Save as otherwise provided in this Statute, decisions of the Board of Governors  shall be taken by a majority of its members. This majority must represent at least  50% of the subscribed capital. Voting by the Board of Governors shall be in  accordance with the provisions of Article 148 of this Treaty.

Article .11

1. The Board of Directors shall have sole power to take decisions in respect of  granting loans and guarantees and raising loans; it shall fix the interest rates on loans  granted and the commission on guarantees; it shall see that the Bank is properly run;  it shall ensure that the Bank is managed in accordance with the provisions of this  Treaty and of this Statute and with the general directives laid down by the Board of  Governors.

At the end of the financial year the Board of Directors shall submit a report to the  Board of Governors and shall publish it when approved.

2. The Board of Directors shall consist of 25 directors and 13 alternates. ( ** )

( ** ) First subparagraph of paragraph 2 as amended by Article 4 of Protocol No 1  annexed to the AA A/FIN/SWE in the version resulting from Article 44 of AD AA  A/FIN/SWE.

The directors shall be appointed by the Board of Governors for five years as shown  below:

three directors nominated by the Federal Republic of Germany,
three directors nominated by the French Republic,
three directors nominated by the Italian Republic,
three directors nominated by the United Kingdom of Great Britain and Northern  Ireland,
two directors nominated by the Kingdom of Spain,
one director nominated by the Kingdom of Belgium,
one director nominated by the Kingdom of Denmark,
one director nominated by the Hellenic Republic,
one director nominated by Ireland,
one director nominated by the Grand Duchy of Luxembourg,
one director nominated by the Kingdom of the Netherlands,
one director nominated by the Republic of Austria,
one director nominated by the Portuguese Republic
one director nominated by the Republic of Finland,
one director nominated by the Kingdom of Sweden,
one director nominated by the Commission.

( * ) Second and third subparagraphs of paragraph 2 as amended by Article 4 of  Protocol No 1 annexed to the AA A/FIN/SWE in the version resulting from  Article 44 of AD AA A/FIN/SWE.

The alternates shall be appointed by the Board of Governors for five years as shown

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