NIB signs bilateral MoUs with ESM and EIB

NIB has signed a bilateral Memorandum of Understanding (MoU) today in Luxembourg with the European Stability Mechanism (ESM), and another with the European Investment Bank (EIB). The agreements formalises NIB’s close cooperation with both institutions.

The MoU signed between ESM Managing Director Klaus Regling and NIB President and CEO Henrik Normann provides a framework for exchanging information on their institutions funding and lending activities, provide technical assistance and agree on a process for sharing confidential documents. The MoU also specifies the terms for the mutual secondment of staff between both institutions. The memorandum does not constitute a commitment to provide financial support to each other.

ESM Managing Director Klaus Regling said: “When we established the ESM, we learnt a lot from our colleagues in the NIB and more recently, we have reciprocated this support. We are both international financial institutions of a similar size and through this MoU our institutional engagement will endure in the longer term.”

NIB President & CEO Henrik Normann said. “ESM is important in bringing financial stability to Europe. NIB and ESM have now signed a bilateral Memorandum of Understanding to formalise our willingness to work together through the exchange of ideas and expertise.”

The ESM is a permanent crisis resolution mechanism for the countries of the euro area. The ESM issues debt instruments in order to finance loans and other forms of financial assistance to euro area Members States.

Similarly, the MoU signed by EIB Vice-President Jonathan Taylor and NIB’s Henrik Normann provides a general framework for strengthening the collaboration between the EIB and the NIB on projects promoting growth, competitiveness and environmentally friendly investments.

The MoU willl facilitate the exchange of expertise and promote the best practices of the international financial institutions. It will also contribute to building further cooperation on functional synergies, for instance during the appraisal and monitoring of projects co-financed by both institutions.

The EIB is the long-term lending institution of the European Union and is owned by the 28 EU Member States. The EU Bank makes long-term finance available for sound investment in order to contribute towards EU policy goals, with support for growth and jobs being EIB’s top priority.

NIB is an international financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. The Bank finances private and public projects in and outside the member countries. NIB has the highest possible credit rating, AAA/Aaa, with the leading rating agencies Standard & Poor’s and Moody’s.

For further information, please contact:
Mr Heikki Cantell, General Counsel, at +358 010 6180 0390,
heikki.cantell (at) nib.int

Mr Jukka Ahonen, Director, Head of Communications, at +358 10 618 0295,
jukka.ahonen (at) nib.int