The FINANCIAL -- At its annual meeting, the Nordic Investment Bank’s Board of Governors approved the Bank’s annual accounts for 2014 and the payment of EUR 55 million as dividends to the member countries. The Board also assessed that the Bank’s capital situation is robust and that it supports the new initiatives outlined in the recently concluded strategy review.
The Board of Governors approved NIB’s annual accounts for 2014. The Bank recorded a profit of EUR 210 million. The total amount of loans agreed during the year reached nearly EUR 2.4 billion and was allocated to projects that fulfil the Bank’s mission to improve the competiveness and environment of the Nordic and Baltic countries.
Based on the financial results, the Board decided that EUR 55 million will be paid out as dividends to the member countries, according to NIB.
At this occasion, the Board welcomed the conclusions of the recent strategy review according to which the present business model will remain the foundation of NIB’s operations, but lending activities will be broadened. For instance, NIB will develop and expand its lending to SMEs and mid-sized corporates in the region. The Bank will also be more flexible in its activities outside its member countries.
The Board also assessed the capital situation of the Bank. The conclusion was that the capital base is strong and that it enables the Bank to develop its activities into the direction envisaged in the strategy review.
“The strategy process has demonstrated that the fundamentals of NIB are right. At the same time it is very important for the Bank to develop its activities in order to have flexibility and to stay relevant for its owners. With the current capital base, the Bank has capacity to do that”, says Antti Rinne, Finland’s Minister of Finance and Chairman of the Bank’s Board of Governors (until 29 May 2015).
The Board of Governors, in which the member countries are represented at the ministerial level, appointed Sven Sester, Estonia’s Minister of Finance and the Governor for Estonia, as its Chairman for the period from 1 June 2015 to 31 May 2016.