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European Bank for Reconstruction and Development EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT ANNUAL MEETING, LONDON, 2012 EBRD President’s Press Conference Saturday 20 May 2012 MR CHARLES: Ladies and gentlemen, good afternoon and welcome to our news conference as the Annual Meeting draws to a close. My name is Jonathan Charles. I am the Director of Communications at EBRD and here with me is the President of EBRD, Thomas Mirow, the President Elect, Sir Suma Chakrabarti, the Secretary General, Enzo Quattrociocche, and the Head of Media Relations Anthony Williams. I would like to start by asking the Secretary General perhaps to say a few words about some of the decisions that were taken at this 2012 Annual Meeting. MR QUATTROCIOCCHE: Good afternoon. We have had a particularly busy Annual Meeting in many respects. Let me remind you that we have a very well attended Business Forum still going on as we speak but it was especially busy in terms of institutional matters to be dealt with, and I shall mention two. First, Governors were asked to approve and did approve a net income allocation of €1 billion to the EBRD SEMED Investment Special Fund to enable the financing of investment operations in the southern and eastern Mediterranean. This will be possible as soon as the process of ratification of the amendment to Article 18 of our Articles of Agreement is completed by our shareholders. In this connection, I should like to mention that we also welcome two new members of the Bank, namely Tunisia and Jordan. At the same time, as you know, we had an election for the President of the Bank with more than one candidate, for the first time in the history of the Bank. Our Articles of Agreement say basically three things about the President. The first is that we have to have a President; the second that the President is elected for a term of four years; and the third that, to be elected, he has to be supported by a vote of a majority of the total number of Governors representing not less than the majority of the total voting power of the members. We had to provide rules for the election and Governors devoted the second session of the Annual Meeting to the election. It took place according to the rules recommended by the 1067 President’s Press Conference 1 Board of Directors and approved by the Board of Governors. The election was preceded by a session of informal interviews with all the candidates last Thursday. Finally, briefly, the Board of Governors also elected its Chair for the period 2012-2013, i.e. until our next Annual Meeting, which will take place in Istanbul. The Governor for Bulgaria was elected Chair of the Board of Governors and the Governors for Georgia and Turkey were elected Vice Chairs. Finally, the Board of Governors also approved the resolution on the date and place of the Annual Meeting 2014, which will take place in Warsaw in May. MR CHARLES: Enzo, thank you very much indeed. President Mirow, perhaps I could ask you to say a few words. THE PRESIDENT: Enzo has just provided you with the information that EBRD should have a President. To some degree it now has even two, with an outgoing one and an incoming one. On a slightly more serious note, I think it is indeed extremely important that there has been no situation and period of uncertainty. This must not happen in times like these when financial markets, as you all know, are extremely volatile, when rating agencies look at international financial institutions in the way they do. I think the stability and the robustness of the governance which has been demonstrated by Governors is extremely important in terms of the efficiency and effectiveness of EBRD. I have of course already conveyed to Sir Suma my heartfelt congratulations. I really wish him well, both personally and also with regard to the future of the Bank. It is no secret that because of these difficult times the EBRD will face very serious challenges, especially since it will very soon enter into new territory and start to invest in the southern and eastern Mediterranean and to translate and at the same time adapt the experience we have gained from our commitment to central and eastern Europe to this new region, a new region which is now also in transition. 1067 President’s Press Conference 2 I think it is fair to say that the EBRD is in good shape, that we have managed to retain an AAA rating with a stable outlook, which is probably not self-evident in these times, and that again this year we are well on the way to delivering the €9 billion of annual business volume which we are committed to deliver. I think we are now at around €2.6 billion. Therefore, even though it will of course be challenging, I believe Sir Suma can take over the EBRD first on the basis of strong support from its shareholders, and secondly in good and robust shape. Thank you very much. MR CHARLES: President, thank you very much indeed. I will now ask the President Elect, Sir Suma Chakrabarti, to say a few words. SIR SUMA CHAKRABARTI: Thank you. I want to start by saying something about Thomas. We have been very lucky in having Thomas Mirow as President of EBRD for the last four years. He is an outstanding professional, firstly. What he has done here to deliver results in terms of operational and financial efficiency, the AAA rating, the response to the financial crisis and also the expansion now into the southern and eastern Mediterranean shows great strategic vision as well as great professional integrity. The second thing I would like to say about Thomas is about the man himself. Thomas is an unassuming individual. He will not like me saying this because he does not thrust himself forward in the way some people do, and that is the nicest thing about him. He cares deeply about the institution, about his staff, and he wants them to take the credit; of course, it is a team effort, but this team would not have done so well without Thomas as its leader. We are very lucky to have had him at the helm of this institution for the last four years. He leaves a great legacy for me and the team to take forward. We will try to protect his important legacy and we will take it forward. My second point is about EBRD staff. I was involved in the creation of this institution and I have been involved with it over the years – with a short sabbatical for the last four and a half years when I was running the Ministry of Justice, but I have enormous pride in 1067 President’s Press Conference 3 this organisation and passion for its mission. The staff and the management here have done a cracking job over these 21 years. It is something of a model institution internationally, in my view. I am pleased that the competition took place on fair and open terms. I think it reflects very well on the institution and on the shareholders. I think each of the candidates offered very different things and are very great candidates, and they ran great campaigns too. I am glad the process was followed in the way it was. I am pleased, in the end, to have had very broad support from a wide range of shareholders within the European Union, both the eurozone and outside the eurozone, and also from the rest of the world as well. I think that is a good thing for the Bank to have had. We are at an exciting point. Thomas says there are really exciting challenges ahead. The Bank now faces huge challenges. I see the number one challenge as maintaining the AAA rating and maintaining sound banking principles as we go forward. The Bank has done that superbly over the last 21 years and we must maintain that. Another thing I see as very important – at all times but particularly after a leadership competition – is for the President and the team to reach out to all shareholders to make sure they are all united in facing the challenges ahead. That is what you will have from me. Thank you very much. MR CHARLES: Sir Suma, thank you very much indeed. If you would like to ask questions, please come forward. It would be great if you could say from which news organisation you come. MR HANNO MUSSLER (FAZ) : I have three questions. The first is to President Mirow. How disappointed are you that you have to leave? Maybe I could add two more questions for Sir Suma. Which countries do you expect will ratify next in the 1067 President’s Press Conference 4 Mediterranean enlargement process and how will you speed up the whole ratification process? The third question: you said yesterday that in your view this open election process strengthened the institution of the EBRD, but did it not also harm it? You, for example, criticised the Franco-German culture that might be dominant in this institution. How will you proceed now that you have been elected? PRESIDENT MIROW: I hope, Suma, you will not regard this as impolite but if I may the second question is not really to you because when you take the helm of the institution we very much hope we will be there in terms of ratification, at least in terms of the threshold we need to start operations, and then of course the process needs to be completed.
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