Dublin, 08.07.2022 – The 55th Joint Meeting of the Council of Europe Development Bank (CEB) was held today, in Dublin, hosted for the first time by the Irish authorities. Bringing together the members of the Bank’s Governing Board, Administrative Council and senior management, the Joint Meeting discussed strategic and policy priorities for the CEB, with a focus on the steps needed to complete the advanced process for Ukraine’s membership.

Paschal Donohoe, Minister for Finance of Ireland and President of the Eurogroup, opened the meeting with a keynote speech. Noting the importance of hosting the CEB’s Joint Meeting in Dublin, he recalled that this will be the first in a series of high-level events hosted by Ireland under its rolling Presidency of the Council of Europe. Mr. Donohoe’s intervention was followed by a number of other high-level speakers, including Secretary General of the Council of Europe, Marija Pejčinović Burić; CEB Governor Carlo Monticelli, and Minister for Communities and Territories Development of Ukraine Oleksiy Chernyshov, who addressed the audience via video link.

High-level speakers unanimously welcomed Ukraine’s intention to join the CEB and noted that the process is well advanced. Already a member of the Council of Europe, Ukraine has formally requested to become a member of the CEB in early June. The Bank has been among the first international financial institutions to respond to the war in Ukraine and to provide support to Ukrainian displaced persons seeking shelter in neighbouring countries.

In his opening speech, Minister Donohoe welcomed the continued support from the CEB to Ireland across a number of important areas, most recently in housing, through the Housing Finance Agency and in community support through Social Finance Foundation. He commended the Bank’s immediate response to the war in Ukraine and the support it has provided to affected countries welcoming vast numbers of refugees. Minister Donohoe has committed €1 million, on behalf of the Irish Government, for a ‘Ukraine Donor Fund’ at the CEB.

To become a full member of the Bank, Ukraine will have to fulfil formal conditions and financial requirements, and deposit the instrument of accession with the Secretary General of the Council of Europe. Given the exceptional circumstances that Ukraine is facing, the CEB’s member states have expressed their intention to give a tangible sign of support by relieving the country from any payment requirement for accession (1).

Secretary General Pejčinović Burić said: “I look forward to today’s agreement on accession conditions for Ukraine’s prospective membership to the CEB. The CEB, and the Council of Europe as a whole is ready, able and willing to contribute to Ukraine’s recovery.

Governor Monticelli stressed: “I am thrilled to see that our member states’ act of solidarity with Ukraine will allow swift accession of the country to the CEB. We, at the CEB, are very proud that Ukraine’s membership enables the bank to support the country’s social development and reconstruction needs.”

In his address, the Minister for Communities and Territories Development of Ukraine Oleksiy Chernyshov emphasized: “Ukraine's accession to the CEB is important for Ukrainians to promote the modernization of state housing policy in our country, develop new residential and social infrastructure programs, take part in international investment projects, and attract foreign investment to ensure adequate housing for Ukrainians suffering of the war.”

About CEB
Set up in 1956, the CEB (Council of Europe Development Bank) has 42 member states. Twenty-two Central, Eastern and South Eastern European countries, forming the Bank's target countries, are listed among the member states. As a major instrument of the policy of solidarity in Europe, the Bank finances social projects by making available resources raised in conditions reflecting the quality of its rating (Aa1 with Moody's, outlook stable, AAA with Standard & Poor's, outlook stable, AA+ with Fitch Ratings, outlook positive and AAA* with Scope Ratings, outlook stable). It thus grants loans to its member states, and to financial institutions and local authorities in its member states for the financing of projects in the social sector, in accordance with its Articles of Agreement.

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(1) In pursuance of the CEB’s Articles of Agreement and Governing Board’s past resolutions, Ukraine shall have a share of 1.86% in the Bank’s capital, requiring a total financial contribution of nearly €60 million.