The USD remained an important currency for funding in shorter maturities and for taking advantage of favourable opportunities for currency swaps, in view of the transparency, size and unmatched liquidity of the dollar market. New issuance was carried out by adding to existing benchmark issues. The Bank was also present on the Asian markets and succeeded in establishing itself as a prime borrower in Hong Kong and Taiwan. The EIB pursued its efforts to borrow in the currencies of the Accession Countries , both on domestic markets and the Euromarket. By virtue of its top credit rating, the Bank continues to be able to issue longer-term bonds denominated in such currencies, thereby contributing to the development of deeper capital markets.
Funds raised in such currencies are on-lent to project promoters in the region concerned.