Obligation European Development Council Bank 1.5% ( US222213AF71 ) en USD

European Development Council Bank

100 % ▲

France

US222213AF71 ( en USD )

1.5% par an ( paiement semestriel )

19/06/2017 - Obligation échue

Prospectus brochure de l'obligation Council of Europe Development Bank US222213AF71 en USD 1.5%, échue

1 000 USD

1 000 000 000 USD

222213AF7

La Banque de Développement du Conseil de l'Europe (CEB) est une banque multilatérale de développement qui finance des projets dans les États membres du Conseil de l'Europe, se concentrant sur le développement régional et local, l?inclusion sociale et la protection de l?environnement.

L'obligation US222213AF71 (CUSIP : 222213AF7) émise par la Banque de Développement du Conseil de l'Europe en France, d'une valeur nominale de 1 000 000 000 USD, avec un coupon de 1,5% payable semestriellement, et échéant le 19/06/2017, a été remboursée à son prix nominal de 100% avec un montant minimum de transaction de 1 000 USD.

Prospectus Pricing Supplement on Form 424 (b)5
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424B5 1 d365249d424b5.htm PROSPECTUS PRICING SUPPLEMENT ON FORM 424 (B)5
Table of Contents

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)

$1,000,000,000
1.50% Notes due June 19, 2017
The Council of Europe Development Bank (the "Bank" or "CEB") will pay interest on the 1.50% Notes due June 19, 2017 (the
"Notes") on June 19 and December 19 of each year. Interest will accrue on the Notes from and including June 19, 2012 and the first
interest payment date will be December 19, 2012. 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 99.701% AND ACCRUED INTEREST, IF ANY

Underwriting
Price to
Discounts
Proceeds to

Public (1)

And Commissions (2)
CEB (1) (3)

Per Note

99.701%
0.125%
99.576%
Total

$997,010,000
$
1,250,000
$995,760,000
(1) Plus accrued interest, if any, from June 19, 2012, 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 June 19, 2012.

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Barclays BNP PARIBAS Citigroup RBC Capital Markets

Pricing Supplement dated June 12, 2012
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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
UNDERWRITING
PS-6
VALIDITY OF THE NOTES
PS-7
EXPERTS
PS-8
GENERAL INFORMATION
PS-9
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.

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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,
Banque Internationale à Luxembourg SA, 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.

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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, 2011, as filed with the SEC on April 12, 2012 (File No. 333-164460) (the "Annual Report") 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 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 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

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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 1.50% Notes due June 19,

2017.
Issue Date

June 19, 2012.
Maturity Date

June 19, 2017.
Interest Payment Dates
June 19 and December 19 of each year, with interest accruing from June
19, 2012 and the first interest payment being made on December 19,

2012.
Interest Rate
1.500% per annum, from June 19, 2012. 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 U.S. 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.

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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.

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UNDERWRITING
The Bank intends to offer the Notes through Barclays Bank PLC, BNP Paribas, Citigroup Global Markets Inc. and RBC Capital
Markets, LLC as Underwriters. Subject to the terms and conditions of the underwriting agreement with the CEB, dated June 12, 2012,
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

Barclays Bank PLC

$ 250,000,000
BNP Paribas

$ 250,000,000
Citigroup Global Markets Inc.

$ 250,000,000
RBC Capital Markets, LLC

$ 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
0.125% 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
$177,500.
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.

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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.

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EXPERTS
The financial statements of the CEB for the year ended 2011, 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-8
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