Annual report of the European Investment Bank 1991

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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 Countries 50
Borrowings in 1991 51
Evolution of capital markets . . 51
EIB activity on the capital markets 52
Results for the year 59
Management and Staff 60
Box articles
1991 capital increase: 57 600 million (p. 16) — The EIB and the Treaty on European Union (p. 18) — Inter­
national cooperation and technical assistance for a better environment (p. 20) — Global loans within the
Community (p. 24) — The EIB and major rail infrastructure (p. 28) — Electricity transmission and distri­
bution (p. 40) — From Lomé III to Lomé IV (p. 46) — Disbursements and loans outstanding (p. 56)
SECOND PART Financial statements 63
List of finance contracts signed in 1991 80
Statistical tables 95
Guide to readers 11BOARD OF GOVERNORS
(Situation at 1 June 1992)
Chai Bertie AHERN (Ireland)
Albert REYNOLDS (Ireland)
until November 1991
Pierre BÉRÉGOVOY (France)
until June 1991
BELGIUM Philippe MAYSTADT, Minister for Finance
DENMARK Henning DYREMOSE, Minister for Finance
GERMANY Theo WAIGEL, Federal Minister for Finance
GREECE Stephanos MANOS, Minister for National Economy
Efthymios CHRISTODOULOU, Minister for National Economy
until February 1992
Georgios SOUFLIAS, Minister for National Economy
until January 1991
SPAIN Carlos SOLCHAGA CATALÁN, Minister for Economic and Financial Affairs
FRANCE Michel SAPIN, Minister for Economic and Financial Affairs
Pierre BÉRÉGOVOY, Minister of State, Minister for Economic and Financial Affairs and the
Budget
until April 1992
IRELAND Bertie AHERN, Minister for Finance
Albert REYNOLDS, Minister for Finance
until November 1991
ITALY Guido CARLI, Minister for the Treasury
LUXEMBOURG Jacques SANTER, Prime Minister, Ministre d'État, Minister for the Treasury
NETHERLANDS Wim KOK, Minister for Finance
PORTUGAL Jorge BRAGA DE MACEDO, Minister for Finance
Luis Miguel C. Pizarro BELEZA, Minister for Finance
until October 1991
UNITED KINGDOM Norman LAMONT, Chancellor of the Exchequer
AUDIT COMMITTEE
(Situation at 1 June 1992)
Chairman
Albert HANSEN, Secrétaire général du Conseil du gouvernement, Luxembourg
Constantin THANOPOULOS, Deputy Governor, National Mortgage Bank, Athens,
until June 1991
Members
Albert HANSEN
João PINTO RIBEIRO, Juiz Conselheiro, Tribunal de Contas, Lisbon
Constantin THANOPOULOS BOARD OF DIRECTORS
(Situation at 1 June 1992)
Chairman: Ernst-Günther BRÖDER
Vice-Chairmen:
Lucio IZZO
Alain PRATE
Ludovicus MEULEMANS
Roger LAVELLE
Hans DUBORG
José de OLIVEIRA COSTA, from January 1992
Miguel A. ARNEDO ORBAÑANOS served as Vice-Chairman until December 1991, since when
he has been appointed Honorary Vice-Chairman
Directors:
Luigi ARCUTI Presidente dell'Istituto Mobiliare Italiano, Rome
Bruno BIANCHI Condirettore Centrale, Banca d'Italia, Rome
Richard BRANTNER Sprecher des Vorstands der Kreditanstalt für Wiederaufbau, Frankfurt
Corneille BRÜCK Président du Conseil d'administration de la Banque et Caisse d'Épargne de l'État, Luxembourg
Manuel CONTHE GUTIERREZ Director General del Tesoro y Política Financiera, Ministry for Economic and Financial Affairs,
Madrid, until February 1991
Jos de VRIES Plaatsvervangend Directeur, Directie Buitenlandse Financiële Betrekkingen, Ministry of Finance,
The Hague
Mario DRAGHI Direttore Generale del Tesoro, Ministry of the Treasury, Rome, from April 1991
Huw P. EVANS Deputy Secretary (Overseas Finance), H. M., London
Vicente J. FERNANDEZ Subdirector General del Tesoro y Política Financiera, Ministry for Economic and Financial
Affairs, Madrid, from March 1991
Manuel E. FRANÇA E SILVA
Director-Geral do Tesouro, Ministry of Finance, Lisbon, from February 1991
Winfried HECK Ministerialdirigent, Federaly of, Bonn
Philippe JURGENSEN Directeur Général de la Caisse Centrale de Coopération Économique, Paris
Yves LYON-CAEN Président Directeur général du Crédit National, Paris, from September 1991
Rudolf MORAWITZ Ministerialdirigent, Federal Ministry of Economic Affairs, Bonn
Miguel MUÑIZ DE LAS CUEVAS Presidente del Instituto de Crédito Oficial, Madrid
Maurice O'CONNELL Second Secretary, Department of Finance, Dublin, from April 1991
Giovanni RAVASIO Director-General for Economic and Financial Affairs, Commission of the European
Communities, Brussels
Former Chairman, The Union Discount Company of London, pic, London Alexander J. O. RITCHIE
Denis SAMUEL-LAJEUNESSE Chef du Service des Affaires Internationales, Direction du Trésor, Ministry for Economic and
Financial Affairs, Paris
Mario SARCINELLI Direttore Generale del Tesoro, Ministry of the Treasury, Rome, until March 1991
Michael J. SOMERS Chief Executive, National Treasury Management Agency, Dublin, until March 1991
Lars TYBJERG Member of the Board of Directors, European Bank for Reconstruction and Development,
London
Jan H. G. VANORMEUNGEN Directeur-Generaal van de Administratie der Thesaurie, Ministry of Finance, Brussels
Roy WILLIAMS Deputy Secretary, Department of Trade and Industry, London
Dimitrios ZACHARIADIS-SOURAS Former Adviser to the Minister for National Economy, Ministry for National Economy, Athens
Alternates:
David BOSTOCK Under Secretary, European Community Group, H. M. Treasury, London
Pierre DUQUESNE Sous-Directeur des Affaires Multilatérales, Direction du Trésor, Ministry for Economic and
Financial Affairs, Paris, from May 1991
L. Fernanda FORCIGNANÒ Direttore Generale dei Servizi Speciali e del Contenzioso del Tesoro, Ministry of the Treasury,
Rome
Daniel GIROUX Sous-Directeur des Affaires Multilatérales, Direction du Trésor, Ministry for Economic and
Financial Affairs and the Budget, Paris, until April 1991
M.J.L. JONKHART President-Directeur, De Nationale Investeringsbank N.V., The Hague
Eberhard KURTH Ministerialdirektor, Federal Ministry for Economic Cooperation, Bonn, from September 1991
Horst MOLTRECHT Ministerialdirektor i. R., Federal Ministry for Economic, Bonn, until August
Maurice O'CONNELL Second Secretary, Department of Finance, Dublin, until March 1991
Thomas O'DWYER Director-General for the Coordination of Structural Policies, Commission of the European
Communities, Brussels
Oliver PAGE
Head of the Developing World Division, Bank of England, London
Eckard PIESKE
Ministerialdirigent, Federal Ministry of Finance, Bonn
Hélène PLOIX
Directeur général adjoint chargé de la direction des activités bancaires et financières, Caisse
des Dépôts et Consignations, Paris
Giovanni SACCO
Dirigente Superiore, Direzione Generale del Tesoro, Ministry of the Treasury, Rome
Michael J. SOMERS
Chief Executive, National Treasury Management Agency, Dublin, from April 1991
J. I. C TOSCANO
Subdirector-geral do Tesouro, Ministry of Finance, Lisbon, from February 1991 MANAGEMENT COMMITTEE
(Situation at 1 June 1992)
President: Ernst-Günther BRODER
Vice-Presidents: Lucio IZZO
Alain PRATE
Ludovicus MEULEMANS
Roger LAVELLE
Hans DUBORG
José de OLIVEIRA COSTA, from January 1992
Miguel A. ARNEDO ORBAÑANOS, until December 1991
Organisation Structure of the Bank
(Situation at 1 June 1992)
Consultative Group: Dieter HARTWICH, Eugenio GREPPI, Philippe MARCHAT, Herbert CHRISTIE
HEADS OF DIRECTORA TES HEADS OF DEPARTMENTS HEADS OF DIVISIONS
Secretary-General Internal Audit Jean-Claude CARREAU
Dieter HARTWICH Karl Georq SCHMIDT Information-Public Relations
General Administration Coordination Andrew ALLEN
Directorate
Personnel
Ronald STURGES
Personnel Administration Rémy JACOB
Personnel Policy Gerlando GENUARDI
Jörg-Alexander UEBBING
(Managerial Adviser)
Secretariat and General Affairs
Bruno EYNARD
Representative Office in Brussels Joachim MÜLLER-BORLE
Secretariat Peter HELGER
Translation Christopher SIBSON
Internal Services Adriaan ZILVOLD
Management Services
Roger ADAMS
Organisation and Methods Dominique de CRAYENCOUR
Data Processing Ernest ERPELDING
Budget Hugo WOESTMANN
Operations
in the Community
Directorate 1
Eugenio GREPPI (') Operations in Italy, Rome
Giorgio RATTI, Central Manager Filippo MANZI
Ernest LAMERS Alain BELLAVOINE
Agostino FONTANA
Caroline REÍD
Operations in Denmark, Germany and Spain
José OLIVA MARÍN Fridolin WEBER-KREBS
Walter CERNOIA
Madrid Office Fernando DE LA FUENTE
(Head of Office)
Directorate 2
Pitt TREUMANN Operations in France, Greece, Belgium,
Luxembourg and the Netherlands
Gérard d'ERM Jean-Louis BIANCARELLI
Konstantin ANDREOPOULOS
Christian CAREAGA
Athens Office Arghyro YARMENITOU
(Head of Office)
Operations in the United Kingdom and the
North Sea, Ireland and Portugal
Francis CARPENTER Brian FEWKES
Jos VAN KAAM
Richard POWER
Thomas BARRETT
(Managerial Adviser)
Lisbon Office Filipe CARTAXO
(Head of Office)
London Office Guy BAIRD
(Head of Office)
Organisational units serving
Directorates 1 and 2 Coordination André DUNAND
Monitoring
Manfred KNETSCH Thomas HALBE
Alessandro MORBILLI
José Manuel MORI
Andreas VERYKIOS
Also chairs the Coordination Group for all operations in the Community. Organisation Structure of the Bank (cont.)
HEADS OF DIRECTORATES HEADS OF DEPARTMENTS HEADS OF DIVISIONS
Directorate for Operations
outside the Community
Jacques SILVAIN
Coordination Martin CURWEN
Monitoring Support Alfred KAWAN
Eastern Europe Unit Terence BROWN
Christopher KNOWLES
(Managerial Adviser)
ACPI
Jacqueline NOEL Thomas OURSIN
Patrick THOMAS
Guy BERMAN
ACP2
Justin LOASBY Rex SPELLER
Nicolas URMES
Claudio CORTESE
Mediterranean Countries
Jean­Paul SEILLER Pietro PETTOVICH
Robert WILSON
Finance and Treasury
Directorate
Philippe MARCHAT Coordination Henri­Pierre SAUNIER
Capital Markets
Ulrich DAMM Jean­Claude BRESSON
Ulrich MEIER
Thomas HACKETT
Joseph VÖGTEN
Treasury
Lucio RAGUSIN Luc WINIAND
Eberhard UHLMANN
Ralph BAST
lain JAMIESON
General Accountancy
Charles ANIZET Francois ROUSSEL
Luis BOTELLA MORALES
Research Directorate
Herbert CHRISTIE Coordination Jacques GIRARD
Economic Research within the Community
Michel DELEAU Patrice GÉRAUD
Carlo BOLATTI
Horst FEUERSTEIN
Mateu TURRÓ CALVET
Economic Research outside the Community
Luigi GENAZZINI Stephen McCARTHY
Daniel OTTOLENGHI
Henri BETTELHEIM
(Managerial Adviser)
Financial Research
Alfred STEINHERR Pier Luigi GILIBERT
Documentation and Library Marie­Odile KLEIBER
Legal Directorate
Xavier HERLIN Ρ) Giannangelo MARCHEGIANI
Roderick DUNNETT
Marc DUFRESNE
Robert WAGENER
Hans­Jürgen SEELIGER
Technical Advisory Service
CROUP LEADERS TECHNICAL ADVISERS
Agribusiness
Jean­Jacques SCHUL (2) Peder PEDERSEN
Manufacturing Industry and Electronics
J. Garry HAYTER Patrick MULHERN
Bernard BÉLIER
Petroleum-based Energy, Chemical Industry,
Aviation
Hemming JØRGENSEN Jean­Jacques MERTENS
Richard DEELEY
Electrical Energy, Mining, Waste Disposal
René VAN ZONNEVELD Günter WESTERMANN
Gerhart GERECHT
(Managerial Adviser)
Infrastructure
Peter BOND Jean­Pierre DAUBET
Philippe OSTENC
Luis LOPEZ RODRIGUEZ (') Acting Head of Directorate since 1 January 1991.
¡J) Responsible for coordinating the activities of the Technical Advisory Service.