EBRD: Community subscription to extra shares following the doubling of the capital

OBJECTIVE: to enable the European Community to subscribe for and release extra shares for the European Bank for Reconstruction and Development (EBRD) as a result of the decision to double the capital of the Bank. COMMUNITY MEASURE: Council Decision 97/135/EC providing that the European Community should subscribe for extra shares as a result of the decision to double the capital of the European Bank for Reconstruction and Development. SUBSTANCE: the EBRD had an initial capital of ECU 10 billion, of which the Community subscribed 3%. In order to meet the considerable needs in loans for the PHARE and TACIS countries (ECU 2.5 billion annually as a minimum) the governors of the Bank at their meeting in Sofia on 15 April 1996 decided to double this capital. As a result this decision allows the Community to subscribe an additional 30 000 shares of ECU 10 000 each in the EBRD under the terms and conditions of the Resolution No 59 of the Board of Governors annexed to the decision. ENTRY INTO FORCE: the decision enters into force on 17 February 1997, the date of entry into force of the provisions concerning the arrangements for the subscription being 15 April 1997 or such subsequent date not later than 31 December 1997 as the Board of Directors may determine in accordance with the resolution annexed to the decision. �