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Governor Wenzel addresses the Parliamentary Assembly of the Council of Europe
27 June 2014
STRASBOURG - The Governor of the Council of Europe Development Bank (CEB), Rolf Wenzel, addressed the Parliamentary Assembly of the Council of Europe during the debate “Challenges for the Council of Europe Development Bank”, which was held in Strasbourg on 26 June. The debate took place during the third part of the 2014 session of the Parliamentary Assembly.
During the debate, Tuur Elzinga, Rapporteur of the Committee on Social Affairs, Health and sustainable Development of the Parliamentary Assembly, presented his report on the Bank, covering the period from 2010 to 2013.
In his statement, Governor Wenzel thanked Anne Brasseur, President of the Parliamentary Assembly, for her invitation to participate in the debate, welcomed the Rapporteur’s report, and thanked the Committee on Social Affairs, Health and Development for their interest in the work of the CEB.
Governor Wenzel said that the CEB was adapting to a changing environment and that concrete steps had been taken to facilitate the adaptation process, and noted that the Bank remained financially sound despite the economic downturn. He acknowledged the findings of the report, in particular the need to improve visibility and strengthen the Bank’s activities in order to foster social cohesion in Europe. The recommendations of the report concerning CEB governance issues were broadly supported during the meeting.
The Parliamentary Assembly adopted the report by a vote of 54 in favour, 2 against and 1 abstention.
On the same day, Governor Wenzel met with the Secretary General of the Council of Europe, Thorbjørn Jagland, whom he congratulated on his recent re-election for a second term in office. The Governor informed the Secretary General about the CEB’s recent Joint Meeting in Sarajevo, where the Bank approved a package of support measures for three of its member countries (Bosnia and Herzegovina, Croatia and Serbia) which were affected by the recent heavy floods. The Governor and the Secretary General agreed to continue their close cooperation on issues relating to the two institutions.
Set up in 1956, the CEB (Council of Europe Development Bank) has 41 member states. Twenty-two Central, Eastern and South Eastern European countries, forming the Bank's target countries, are listed among the member states. As a major instrument of the policy of solidarity in Europe, the Bank finances social projects by making available resources raised in conditions reflecting the quality of its rating (Aa1 with Moody's, outlook stable, AA+ with Standard & Poor's, outlook stable and AA+ with Fitch Ratings, outlook stable). It thus grants loans to its member states, and to financial institutions and local authorities in its member states for the financing of projects in the social sector, in accordance with its Articles of Agreement.