Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-10-13-Speech-4-187-000"
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"en.20111013.19.4-187-000"2
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"The European Bank for Reconstruction and Development (EBRD) was established in 1990 to support the development of market economies from central Europe to central Asia. The European Union, together with the European Investment Bank (EIB) and 40 countries (including all EU Member states at that time), were founding members. The EBRD supports projects in 29 countries, primarily in the private sector, that cannot be fully financed by the market. The Bank promotes entrepreneurship and fosters transition towards open and democratic market economies. The proposed decision is intended to permit the European Union to subscribe for additional callable shares in the EBRD in the framework of the capital increase decided by the EBRD Board of Governors on 14/15 May 2010. The decision will also authorise the Governor of the EBRD for the European Union to deposit the requisite instrument of subscription. The initial capital of the EBRD was fixed at ECU 10 billion, of which the EU subscribed 3%. In 1996, the Governors of the EBRD decided to double the authorised capital of the EBRD for which the EU subscribed an additional 30 000 shares of EUR 10 000 each, bringing the EU subscribed capital to EUR 600 million. The EU share in the EBRD’s total authorised capital remained unchanged. The proposal is to generate the new paid-in capital by transforming accumulated distributable reserves into share capital. Hence, the operation will have no immediate direct effect on the EU budget."@en1
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