prop · H703181 · 2020-06-10 00:00:00 — The EIB shall manage the Funds’ Assets in accordance with the principles set out in Section I above. The portfolio maturity structure shall reflect the projected cash flows from the Platform / Funds. Sufficient assets shall be placed in monetary assets to cover the short term (less than one year) outflows, at a proportion to be fixed in the annual investment strategy. 1.1.The remaining assets may be allocated to medium and long term instruments, with a maximum remaining maturity of 10 years and six months from the payment date (medium and long-term portfolio). 1.2.Should the requirements of efficient portfolio management or some other grounded reasons require so and/or if the portfolio of asset management is smaller than million the EIB may allocate more or all of the assets in the units of the . The EIB may in any case temporarily allocate more or all of the assets in the units of the pending investment of the relevant part of the assets to the medium and long term instruments. The monetary assets may comprise units in the , and other short term instruments with maturities up to 397 days at value date including fixed rate bonds (with such remaining maturity) and floating rate notes of up to 2 years of remaining maturity. It is understood that the shall constitute the preferred investment option for the monetary assets in EUR. In case of unsecured bank deposits, the time to maturity should not exceed 95 days at value date. Considering the portion of the monetary assets invested in unsecured bank deposits, due consideration should be given to prevailing market conditions and risks. The remaining assets may include fixed rate bonds with remaining maturity longer than 397 days and floating rate bonds with more than 2 years of remaining maturity. Qualifying ratings shall be the ratings issued by Fitch, 's or Standard & Poor's. The rating criteria refer to 's "or equivalent". In case of split ratings, the second best rating is considered for assessing whether the rating criteria are met. In case where only one rating is available, it shall be applied. In case where there are 2 or more equivalent ratings, they shall be considered as ranked in a strict total order17. The equivalents of 's ratings are the following: Standard & Poor's 3.1Criteria for the Bank's , short-term money market funds, deposits, including collateralised deposits, reverse repos: 3.1.1The operating and managed in accordance with the Deed Poll and its information memorandum, shall be eligible. Up to of the assets allocated to the monetary assets held in EUR may be invested in the . The concentration limits do not apply to the . 3.1.2The banks authorised to receive term deposits shall be rated at least P-1 short-term 's or equivalent. In case of reverse repos or collateralised deposits, the required rating shall be at least P-2 short-term 's or equivalent. In case of term deposits with non-rated central banks and national debt management agencies, the rating of the respective sovereign shall apply. Deposits with shall be authorised. 17Ast), Aaa (2nd), AA+ (3rd). 3.1.3The ceiling of authorised investments with banks referred to in 3.1.2 is fixed at of the banks' own funds18, capped at million per counterparty provided that the counterparty is rated at least Aa2 long-term 's or equivalent and million for counterparties rated below Aa2 long-term 's or equivalent. Should the nominal size of the total portfolio exceed billion, increased caps of respectively million and million shall apply. Should the nominal size of the total portfolio exceed billion, increased caps of respectively million and million shall apply. In case of collateralised deposits the limit utilisation rate of the investment may be reduced to and the required rating to P-2, provided that collateral haircuts are applied in accordance with the EIB's practices applying to its own treasury assets. 3.2Criteria for securities investments: 3.2.1Short-term securities (remaining term to maturity from acquisition settlement date: less than 397 days) 3.2.1.1Purchases of long-term and medium-term bonds with less than 397 days to run must comply with the conditions applicable to medium-term and long-term bonds described in 3.2.2 and respect the limits set out therein. 3.2.1.2For short-term securities, purchases are not authorised unless one of the following conditions is satisfied: •instruments (certificates, T-bills etc.) are issued by states or institutions satisfying the definition set out in 3.2.2; •instruments are issued by authorised banks referred to in 3.1.3 and within the limits set out in 3.1.3; •instruments are issued by non-credit institutions when the issuer or issuance program complies with the criteria set out in 3.1.3 and the eligibility criteria set out in 3.1.3 mutatis mutandis. 3.2.2Long- and medium-term securities (remaining term to maturity from acquisition settlement date: 397 days or more) 3.2.2.1In all cases, the EIB shall invest in bonds which are expected to provide a sufficient degree of liquidity. 3.2.2.2The long and medium term investments must consist of: •bonds issued or guaranteed by European Union or Euratom with long term rating according to the table below; •bonds issued or guaranteed by a of the EU with a long term rating according to the table below: 18The bank's own funds taken into account shall be the latest figures obtained from the annual audited balance sheet published. For Central Banks, national debt management agencies,and the BIS the cap related to own fund shall not apply. Maximum amount per issuer or guarantor in EUR millions (’s or equivalent) •bonds issued or guaranteed by other supranational institutions in which Member States of the EU have a participation or by sovereigns that are not Member States of the EU, provided that such institutions or countries have a minimum long term rating of Aa2 's or equivalent, for a maximum amount of million per issuer or guarantor of the obligations. This amount shall be increased to million, should the nominal size of the total portfolio exceed billion, and to million, should the nominal size of the total portfolio exceed billion; •bonds issued by other legal entities with a long-term rating from Aaa to Aa3 's or equivalent, for a maximum amount of million per issuer, and in case of a long-term rating from Al to A3 's or equivalent, for a maximum amount of million per issuer. Should the nominal size of the total portfolio exceed billion, increased maximum amounts of respectively million and million shall apply. Should the nominal size of the total portfolio exceed billion, increased maximum amounts of respectively million and million shall apply; ∙ the EIB and the Contributors may agree on further rating/maturity limits. Securities should be rated at least by one of the rating agencies Standard and Poor's, Fitch or 's. In the absence of all bond/issue ratings, the respective issuer ratings (in case of guaranteed positions the guarantor ratings) shall be considered. Loss of required rating In case of a loss of required rating, the EIB shall endeavor to replace the relevant assets in the portfolio by other assets of adequate quality respecting the relevant limits. Alternatively, the EIB may analyze, among other factors, the remaining maturity of the asset and the probability of repayment at scheduled maturity, and as a result of this analysis decide to keep such assets. securities (including securities guaranteed by Member States) may be kept in an event of loss of required rating(s). 3.4.1The total exposure to the same issuer or counterparty (consolidated at the TOP parent level) shall not exceed (in the case of Member States, ) of the total amount of that portfolio. 3.4.2Should the total amount of assets in the portfolio be lower than million, the limit in 3.4.1. shall not apply. In this case however, a maximum exposure to any single issuer or counterparty should not exceed million. 3.4.3The total investment in an issue must not exceed of the total nominal outstanding amount of the issue. 4.Securities lending and repos The EIB is authorised, but is not under any obligation, to enter into reverse repo or collateralised securities lending operations with leading financial institutions complying with the criteria laid down for short-term investments under 3.1.2 and 3.1.3 above and with securities clearing companies. Terms and Conditions of the Liquidity Facility These Terms and Conditions shall form an integral part of the Contribution Agreement between each contributor (in these Terms and Conditions the “Borrower”) and (in these Terms and Conditions the “Lender”). AGREED as follows: The Borrower has requested the Lender to make available an uncollateralised credit facility (the “Facility”), the proceeds of which shall be used for the purposes of payments under the first demand guarantee (the “First Demand Guarantee”) entered into by the Borrower together with other guarantors in the context of the (the “Fund”). The Borrower has entered into a contribution agreement (the “Contribution Agreement”) to make contributions (“Contributions”) to the Fund. The Facility shall be used to make to the Borrower in the event that a Demand under its First Demand Guarantee will not be funded by Upfront Payments or cash contributions to the Fund. Capitalised terms which are defined in the First Demand Guarantee and the Contribution Agreement shall unless otherwise defined bear the same meaning in these Terms and Conditions. II.Total amount of the Facility - Use of the proceeds A.The total principal amount of the Facility for each Contributor shall be its Adjusted of ,500,000,000 (seven billion and five hundred million euro) (the resulting amount being the Contributor’s “Facility Amount”). The aggregate total principal amount of all Facilities shall be equal to the aggregate of the Facility Amounts for all Contributors (the “Aggregate Facilities Amount”). B.The Borrower agrees to use the proceeds of the Facility solely for the purposes of financing payments under the First Demand Guarantee. A.The Facility will be available in one or more advances (each an “Advance” and together the “Advances”) until the earlier of (i) the date on which the Fund is terminated in accordance with Article 11 of the Platform Rules and (ii) (the “Availability Period”). B.At any time prior to the expiry of the Availability Period if the credit balance on the on any Business is insufficient to discharge in full the portion of a Demand to be paid by the Borrower then the Lender shall finance the Borrower's obligations in relation to such Demand or such amounts by making an Advance to the Borrower for the Advance Period. “Advance Period” means, in relation to an Advance, the period commencing on its utilisation date (its “Advance Date”) and ending on the Advance Repayment Date. “Advance Repayment Date” means a Payment Date under the Contribution Agreement after the Advance Date of the relevant Advance and means: (a)for an Advance in relation to which the Advance Date falls between in year n-1 (inclusive) and 30 in year n (inclusive), 15 in year n; (b)for an Advance in relation to which the Advance Date falls between 31 in year n (inclusive) and 29 in year n (inclusive), in year n; (c)for an Advance in relation to which the Advance Date falls between 30 in year n (inclusive) and in year n (inclusive), in year n; and (d)for an Advance in relation to which the Advance Date falls between in year n (inclusive) and in year n (inclusive), 15 in year n+1. If an Advance Repayment Date would be a day that is not a TARGET2 Business , the Advance Repayment Date shall instead be the following day that is a TARGET2 Business . Borrower shall not repay an Advance prior to the applicable Advance Repayment Date except with the prior agreement of the Lender C.All amounts due hereunder must, if not repaid earlier pursuant to another provision of these Terms and Conditions, be repaid by . A.Interest on each Advance shall be payable on the Advance Repayment Date of such Advance at the rate of the EURIBOR for the Advance Period plus the aggregate of: (i) a spread (which may be positive or negative) calculated following the Lender's standard pricing methodology for recovering its cost of funding on the capital markets; and (ii) a mark-up in respect of its administrative costs of five basis points () per annum (the “Applicable Rate”). If the Applicable Rate is a negative number, it shall be deemed to be zero. B.“EURIBOR” means: (i)in respect of a relevant period of less than one month, the Screen Rate (as defined below) for a term of one month; (ii)in respect of a relevant period of one or more months for which a Screen Rate is available, the applicable Screen Rate for a term for the corresponding number of months; and (iii)in respect of a relevant period of more than one month for which a Screen Rate is not available, the rate resulting from a linear interpolation by reference to two Screen Rates, one of which is applicable for a period next shorter and the other for a period next longer than the length of the relevant period, (the period for which the rate is taken or from which the rates are interpolated being the “Representative Period”). For the purposes of paragraphs (ii) and (iii) above: (i)“available” means the rates, for given maturities, that are calculated and published by (), or such other service provider selected by (), or any successor to that function of , as determined by the Bank; and (ii)“Screen Rate” means the rate of interest for deposits in EUR for the relevant period as published at 11h00, time, or at a later time acceptable to the Bank on the day (the “Reset Date”) which falls 2 (two) relevant Business Days prior to the first day of the relevant period, on Reuters page EURIBOR 01 or its successor page or, failing which, by any other means of publication chosen for this purpose by the Bank. All percentages resulting from any calculations referred to in this will be rounded, if necessary, to the nearest one hundred-thousandth of a percentage point, with halves being rounded up. If EURIBOR is not published in respect of a day for which it is required, then the Bank shall replace it with another benchmark rate and make any appropriate adjustment to the spread, day-count fraction, quotation date(s) and/or calculation period which it will determine in good faith and in a commercially reasonable . If any of the provisions of this become inconsistent with provisions adopted under the aegis of and EURIBOR ACI (or any successor to that function of and EURIBOR ACI as determined by the Lender) in respect of EURIBOR the Lender may by notice to the Borrower amend the provision to bring it into line with such other provisions. If the Screen rate becomes permanently unavailable, the Euribor replacement rate will be the rate (inclusive of any spreads or adjustments) formally recommended by (i) the working group on euro risk-free rates established by (), the Authority (FSMA), Securities and Markets Authority () and Commission, or (ii) , as the administrator of EURIBOR, or (iii) the competent authority responsible under Regulation (EU) 2016/1011 for supervising , as the administrator of the EURIBOR, or (iv) the national competent authorities designated under Regulation (EU) 2016/1011, or (iv) . If no Screen Rate and/or the Euribor replacement rate is available as provided above, EURIBOR shall be the rate (expressed as a percentage rate per annum) which is determined by the Bank to be the all-inclusive cost to the Bank for the funding of the relevant Advance or amount based upon the then applicable internally generated Bank reference rate or an alternative rate determination method reasonably determined by the Bank. C.All interest shall be calculated on the basis of a 360 day year and actual days elapsed. D.If any amount under this Agreement is not paid on the date it is due then such unpaid amount shall bear interest at the daily rate of €STR plus a spread of two per cent () per annum floored at zero calculated on a daily basis which interest shall accrue from the date when payment was due until the date of actual payment of such unpaid amount. For this purpose €STR means the euro short-term rate administered by (or any other person which takes over the administration of that rate) displayed (before any correction, recalculation or republication by the administrator) on page EUROSTR of the screen (or any replacement page which displays that rate). E.For the avoidance of doubt, interest on each Advance shall be payable on the Advance Repayment Date. Interest accrued on each Advance shall not be debited from the Dedicated Register or financed through a new Advance but shall be paid in cleared cash on each Payment Date, except to the extent that it has been paid in accordance with the allocation rules and orders of priority of the Fund. The Lender may notify the Borrower if it believes it is or will be acting illegally in relation to these Terms and Conditions. The illegality may relate to the performance of the Lender’s obligations or the maintenance of these Terms and Conditions, the Facility and, or any or all of the Advances. If the Lender delivers such notice of illegality, the Facility will be cancelled three (3) Business Days following the date of delivery of the notice to the Borrower. If the Lender certifies that, because of a legal requirement, a change of the applicable laws or regulations, or the interpretation of these rules or because of a new decision made by any relevant authority, applicable to the Lender, any Advance must be repaid before the relevant Advance Repayment Date, the Borrower agrees to repay it on the date specified by the Lender, which shall not be earlier than fifteen (15) Business Days from the date of such notice, together with the accrued interest and fees due hereunder until the actual repayment date. The Lender shall provide quarterly statements of the outstanding balance and accrued interest under the Facility and the final maturity dates, within fifteen (15) Business Days after the end of each quarter. Utdrag ur protokoll vid regeringssammanträde Närvarande: statsrådet , ordförande, och statsråden , , , , , , , , , Föredragande: statsråden , , , Regeringen beslutar proposition 2019/20:181 Extra ändringsbudget – Förstärkt stöd till välfärd och företag, insatser mot smittspridning och andra åtgärder med anledning av coronaviruset