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EBRD waives dividends for 2006 - 1

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(recasts lead, adds details in paragraphs 3-5)

KAZAN, May 21 (RIA Novosti) - The European Bank for Reconstruction and Development (EBRD) will not pay dividends for 2006 and is opening a discussion on how best to dispose of the profit, the EBRD president said Monday.

Jean Lemiere said the EBRD received a record profit last year - 2.4 billion euros - which exceeded the bank's aggregate revenues over the past 16 years.

EBRD directors and executives are to decide what to do with the windfall profit. Some of the options include sending it to the bank reserves, providing gratuitous technical assistance for infrastructure projects in areas where the EBRD has a presence, and sharing out the profit between shareholders.

Lemiere said the discussion would begin in September or October, with a final decision to be announced next May.

He said it was difficult to estimate this year's profit, but said that if there are no crises in any of the 29 countries of Europe and Asia where the EBRD has a presence, its capital will continue to grow.

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