Annual report of the European Investment Bank 1991

European Investment Bank

Description

Activities of the institutions and bodies

Sujets

• Annual report
• European Investment Bank
• Economie gestion

Informations

• Publié par: EUROPEAN-INVESTMENT-BANK
• Nombre de lectures: 121
• Langue: English
• Poids de l'ouvrage: 31 Mo

Extrait

1991 1990 Key data
(million ecus)
15 338.8 13393.4 Total financing provided
15165.1 13 325.9 From own resources
15165.1 of which loans 13273.4
52.5 of guarantees
173.7 From other resources 67.5
Within the Community 14 422.8 12 680.5
389.5 153.4 ACP States and OCT
241.5 344.5 Mediterranean Countries
215.0 Central and Eastern European Countries . . 285.0
Resources raised 13 672.3 10995.6
Community currencies 10 001.9 7 833.0
3 670.4 3162.6 Non-Community currencies
11951.7 Disbursements 15 508.8
15 315.8 11 810.7 From own resources
193.0 141.0 From others
Aggregate outstanding
Financing from own resources and guarantees 72 713.3 61 944.8
6 337.6 7 058.8 g from others
58 892.6 48 459.4 (*) Short, medium and long-term borrowings
ANNUAL REPORT Subscribed capital (as at 1 January) . . . 57600.0 28 800.0
4 320.9 2 595.9 of which paid in and to be paid in ... .
1991
6 718.9 Reserves and operating income .... 6 860.4
74290.7 62 342.4 Π Balance sheet total
751 724 Bank staff
*) See financial statements, page 63
Balance sheet Loans Disbursements Resources
20000 20000
r—r~
5000
'rfflflllll
82 83 84 85 86 87 88 89 90 91 82 83 84 85 86 87 88 89 90 91 82 83 84 85 86 87 88 89 90 91 82 83 84 85 86 87 88 89 90 91
N. B.: Bar charts in million ecus.
EUROPEAN INVESTMENT BANK EUROPEAN INVESTMENT BANK
Project appraisal, conducted by EIB dard mixes, with maturity, composition The EIB grants loans mainly from the As a Community institution, the EIB Outside the Community The financial institution of the European
and interest rate all fixed in advance, or staff, is designed to verify the econo­proceeds of its borrowings, which, Community, the European Investment continuously adapts its activity to devel­
in varying mixes tailored to borrowers' mic benefits and viability of the scheme together with "own funds" (paid-in capi­Bank (EIB) was created by the Treaty of opments in Community policies; it pro­
concerned. The appraisal looks into the preferences and the ElB's holdings. tal and reserves), constitute its "own motes greater economic and social Rome establishing the European Eco­
project's consistency with the ElB's own The second paragraph of Article 18(1 ) of resources". cohesion and attainment of the single nomic Community. Its Statute constitutes
the Statute provides for financing oper­financing criteria and Community policy
a Protocol to the Treaty. market.
ations by the EIB outside the Com­guidelines as well as its compliance with Outside the Community, EIB financing
munity on unanimous authorisation environmental protection and procure­
operations are conducted both from the The members of the EIB, an autonomous As a bank, it works in close collabor-
ment regulations. The promoter's finan­ from the Bank's Board of Governors.
Bank's own resources and, under man­ation with the banking community both public institution within the Community,
cial situation and cash flow projections Interest rates date, from Community or Member when borrowing on the capital markets are the Member States of the EC, who
along with security offered are also States' budgetary resources. and when financing capital projects. have all subscribed to the Bank's capi­
examined. The ElB's first-class credit rating
tal.
("AAA") enables the Bank to raise funds Authorisation is given:
on the keenest terms available at the Once the appraisal is completed, the
— case by case, for financing for cer­ElB's Board of Directors, acting on a time.
tain types of project of particular im­proposal from the Management Com­
portance to the Community (satellite mittee, decides on the granting of a As it operates on a non-profit-making
communications or energy supplies, for loan, taking account of the opinions of basis, the EIB onlends the funds bor­
example); the Member State concerned and the rowed by it on the markets at a rate,
— protecting the environment and the small and medium-sized enterprises as Within the Community
Commission of the European Communi­ adapted continuously, reflecting each
quality of life as well as safeguarding well as smaller-scale schemes involving
currency's market cost plus a margin of — as ceiling amounts in the case of ties. infrastructural works, more efficient use the Community's architectural and The ElB's main activity is to contribute
0.15% to cover the Bank's operating financing in individual countries or of energy or environmental protection natural heritage; concretely, by financing capital projects,
costs. groups of countries under agreements,
are generally funded through global to the balanced development of the — promoting urban development;
conventions or decisions on Community
loans. Community, while adhering to the rules — attaining Community energy policy
financial cooperation. Rates may be set either upon signature FINANCIAL TERMS AND objectives; of strict banking management.
CONDITION of the finance contract or on the oc­Global loans are similar to temporary — enhancing the international com­
The ElB's field of operations under the casion of each disbursement (open-rate lines of credit opened with banks or petitiveness of industry and integrating As stipulated in Article 20 of its Statute,
contract). Loans are granted mainly at latter heading covers: Maturity it at Community level; financial institutions operating at Euro­the EIB pays particular heed to ensuring
fixed rates, but may be granted at rates
pean, national or regional level. These "that its funds are employed as ration­ — supporting the activities of small and
révisable after a set period of gener­ — sixty-nine African, Caribbean and The EIB grants long-term loans of which intermediaries draw on the proceeds to ally as possible in the interests of the medium-sized enterprises through glo­
ally 4 to 10 years. They may also carry Pacific States signatories to the Lomé the maturity depends on the type of finance a variety of ventures promoted bal loans. Community".
variable rates, possibly convertible into Convention (ACP States) plus the Over­project concerned and its technical life. by small and medium-sized enterprises
fixed rates. seas Countries and Territories (OCT); It generally varies between 7 and 12 or local authorities, in accordance with
years for industrial projects and may the ElB's criteria.
— twelve non-member Mediterranean extend to 20 years or more for infra- The method adopted for setting rates is
structural schemes. the same for all countries and sectors. Countries; PROJECTS In all cases, the EIB finances only part of OBJECTIVES
The EIB does not accord interest sub­
the investment costs, supplementing the
sidies, although these may be granted — five Central and Eastern European Currencies borrower's own funds and other sources EIB loans may be granted to public or In keeping with the guidelines laid down
by third parties. Countries. of finance. Loans may not normally private borrowers in the following pro­in Article 130 of the Treaty of Rome and
Depending on the format selected, ductive sectors: exceed 50% of investment costs. in the light of developments in Com­
Special arrangements apply to finan­loans are disbursed at par: munity policies, projects considered for — infrastructure,
cing provided outside the Community,
— energy, The EIB also helps to finance investment EIB financing must contribute towards
the terms and conditions of which are — in a single currency, particularly a programmes in conjunction with the one or more of the following objectives: — industry, services and agriculture.
established by various financial cooper­Member State's currency or the ecu; oper-ations of the structural Funds and — fostering the economic advancement
ation agreements. — in several currencies, either in stan­of the Community's other financial The EIB finances large-scale projects by of less favoured regions;
means of individual loans concluded instruments. Loans from the EIB may be — improving transport and telecom­
used in association with national or munications infrastructure of benefit to directly or through various financial
Community grant aid. intermediaries. Ventures undertaken by the Community; ANNUAL REPORT
1991 This annual report is available also in
the following languages:
DA ISBN 92-861-0259-3
DE ISBN 92-861-0260-7
ES ISBN 92-861-0258-5
FR ISBN 92-861-0263-1
GR ISBN 92-861-0261-5
IT ISBN 92-861 -0264-X
NL ISBN 92-861 -0265-8
PT ISBN 92-861 -0266-6
ISBN 92-861-0262-3
Text finalised 7 April 1992 CONTENTS
FIRST PART Managing bodies Page
Board of Governors
Audit Committee
Board of Directors
Management Committee — Organisation Structure of the Bank
Foreword
The EIB, the Community's financial institution 11
11 Bank activity . .
13 Economic background
Community context . 17
The EIB in 1991: financing provided within the Community 23
Breakdown by Community policy objective 26
Financing operations by country .... 35
44 The EIB in 1991: operations outside the Community.
ACP States and OCT. ...... 44
Mediterranean Countries 48
Central and Eastern European Count