Obbligazione European Development Council Bank 1.5% ( US222213AC41 ) in USD

European Development Council Bank

100 USD ▼

Francia

US222213AC41 ( in USD )

1.5% per anno ( pagato 2 volte l'anno)

15/01/2015 - Obbligazione è scaduto

Prospetto opuscolo dell'obbligazione Council of Europe Development Bank US222213AC41 in USD 1.5%, scaduta

1 000 USD

1 000 000 000 USD

222213AC4

La Banca di Sviluppo del Consiglio d'Europa (CEB) è un'istituzione finanziaria internazionale che finanzia progetti di sviluppo in Europa e nei paesi limitrofi, focalizzandosi su infrastrutture, ambiente ed energia sostenibile.

The Obbligazione issued by European Development Council Bank ( France ) , in USD, with the ISIN code US222213AC41, pays a coupon of 1.5% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 15/01/2015

Filed pursuant to Rule 424(b)(5)
Registration Statement No. 333-166746
PRICING SUPPLEMENT
(To prospectus supplement dated May 3, 2011
and prospectus dated May 25, 2010)

COUNCIL OF EUROPE
DEVELOPMENT BANK
$1,000,000,000
1.500% Notes due January 15, 2015
The Council of Europe Development Bank (the "Bank" or "CEB"), will pay interest on the 1.500% Notes due January 15,
2015 (the "Notes") on January 15 and July 15 of each year. Interest will accrue on the Notes from and including May 11, 2011 and
the first interest payment date will be July 15, 2011. The CEB may not redeem the Notes prior to their maturity. There is no sinking
fund for the Notes.

The CEB has applied for the Notes to be admitted to the official list of and to trading on the regulated market of the
Luxembourg Stock Exchange.

PRICE 99.741% AND ACCRUED INTEREST, IF ANY

Underwriting
Price to
Discounts
Proceeds to

Public (1)

And Commissions (2)

CEB (1) (3)

Per Note

99.741%
0.10%

99.641%
Total

$997,410,000
$
1,000,000
$996,410,000
(1)
Plus accrued interest, if any, from May 11, 2011, if settlement occurs after that date.
(2)
CEB has agreed to indemnify the Underwriters against certain liabilities, including liabilities under the Securities Act of 1933,
as amended.
(3)
Before deducting expenses related to the offering.

Neither the Securities and Exchange Commission, any state securities commission, the Luxembourg Stock Exchange nor
any foreign governmental agency has approved or disapproved of these securities or determined whether this pricing
supplement or the accompanying prospectus supplement or prospectus is accurate and complete. Any representation to the
contrary is a criminal offense.
The Underwriters expect to deliver the Notes to purchasers in book-entry form only through The Depository Trust
Company ("DTC") on May 11, 2011.

Credit Suisse Goldman Sachs International HSBC J.P. Morgan

Pricing Supplement dated May 4, 2011

TABLE OF CONTENTS

Page
Pricing Supplement

WHERE YOU CAN FIND MORE INFORMATION

PS-3
SUMMARY OF THE OFFERING

PS-4
USE OF PROCEEDS

PS-5
CAPITALIZATION AND INDEBTEDNESS

PS-6
UNDERWRITING

PS-7
VALIDITY OF THE NOTES

PS-8
EXPERTS

PS-9
GENERAL INFORMATION

PS-10
Prospectus Supplement

INFORMATION RELATING TO THE NOTES

S-3
DESCRIPTION OF THE NOTES

S-4
Prospectus

ABOUT THIS PROSPECTUS

1
FORWARD-LOOKING STATEMENTS

1
WHERE YOU CAN FIND MORE INFORMATION

1
PRESENTATION OF FINANCIAL INFORMATION

2
THE COUNCIL OF EUROPE DEVELOPMENT BANK

3
USE OF PROCEEDS

4
DEBT RECORD

4
DESCRIPTION OF SECURITIES

5
General

5
Ranking

5
Negative Pledge

6
Default, Acceleration of Maturity

6
Redemption

6
Repurchase

6
Amendments

6
Governing Law, Jurisdiction and Consent to Service

7
UNDERWRITING

8
GLOBAL CLEARANCE AND SETTLEMENT

9
CURRENCY CONVERSIONS AND FOREIGN EXCHANGE RISKS

12
Currency Conversions

12
Non-U.S. Dollars

12
Foreign Exchange Risks

12
UNITED STATES TAXATION

13
VALIDITY OF THE SECURITIES

23
AUTHORIZED REPRESENTATIVE

23
EXPERTS

23
ENFORCEMENT OF CIVIL LIABILITIES AGAINST CEB

23

This pricing supplement should be read together with the accompanying prospectus supplement dated May 3, 2011 setting
forth information relating to the Notes, the accompanying prospectus dated May 25, 2010, and the documents incorporated herein by
reference (see "Where You Can Find More Information" in this pricing supplement). These documents taken together are herein
referred to as the "disclosure document." The documents incorporated herein by reference contain information regarding the CEB and
other matters. Further information concerning the CEB and the Notes offered hereby may be found in the registration statement
(Registration No. 333-166746) filed with the U.S. Securities and Exchange Commission (the "SEC") under the Securities Act of 1933
relating to our debt securities described in the prospectus.

PS-1

If the information in this pricing supplement differs from the information contained in the accompanying prospectus
supplement or prospectus, you should rely on the information in this pricing supplement. If a capitalized term is used in this pricing
supplement and not defined, it is defined in the accompanying prospectus or prospectus supplement and has the same meaning herein.
You should rely only on the information provided in the disclosure document. We have not authorized anyone else to provide
you with different information. We are not making an offer of these securities in any jurisdiction where the offer is not permitted.
The distribution of this disclosure document, and the offering of the Notes in certain jurisdictions may be restricted by law.
Persons into whose possession this disclosure document comes should inform themselves about and observe any such restrictions.
This disclosure document does not constitute, and may not be used in connection with, an offer or solicitation by anyone in any
jurisdiction in which such offer or solicitation is not authorized or in which the person making such offer or solicitation is not
qualified to do so or to any person to whom it is unlawful to make such offer or solicitation. See "Underwriting".
This pricing supplement includes particulars provided in compliance with the rules governing admission of securities to the
official list of and to trading on the regulated market of the Luxembourg Stock Exchange for the purpose of providing information on
the CEB. The disclosure document does not constitute a "prospectus" within the meaning of the Luxembourg law of July 10, 2005 on
securities prospectuses. The CEB accepts full responsibility for the accuracy of the information contained in the disclosure document
and confirms, having made all reasonable inquiries, that to the best of its knowledge and belief there are no other facts the omission of
which would make any statement herein misleading in any material respect. The CEB has not authorized anyone to give you any
other information, and the CEB takes no responsibility for any other information that others may give you. You should not assume
that the information contained in this disclosure document is accurate as of any date other than the date on the front of each document
forming part of the disclosure document, or, with respect to information incorporated by reference, as of the date of such information.
Inquiries regarding our listing status on the Luxembourg Stock Exchange should be directed to our Luxembourg listing agent,
Dexia Banque Internationale à Luxembourg, 69, route d'Esch, L-2953 Luxembourg.
This pricing supplement and the accompanying prospectus and prospectus supplement will be published on the website of the
Luxembourg Stock Exchange at http://www.bourse.lu.

References herein to "euro" or "" are to the single European currency adopted by certain participating member countries of
the European Union, as of January 1, 1999. References to "U.S. dollars" or "$" are to United States dollars.
References herein to "we" or "us" or similar expressions are to CEB.

PS-2

WHERE YOU CAN FIND MORE INFORMATION
The registration statement on Schedule B filed by the Bank (Registration No. 333-166746), including the attached exhibits and
schedules, contains additional relevant information about the Notes. The rules and regulations of the Securities and Exchange
Commission ("SEC") allow the Bank to omit certain information included in the registration statement from this pricing supplement
and the accompanying prospectus and prospectus supplement. The registration statement, including its various exhibits, is available to
the public over the internet at the SEC's website: http://www.sec.gov. You may also read and copy these documents at the SEC's
public reference room, located at 100 F Street, N.E., Washington, D.C. 20549. Please call the SEC at +1-800-SEC-0330 for further
information on the public reference room.
The CEB files annual reports and other information with the SEC, which are available to the public over the internet at
http://www.sec.gov or may be read and copied at the SEC's public reference room. The SEC allows the Bank to "incorporate by
reference" the documents that the Bank files with the SEC, which means that the CEB can disclose important information to you by
referring you to those documents. The information incorporated by reference is considered to be part of this pricing supplement and
the accompanying prospectus and prospectus supplement, and later information that the CEB files with the SEC will automatically
update and supersede this information, as well as the information included in this pricing supplement and the accompanying
prospectus and prospectus supplement. We incorporate by reference the annual report on Form 18-K for the CEB for the fiscal year
ended December 31, 2010, as filed with the SEC on April 26, 2011 (File No. 333-164460) (the "Annual Report"), Amendment No. 1
to such Annual Report on Form 18-K/A as filed with the SEC on May 3, 2011 ("Amendment No. 1") and any future periodic reports
and amendments filed with the SEC under the United States Securities Exchange Act of 1934, as amended, between the date of this
pricing supplement and the termination of the offering of the Notes. The Bank's Form 18-K and amendments on Form 18-K/A
contain or will contain, among other information, its most recently published annual report and financial statements, from time to
time.
You can obtain any of the documents incorporated by reference in this document through us, from the SEC as described above
or, with respect to the Annual Report and the Amendment No. 1, and so long as any of the Notes are listed on the Luxembourg Stock
Exchange, on the website of the Luxembourg Stock Exchange at http://www.bourse.lu. Documents incorporated by reference are
available from us without charge by requesting them in writing or by telephone from the CEB at the following address and telephone
number:
Council of Europe Development Bank
55, avenue Kléber
75116 Paris, France
+33 (0)1 47 55 55 00

PS-3

SUMMARY OF THE OFFERING
The following summary is qualified in its entirety by, and should be read in conjunction with, the more detailed information
appearing elsewhere in this pricing supplement and the accompanying prospectus supplement and prospectus.

Issuer

Council of Europe Development Bank
Securities Offered

US$ 1,000,000,000 principal amount of 1.500% Notes due January 15, 2015.
Issue Date

May 11, 2011.
Maturity Date

January 15, 2015.
Interest Payment Dates
January 15 and July 15 of each year, with interest accruing from May 11, 2011

and the first interest payment being made on July 15, 2011 (short first coupon).
Interest Rate
1.500% per annum, from May 11, 2011. Interest will be calculated on the basis of
a 360-day year consisting of twelve 30-day months, subject to the Business Day

Convention as described in the accompanying prospectus supplement.
Redemption

The Notes are not subject to redemption prior to maturity.
Settlement Cycle

T+5
Listing
The CEB has applied for the Notes to be admitted to the official list of and to

trading on the regulated market of the Luxembourg Stock Exchange.
Form, Registration and Settlement
The Notes will be represented by the Global Note registered in the name of Cede
& Co. as nominee for DTC. The Global Note will be deposited with a custodian
for DTC. Except as described in the accompanying prospectus, beneficial
interests in the Global Note will be represented through accounts of financial
institutions acting on behalf of the beneficial owners as direct and indirect
participants in DTC. Investors may elect to hold interests in the Global Note
through DTC, if they are participants in DTC, or indirectly through organizations
that are participants in DTC. Owners of beneficial interests in the Global Note
will not be entitled to have Notes registered in their names and will not receive or
be entitled to receive physical delivery of definitive Notes. Initial settlement for
the Notes will be made in immediately available funds in dollars. See "Global

Clearance and Settlement" in the accompanying prospectus.
Withholding Tax; No Additional Amounts
The CEB has been advised that under current United States tax law payments of
principal of and interest on the Notes may generally be made by the CEB without
withholding or deduction for United States withholding taxes, assuming that the
requirements set forth under "United States Taxation--United States Alien
Holders" and "United States Taxation--Backup Withholding and Information
Reporting" in the accompanying prospectus are satisfied. The CEB will not pay
additional amounts to holders of Notes who are individuals in respect of any
withholding tax. For further details, see "United States Taxation" in the
accompanying prospectus and "Description of Notes--No Payments of

Additional Amounts" in the accompanying prospectus supplement.
Fiscal Agent
Citibank, N.A. will be acting in its capacity as Fiscal Agent through its office
located at Citigroup Centre, Canada Square, Canary Wharf, London, E14 5LB,

United Kingdom.

PS-4

USE OF PROCEEDS
The net proceeds from the sale of the Notes offered hereby will be used in the general operations of the CEB, including
disbursements of loans heretofore or hereafter granted by the CEB. The Bank can make no representation as to the particular projects
for which, or borrowers to which, such loans will be made or as to the Member States in which such projects will be located.

PS-5

CAPITALIZATION AND INDEBTEDNESS
The following table sets forth the CEB's capitalization and indebtedness as of December 31, 2010 based on audited figures as of
that date. It does not otherwise give effect to any transaction since that date. Since December 31, 2010, there has been no material
change in the capitalization of the CEB, except for:

a)
the issuance of GBP 50 million and GBP 100 million (approximately 58 million and 118 million, respectively,

based on the exchange rate at the time of issue) Floating Rate Notes due 2015 issued under the Bank's Euro MTN
Programme in January 2011;

b)
the issuance of AUD 250 million (approximately 181 million based on the exchange rate at the time of issue)

5.625% Notes due 2015 issued under the Bank's Australian and New Zealand Dollar MTN Programme in February
2011;

c)
the issuance of USD 1 billion (approximately 730 million based on the exchange rate at the time of issue) 2.625%

Notes due 2016 issued under the Bank's SEC-registered U.S. debt shelf in February 2011; and

d)
the issuance of AUD 50 million (approximately 36 million based on the exchange rate at the time of issue) 5.875%

Notes due 2015 issued under the Bank's Euro MTN Programme in March 2011.

As of
As adjusted

December 31, 2010
for the offering
1

(in thousands of euros)

Short-term Debt
2

3,941,200

3,941,200
Long-term Debt 3

14,899,759
15,571,486

Equity

Capital
4

Subscribed

3,303,450

3,303,450
Uncalled

(2,933,712)
(2,933,712)

Called

369,738

369,738
General Reserve
5

1,686,636
1,686,636

Gains or losses recognized directly in equity

(113,584)

(113,584)
Net profit

115,865
115,865

Total Equity

2,058,655

2,058,655

Total Capitalization 6

16,958,414
17,630,141

1
As adjusted for this offering, and issuances of other debt securities and repayment of outstanding debt since December 31, 2010,
the Indebtedness Ratio of the Bank on a pro forma basis is 3.75 as of December 31, 2010.

2
Consists of current portion of long-term debt plus existing debt securities with a maturity of less than one year as of the issue
date, excluding accrued interest and value adjustment of debt securities hedged by derivatives.

3
Consists of non-current portion of debt securities with a maturity of more than one year as of the issue date, excluding accrued
interest and value adjustment of debt securities hedged by derivatives. None of the CEB's debt is guaranteed by other parties or
secured.

4
See "Capital Structure--Subscribed, Called and Uncalled Capital" in the Annual Report.

5
The CEB's general reserve represents retained earnings and a portion of the contributions paid in by new Member States upon
accession. See "Capital Structure--Reserves" in the Annual Report.

6
Total capitalization consists of long-term debt and total equity.

PS-6

UNDERWRITING
The Bank intends to offer the Notes through Credit Suisse Securities (Europe) Limited, Goldman Sachs International, HSBC
Bank plc and J.P. Morgan Securities Ltd. as Underwriters. Subject to the terms and conditions of the underwriting agreement with the
CEB, dated May 4, 2011, the Underwriters have agreed to purchase, and the CEB has agreed to sell to the Underwriters,
$1,000,000,000 in principal amount of Notes, as indicated in the table below:

Principal Amount
Underwriter

of the Notes

Credit Suisse Securities (Europe) Limited

$ 250,000,000
Goldman Sachs International

$ 250,000,000
HSBC Bank plc

$ 250,000,000
J.P. Morgan Securities Ltd.

$ 250,000,000

Total

$1,000,000,000
The underwriting agreement provides that the Underwriters are obligated to purchase all of the Notes if any are purchased.
The Underwriters propose to offer the Notes initially at the offering price on the cover page of this prospectus supplement.
The Underwriters may offer such Notes to selected dealers at the public offering price minus a selling concession of up to
0.10% of the principal amount of the Notes. After the initial offering, the Underwriters may change the public offering price and other
selling terms.
The CEB has agreed to indemnify the Underwriters against certain liabilities, including liabilities under the Securities Act of
1933, or to contribute to payments the Underwriters may be required to make in respect of those liabilities.
The total expenses of the offering, excluding underwriting discounts and commissions, are estimated to amount to
approximately $228,000.
The Notes are a new issue of securities with no established trading market. The CEB has been advised by the Underwriters that
they presently intend to make a market in the Notes after completion of the offering. However, they are under no obligation to do so
and may discontinue any market-making activities at any time without any notice. No assurance can be given with respect to the
liquidity of the trading market for the Notes or that an active public market for the Notes will develop. If an active public trading
market for the Notes does not develop, the market price and liquidity of the Notes may be adversely affected.
In connection with this offering, the Underwriters may, subject to applicable laws and regulations, purchase and sell the Notes
in the open market. These transactions may include short sales, stabilizing transactions and purchases to cover positions created by
short sales. Short sales involve the sale by the Underwriters of a greater number of Notes than they are required to purchase in this
offering. Stabilizing transactions consist of certain bids or purchases made for the purpose of preventing or retarding a decline in the
market price of the Notes while the offering is in progress.
These activities by the Underwriters may stabilize, maintain or otherwise affect the market price of the Notes. As a result, the
price of the Notes may be higher than the price that otherwise might exist in the open market. If these activities are commenced, they
may be discontinued by the Underwriters at any time.
Offers and sales in the United States are expected to be made through affiliates of the Underwriters that are registered as
broker-dealers, acting as U.S. selling agents.
Other relationships
The Underwriters and their affiliates from time to time may have provided certain investment banking, commercial banking
and financial advisory services to the Bank, for which they have received customary fees, commissions and other payments, and they
may provide such services to us in the future, for which they would receive customary fees, commissions and other payments.

PS-7

VALIDITY OF THE NOTES
The validity of the Notes will be passed upon on behalf of CEB by Sullivan & Cromwell LLP, Paris, France, and for the
Underwriters by Cleary Gottlieb Steen and Hamilton LLP, Paris, France. Sullivan & Cromwell LLP and counsel to the Underwriters
may rely as to certain matters on the opinion of the CEB's General Counsel.

PS-8

EXPERTS
The financial statements of the CEB for the year ended 2010, including the balance sheets, the profit and loss accounts, the
statements of changes in equity, the cash flow statements and notes comprising a summary of significant accounting policies and
other explanatory notes, included in the CEB's Annual Report on Form 18-K and incorporated by reference herein, have been audited
by Deloitte & Associés, Paris, an independent registered public accounting firm, as set forth in their report thereon incorporated by
reference therein and incorporated herein by reference, and are included in reliance upon their report given on the authority of this
firm as experts in accounting and auditing.

PS-9