End-of-year 2010

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.



by | June 7, 2012 · ---

2 responses to “Reminiscing

  1. dear Kurt, I always believed that in Britanny too X-mas was in the middle of winter – but now, approaching the end of spring ?? Anyway, a self-praising retrospection seems to be a timeless effort, no need to wait for Christmas or the turnover of a century ….

    • kurtbayer

      naja, wollte hauptsächlich meine Hexameter anbringen: sonst äußere ich mich ja nicht zur EBRD

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