Transcript European Investment Bank - biggest public bank of the world

Accountability of European
Investment Bank.
How can Hungarian civil society take
advantage.
Anna Roggenbuck
CEE Bankwatch Network
www.bankwatch.org
European Investment Bank
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Set up in 1958 under the Treaty of Rome
House bank of the EU, a tool for policies financing
Owned by 27 EU member states
Active in more than 130 countries all over the world
Fund: Transport, energy, water, industry, banking,
R&D, oil, mining and gas, telecommunication,health
and education, climate change mitigation and
adaptation
Annual budget – approximately 70 bilion Euro
Institutional statuts and
governance
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Operational independence - autonomous financial
body, legal personality on Luxembourgish
legislation
MS Ministers constitute its Board of Governors
(general directives for the credit policy of the
Bank, increase the subscribed capital, approve the
annual report, approve the rules of procedure)
Board of Directors (27+1) - non-resident, meeting
10 times per year
Management Committee – real decision – making
body
How does the EIB work?
Member States
Tax payers
Borrowing
Governments
(EU and nonEU)/
Companies
Tax
Subscribed
capital
Interest
European
Investment
Bank
Investors, bond
holders
EIB Bonds
Loan
Interest
Working within an institutional
setup
Council of European Union
European Parliament
European Commission
European Court of Justice
Court of Auditors
European Ombudsman
OLAF
EIB policies
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Core policies:
Statement of Environmental and Social
Principles and Standards (2009)
Complaints Mechanism Policy
Transparency Policy
Sectoral policies:
Transport Lending Policy
Energy Policy
Water Sector Lending Policy
Standards of EIB operations
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Procedural standards: EIA, Habitat, IPPC,
Environmental Liability Directive, „Aarhus
regulation”
Emission standards: IPPC, BAT, Water
Framework Directive
Ambient standards related to accumulated
pollution in air, water and soil
Biodiversity: Habitat and bird Directives,
Ramsar, Bonn and Bern Conventions
Standards on access to information
EU Chart on Fundamental Rights and UN
Universal Declaration of Human Rights
Other social standards outside EU
Accountability mechanisms for
EIB
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Complaints Office based on Complaints
Policy
European Ombudsman
Europan Court of Justice
EU Parliament Petition Committee
Why it is worth to use
accountability mechanisms?
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Low cost, quite fast
Independence from national administration
Compliance and problem solving functions
Additional pressure on national administration
A good tool to attract media and public
attention
Impact on EIB’s policies, their interpretation
and bank behaviour in the future