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Dáil Éireann debate -
Wednesday, 23 Feb 2000

Vol. 515 No. 1

Written Answers. - European Banks.

Jan O'Sullivan

Question:

49 Ms O'Sullivan asked the Minister for Finance when the terms of office of the Irish nominee to the European Bank for Reconstruction and Development will expire; the plans, if any, the Government has to nominate a replacement; when Ireland will be next entitled to nominate a member of the board of the European Investment Bank; the plans, if any, the Government has in this regard; and if he will make a statement on the matter. [5251/00]

Ireland shares a constituency with Denmark on the board of directors of the European Bank for Reconstruction and Development. Board membership involves a director, who represents the two countries on the board of directors, and an alternate director, who works with, and may substitute for, the director. Under the arrangements negotiated with Denmark at the inauguration of the bank, the director and alternate posts alternate every three years between the two countries.

In the period April 1994 to April 1997 Ireland held the director post. At the end of April 1997 this post reverted to Denmark. Ireland is accordingly entitled to appoint the next director to the EBRD this year. The current Irish nominee was appointed as alternate director with effect from 1 July 1997 .

As far as the European Investment Bank is concerned, Ireland has a permanent director on the board of directors. This post is filled by the Second Secretary General in the finance division in my Department and this term finishes in 2003.

Ireland will be entitled, in consultation with Denmark and Greece, to nominate a vicepresident to the EIB in June of this year.

The appointments to the EBRD and EIB are under consideration at the moment and details will be announced when the final decisions have been made.

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