Colleagues, partners and friends, gathered here in the center ofLondon
Christmas is the occasion to celebrate a successful twothousand and ten
President and Ms Mirow have graciously invited us all:
Board, management and top staff from each of the Bank’s departments,
For all to enjoy food, drink, company and short speeches.2010 was a very good year for EBRD:
With the region still smarting from the aftereffects of the crisis
The Bank positioned itself to embark onCRR4
Focussing on post-crisis interventions, worth 8 to 9 billion Euros
Spread over diversification, local currency markets and integrated approaches
Aiming to become more effective in transition and additionality.
Bank staff has done an outstandingly good job with or in spite of their managers
On behalf of the board I wish to thank them all very sincerely,
Stressing the excellent cooperation between board and all Bank personnel.
After two years of suffering heavy and embarrassing losses
In 2010 the Bank’s income statement shows once more significant profit.
Given all the commendable work by staff during 2010
They might have expected higher salary compensation adjustments.
In view of significant budgetary problems of shareholder countries
The present outcome was the realistic maximum to be achieved.
Let me assure staff that Bank’s owners appreciate greatly their efforts.
Upsides and downsides occurred during this remarkable year
Diversification of the region’s economies further proceeded,
Energy efficiency and sustainability were greatly enhanced
We even succeeded in progressing somewhat on local currency finance
Mitigating unhedged borrowers’ foreign currency risk.
Directors gained much valuable insight through excellently organized BCVs
Learning about the operational countries’ problems first/hand.
Still, our region remains mired in significant transitional problems
Requiring a lot more additional work of the Bank in the future.
It is my prediction that during my lifetime the Bank’s mission will not be accomplished:
The crisis has shown to us all that complete transition is elusive.
Ending, I wish to thank the President for effectively leading the Bank
In this very difficult period for all our countries of operation.
Let me wish you: Peace to the world and a joyous Christmas to all.