On 2 December, the Council of Europe Development Bank’s Governing Board approved an overall capital increase of €4.25 billion. This Capital increase will provide the Bank with the necessary resources to commence operations in Ukraine while continuing to provide support to existing Member States including Ireland.
Apart from the European Investment Bank (EIB), the CEB is the only other Multilateral Development Bank that provides financing to Ireland and was one of the founding funders of the Strategic Banking Corporation of Ireland (SBCI). Over the past decade, Ireland has availed of €900 million in loans from the bank to Local Authorities and financial intermediaries such as the Housing Finance Agency and Social Finance Foundation.
In confirming Ireland’s commitment to subscribe to the CEB Capital Increase, Minister McGrath said
“Solidarity and social inclusion are essential values of the European Union which are fostered by the work of the CEB and in the context of growing demands for support to Ukraine and neighbouring countries, I am pleased to confirm our support of this capital increase”
CEB Governor Carlo Monticelli said:
“We are grateful to Minister McGrath and the Irish Government for today’s decision. Almost a year after our landmark Joint Meeting in Dublin at which Ireland inspired the launch of a Ukraine Solidarity Fund, Ireland is again leading by example in supporting the CEB’s mission to advance social cohesion and the Bank’s ability to deliver critical social investment at a pivotal time for Europe.
