Article 17

At the request of a Member State or of the Commission, or on its own initiative, the  Board of Governors shall, in accordance with the same provisions as governed their  adoption, interpret or supplement the directives laid down by it under Article 9 of  this Statute.

Article 18

1. Within the framework of the task set out in Article 130 of this Treaty, the Bank  shall grant loans to its members or to private or public undertakings for investment  projects to be carried out in the European territories of Member States, to the extent  that funds are not available from other sources on reasonable terms.

However, by way of derogation authorized by the Board of Governors, acting  unanimously on a proposal from the Board of Directors, the Bank may grant loans for  investment projects to be carried out, in whole or in part, outside the European  territories of Member States.

2. As far as possible, loans shall be granted only on condition that other sources of  finance are also used.

3. When granting a loan to an undertaking or to a body other than a Member State, the  Bank shall make the loan conditional either on a guarantee from the Member State in  whose territory the project will be carried out or on other adequate guarantees.

4. The Bank may guarantee loans contracted by public or private undertakings or  other bodies for the purpose of carrying out projects provided for in Article 130 of  this Treaty.

5. The aggregate amount outstanding at any time of loans and guarantees granted by  the Bank shall not exceed 250% of its subscribed capital.

6. The Bank shall protect itself against exchange risks by including in contracts for  loans and guarantees such clauses as it considers appropriate.

Article 19

1. Interest rates on loans to be granted by the Bank and commission on guarantees  shall be adjusted to conditions prevailing on the capital market and shall be  calculated in such a way that the income therefrom shall enable the Bank to meet its  obligations, to cover its expenses and to build up a reserve fund as provided for in  Article 24.

2. The Bank shall not grant any reduction in interest rates. Where a reduction in the  interest rate appears desirable in view of the nature of the project to be financed, the  Member State concerned or some other agency may grant aid towards the payment of  interest to the extent that this is compatible with Article 92 of this Treaty.

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