OREANDA-NEWS. September 03, 2015. Jan Vapaavuori has been appointed Vice-President and Member of the Management Committee of the European Investment Bank (EIB). He takes up his duties today, succeeding Wilhelm Molterer, who had tendered his resignation.

Mr Vapaavuori, a Finnish national, was appointed by the EIB’s Board of Governors on a proposal from the Finance Minister of the Republic of Finland and with the agreement of the shareholder constituency formed also by Austria, Estonia, Latvia, Lithuania and Sweden.

In the Bank’s Management Committee, Mr Vapaavuori will hold supervisory responsibility for EIB operations in Denmark, Estonia, Finland, Latvia, Lithuania and Sweden and in several countries outside the European Union. He will also be in charge of horizontal issues such as Advisory Services and Corporate Social Responsibility.

Upon joining the EIB Mr Vapaavuori commented: “I very much appreciate being given the opportunity to work for the EIB, as this institution makes a decisive contribution to economic and social development. The EIB fosters job creation and sustainable growth and strengthens European innovation’s potential and competitiveness. With its financing activity, the EIB makes a real difference to people’s lives and I am proud today to join the Bank of the European Union.”

Prior to becoming EIB Vice-President, Mr Vapaavuori was Finnish Minister of Economic Affairs (and, as such, Governor of the EIB) and between 2007 and 2011 was Finnish Minister of Housing and Minister of Nordic Cooperation. He has been a member of the Finnish Parliament since 2003 and a Helsinki City Council member since 1997. He holds a degree in law from the University of Helsinki.

The Management Committee is the EIB’s permanent collegiate executive body, consisting of a President and eight Vice-Presidents. The members of the Management Committee are appointed by the Board of Governors – the Finance Ministers of the 28 EU Member States – for up to six years.

Under the authority of Werner Hoyer, President of the EIB, the Management Committee collectively oversees the day-to-day running of the EIB as well as preparing and ensuring the implementation of the Board of Directors' decisions, notably regarding borrowing and lending operations.