Annual report of the European Investment Bank 1993

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ANNUAL REPORT
1993
EUROPEAN INVESTMENT BANK Key Data 1993 1992
(ECU million)
Financing provided 19 611 17033
From own resources 19 531 16 904
of which loans 19 480 16 830
of guarantees 51 74
From other resources 80 129
Within the Community 17 724 16 140
of which Edinburgh facility 2 363 —
ACP States and OCT 226 252
Mediterranean Countries 680 321
Central and Eastern European Countries . . 882 320
Asian and Latin American Countries .... 99 —
Resources raised 14 224 12974
Community currencies 11 334 9 058
Non-Community currencies 2 890 3 916
Disbursements 15 980 14 898
From own resources 15 818 14 798
From others 162 100
Aggregate outstanding
Financing from own resources and guarantees 98 022 84 273 g from others 4 334 5 414
Short, medium and long-term borrowings . . 78 661 67 784
Subscribed capital 57 600 57 600
4 321 4 321
of which paid in and to be paid in ....
9165 7838
Reserves and profit for the financial year
96 537 84667
Balance sheet total
810 785
Bank staff
Loans signed Disbursements Resources Balance sheet
20 000
85 87 89 91 93 85 87 89 91 93 91 93 85 87 89 91 93 85 87
N.B.: Bar charts in ECU million. EUROPEAN INVESTMENT BANK
The EIB grants loans mainly from the The financial institution of the European As a Community institution, the EIB
Community, the European Investment continuously adapts its activity to devel­ proceeds of its borrowings, which,
Bank (EIB), created by the Treaty of opments in Community policies. It there­ together with "own funds" (paid-in
Rome, has seen its role reaffirmed by by contributes towards European inte­ capital and reserves), constitute its "own
the Treaty on European Union. Its gration, particularly attainment of the resources".
Statute constitutes a Protocol to the Single Market, and promotes greater
Treaty. economic and social cohesion. Outside the Community, EIB financing
operations are conducted both from the
The EIB is an institution enjoying its own As a bank, it works in close collabora- Bank's own resources and, under man­
tion with the banking community both date, from Community or Member legal personality and financial auto­
nomy within the Community system. The when borrowing on the capital markets States' budgetary resources.
members of the EIB are the Member and when financing capital projects.
States of the EC, who have all subscri­
bed to the Bank's capital.
Within the Community — protecting the environment and the Small and medium-scale projects are
quality of life as well as safeguarding funded through global loans.
the Community's architectural and
The ElB's main activity is to contribute natural heritage; Global loans are similar to temporary
concretely, by financing capital projects, — promoting urban development; lines of credit opened with banks or
to the balanced development of the — attaining Community energy policy financial institutions operating at Euro­
Community, while adhering to the rules pean, national or regional level. These objectives;
of strict banking management. intermediaries draw on the proceeds to — enhancing the international com­
finance, in accordance with EIB criteria, petitiveness of industry and integrating
productive-sector projects, generally As stipulated in Article 20 of its Statute, it at Community level;
undertaken by small and medium-sized the EIB pays particular heed to ensuring — supporting the activities of small and
enterprises, and infrastructure schemes, "that its funds are employed as ration­ medium-sized enterprises.
notably involving communications or ally as possible in the interests of the
the environment, promoted by local Community".
authorities.
PROJECTS
OBJECTIVES EIB loans may be granted to public or In all cases, the EIB finances only part
private borrowers in the following sec­ of the investment costs, supplementing
tors of the economy: In keeping with the guidelines laid down the borrower's own funds and other
in the treaties and in the light of devel­ sources of finance. Loans do not normal­
opments in Community policies, projects — communications, environmental and ly exceed 50 % of investment costs (').
considered for EIB financing must con­ energy infrastructure,
tribute towards one or more of the fol­ The EIB helps to finance investment pro­
lowing objectives: — industry, services and agriculture. grammes in conjunction with the opera-
— fostering the economic advancement
of the less favoured regions; The EIB finances large-scale projects by
— improving transport and telecommu­ means of individual loans concluded
(') This ceiling has been raised for projects financed
nications infrastructure of benefit to the directly with promoters or through
under the Community growth initiative launched in
Community; financial intermediaries. Edinburgh at the end of 1992 (see page 13). tions of the Structural Funds and of the Grace periods in respect of repayment Outside the Community
Community's other financial instru­ of principal may be accorded, usually
ments. Loans from the EIB may be used for between 2 and 5 years. The EIB also provides financing for
in association with national or Com­ projects outside the Community fol­
munity grant aid. Currencies lowing authorisation from its Board of
Governors. Authorisation is given:
Loans are generally disbursed at par, in
APPRAISAL the light of the ElB's holdings and bor­ — case by case, for financing for
certain types of project of particular rowers' preferences:
importance to the Community, notably Project appraisal, conducted by EIB — either in a single currency;
communications or energy supplies; staff, is designed to verify the technical — or in a mix of currencies.
and financial viability of the scheme
concerned, as well as its economic ben­ Currencies are those of EC Member — as ceiling amounts in the case of
efits. The appraisal looks into the Countries, the ECU and certain curren- financing in individual countries or
project's consistency with Community cies traded internationally. groups of countries under agreements,
policy guidelines as well as its com­ conventions or decisions on Community
pliance with environmental protection Interest rates financial cooperation.
and procurement regulations. The pro­
moter's financial situation and cash flow The ElB's first-class credit rating ("AAA") The ElB's field of operations under the
projections along with security offered enables the Bank to raise funds on the latter heading encompasses:
are also examined. keenest terms available at the time.
— the African, Caribbean and Pacific
Once the appraisal is completed, the As it operates on a non-profit-making countries signatories to the Lomé
Convention (ACP States) plus the Over­ElB's Board of Directors, acting on a pro­ basis, the EIB onlends the funds bor­
posal from the Management Committee, rowed by it on the markets at a rate, seas Countries and Territories (OCT);
decides on the granting of a loan, tak­ adapted continuously, reflecting each
ing account of the opinions of the Mem­ currency's market cost plus a small mar­ — countries, signatories to cooperation
ber State concerned and the Commis­ gin to cover the Bank's operating costs. or association agreements with the
sion of the European Communities. Community, in:
Rates may be set upon signature of the
finance contract or on the occasion of • the Mediterranean region
each disbursement (open-rate contract). • Central and Eastern Europe
FINANCIAL TERMS AND
Loans are granted mainly at fixed rates, • Asia and Latin America;
CONDITIONS but those with very long terms may be
granted at rates révisable after a set — the European Free Trade Association
period of generally 4 to 10 years. Loans Maturity (EFTA) Countries, over the period 1994-
may also carry variable rates possibly 1995 (see page 22).
convertible into fixed rates. The EIB grants long-term loans of which
the maturity depends on the type of Special arrangements apply to such
project concerned and its technical life. financing, the terms and conditions of The method adopted for setting rates is
It generally varies between 7 and 12 the same for all countries and sectors. which are determined by various finan­
years for industrial projects and may The EIB does not accord interest subsi­ cial cooperation agreements.
extend to 20 years or more for infra- dies, although these may be granted by
structural schemes. third parties. ANNUAL REPORT
1993 This annual report is available
also in the following languages:
DA ISBN 92-826-7702-8
DE ISBN 92-826-7703-6
ES ISBN 92-826-7701-X
FR ISBN 92-826-7706-0
GR ISBN 92-826-7704-4
IT ISBN 92-826-7707-9
NL ISBN 92-826-7708-7
PT ISBN 92-826-7709-5
ISBN 92-826-7705-2
Text finalised 22 March 1994 THIRTY-SIXTH ANNUAL REPORT OF THE EUROPEAN INVESTMENT BANK
CONTENTS
Managing bodies Page
Board of Governors 4
Audit Committee
Board of Directors 5
Management Committee — Organisation Structure of the Bank 6
Foreword 9
The EIB, the Community's financial institution 11
Objectives and achievements
Overview of activity in 19932
Economic background 16
Community context8
The EIB in 1993 25
Financing provided within the Community
Breakdown by Community policy objective9
Financing operations by country 3
Operations outside the Community 4
ACP States and OCT
Mediterranean Countries 53
Central and Eastern European Countries4
Asian and Latin American Countries7
Resources raised
Evolution of capital markets9
EIB borrowing operations on the financial markets 60
Treasury liquidity management
Management and Staff 65
Annual accounts
Results for the year
Balance sheet and financial statements 7
Report by the External Auditors 84
Statement by the Audit Committee
Annexes7
List of finance contracts signed in 1993
Statistical tables 100
Guide to readers 118 BOARD OF GOVERNORS
Situation at 15 May 1994
Chairman Jacques SANTER (Luxembourg)
Piero BARUCCI (Italy)
until June 1993
BELGIUM Philippe MAYSTADT, Ministre des Finances
DENMARK Mogens LYKKETOFT, Finansminister
GERMANY Theo WAIGEL, Bundesminister der Finanzen
GREECE Yannos PAPANTONIOU, Minister for National Economy
Giorgios GENNIMATAS,r forl Economy,
deceased 25 April 1994
Stefanos MANOS, Minister for National Economy and Finance,
until October 1993
SPAIN Pedro SOLBES MIRA, Ministro de Economia y Hacienda
Carlos SOLCHAGA CATALÁN, Ministro de Economía y Hacienda,
until July 1993
FRANCE Edmond ALPHANDÉRY, Ministre de l'Économie
IRELAND Bertie AHERN, Minister for Finance
ITALY Lamberto DINI, Ministro del Tesoro
Piero BARUCCI, Ministro del Tesoro,
until May 1994
LUXEMBOURG Jacques SANTER, Premier Ministre, Ministre d'État, Ministre du Trésor
NETHERLANDS Wim KOK, Vice Premier en Minister van Financiën
PORTUGAL Eduardo CATROGA, Ministro das Finanças
Jorge BRAGA DE MACEDO, Ministro das Finanças,
until December 1993
UNITED KINGDOM Kenneth CLARKE, Chancellor of the Exchequer
AUDIT COMMITTEE
Situation at 15 May 1994
Chairman
Constantin THANOPOULOS,
Former Governor, National Mortgage Bank, Athens
João PINTO RIBEIRO, Juiz Conselheiro, Tribunal de Contas, Lisbon,
until June 1993
Members
Constantin THANOPOULOS
Albert HANSEN, Secrétaire général du Conseil du gouvernement, Luxembourg
Ciriaco VICENTE MARTIN,
Presidente de la Sección de Fiscalización del Tribunal de Cuentas, Madrid BOARD OF DIRECTORS
Situation at 15 May 1994
Chairman: Sir Brian UNWIN
Vice-Chairmen :
Lucio IZZO
Alain PRATE
Hans DUBORG
José de OLIVEIRA COSTA
Wolfgang ROTH
Corneille BRÜCK
Mr Ludovicus MEULEMANS served as Vice-Chairman until June 1993, since when
he has been appointed Honorary Vice-Chairman.
Directors:
Luigi ARCUTI Presidente dell'Istituto Mobiliare Italiano, Rome
Isabel BARATA Subdirectora-Geral do Tesouro, Direcção-Geral do Tesouro,
Ministério das Finanças, Lisbon
Under Secretary, Head of European Community Group (Overseas Finance), David BOSTOCK
HM Treasury, London
Richard BRANTNER Sprecher des Vorstands der Kreditanstalt für Wiederaufbau, Frankfurt
Sinbad COLERIDGE Chief Executive, Structured Finance Division, Barclays de Zoete Wedd Ltd, London
Manuel CONTHE GUTIERREZ Director General del Tesoro y Política Financiera,
Ministerio de Economía y Hacienda, Madrid
Jos de VRIES Plaatsvervangend Directeur, Directie Buitenlandse Financiële Betrekkingen,
Ministerie van Financiën, The Hague
Mario DRAGHI Direttore Generale del Tesoro, Ministero del Tesoro, Rome
Jean-Yves HABERER Inspecteur général des Finances, Paris
Ministerialdirigent, Bundesministerium der Finanzen, Bonn Winfried HECK
Philippe JURGENSEN Directeur Général de la Caisse Française de Développement, Paris
Yves MERSCH r du Trésor, Ministère du Trésor, Luxembourg
Rudolf MORAWITZ ,m für Wirtschaft, Bonn
Miguel MUÑIZ DE LAS CUEVAS Presidente del Instituto de Crédito Oficial, Madrid
Chef du Service des Affaires Internationales, Direction du Trésor, Ariane OBOLENSKY
Ministère de l'Économie, Paris
Maurice O'CONNELL Governor of the Central Bank of Ireland, Dublin
Petros P. PAPAGEORGIOU Associate Professor, Department of Economics, University of Piraeus, Piraeus
Vincenzo PONTOLILLO Direttore Centrale, Banca d'Italia, Rome
Giovanni RAVASIO Director-General for Economie and Financial Affairs,
Commission of the European Communities, Brussels
Lars TYBJERG Deputy Permanent Secretary, Prime Minister's Cabinet Office, Copenhagen
Jan H.G. VANORMELINGEN Directeur-generaal van de Administratie der Thesaurie,
Ministère des Finances, Brussels
Roy WILLIAMS Deputy Secretary, Department of Trade and Industry, London
Alternates:
Giancarlo DEL BUFALO Dirigente Generale, Ministero del Tesoro, Rome
Pierre DUQUESNE Sous-Directeur des Affaires Multilatérales, Direction du Trésor,
Ministère de l'Économie, Paris
Vicente J. FERNANDEZ Subdirector General del Tesoro y Política Financiera,
Ministerio de Economía y Hacienda, Madrid
Francesco GAVAZZI Dirigente Generale, Direzione Generale del Tesoro, Ministero del Tesoro, Rome
M.J.L JONKHART President-Directeur, De Nationale Investeringsbank N.V., The Hague
Eberhard KURTH Ministerialdirektor, Bundesministerium für Wirtschaftliche Zusammenarbeit, Bonn
Eneko LANDÁBURU ILLARRAMENDI Director-General for Regional Policy,
Commission of the European Communities, Brussels
Oliver PAGE Head of Wholesale Markets, Supervision Division, Bank of England, London
Pierre RICHARD Président-Directeur Général du Crédit Local de France, Paris
Michael J. SOMERS Chief Executive, National Treasury Management Agency, Dublin
Konrad SOMMER Ministerialrat, Bundesministerium der Finanzen, Bonn
Philip WYNN OWEN Head of the Treasury's Transport Policy Division, London MANAGEMENT COMMITTEE
Situation at 15 May 1994
President: Sir Brian UNWIN
Vice-Presidents: Lucio IZZO
Alain PRATE
Hans DUBORG
José de OLIVEIRA COSTA
Wolfgang ROTH
Corneille BRÜCK
Mr Ludovicus MEULEMANS served as Vice-President until June 1993,
since when he has been appointed Honorary Vice-President.
Organisation Structure of the Bank
Situation at 15 May 1994
Secretary-General General Affairs
Coordination
Thomas OURSIN Martin CURWEN Theoharry GRAMMATIKOS
Secretariat Peter HELGER
Information and Communications Karl Georg SCHMIDT
Budget Hugo WOESTMANN
Joachim MÜLLER-BORLE Representative Office in Brussels
Roger ADAMS, Special Adviser
Human Resources Personnel Administration Gerlando GENUARDI
Ronald STURGES Policy Daphne VENTURAS
Recruitment Jörg-Alexander UEBBING
Information Technology Applications Engineering
Albert BRANDT Rémy JACOB
Administrative Services Internal Services
Adriaan ZILVOLD
Alessandro MORBILLI Translation
* * *
Jean-Claude CARREAU
Internal Audit
ations in the Community
Coordination André DUNAND
Directorate 1 Operations in Italy, Rome Infrastructure Filippo MANZI
Giorgio RATTI Caroline REID Energy, Environment Michael O'HALLORAN
Industry Laurent DE MAUTORT
Credit Institutions Bruno LAGO
Operations in Spain Private Sector Jos VAN KAAM
Armin ROSE PublicFrancisco DOMÍNGUEZ
Madrid Office Fernando DE LA FUENTE
Operations in Denmark and
Germany Denmark Paul DONNERUP
Fridolin WEBER-KREBS Germany Henk DELSING
Directorate 2 Operations in France, Belgium, France Alain BELLAVOINE
Pitt TREUMANN Luxembourg and the Benelux Christian CAREAGA
Netherlands
Gérard d'ERM
Operations in the United King­ UK: Infrastructure, Industry, Banks Andreas VERYKIOS
dom, the North Sea and Portugal UK: Transport and Energy, North Sea Thomas BARRETT
Thomas HACKETT London Office Guy BAIRD
Portugal Filipe CARTAXO
Lisbon Office Ian PACE
Operations in Greece Greece Konstantin ANDREOPOULOS
and Ireland Athens Office Arghyro YARMENITOU
Ernest LAMERS Ireland Richard POWER
Credit and Public Sector (Dir. 1 Countries) Agostino FONTANA
Monitoring 2Brian FEWKES
Francis CARPENTER Private Sector (Dir. 1José Manuel MORI 2 Countries)
Financial Institutions Dominique de CRAYENCOUR
[') Since 1 April 1994, Mr Eugenio GREPPI, Formerly Head of Directorate 1, has been seconded to the European Investment Fund as Chairman
Designate of the Financial Committee.