NEW VICE-PRESIDENT AT THE EUROPEAN INVESTMENT BANK.
Upon recommendation from the Board of Directors of the European Investment Bank (EIB), Francis Mayer has been appointed to the post of Vice-President of the Bank. Mr Mayer will take up his duties at the beginning of October. Born in Strasbourg, France, in 1950, Mr Mayer will replace Ariane Obolensky, who has held the post of EIB Vice-President since July 1994 and has just been appointed Chairman of the Board of Directors of the BDPME, a development bank serving small and medium-sized enterprises. The EIB's Board of Directors has bestowed the title of Honorary Vice-President on Ms Obolensky in recognition of her distinguished contribution to the Bank's work. Francis Mayer has pursued a career at the French Treasury, where he is currently Head of the International Affairs Department. In this capacity, he was also a Director of the EIB between July 1994 and September 21, 1999. The EIB's Management Committee is made up of eight members - the President and seven Vice-Presidents - appointed by the Bank's Board of Governors on a proposal from the Board of Directors. A collegiate executive body based in Luxembourg, the Management Committee oversees day-to-day business at the EIB, recommends financial, management and lending policy decisions to the Board of Directors and ensures that these are implemented. One of the posts of EIB Vice-President is earmarked for each of the Bank's four main shareholders (France, the United Kingdom, German and Italy). A Vice-President's term of office is for six years.