With the crisis of the sars coronavirus, the european investment Bank (EIB) will see its business increase dramatically. In the stimulus package of 750 billion euros, the european Commission proposes in effect to double the program InvestEU – the ex-plan Juncker – and to create an instrument of solvency to recapitalize european companies in difficulties. These projects are in addition to the ambitious “pact green”, announced in 2019, and on which the EIB is called on to play a key role. They imply a strengthening of the capital of the bank, of which Twenty-Seven are shareholders.
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Werner Hoyer, the president, is in favour and not a mystery. “I have no doubt about the fact that this challenge will only be met with a capital increased of the bank, said it Friday, several journalists of the european press. The EIB is not only the largest multilateral financial institution, but also the most indebted in the world. Most multilateral development banks have a constraint of loan one-to-one. In our case, the articles provide for a multiplier of 2.5. It is very ambitious, and if we go beyond that we lose immediately our position in the markets.” Speaking of a balance sheet to 600 billion euros and a capital of $ 240 billion – of which only 25 billion paid by the Twenty-Seven -Werner Hoyer said that the EIB remains “very strong”, and “space ready” is now “exhausted”. How much would it increase the capital of the bank? The German refuses to move a figure, and admits, in passing, that the assessment is not easy. “As long as we don’t know exactly what we are supposed to finance, it is very difficult,” he admits.
The capital increase of the EIB, which requires the green light from a unanimous Twenty-Seven, was discussed last week during a board of directors of the bank, but during the conference call of Finance ministers. Some countries – including France and the countries of the South are in favor, and grow very strong in this sense. Unsurprisingly, the ministers of the countries of the North – already opposed to the european recovery plan – are much more reluctant.
The editorial team conseilleMichel Barnier: “Europe is not lacking in either audacity or courage”SujetsWerner HoyerBEIPlan of relanceAucun comment
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