# EDGAR Filing Document

**Accession Number:** 0001472246
**File Stem:** 0001104659-25-101077
**Filing Date:** 2025-10
**Character Count:** 54327
**Document Hash:** 9bf350f1f8fec245b2f3ff141a374534
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-101077.hdr.sgml**: 20251021

**ACCESSION NUMBER**: 0001104659-25-101077

**CONFORMED SUBMISSION TYPE**: 18-K/A

**PUBLIC DOCUMENT COUNT**: 7

**CONFORMED PERIOD OF REPORT**: 20241231

**FILED AS OF DATE**: 20251021

**DATE AS OF CHANGE**: 20251021

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Council of Europe Development Bank
- **CENTRAL INDEX KEY:** 0001472246
- **STANDARD INDUSTRIAL CLASSIFICATION:** FOREIGN GOVERNMENTS [8888]
- **ORGANIZATION NAME:** International Corp Fin
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 18-K/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-164460
- **FILM NUMBER:** 251405697

**BUSINESS ADDRESS:**
- **STREET 1:** 55, AVENUE KLEBER
- **CITY:** PARIS
- **STATE:** I0
- **ZIP:** 75116
- **BUSINESS PHONE:** 01133147555500

**MAIL ADDRESS:**
- **STREET 1:** 55, AVENUE KLEBER
- **CITY:** PARIS
- **STATE:** I0
- **ZIP:** 75116

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 18-K/A**

***For Foreign Governments and Political Subdivisions Thereof***

**AMENDMENT NO. 1**

**to**

**ANNUAL REPORT**

**of**

**COUNCIL OF EUROPE DEVELOPMENT BANK**

**(Name of registrant)**

**Date of end of last fiscal year: December 31, 2024**

**SECURITIES REGISTERED\***

**(As of the close of the fiscal year)**

---

| | | |
|:---|:---|:---|
| **Titles of Issue** | **Amount as to <br> Which Registration <br> is Effective** | **Names of <br> Exchanges on <br> Which Registered** |
| N/A | N/A | N/A |

---

**Name and address of person authorized to receive notices**

**and communications from the Securities and Exchange Commission:**

**Krystian Czerniecki**

**Sullivan & Cromwell LLP**

**Neue Mainzer Strasse 52**

**60311 Frankfurt am Main**

**Germany**

\* The registrant files annual reports on Form 18-K on a voluntary basis.

**<u>**TABLE OF CONTENTS**</u>**

<u>Page</u>

---

| | | |
|:---|:---|:---|
| [EXPLANATORY NOTE](#s_001) |  | [3](#s_001) |
| [CAPITALIZATION AND INDEBTEDNESS](#s_002) | [CAPITALIZATION AND INDEBTEDNESS](#s_002) | [4](#s_002) |
| [SIGNATURE](#s_003) |  | [5](#s_003) |
| [EXHIBIT INDEX](#s_004) |  | [6](#s_004) |
| [EXHIBIT 5](tm2528997d1_ex5.htm) | [HALF-YEAR REPORT: CONDENSED INTERIM FINANCIAL STATEMENTS AS AT 30 JUNE 2025](tm2528997d1_ex5.htm) |  |

---

**EXPLANATORY NOTE**

This Amendment No. 1 to the annual report on Form 18-K for the fiscal year ended December 31, 2024 (the "Annual Report") is filed by Council of Europe Development Bank ("CEB"), a multilateral development bank with a social mandate governed by the Third Protocol to the General Agreement on Privileges and Immunities of the Council of Europe of March 6, 1959, by its Articles of Agreement as amended (the "Articles") and by regulations issued pursuant to the Articles. This amendment to the Annual Report on Form 18-K, including any future amendments, is intended to be incorporated by reference into CEB's prospectus dated October 30, 2020 and any future prospectus filed by CEB with the Securities and Exchange Commission to the extent such prospectus indicates that it intends this report to be incorporated by reference.

In this Annual Report, references to "€", "euro" and "EUR" are to the single European currency of the member States of the European Union participating in the euro. References to "U.S. dollars", "$" or "USD" are to United States dollars. References to "HKD" are to Hong Kong dollars.

The Annual Report is hereby amended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;1. Exhibit 3 is hereby amended by replacing the text in the "Capitalization
 and Indebtedness" section with the text under the caption "Capitalization and
 Indebtedness" on page 4 hereof; and

&nbsp;&nbsp;&nbsp;&nbsp;2. Exhibit 5 hereto, entitled "Half-Year Report: Condensed
 Interim Financial Statements as at 30 June 2025", is added to the Annual
 Report.

**CAPITALIZATION AND INDEBTEDNESS**

The following table sets forth the CEB's capitalization and indebtedness as of June 30, 2025. It does not otherwise give effect to any transaction since that date. Since June 30, 2025, there has been no material change in the capitalization of CEB except for the following issuances:

&nbsp;&nbsp;&nbsp;&nbsp;· *Under the CEB's Medium Term Note Program*: HKD 500 million (approximately EUR 55 million
 based on the exchange rate at the time of the issuance) 2.970% Notes due April 16, 2027
 and HKD 500 million (approximately EUR 55 million based on the exchange rate at the time
 of the issuance) 2.780% Notes due October 20, 2028.

&nbsp;&nbsp;&nbsp;&nbsp;· *Under the CEB's Euro Commercial Paper Program*: approximately EUR 416.3 million (based
 on the exchange rate as at October 16, 2025) issued since June 30, 2025; an amount
 of EUR 244.7 million was still outstanding as at October 16, 2025.

---

| | |
|:---|:---|
|  | **As of<br> June 30, 2025** |
|  | ***(unaudited)<br> (in thousands of euros)*** |
| **Short-term Debt<sup>(1)</sup>** | **6027224** |
| **Long-term Debt<sup>(2)</sup>** | **27329279** |
| **Equity** |  |
| Capital<sup>(3)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subscribed | 9622868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uncalled | (7856618) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Called | 1766250 |
| General Reserve<sup>(4)</sup> | 2987601 |
| Gains or losses recognized directly in equity | (43251) |
| Net profit | 58745 |
| **Total Equity** | **4769345** |
| **Total Capitalization<sup>(5)</sup>** | **32098624** |

---

(1) See "Financial Review—Balance Sheet—Funding"
 in the Annual Report. Consists of current portion of long-term debt plus existing debt securities
 with a maturity of less than one year as of the issue date, excluding accrued interest and
 value adjustment of debt securities hedged by derivatives.

(2) See "Financial Review—Balance Sheet—Funding"
 in the Annual Report. Consists of non-current portion of debt securities with a maturity
 of more than one year as of the issue date, excluding accrued interest and value adjustment
 of debt securities hedged by derivatives. None of the CEB's debt is guaranteed by other
 parties or secured.

(3) See "Capital Structure—Subscribed, Called and Uncalled Capital"
 in the Annual Report.

(4) The CEB's general reserve represents retained earnings and a portion
 of the contributions paid in by new Member States upon accession. See "Capital Structure—Reserves"
 in the Annual Report.

(5) Total capitalization consists of long-term debt and total equity.

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this amendment to be signed on its behalf by the undersigned, thereunto duly authorized, in Paris, France on October 21, 2025.

---

| | | |
|:---|:---|:---|
| COUNCIL OF EUROPE DEVELOPMENT BANK | COUNCIL OF EUROPE DEVELOPMENT BANK | COUNCIL OF EUROPE DEVELOPMENT BANK |
| By: | /s/ Isabelle Josef | /s/ Isabelle Josef |
|  | Name: | Isabelle Josef |
|  | Title: | Head of Settlements, Payments and Collateral Division |
| By: | /s/ Jan De Bel | /s/ Jan De Bel |
|  | Name: | Jan De Bel |
|  | Title: | General Counsel |

---

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| [5.](tm2528997d1_ex5.htm) | [HALF-YEAR REPORT: CONDENSED INTERIM FINANCIAL STATEMENTS AS AT 30 JUNE 2025](tm2528997d1_ex5.htm) |

---

## Ex-5

**Exhibit 5**

![](tm2528997d1_ex5sp01img02.jpg)

![](tm2528997d1_ex5sp01img04.jpg)

Half-Year Financial Report

Condensed Interim Financial

Statements as at 30 June 2025

(Unaudited)

**2025**

![](tm2528997d1_ex5sp01img03.jpg)

**2** \| **CEB** \| Half-Year Financial Report 2025

---

| | |
|:---|:---|
| Contents | ![](tm2328696d1_ex5sp0101.jpg) |

---

**Table of contents**

---

| | |
|:---|:---|
| **OVERVIEW** | 4 |
| **FINANCIAL STATEMENTS** | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;About the CEB | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sectors of action | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance sheet | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income statement | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Statement of comprehensive income | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Statement of changes in equity | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Statement of cash flows | 10 |
| **NOTES TO THE FINANCIAL STATEMENTS** | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;NOTE A - Summary of accounting methods applied by the CEB | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;NOTE B - CEB's Risk Appetite Framework | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;NOTE C - Financial assets and liabilities | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;NOTE D - Financial assets at fair value through equity and at amortised cost | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;NOTE E - Amounts owed to credit institutions and to customers and debt securities in issue | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;NOTE F - Capital | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;NOTE G - Interest margin | 20 |

---

**CEB** \| Half-Year Financial Report 2025 \| **3** 

---

| | |
|:---|:---|
| ![](tm2328696d1_ex5sp0101.jpg) | Overview |

---

**OVERVIEW**

Despite a challenging financial and economic environment, the Council of Europe Development Bank's (CEB, or the Bank) financial position continued to be sound in the first half of 2025. Core earnings continued on a positive trend, the balance sheet remained strong and no payment delays or credit deterioration occurred during the period.

**Income Statement**

The Bank's net profit reached €58.7 million as at 30 June 2025, decreasing by 12.4% compared to the first half of 2024. Core earnings, which represents net profit excluding financial instruments valuations and cost of risk, reached €65.1 million as at 30 June 2025, a 2.7% increase compared to the first half of 2024, thus continuing a positive trend. The main driver of this trend was the Bank's positive development of its interest margin, which increased by €4.4 million as a result of higher income from securities at amortised cost and the active management of liquidity, as well as interest rate positions.

Two volatile elements outside core earnings, financial instruments valuations and cost of risk, had a net negative impact in the income statement in the first half of 2025, compared to a positive contribution in the same period of 2024.

On the one hand, variation of financial instruments valuation showed a year-to-year negative impact of -€13.8 million in the income statement as at 30 June 2025. The financial contribution of -€10.2 million by June 2025 (+€3.6 million as at June 2024), stemmed from the fair value sensitivity to the depreciation of USD vs EUR FX rate and from the widening of the 3M vs 6M tenor basis spread.

On the other hand, the cost of risk recorded a positive impact at the end of June 2025 (€3.9 million), showing a decrease in the provisioning required by IFRS for credit risk, mainly due to the update of macroeconomic scenarios. It is worth highlighting that at 30 June 2025, the CEB did not record any default or late payment of its counterparties.

General operating expenses increased by 8.4% to reach €32.4 million at the end of June 2025, compared to €29.9 million in the same period in 2024. This variation is mainly due to the foreseen increase in staff remuneration as defined in the budget and to the increase in the actuarial service cost on pension obligation, within the budget framework and in line with the Bank's activity. The adjusted cost-to-income ratio reached 33.2% at the end of June 2025, compared to 31.9% at the end of June 2024, owing to a moderate increase in general operating expenses.

**Balance sheet**

The total balance sheet reached €40.7 billion at the end of June 2025, an increase of 5.4% compared to 31 December 2024 (€38.6 billion). The main driver was the standard intra-year cyclical activity in finance at the beginning of the year. The expansion translated into an increase in liquid assets on the asset side of the balance sheet, funded by the increase of the debt on the liability side.

The outstanding loans reached €22.0 billion (fair value) as at 30 June 2025, a slight decrease compared to €22.3 billion as at 31 December 2024.

Derivative valuation reflecting the positive fair value on the asset side reached €1.7 billion as at 30 June 2025, decreasing from €2.1 billion as at 31 December 2024. The negative fair value of derivatives recorded on the liability side amounted to €2.0 billion as at 30 June 2025, an increase compared to €1.7 billion at the end of 2024.

Equity amounted to €4 769.3 million as at 30 June 2025 (31 December 2024: €4 719.5 million). The increase of €49.8 million (1.1%) is due to 2025's net profit (€58.7 million), the allocation of the 2024's net profit to the Social Impact

**4** \| **CEB** \| Half-Year Financial Report 2025

---

| | |
|:---|:---|
| Overview | ![](tm2328696d1_ex5sp0101.jpg) |

---

Account (-€7.0 million) and to the Ukraine Solidarity Fund (-€5.0 million) and to the positive variation of gains or losses recognised directly in equity (€3.1 million).

As at 30 June 2025, the Bank's new projects approved and loans disbursed amounted to €2.7 billion and €1.1 billion, respectively. At the same date, the stock of approved projects awaiting financing amounted to €10.2 billion (31 December 2024: €9.2 billion), of which 50.8% were for CEB Target Group Countries in Central, Eastern and South-Eastern Europe.

Outstanding nominal loans reached €22.7 billion as at 30 June 2025, compared to €22.9 billion at the end of 2024. Including accrued interest and value adjustments related to hedging, the loans at fair value in the balance sheet amounted to €22.0 billion (31 December 2024: €22.3 billion).

The outstanding nominal amount of long-term bonds issued amounted to €32.5 billion as at 30 June 2025 (31 December 2024: €31.4 billion). During the first half of 2025, the Bank issued new bonds with a principal amount of €5.4 billion. Including accrued interest and valuation adjustments related to issued hedged bonds, the outstanding amount of these bonds, which support the Bank's operations, amounted to €32.2 billion as at 30 June 2025, compared to €30.9 billion at the end of December 2024.

The outstanding nominal amount of short-term borrowings (Euro Commercial Paper) reached €0.8 billion as at 30 June 2025 (31 December 2024: nil), representing bonds with maturities of less than one year issued since 1 January 2025.

All Risk-Appetite ratios remained within the approved limits throughout the period.

**Key figures**

---

| | | | |
|:---|:---|:---|:---|
| <br>Table 1 | <br>**30/06/2025** **<sup>\*</sup>** | <br>**30/06/2024** **<sup>\*</sup>** | € million<br>**31/12/2024** |
| Projects approved | 2 740 | 2 696 | 4 549 |
| Stock of projects | 10 201 | 10 274 | 9 221 |
| Loans disbursed | 1 124 | 1 446 | 3 511 |
| Loans outstanding | 22 658 | 22 030 | 22 915 |
| Bonds issued | 5 367 | 6 045 | 6 331 |
| Debt securities in issue | 33 357 | 32 750 | 31 412 |
| Net profit | 59 | 67 | 124 |
| Equity | 4 769 | 4 541 | 4 719 |
| Own funds | 12 626 | 12 045 | 12 576 |
| Total assets | 40 699 | 38 921 | 38 613 |

---

\* Unaudited

**CEB** \| Half-Year Financial Report 2025 \| **5** 

---

| | |
|:---|:---|
| ![](tm2328696d1_ex5sp0101.jpg) | Financial Statements |

---

**FINANCIAL STATEMENTS**

**About the CEB**

The Council of Europe Development Bank (CEB) is a multilateral development bank with an exclusively social mandate from its 43-member states. The CEB finances investment in social sectors, including education, health and affordable housing, with a focus on the needs of vulnerable people. Borrowers include governments, local and regional authorities, public and private banks, non-profit organisations and others. As a multilateral bank with a triple-A credit rating, the CEB funds itself on the international capital markets. It approves projects according to strict social, environmental and governance criteria, and provides technical assistance. In addition, the CEB receives funds from donors to complement its activities.

The CEB was originally established as a resettlement fund in 1956 by eight of the 15-member states that made up the Council of Europe at the time. The CEB is Europe's oldest multilateral development bank and is a legally and financially separate entity from the Council of Europe.

For more about the CEB, visit **coebank.org/en/about**

**Sectors of action**

The CEB contributes to the implementation of socially-oriented investment projects in favour of social cohesion, with a particular focus on vulnerable people. In line with Administrative Council Resolution 1646 (2022), the CEB's new Strategic Framework 2023-2027 updates the Bank's action lines to:

&nbsp;&nbsp;&nbsp;&nbsp;· Investing
 in People and Enhancing Human Capital

&nbsp;&nbsp;&nbsp;&nbsp;· Promoting
 Inclusive and Resilient Living Environments

&nbsp;&nbsp;&nbsp;&nbsp;· Supporting
 Jobs and Economic and Financial Inclusion

These action lines reflect the CEB's operational context and the current and projected needs of its member countries.

Each of the CEB's areas of intervention is derived from its stated lines of action and is defined by clear and detailed eligibility criteria. The areas of intervention of the CEB are: Health and social care \*; Education and vocational training \*; Administrative and judicial infrastructure; Protection and rehabilitation of the historic and cultural heritage; Social and affordable housing \*; Urban, rural and regional development \*; Natural or ecological disasters; Protection of the environment; MSME financing \* and Microfinance \*.

While maintaining its commitment to all its core areas of activity, the CEB has identified a number of "focus sectors" in order to improve the selectivity of its projects and to deploy its resources where they can make the greatest contribution to the pursuit of the CEB's overarching objectives. Although not listed as separate sectors, the CEB also identifies three cross-cutting themes that interact with its core areas of activity, namely: (i) climate action, (ii) gender equality, and (iii) digitalisation.

\* Indicates a "focus sector"

**6** \| **CEB** \| Half-Year Financial Report 2025

---

| | |
|:---|:---|
| Financial Statements | ![](tm2328696d1_ex5sp0101.jpg) |

---

**Balance sheet**

**As at 30 June 2025 (unaudited) and as at 31 December 2024 (audited)**

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | € thousand |
| Table 2 | Notes | **30/06/2025** | **31/12/2024** |
| **Assets** |  |  |  |
| Cash in hand, balances with central banks |  | 516 536 | 608 615 |
| Financial instruments at fair value through profit or loss |  | 250 846 | 589 286 |
| Hedging derivative financial instruments |  | 1 458 310 | 1 507 482 |
| Financial assets at fair value through equity | D | 3 291 305 | 3 291 324 |
| Financial assets at amortised cost | D |  |  |
| &nbsp;&nbsp;&nbsp;Loans |  | 22 028 012 | 22 301 631 |
| &nbsp;&nbsp;&nbsp;Advances |  | 9 215 797 | 6 872 787 |
| &nbsp;&nbsp;&nbsp;Debt securities |  | 2 652 580 | 2 338 292 |
| Tangible and intangible assets |  | 61 427 | 59 798 |
| Other assets |  | 1 223 740 | 1 044 070 |
| **Total assets** |  | **40 698 553** | **38 613 285** |
| **Liabilities and equity** |  |  |  |
| **Liabilities** |  |  |  |
| Financial instruments at fair value through profit or loss |  | 871 398 | 270 851 |
| Hedging derivative financial instruments |  | 1 154 639 | 1 446 332 |
| Financial liabilities at amortised cost | E |  |  |
| &nbsp;&nbsp;&nbsp;Amounts owed to credit institutions and to customers |  | 40 004 | 98 251 |
| &nbsp;&nbsp;&nbsp;Debt securities in issue |  | 33 047 588 | 30 873 212 |
| Other liabilities |  | 415 214 | 818 786 |
| Social Impact Account |  | 57 020 | 50 144 |
| Provisions |  | 343 345 | 336 277 |
| **Total liabilities** |  | **35 929 208** | **33 893 853** |
| **Equity** |  |  |  |
| Capital | F |  |  |
| &nbsp;&nbsp;&nbsp;Subscribed |  | 9 622 868 | 9 622 868 |
| &nbsp;&nbsp;&nbsp;Uncalled |  | (7 856 618) | (7 856 618) |
| &nbsp;&nbsp;&nbsp;&nbsp;Called |  | 1 766 250 | 1 766 250 |
| General reserve |  | 2 987 601 | 2 875 299 |
| Net profit |  | 58 745 | 124 303 |
| Total capital, general reserve and net profit |  | 4 812 596 | 4 765 852 |
| Gains or losses recognised directly in equity |  | (43 251) | (46 420) |
| **Total equity** |  | **4 769 345** | **4 719 432** |
| **Total liabilities and equity** |  | **40 698 553** | **38 613 285** |

---

**CEB** \| Half-Year Financial Report 2025 \| **7** 

---

| | |
|:---|:---|
| ![](tm2328696d1_ex5sp0101.jpg) | Financial Statements |

---

**Income statement**

For the first half of 2025 (unaudited) and for the first half of 2024 (unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | € thousand |
| Table 3 | Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2025** | **2024** |
| Interest and similar income |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556 016 | 738 176 |
| Interest expenses and similar charges |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(457 494) | (644 072) |
| **Interest margin** | G | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**98 522** | **94 104** |
| Net gains or losses from financial instruments at fair value through profit or loss |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10 231) | 3 570 |
| Net gains from financial assets at fair value through equity |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 | 30 |
| Commissions (income) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | 155 |
| Commissions (expenses) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1 078) | (1 037) |
| **Net banking income** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**87 246** | **96 822** |
| General operating expenses |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28 911) | (26 807) |
| Depreciation and amortisation charges of tangible and intangible assets |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3 481) | (3 087) |
| **Gross operating income** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**54 854** | **66 928** |
| Cost of risk |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 891 | 144 |
| **Net profit** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**58 745** | **67 072** |

---

**Statement of comprehensive income**

For the first half of 2025 (unaudited) and for the first half of 2024 (unaudited)

---

| | | |
|:---|:---|:---|
| <br>Table 4 | **2025** | € thousand<br>**2024** |
| **Net profit** | **58 745** | **67 072** |
| Changes in value of debt securities at fair value through equity | 13 795 | (12 930) |
| Changes in value of hedging derivative financial instruments | (10 626) | (15 852) |
| Items that may be reclassified to income statement | 3 169 | (28 782) |
| **Comprehensive income** | **61 914** | **38 290** |

---

**8** \| **CEB** \| Half-Year Financial Report 2025

---

| | |
|:---|:---|
| Financial Statements | ![](tm2328696d1_ex5sp0101.jpg) |

---

**Statement of changes in equity**

For the first half of 2025 (unaudited) and the first half of 2024 (unaudited)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | | | | € thousand |
|  | **Capital and reserves** | **Capital and reserves** | **Capital and reserves** | **Gains or losses recognised directly in equity** | **Gains or losses recognised directly in equity** | **Gains or losses recognised directly in equity** | **Gains or losses recognised directly in equity** | **Gains or losses recognised directly in equity** |  |
|  |  |  |  | Debt |  |  |  |  |  |
|  |  |  |  | securities at | Hedging |  |  |  |  |
|  |  |  |  | fair value | derivative |  |  |  |  |
|  | Called | Reserves |  | through | financial | Actuarial | Equity |  | Total |
| Table 5 | capital | and result | **Total** | equity | instruments | differences | instruments | **Total** | equity |
| **Equity as at 31 December 2023** | 624 275 | 2 895 299 | **3 519 574** | 5 764 | 40 965 | (48 142) | 957 | **(456)** | **3 519 118** |
| Capital increase | 1 003 417 |  | 1 003 417 |  |  |  |  |  | 1 003 417 |
| Allocation of 2023 profit |  | (20 000) | (20 000) |  |  |  |  |  | (20 000) |
| Net profit |  | 67 072 | 67 072 |  |  |  |  |  | 67 072 |
| Changes in value of assets and liabilities recognised directly in equity |  |  |  | (12 930) | (15 852) |  |  | (28 782) | (28 782) |
| **Equity as at 30 June 2024** | 1 627 692 | 2 942 371 | **4 570 063** | (7 166) | 25 113 | (48 142) | 957 | **(29 238)** | **4 540 825** |
| Capital increase | 138 558 |  | 138 558 |  |  |  |  |  | 138 558 |
| Net profit |  | 57 231 | 57 231 |  |  |  |  |  | 57 231 |
| Changes in value of assets and liabilities recognised directly in equity |  |  |  | (13 508) | 14 462 | (18 005) | (131) | (17 182) | (17 182) |
| **Equity as at 31 December 2024** | 1 766 250 | 2 999 602 | **4 765 852** | (20 674) | 39 575 | (66 147) | 826 | **(46 420)** | **4 719 432** |
| Allocation of 2024 profit |  | (12 000) | (12 000) |  |  |  |  |  | (12 000) |
| Net profit |  | 58 745 | 58 745 |  |  |  |  |  | 58 745 |
| Changes in value of assets and liabilities recognised directly in equity |  |  |  | 13 795 | (10 626) |  |  | 3 169 | 3 169 |
| **Equity as at 30 June 2025** | 1 766 250 | 3 046 346 | **4 812 596** | (6 879) | 28 949 | (66 147) | 826 | **(43 251)** | **4 769 345** |

---

**CEB** \| Half-Year Financial Report 2025 \| **9** 

---

| | |
|:---|:---|
| ![](tm2328696d1_ex5sp0101.jpg) | Financial Statements |

---

**Statement of cash flows**

For the first half of 2025 (unaudited) and for the first half of 2024 (unaudited)

---

| | | |
|:---|:---|:---|
| <br>Table 6 | **2025** | € thousand<br>**2024** |
| Net profit | 58 745 | 67 072 |
| +/- Depreciation charges of tangible and intangible assets | 3 480 | 3 087 |
| +/- Provisions | (3 922) | (141) |
| +/- Net loss/net profit from investing operations | (2 896) | (507) |
| +/- Change in interest receivable | 75 834 | 30 688 |
| +/- Change in interest payable | (104 327) | (33 550) |
| +/- Other non-monetary movements | 20 076 | 5 058 |
| Total of non-monetary items included in the result | (11 755) | 4 635 |
| Reimbursements related to operations with credit institutions and customers | 2 829 815 | 2 361 559 |
| Disbursements related to operations with credit institutions and customers | (8 523 597) | (8 228 065) |
| Reimbursements related to other operations affecting financial assets or liabilities | 1 608 168 | 2 910 703 |
| Disbursements related to other operations affecting financial assets or liabilities | (2 095 639) | (3 059 638) |
| +/- Cash flows related to operations affecting non-financial assets or liabilities | (23 157) | (33 218) |
| Net cash flows from assets and liabilities resulting from operating activities | (6 204 410) | (6 048 659) |
| **Total net cash flows from operating activities (a)** | **(6 157 420)** | **(5 976 952)** |
| Reimbursements related to securities at amortised cost | 152 885 | 90 000 |
| Disbursements related to securities at amortised cost | (461 233) | (573 668) |
| +/- Cash flows related to tangible and intangible assets | (5 109) | (5 744) |
| **Total net cash flows from investing operations (b)** | **(313 457)** | **(489 412)** |
| +/- Cash flows from or to member states | 70 665 | 214 779 |
| Issuance of debt securities | 6 570 214 | 9 055 761 |
| Redemption of debt securities in issue | (3 599 192) | (5 439 724) |
| **Total net cash flows from financing operations (c)** | **3 041 687** | **3 830 816** |
| **Effect of changes in foreign exchange rates on cash and cash equivalents (d)** | **(106 531)** | **(1 693)** |
| **Net increase/(decrease) in cash and cash equivalents (a)+(b)+(c)+(d)** | **(3 535 721)** | **(2 637 241)** |
| **Cash and cash equivalents at 1 January** | **4 515 985** | **4 967 031** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash in hand, balances with central banks | 608 810 | 1 034 428 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advances repayable on demand and term deposits with credit institutions | 3 907 175 | 3 932 603 |
| **Cash and cash equivalents at 30 June** | **980 264** | **2 329 790** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash in hand, balances with central banks | 516 664 | 1 162 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advances repayable on demand and term deposits with credit institutions | 463 600 | 1 167 580 |
| **Changes in cash and cash equivalents** | **(3 535 721)** | **(2 637 241)** |

---

**10** \| **CEB** \| Half-Year Financial Report 2025

---

| | |
|:---|:---|
| Notes to the Financial Statements | ![](tm2328696d1_ex5sp0101.jpg) |

---

**NOTES TO THE FINANCIAL STATEMENTS**

**NOTE A - Summary of accounting methods applied by the CEB**

**Accounting reference**

The CEB's separate accounts are prepared in accordance with IFRS as adopted by the European Union (EU).

The CEB's separate condensed interim financial statements as at 30 June 2025 were prepared in compliance with IAS 34 Interim Financial Reporting and should be read together with the audited financial statements for the year ended 31 December 2024 (available on the Bank's website www.coebank.or<u>g</u>).

The reported half-year profits do not necessarily reflect the Bank's full-year profits.

The half-year financial statements are unaudited.

**Applicable accounting standards**

The Bank did not implement the new accounting standards, amendments or interpretations adopted by the EU for which implementation was optional as at 30 June 2025.

**CEB** \| Half-Year Financial Report 2025 \| **11** 

---

| | |
|:---|:---|
| ![](tm2328696d1_ex5sp0101.jpg) | Notes to the Financial Statements |

---

**NOTE B - CEB's Risk Appetite Framework**

As an MDB, the CEB is not subject to its member states' regulatory framework, the Basel Committee recommendations or EU directives for banking supervision. Nonetheless, the Bank's policy is to follow the best banking practices while making all necessary adjustments to reflect its MDB status. The CEB also refers to some indicators used by credit rating agencies. To this end, the CEB established a set of ratios and indicators in its Risk Appetite Framework to assess and monitor the risks arising from its activities.

The ratios and indicators are organised around five main areas: capital, leverage, liquidity, market risk and credit risk in finance activity.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Table 7 |  |  |  |  |
| **CEB's Risk Appetite Framework** | **30/06/2025** | **30/06/2024** | **31/12/2024** | **Limit** |
| Capital |  |  |  |  |
| Capital Adequacy Ratio | 28.1% | 26.7% | 29.3% | >10.5% |
| Gearing Ratio | 1.79 | 1.82 | 1.81 | <2.50 |
| Leverage |  |  |  |  |
| Leverage Ratio | 10.1% | 9.4% | 10.4% | >7.0% |
| Treasury Assets Ratio | 3.78 | 3.92 | 3.10 | <5.00 |
| Liquidity |  |  |  |  |
| Survival Horizon | 22 | 23 | 18 | >12 months |
| Liquidity Coverage Ratio - LCR <sup>\*</sup> | 628% | 496% | 606% | >100% |
| Net Stable Funding Ratio - NSFR | 143% | 144% | 134% | >100% |
| Market Risks |  |  |  |  |
| Interest Rate Risk: Sensitivity of Economic Value of Equity | -13.0% | -11.3% | -10.7% | >-20% |
| Foreign Exchange Risk: Spot Net Open position | <€1.0 M | <€1.0 M | <€1.0 M | <€1.0 M |
| Credit Risk in Finance activity |  |  |  |  |
| Minimal internal rating | ≥7.0 | ≥7.0 | ≥7.0 | ≥7.0 |

---

\* Since 2024, the LCR ratio has been reported as an average of the last twelve end of month LCRs. For comparison purposes, the 2024 ratios have been restated in accordance with this new standard. With the previous methodology, the LCR at the end of December 2024 stood at 860% and at the end of June 2024 at 949%.

**Capital**

**Capital Adequacy Ratio** is the Bank's Prudential Equity (E<sub>p</sub>)<sup>1</sup> divided by total Risk-Weighted Assets (RWA). The Bank applies the Pillar I Standardised Approach, where RWA are calculated using risk-weight factors according to the counterparty type and the rating (the second-best approach among those indicated by external rating agencies).

The Bank monitors this ratio to ensure it holds sufficient capital to absorb unexpected losses in its operations arising from credit, market and operational risks. Although the risk appetite framework floor for this ratio is set at 10.5%, the Bank aims at maintaining a ratio above 20% to ensure it maintains first-rank financial fundamentals. Additionally, the Bank targets a sufficient buffer and considers a comfort zone above 25% to achieve a full AAA rating by the major credit rating agencies.

The Capital Adequacy Ratio reached 28.1% at the end of June 2025, down compared to the end of 2024 (29.3%) due to higher RWA arising from the cyclical activity at the beginning of the year related to the funding and finance

------

1. Prudential Equity (Ep) includes paid-in capital, reserves, net profit and unrealised gain and losses.

**12** \| **CEB** \| Half-Year Financial Report 2025

Notes to the Financial Statements

portfolios. Credit risk stood for the bulk of capital consumption at 95.5% at the end of June 2025, split among credit risk in the loan portfolio (66.2%) and credit risk on finance operations (29.6%).

The **Gearing Ratio** measures the outstanding loans divided by own-funds<sup>2</sup>, and thus establishes a volume ceiling to the Bank's loan activity. This ratio is primarily intended to provide a benchmark with other MDBs.

The historical ceiling of the Risk Appetite Framework is 2.5. However, in April 2023, the Administrative Council approved a temporary increase in its ceiling from 2.5 to 2.6 until June 2024 or the effectiveness of the capital increase, whichever occurred first. The capital increase became effective in February 2024. After the Bank had actively managed disbursements to ensure compliance with the ratio in this context of an increase in outstanding loans greater than the generation of internal capital (profits), the effectiveness of the capital increase caused this ratio to fall to 1.82 at the end of June 2024, after peaking at 2.54 at the end of 2023. At the end of June 2025, the ratio stood at 1.79, with the maximum possible loan outstanding volume standing at €31.6 billion (€31.7 billion at year-end 2024).

**Leverage**

The **Leverage Ratio** is calculated as Prudential Equity divided by the exposure value of all assets and off-balance sheet items. It provides a simple indicator (considering unweighted gross exposures) that complements the Capital Adequacy Ratio, acting as a limit to excessive leverage of the Bank. Both ratios use the same method for calculating derivative exposures (SA-CCR), and the same conversion factor of 50% for risk related off-balance sheet items (financing commitments). The CEB's Risk Appetite Framework floor for this ratio is 7% to ensure first-rank financial fundamentals.

At the end of June 2025, the leverage ratio was 10.1% (10.4% at year-end 2024).

The **Treasury Asset Ratio** compares total financial assets (securities, deposits, repo, nostro, after the impact of hedging swap's fair value) to prudential equity (E<sub>p</sub>). The Risk Appetite Framework ceiling for this ratio is five times E<sub>p</sub>, i.e. €21.2 billion at end of June 2025 (€20.6 billion at the end of 2024).

The ratio stood at 3.78 at the end of June 2025, compared to 3.10 at year-end 2024. There is still sufficient leeway to accommodate both securities portfolios and deposits.

**Liquidity**

The **survival horizon (SH)** is the key metric to manage liquidity risk. It is the period during which the Bank is able to fulfil its payment obligations stemming from ongoing business operations under a severe stress scenario without any access to new funding and by selling its available liquid assets. The minimum Risk Appetite Framework level of this indicator is 12 months.

The SH indicator reached 22 months in June 2025 (18 months at year-end 2024).

The **Liquidity Coverage Ratio (LCR)** aims to ensure the Bank holds sufficient high-quality liquid assets (HQLA) to survive a period of significant liquidity stress lasting 30 calendar days. It measures the short-term resilience of the liquidity risk profile.

The CEB's LCR volatility is due to the cyclicality and scale of debt repayments (outflows) backed by interbank loan repayments (inflows) and to the effect of capping inflows at 75% of outflows.

At the end of June 2025, LCR reached 649% (its 12-month moving average was 628%). The €4.5 billion HQLA are made up of 11.4% of central banks deposits and 88.6% of securities. This comfortable level reflects CEB's intrinsic

**CEB** \| Half-Year Financial Report 2025 \| **13** 

&nbsp;&nbsp;Notes to the Financial Statements

characteristic of the absence of collecting deposits and the lack of access to the central bank for refinancing in emergency situations.

The **Net Stable Funding Ratio (NSFR)** which measures the long-term resilience of the Bank's liquidity risk profile, requires the Bank to maintain a stable level of funding (available stable funding or ASF) relative to its activities (required stable funding or RSF), limiting short-term wholesale funding and maturity transformation risk through the application of position-based weightings (maturities and counterparties).

The CEB's ASF depends heavily on the outstanding debt issued (the Bank's main source of stable funding) and its residual maturity.

At the end of June 2025, the NSFR reached 143% (134% in December 2024) and its 12-month moving average was 142%. These comfortable levels show a stable financing capacity.

**Market Risk**

The **sensitivity of the Economic Value of Equity (EVE)** measures the theoretical change in economic value due to interest rate shocks. The EVE is the net present value of expected cash flows of all assets and liabilities, excluding the Bank's equity. The CEB ensures that the impact on its EVE of the most severe interest rate shock prescribed by Basel/EU regulation does not exceed, in absolute value, the limit of 20% of the CEB's prudential equity.

At the end of June 2025, this indicator reached -13.0%, which was well within the limit. The worst shock among the six proposed by the EBA would be a parallel shift upwards of 200 bp.

The **spot Net Open Position (NOP)** measures, per currency, the total assets minus liabilities in a foreign currency, including both on and off-balance sheet positions. The Risk Appetite Framework ceiling is, in absolute value, €1 million at month-end per currency. The limits were respected throughout the first half-year 2025, as in 2024.

**Credit Risk in Finance activity**

The CEB defines minimum internal ratings at the trade date under which the Bank may enter into transactions with issuers, obligors and counterparties based on the investment maturity (deposits and securities) and the type of counterparty. During the first half-year 2025, all counterparties and transactions met these minimum ratings on the purchase date, as was the case in 2024.

**14** \| **CEB** \| Half-Year Financial Report 2025

Notes to the Financial Statements

**NOTE C - Financial assets and liabilities**

Financial assets and liabilities are presented in the table below according to their respective accounting valuation rules.

Conditions for loan disbursements are equivalent to those applied by other financial institutions that operate on the supranational bank market. Reflecting its preferred creditor status, the Bank does not sell this type of receivables.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Table 8 |  |  |  |  | € thousand |
|  |  |  | **At fair value** |  |  |
|  | **At fair value** | **At fair value** | **through** |  |  |
|  | **through** | **through** | **non-** | **At** | **Net** |
|  | **profit or** | **recyclable** | **recyclable** | **amortised** | **book** |
| **30 June 2025** | **loss** | **equity** | **equity** | **cost** | **value** |
| Assets |  |  |  |  |  |
| Cash in hand, balances with central banks |  |  |  | 516 536 | 516 536 |
| Financial instruments at fair value through profit or loss | 250 846 |  |  |  | 250 846 |
| Hedging derivative financial instruments | 1 458 310 |  |  |  | 1 458 310 |
| Financial assets at fair value through equity |  | &nbsp;&nbsp;&nbsp;3 289 955 | 1 350 |  | 3 291 305 |
| Financial assets at amortised cost |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans and advances |  |  |  | 31 243 809 | 31 243 809 |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt securities |  |  |  | 2 652 580 | 2 652 580 |
| **Total financial assets** | **1 709 156** | &nbsp;&nbsp;&nbsp;**3 289 955** | **1 350** | **34 412 925** | **39 413 386** |
| Liabilites |  |  |  |  |  |
| Financial instruments at fair value through profit or loss | 871 398 |  |  |  | 871 398 |
| Hedging derivative financial instruments | 1 154 639 |  |  |  | 1 154 639 |
| Financial liabilities at amortised cost |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amounts owed to credit institutions and to customers |  |  |  | 40 004 | 40 004 |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt securities in issue |  |  |  | 33 047 588 | 33 047 588 |
| Social Impact Account |  |  |  | 57 020 | 57 020 |
| **Total financial liabilities** | **2 026 037** |  |  | **33 144 612** | **35 170 649** |
|  |  |  |  |  | € thousand |
|  |  |  | **At fair value** |  |  |
|  | **At fair value** | **At fair value** | **through** |  |  |
|  | **through** | **through** | **non-** | **At** | **Net** |
|  | **profit or** | **recyclable** | **recyclable** | **amortised** | **book** |
| **31 December 2024** | **loss** | **equity** | **equity** | **cost** | **value** |
| Assets |  |  |  |  |  |
| Cash in hand, balances with central banks |  |  |  | 608 615 | 608 615 |
| Financial instruments at fair value through profit or loss | 589 286 |  |  |  | 589 286 |
| Hedging derivative financial instruments | 1 507 482 |  |  |  | 1 507 482 |
| Financial assets at fair value through equity |  | &nbsp;&nbsp;&nbsp;3 289 977 | 1 347 |  | 3 291 324 |
| Financial assets at amortised cost |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans and advances |  |  |  | 29 174 418 | 29 174 418 |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt securities |  |  |  | 2 338 292 | 2 338 292 |
| **Total financial assets** | **2 096 768** | &nbsp;&nbsp;&nbsp;**3 289 977** | **1 347** | **32 121 325** | **37 509 417** |
| Liabilites |  |  |  |  |  |
| Financial instruments at fair value through profit or loss | 270 851 |  |  |  | 270 851 |
| Hedging derivative financial instruments | 1 446 332 |  |  |  | 1 446 332 |
| Financial liabilities at amortised cost |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amounts owed to credit institutions and to customers |  |  |  | 98 251 | 98 251 |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt securities in issue |  |  |  | 30 873 212 | 30 873 212 |
| Social Impact Account |  |  |  | 50 144 | 50 144 |
| **Total financial liabilities** | **1 717 183** |  |  | **31 021 607** | **32 738 790** |

---

**CEB** \| Half-Year Financial Report 2025 \| **15** 

&nbsp;&nbsp;Notes to the Financial Statements

**NOTE D - Financial assets at fair value through equity and at amortised cost**

**Financial assets at fair value through equity**

Financial assets at fair value through equity consist mainly of debt securities.

---

| | | |
|:---|:---|:---|
| <br>Table 9 | <br>**30/06/2025** | € thousand<br>**31/12/2024** |
| Financial assets at fair value through equity |  |  |
| Gross book value | 3 350 175 | 3 369 682 |
| Unrealised gains or losses | (57 669) | (76 537) |
| Impairment | (1 201) | (1 821) |
| **Total** | **3 291 305** | **3 291 324** |

---

**Financial assets at amortised cost**

---

| | | |
|:---|:---|:---|
| <br>Table 10 | <br>**30/06/2025** | € thousand<br>**31/12/2024** |
| Loans to credit institutions |  |  |
| Gross book value | 6 954 162 | 7 323 463 |
| Impairment | (4 110) | (5 210) |
| Net book value | 6 950 052 | 7 318 253 |
| Loans to customers |  |  |
| Gross book value | 15 810 330 | 15 692 256 |
| Impairment | (11 624) | (14 479) |
| Net book value | 15 798 706 | 15 677 777 |
| Value adjustment to loans hedged by derivative instruments | (720 746) | (694 399) |
| **Total loans** | **22 028 012** | **22 301 631** |
| Advances |  |  |
| Advances repayable on demand - gross book value | 6 062 | 6 540 |
| Impairment | (4) | (6) |
| Net book value | 6 058 | 6 534 |
| Advances with agreed maturity dates or periods of notice - gross book value | 9 211 529 | 6 860 310 |
| Impairment | (2 812) | (1 738) |
| Net book value | 9 208 717 | 6 858 572 |
| Value adjustment to advances hedged by derivative instruments | 1 022 | 7 681 |
| **Total advances** | **9 215 797** | **6 872 787** |
| Debt securities |  |  |
| Gross book value | 2 653 288 | 2 338 986 |
| Impairment | (708) | (694) |
| Net book value | 2 652 580 | 2 338 292 |
| **Total debt securities** | **2 652 580** | **2 338 292** |

---

**16** \| **CEB** \| Half-Year Financial Report 2025

Notes to the Financial Statements

The breakdown of nominal loans outstanding by borrowers' country location is presented in the table below.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Table 11 |  |  | € | thousand |
| **Breakdown by borrowers' country location** | **30/06/2025** | **%** | **31/12/2024** | **%** |
| Spain | 2 633 555 | 11.62 | 2 631 487 | 11.48 |
| Poland | 2 166 892 | 9.56 | 2 267 617 | 9.90 |
| France | 1 813 484 | 8.00 | 1 791 512 | 7.82 |
| Italy <sup>(1)</sup> | 1 753 684 | 7.74 | 1 699 261 | 7.42 |
| Germany | 1 569 918 | 6.93 | 1 596 910 | 6.97 |
| Türkiye | 1 512 724 | 6.68 | 1 435 767 | 6.27 |
| Belgium | 1 201 119 | 5.30 | 962 312 | 4.20 |
| Slovak Republic | 999 259 | 4.41 | 1 155 560 | 5.04 |
| Netherlands | 968 431 | 4.27 | 1 031 460 | 4.50 |
| Lithuania | 877 136 | 3.87 | 937 239 | 4.09 |
| Serbia | 784 872 | 3.46 | 824 915 | 3.60 |
| Hungary | 766 992 | 3.39 | 725 941 | 3.17 |
| Finland | 699 468 | 3.09 | 734 869 | 3.21 |
| Czech Republic | 662 087 | 2.92 | 684 497 | 2.99 |
| Croatia | 640 431 | 2.83 | 690 626 | 3.01 |
| Sweden | 550 263 | 2.43 | 542 177 | 2.37 |
| Romania | 547 079 | 2.41 | 552 390 | 2.41 |
| Ireland | 490 666 | 2.17 | 499 950 | 2.18 |
| Cyprus | 281 935 | 1.24 | 283 087 | 1.24 |
| Bulgaria | 225 004 | 0.99 | 224 271 | 0.98 |
| Estonia | 220 000 | 0.97 | 220 000 | 0.96 |
| Greece | 218 000 | 0.96 | 218 167 | 0.95 |
| Slovenia | 187 846 | 0.83 | 194 918 | 0.85 |
| Portugal | 160 227 | 0.71 | 246 176 | 1.07 |
| Ukraine | 117 891 | 0.52 | 115 801 | 0.51 |
| Albania | 98 283 | 0.43 | 109 450 | 0.48 |
| Bosnia and Herzegovina | 92 633 | 0.41 | 95 815 | 0.42 |
| North Macedonia | 78 770 | 0.35 | 83 977 | 0.37 |
| Montenegro | 73 601 | 0.32 | 81 087 | 0.35 |
| Iceland | 63 730 | 0.28 | 64 905 | 0.28 |
| Republic of Moldova | 59 266 | 0.26 | 62 800 | 0.27 |
| Kosovo | 45 442 | 0.20 | 45 442 | 0.20 |
| Georgia | 28 940 | 0.13 | 34 208 | 0.15 |
| Malta | 28 605 | 0.13 | 29 000 | 0.13 |
| Latvia | 16 825 | 0.07 | 17 962 | 0.08 |
| Andorra | 12 876 | 0.06 | 13 087 | 0.06 |
| San Marino | 7 333 | 0.03 | 7 533 | 0.03 |
| Luxembourg <sup>(2)</sup> | 2 471 | 0.01 | 2 600 | 0.01 |
| **Total** | **22 657 738** | **100.00** | **22 914 774** | **100.00** |

---

<sup>(1)</sup> of which €8.3 million outstanding in favour of Target Group countries as at 30 June 2025 (31 December 2024: €9.0 million);

<sup>(2)</sup> of which €2.5 million outstanding in favour of Target Group countries as at 30 June 2025 (31 December 2024: €2.6 million)

**CEB** \| Half-Year Financial Report 2025 \| **17** 

---

| | |
|:---|:---|
| ![](tm2328696d1_ex5sp0101.jpg) | Notes to the Financial Statements |

---

**NOTE E - Amounts owed to credit institutions and to customers and debt securities in issue**

---

| | | |
|:---|:---|:---|
| <br>Table 12 | &nbsp;&nbsp;<br>&nbsp;&nbsp;**30/06/2025** | &nbsp;&nbsp;€ thousand<br>&nbsp;&nbsp;**31/12/2024** |
| Amounts owed to credit institutions and to customers |  |  |
| Interest-bearing accounts | &nbsp;&nbsp;39 993 | &nbsp;&nbsp;98 251 |
| Interest payable | &nbsp;&nbsp;11 |  |
| **Total** | &nbsp;&nbsp;**40 004** | &nbsp;&nbsp;**98 251** |
| Debt securities in issue at amortised cost |  |  |
| Bonds | &nbsp;&nbsp;32 537 182 | &nbsp;&nbsp;31 411 595 |
| Euro Commercial Paper | &nbsp;&nbsp;819 321 |  |
| Interest payable | &nbsp;&nbsp;236 897 | &nbsp;&nbsp;285 906 |
| Value adjustment to debt securities in issue hedged by derivative instruments | &nbsp;&nbsp;(545 812) | &nbsp;&nbsp;(824 289) |
| **Total** | &nbsp;&nbsp;**33 047 588** | &nbsp;&nbsp;**30 873 212** |

---

**18** \| **CEB** \| Half-Year Financial Report 2025

---

| | |
|:---|:---|
| Notes to the Financial Statements | ![](tm2328696d1_ex5sp0101.jpg) |

---

**NOTE F - Capital**

The capital breakdown by member states at 30 June 2025 is presented below.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Table 13 |  |  |  | € thousand |
|  | **Subscribed** | **Uncalled** | **Called** | **Percentage of** |
| **Members** | **capital** | **capital** | **capital** | **subscribed capital** |
| France | 1 626 363 | 1 324 036 | 302 327 | 16.901% |
| Germany | 1 626 363 | 1 324 036 | 302 327 | 16.901% |
| Italy | 1 626 363 | 1 324 036 | 302 327 | 16.901% |
| Spain | 1 060 700 | 863 525 | 197 175 | 11.023% |
| Türkiye | 689 600 | 561 411 | 128 189 | 7.166% |
| Netherlands | 353 082 | 287 446 | 65 636 | 3.669% |
| Belgium | 291 826 | 237 581 | 54 245 | 3.033% |
| Greece | 291 826 | 237 581 | 54 245 | 3.033% |
| Portugal | 247 163 | 201 218 | 45 945 | 2.568% |
| Poland | 227 784 | 185 441 | 42 343 | 2.367% |
| Denmark | 159 244 | 129 640 | 29 604 | 1.655% |
| Sweden | 139 172 | 123 724 | 15 448 | 1.446% |
| Norway | 123 937 | 100 898 | 23 039 | 1.288% |
| Bulgaria | 110 924 | 90 304 | 20 620 | 1.153% |
| Romania | 106 404 | 86 625 | 19 779 | 1.106% |
| Ukraine | 101 902 | 90 591 | 11 311 | 1.059% |
| Ireland | 85 796 | 69 848 | 15 948 | 0.892% |
| Hungary | 79 541 | 64 755 | 14 786 | 0.827% |
| Czech Republic | 76 432 | 62 224 | 14 208 | 0.794% |
| Finland | 69 786 | 62 039 | 7 747 | 0.725% |
| Luxembourg | 61 686 | 50 219 | 11 467 | 0.641% |
| Switzerland | 53 824 | 43 229 | 10 595 | 0.559% |
| Serbia | 45 892 | 37 362 | 8 530 | 0.477% |
| Croatia | 37 963 | 30 906 | 7 057 | 0.395% |
| Cyprus | 35 309 | 28 746 | 6 563 | 0.367% |
| Slovak Republic | 33 670 | 27 411 | 6 259 | 0.350% |
| Albania | 23 771 | 19 352 | 4 419 | 0.247% |
| Latvia | 22 746 | 18 519 | 4 227 | 0.236% |
| Estonia | 22 595 | 18 395 | 4 200 | 0.235% |
| North Macedonia | 22 595 | 18 395 | 4 200 | 0.235% |
| Lithuania | 22 356 | 18 201 | 4 155 | 0.232% |
| Slovenia | 21 835 | 17 776 | 4 059 | 0.227% |
| Iceland | 18 015 | 14 666 | 3 349 | 0.187% |
| Malta | 18 015 | 14 666 | 3 349 | 0.187% |
| Georgia | 17 539 | 14 279 | 3 260 | 0.182% |
| Bosnia and Herzegovina | 17 207 | 14 009 | 3 198 | 0.179% |
| Montenegro | 11 693 | 9 519 | 2 174 | 0.122% |
| Kosovo | 11 648 | 9 483 | 2 165 | 0.121% |
| Republic of Moldova | 9 746 | 7 934 | 1 812 | 0.101% |
| Andorra | 8 747 | 7 121 | 1 626 | 0.091% |
| San Marino | 8 644 | 6 916 | 1 728 | 0.090% |
| Liechtenstein | 2 921 | 2 374 | 547 | 0.030% |
| Holy See | 243 | 183 | 60 | 0.003% |
| **Total at 30 June 2025** | **9 622 868** | **7 856 618** | **1 766 250** | **100.000%** |
| **Total at 31 December 2024** | **9 622 868** | **7 856 618** | **1 766 250** | **100.000%** |

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**CEB** \| Half-Year Financial Report 2025 \| **19** 

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| | |
|:---|:---|
| ![](tm2328696d1_ex5sp0101.jpg) | Notes to the Financial Statements |

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On 2 December 2022, the Governing Board approved an increase of the Bank's subscribed capital by a maximum of €4.25 billion, of which a maximum of €1.20 billion to be paid-in by the member states. The capital increase became effective at the end of the calendar month in which at least 67% of the participating certificates offered were subscribed. As this threshold was reached in February 2024, the capital increase became effective on 29 February 2024. The subscription period ended on 31 December 2024, with a final subscription rate of 95.15%.

**NOTE G - Interest margin**

Income and expenses are accounted for in accordance with the effective interest rate method (interest, commissions and charges).

The interest margin for the first half of 2025 (unaudited) and the first half of 2024 (unaudited) is presented in the table below:

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| | | |
|:---|:---|:---|
| <br>Table 14 | **2025** | € thousand<br>**2024** |
| Financial assets at fair value through equity <sup>\*</sup> | 42 673 | 41 462 |
| Hedging derivatives | 8 475 | 26 673 |
| Sub-total | 51 148 | 68 135 |
| Loans and advances at amortised cost <sup>\*</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- Credit institutions and central banks | 238 476 | 285 934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- Customers | 160 034 | 159 367 |
| Hedging derivatives | 65 577 | 193 332 |
| Sub-total | 464 087 | 638 633 |
| Debt securities at amortised cost | 40 781 | 31 408 |
| **Interest and similar income** | **556 016** | **738 176** |
| Amounts owed to credit institutions and to customers | (8 299) | (10 242) |
| Debt securities in issue at amortised cost | (375 365) | (306 460) |
| Hedging derivatives | (67 846) | (321 812) |
| Sub-total | (443 211) | (628 272) |
| Other interest expenses and similar charges | (5 984) | (5 558) |
| **Interest expenses and similar charges** | **(457 494)** | **(644 072)** |
| **Interest margin** | **98 522** | **94 104** |
| <sup>\*</sup> of which negative interest impact: |  | € thousand |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- Financial assets at fair value through equity |  | (174) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- Advances at amortised cost | (5) | 324 |
|  | (5) | 150 |

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Interest received and interest paid are grouped by product.

The net amounts received are classified under the item "Interest and similar income" and the net amounts paid are classified under the item "Interest expenses and similar charges", regardless of the classification of the product as an asset or a liability.

These net amounts by product also include the negative interest of the product concerned.

Interest income and expenses of fair value hedging derivatives are presented together with the income and expenses from hedged items.

**20** \| **CEB** \| Half-Year Financial Report 2025

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