to be paid up and the conditions for such payment22.

It is also entrusted with the decisions regarding the granting of finance for investment operations to be carried out wholly or in part outside the territory of the Member States23.

It also has powers over the appointment and dismissal of the members of the Board of Directors. For this reason, it is responsible for approving its annual report, its annual balance and its internal regulations, among others.

It can be seen that decisions and votes are coupled to the subscribed capital. As previously mentioned, Germany, France and Italy have the highest number, followed by Spain, followed by Belgium and the Netherlands, which has the same figure. The rest of the countries receive a lower figure, with Malta receiving the lowest. They almost reach 100 million24. A qualified majority requires a total of 18 votes and 68% of the subscribed capital. Its decisions are taken by a majority of its members, representing at least 50% of the capital subscribed by the countries. As can be seen, the votes are accompanied by the votes and the percentage of capital assigned to the countries.

b) Board of Directors. It decides on the granting of finance, in particular in the form of credits and guarantees, and on the arrangement of loans. It fixes interest rates on loans, as well as commissions and other charges. It also ensures the sound administration of the Bank in accordance with the provisions of the Treaties and the Statutes and with the general guidelines established by the Board of Governors.

The Board of Directors consists of 29 directors, one for each Member State and another nominated by the Commission25, and 19 alternate directors appointed by the Board of Governors for a renewable period of five years. These members are elected from among persons whose independence and competencies are guaranteed, and they are removed from office when a director no longer fulfills the conditions required to exercise their duties, as long as there is a decision by a qualified majority of the Board of Governors. Failure to approve the annual report will result in the resignation of the Board of Directors.

c) Management Committee. It manages the Bank’s day-to-day administrative matters under the authority of its president and the supervision of the Board of Directors. It issues ruling on projects for the raising of loans and the granting of finance, particularly loans and guarantees26.

This Committee is composed of a president and eight vice-presidents, appointed by the Board of Governors, on a proposal from the Board of Directors for a period of six years. The Committee members shall be removed from office on a proposal from the Board of Directors, acting by a qualified majority, and from the Board of Governors, also by a qualified majority27.

Financing is established for private or public companies that must be executed within and outside the Member States.

I) Private companies. The Bank grants financing in the form of credits and guarantees to its members or to private or public companies for investments to be carried out in the territories of the Member States, provided that funds are not reasonably available from other sources28.

II) Public companies. Investments to be carried out, in whole or in part, outside the territories of the Member States shall be financed29. Where a loan is granted to a company or a community other than a Member State, the Bank shall make the granting of said loan conditional upon a guarantee by the Member State in whose territory the investment will be carried out or on other appropriated guarantees, or upon the financial solvency of the debtor30.

Exceptionally, the Bank’s special activities, as decided by the Board of Governors and the Board of Directors in accordance with section 3, will have a specific reserve allocation31.

The EIB has limits to guarantee the loans contracted by public or private companies or by communities to carry out the operations provided for in article 309 of the TFEU32. There are also restrictions on the granting of loans and guarantees, as the total amount committed shall not exceed 250% of subscribed capital, reserves, non-allocated provisions and profit and loss account surplus33.

Another restriction found is that the amount paid for the Bank’s participation shall not exceed the total of the paid-in of its capital, reserves, non-allocated provisions and profit and loss account surplus34. However, for this restriction, there is an exception related to the special activities of the Bank, and these are those decided by the Board of Governors and the Board of Directors: in the granting of loans to companies or groups, other than a State, they shall be subject of a specific allocation of reserve35. The discretionary nature of the decision of both bodies on non-EU loans is noteworthy. In this sense, it is necessary to further develop the regulation regarding these special activities of the EIB, in order to ensure greater transparency and avoid decisions that, as a result of this reserved nature, may have repercussions on the proper functioning of the EIB, guaranteeing the highest level of transparency and accountability on its economic operations.