4. The Management Committee shall examine whether applications for loans or  guarantees submitted to it comply with the provisions of this Statute, in particular  with Article 20. Where the Management Committee is in favour of granting the loan  or guarantee, it shall submit the draft contract to the Board of Directors; the  Committee may make its favourable opinion subject to such conditions as it  considers essential. Where the Management Committee is against granting the loan or  guarantee, it shall submit the relevant documents together with its opinion to the  Board of Directors.

5. Where the Management Committee delivers an unfavourable opinion, the Board  of Directors may not grant the loan or guarantee concerned unless its decision is  unanimous.

6. Where the Commission delivers an unfavourable opinion, the Board of Directors  may not grant the loan or guarantee concerned unless its decision is unanimous, the  director nominated by the Commission abstaining.

7. Where both the Management Committee and the Commission deliver an  unfavourable opinion, the Board of Directors may not grant the loan or guarantee.

Article 22

1. The Bank shall borrow on the international capital markets the funds necessary for  the performance of its tasks.

2. The Bank may borrow on the capital market of a Member State either in  accordance with the legal provisions applying to internal issues or, if there are no  such provisions in a Member State, after the Bank and the Member State concerned  have conferred together and reached agreement on the proposed loan.

The competent authorities in the Member State concerned may refuse to give their  assent only if there is reason to fear serious disturbances on the capital market of that  State.

Article 23

1. The Bank may employ any available funds which it does not immediately require  to meet its obligations in the following ways:

2. Without prejudice to the provisions of Article 25, the Bank shall not, in managing  its investments, engage in any currency arbitrage not directly required to carry out its  lending operations or fulfil commitments arising out of loans raised or guarantees  granted by it.

3.The Bank shall, in the fields covered by this Article, act in agreement with the

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