++++

FINANCIAL STATEMENTS OF THE EUROPEAN COAL AND STEEL COMMUNITY FOR 1983 AND 1982

( 84/C 350/01 )

IN ACCORDANCE WITH UNDERTAKINGS GIVEN BY THE COMMISSION ON BEHALF OF THE EUROPEAN COAL AND STEEL COMMUNITY WITH REGARD TO ITS BORROWING ACTIVITIES , THE FOLLOWING FINANCIAL STATEMENTS OF THE ECSC , DRAWN UP IN ACCORDANCE WITH ARTICLE 78D OF THE TREATY ESTABLISHING THE ECSC , ARE PUBLISHED BELOW :

- BALANCE SHEETS OF THE EUROPEAN COAL AND STEEL COMMUNITY AT 31 DECEMBER 1983 AND 31 DECEMBER 1982 ,

- REVENUE AND EXPENDITURE ACCOUNTS FOR THE YEARS ENDING 31 DECEMBER 1983 AND 31 DECEMBER 1982 ,

- ALLOCATION OF SURPLUS OF REVENUE OVER EXPENDITURE FOR THE YEARS ENDING 31 DECEMBER 1983 AND 31 DECEMBER 1982 .

THESE FINANCIAL STATEMENTS ARE ACCOMPANIED BY THE REPORT OF THE COURT OF AUDITORS , PROVIDED FOR UNDER ARTICLE 78F ( 5 ) OF THE ECSC TREATY , DEALING WITH THE FINANCIAL OPERATIONS OF THE ECSC FOR THE YEAR 1983 , WITH THE EXCEPTION OF THOSE RELATING TO REVENUE AND EXPENDITURE OF AN ADMINISTRATIVE NATURE .

EUROPEAN COAL AND STEEL COMMUNITY - BALANCE SHEETS AT 31 DECEMBER 1983 AND 31 DECEMBER 1982 ( 1 )

( AMOUNTS IN ECU )

ASSETS

*1983*1982*

CASH IN HAND AND BALANCES WITH CENTRAL BANKS*39 020 734*3 698 224*

RECEIVABLE FROM CREDIT INSTITUTIONS : ***

- REPAYABLE ON DEMAND*27 334 442*21 480 285*

- WITH AGREED MATURITY DATES OR PERIODS OF NOTICE*890 768 726*776 630 441*

DEBT SECURITIES HELD IN PORTFOLIO ( NOTE 3 ) *437 644 829*365 079 067*

LOANS OUTSTANDING ( NOTE 4 ) *6 646 152 831*6 257 641 735*

RECOVERABLE ISSUING COSTS*41 338 595*51 732 445*

BANK DEPOSITS FOR COUPONS AND BONDS DUE BUT NOT YET PRESENTED FOR PAYMENT*37 499 892*48 441 521*

LAND AND BUILDINGS ( NOTE 5 ) *453 319*387 595*

OTHER ASSETS ( NOTE 6 ) *129 371 754*63 519 436*

ACCRUALS AND DEFERRED INCOME ( NOTE 7 ) *203 940 097*205 601 620*

*8 453 525 219*7 794 212 369*

( 1 ) THE NOTES IN THE REPORT ANNEXED HERETO FORM AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS .

LIABILITIES

*1983*1982*

COUPONS AND BONDS DUE BUT NOT YET PRESENTED FOR PAYMENT*37 499 892*48 413 654*

PAYABLE TO CREDIT INSTITUTIONS : ***

- REPAYABLE ON DEMAND*2 760 832* - *

- WITH AGREED MATURITY DATES OR PERIODS OF NOTICE*6 651 590* - *

LONG-TERM AND MEDIUM-TERM DEBTS ( NOTE 8 ) *6 539 006 887*6 116 392 709*

OTHER LIABILITIES*74 355 141*11 420 838*

ACCRUALS AND DEFERRED INCOME ( NOTE 9 ) *327 389 285*288 798 398*

TOTAL LIABILITIES TOWARDS THIRD PARTIES*6 987 633 627*6 465 025 599*

COMMITMENTS FOR ECSC OPERATING BUDGET ( NOTES 1 AND 10 ) ***

- FINANCIAL ASSISTANCE*764 840 593*682 825 395*

- OTHER*113 200 000*106 000 000*

*878 040 593*788 825 395*

RESERVES ( NOTE 11 ) : ***

- GUARANTEE FUND*380 000 000*340 000 000*

- SPECIAL RESERVE*163 000 000*156 500 000*

- FORMER PENSION FUND*44 742 334*43 772 724*

*587 742 334*540 272 724*

SURPLUS NOT ALLOCATED*78 665*88 651*

*8 453 525 219*7 794 212 369*

EUROPEAN COAL AND STEEL COMMUNITY

COMMISSION OF THE EUROPEAN COMMUNITIES

F . -X . ORTOLI

VICE-PRESIDENT OF THE COMMISSION

E . CIOFFI

DIRECTOR-GENERAL FOR CREDIT AND INVESTMENTS

REVENUE AND EXPENDITURE ACCOUNTS FOR YEARS ENDING 31 DECEMBER 1983 AND 31 DECEMBER 1982

( AMOUNTS IN ECU )

EXPENDITURE

*1983*1982*

INTEREST PAID*588 033 104*557 758 483*

COMMISSIONS PAID*4 968 803*4 794 793*

ADMINISTRATIVE COSTS ( FIXED AMOUNT ) ( NOTE 12 ) *5 000 000*5 000 000*

VALUE ADJUSTMENT IN RESPECT OF RECEIVABLES*69 227 095*92 895 684*

VALUE ADJUSTMENT IN RESPECT OF SECURITIES*9 200 306* - *

LOSSES ON SECURITIES*1 705 059* - *

ISSUING COSTS AND REDEMPTION PREMIUMS*21 913 444*17 861 111*

EXTRAORDINARY ITEMS ( NOTE 15 ) *10 838 888* - *

MISCELLANEOUS*541 526*509 331*

EXPENDITURE ON : ***

- REDEPLOYMENT*107 915 687*94 073 836*

- SOCIAL MEASURES IN CONNECTION WITH STEEL RESTRUCTURING*16 097 755*6 963 342*

- RESEARCH*45 222 289*42 479 294*

- INTEREST SUBSIDIES ( ARTICLE 54 ) *11 835 283*11 599 443*

- INTEREST SUBSIDIES ( ARTICLE 56 ) *16 549 933*14 846 965*

- COKING COAL AND METALLURGICAL COKE*3 000 000*8 978 562*

SURPLUS OF REVENUE OVER EXPENDITURE TO BE ALLOCATED*136 674 822*197 378 129*

*1 048 723 994*1 055 138 973*

REVENUE

*1983*1982*

INTEREST RECEIVED ( NOTE 13 ) *759 124 606*726 028 522*

PAYMENT PREMIUMS*11 893 357*8 534 245*

GAINS ON ECSC PORTFOLIO ( NOTE 3 ) *11 392 790*11 730 529*

GAINS ON ORDINARY PORTFOLIO*7 994 886*21 674 806*

OTHER REVENUE*530 353*2 076 601*

LEVIES ( NOTE 14 ) *136 839 095*117 306 366*

FINES ( NOTE 15 ) *64 980 095*42 924 254*

CONTRIBUTIONS FROM THE GENERAL BUDGET OF THE EUROPEAN COMMUNITIES ( NOTE 16 ) *50 000 000*112 000 000*

CORRECTION TO VALUE ADJUSTMENTS IN RESPECT OF RECEIVABLES*794 896* - *

CORRECTION TO VALUE ADJUSTMENTS IN RESPECT OF SECURITIES* - *10 045 924*

NET EXCHANGE GAINS*5 173 916*2 817 726*

*1 048 723 994*1 055 138 973*

EUROPEAN COAL AND STEEL COMMUNITY

COMMISSION OF THE EUROPEAN COMMUNITIES

F . -X . ORTOLI

VICE-PRESIDENT OF THE COMMISSION

E . CIOFFI

DIRECTOR-GENERAL FOR CREDIT AND INVESTMENTS

ANNEX

NOTES TO FINANCIAL STATEMENTS AT 31 DECEMBER 1983 AND 31 DECEMBER 1982

( AMOUNTS IN ECU )

1 . PRESENTATION OF FINANCIAL STATEMENTS

THE EUROPEAN COAL AND STEEL COMMUNITY ( ECSC ) WAS ESTABLISHED BY THE TREATY OF 18 APRIL 1951 . ACCORDING TO THE TREATY , THE TASK OF THE ECSC IS TO CONTRIBUTE TO THE ECONOMIC EXPANSION OF THE MEMBER STATES THROUGHT THE ESTABLISHMENT OF A COMMON MARKET FOR COAL AND STEEL . THE MAIN SOURCES OF ECSC FUNDS ARE THE LEVY YIELD , LOANS RAISED ON THE FINANCIAL MARKETS , DIRECT BANK LOANS AND CONTRIBUTIONS FROM THE GENERAL BUDGET OF THE EUROPEAN COMMUNITIES .

ALL ECSC ACCOUNTS ARE KEPT AND EXPRESSED IN ECU ( 1 ) .

THE FOLLOWING RATES HAVE BEEN USED FOR CONVERTING AMOUNTS EXPRESSED IN CURRENCY IN END-OF-YEAR BALANCE SHEETS INTO ECU :

*31 DECEMBER*

*1983*1982*

CONVERTIBLE BELGIAN AND LUXEMBOURG FRANC*46,0969*45,3207*

GERMAN MARK*2,25748*2,30014*

DUTCH GUILDER*2,53713*2,54206*

POUND STERLING*0,570600*0,600289*

DANISH KRONE*8,18269*8,11485*

FRENCH FRANC*6,90358*6,52207*

ITALIAN LIRA*1 371,99*1 325,70*

IRISH POUND*0,728961*0,692923*

GREEK DRACHMA*81,7773*68,5398*

U.A.*0,441732*0,472804*

US DOLLAR*0,827370*0,967667*

SWISS FRANC*1,80408*1,93098*

CANADIAN DOLLAR*1,03024*1,19265*

EMU*0,616797*0,628453*

JAPANESE YEN*191,743*227,160*

THE ANNUAL ACCOUNTS AT 31 DECEMBER 1983 INCLUDE THE ALLOCATION OF THE SURPLUS OF REVENUE OVER EXPENDITURE FOR 1983 . AT THE END OF THE YEAR THE COMMITMENTS FINANCED BY THE ALLOCATION OF THIS SURPLUS ARE THOSE ENTERED INTO DURING THE YEAR FOR OPERATIONS TO BE CARRIED OUT BY THE ECSC FOR FINANCIAL ASSISTANCE . ACTUAL EXPENDITURE FOR THESE OPERATIONS APPEARS IN THE REVENUE AND EXPENDITURE ACCOUNT OF THE YEAR IN WHICH THE COMMITMENT IS PAID .

UP TO 31 DECEMBER 1982 COMMITMENTS FOR THE ECSC OPERATING BUDGET ( NOTE 10 ) WERE INCLUDED UNDER " OTHER " . FOR THE SAKE OF CLARITY THIS ITEM NOW APPEARS UNDER " FINANCIAL ASSITANCE " . SO THAT THE FIGURES FOR THE TWO YEARS WILL BE COMPARABLE , THE ECSC HAS ALTERED THE PRESENTATION ACCORDINGLY .

2 . SUMMARY OF ACCOUNTING POLICIES

CURRENCY BALANCES ARE ENTERED IN THE BALANCE SHEET AT THE ECU RATE OF 31 DECEMBER . THE EXCHANGE DIFFERENCE ARISING FROM THE CONVERSION OF THE OPENING BALANCE SHEET AT THE YEAR-END ECU RATE IS DEFERRED AND ENTERED UNDER " ACCRUALS AND DEFERRED INCOME " . HOWEVER , EXCHANGE AND CONVERSION DIFFERENCES RELATING TO OPERATIONS DURING THE YEAR ARE SHOWN IN THE REVENUE AND EXPENDITURE ACCOUNT .

SECURITIES ARE VALUED AT THE LOWER OF AVERAGE COST OR MARKET VALUE . RE-PURCHASED ECSC BONDS MATURING IN THE YEAR FOLLOWING THE FINANCIAL YEAR OF THE BALANCE SHEET ARE DEDUCTED FROM BONDS IN CIRCULATION AND WITHDRAWN FROM THE MARKET . THE DIFFERENCE BETWEEN THE NOMINAL VALUE OF THESE BONDS AND THEIR RE-PURCHASE VALUE IS SHOWN IN THE REVENUE AND EXPENDITURE ACCOUNT .

VALUE ADJUSTMENTS ARE MADE IN THE ACCOUNTS IN RESPECT OF LOANS AND OTHER RECEIVABLES , EXCEPT THOSE RELATING TO CREDIT INSTITUTIONS , TO ALLOW FOR THE POTENTIAL RISKS OF DEFAULT OR NON-RECOVERY .

UP TO 31 DECEMBER 1980 THE RECOVERY OF ISSUING COSTS WAS SPREAD OVER THE TERM OF THE BORROWING . SINCE 1 JANUARY 1981 THESE COSTS ARE MET DIRECTLY . COSTS OUTSTANDING AT 31 DECEMBER 1980 ARE BEING RECOVERED IN SEVEN EQUAL ANNUAL INSTALMENTS .

3 . DEBT SECURITIES HELD IN PORTFOLIO

THE PORTFOLIO IS MADE UP MAINLY OF GOVERNMENT BONDS AND RE-PURCHASED ECSC BONDS .

AT 31 DECEMBER 1983 THE GROSS BOOK VALUE OF RE-PURCHASED ECSC BONDS IN PORTFOLIO WAS 91 792 402 ( 1982 - 99 583 833 ) , OF WHICH 69 379 680 ( 1982 - 61 246 526 ) WAS DUE TO MATURE WITHIN 12 MONTHS .

IN 1983 THE ECSC MADE A PROFIT OF 11 392 790 ( 1982 : 11 730 529 ) ON RE-PURCHASED BONDS WHICH WERE WITHDRAWN FROM THE MARKET . THIS INCLUDES A PROFIT OF 9 366 133 ( 1982 : 9 943 478 ) REPRESENTING THE DIFFERENCE BETWEEN THE NOMINAL VALUE AND THE PURCHASE VALUE OF RE-PURCHASED ECSC BONDS MATURING IN 1984 .

4 . LOANS OUTSTANDING

THIS ITEM MAINLY COVERS LOANS MADE TO FIRMS IN THE STEEL INDUSTRY AND COAL-MINING IN THE MEMBER STATES AND LOANS GRANTED TO FIRMS TO FINANCE CONVERSION . THESE LOANS ARE PAID OUT OF BORROWED FUNDS AND TOTAL , AFTER VALUE ADJUSTMENTS , 6 476 751 743 ( 1982 - 6 087 873 069 ) .

THESE LOANS ARE USUALLY SECURED BY GUARANTEES FROM THE MEMBER STATES , BANKS OR FIRMS AND BY MORTGAGES .

AGGREGATE VALUE ADJUSTMENTS AT 31 DECEMBER 1983 AMOUNTED TO 117 435 323 ( 1982 - 69 782 811 ) .

THIS ITEM ALSO INCLUDES LOANS FINANCED FROM THE ECSC'S OWN FUNDS , AS FOLLOWS :

*31 DECEMBER*

*1983*1982*

LOANS PAID FROM THE SPECIAL RESERVE FOR FINANCING WORKERS' HOUSING*143 426 813*143 351 244*

LOANS PAID FROM THE PENSION FUND TO OFFICIALS OF THE EUROPEAN COMMUNITIES FOR HOUSEBUILDING*21 616 616*21 464 573*

LOANS PAID FROM THE PENSION FUND FOR THE FRIULI STEEL INDUSTRY*2 623 926*3 054 990*

LOANS PAID FROM THE SPECIAL RESERVE FOR TECHNICAL AND ECONOMIC RESEARCH*1 614 045*1 751 164*

LOANS PAID FROM THE SPECIAL RESERVE FOR REDEPLOYMENT*119 688*146 695*

*169 401 088*169 768 666*

5 . LAND AND BUILDINGS

THE ECSC OWNS A BUILDING IN WASHINGTON DC , WHICH FORMS PART OF THE ASSETS SECURING ITS OPERATIONS . THE BUILDING IS LEASED TO THE EUROPEAN COMMUNITIES . IT IS SHOWN IN THE ECSC BOOKS AT ITS 31 DECEMBER 1976 VALUATION ( USDOLLARS 375 062 ) OF 453 318 ( AT THE ECU RATE OF 31 DECEMBER 1983 ) .

TWO OTHER BUILDINGS IN LONDON AND PARIS ARE OWNED JOINTLY WITH THE EUROPEAN ATOMIC ENERGY COMMUNITY AND THE EUROPEAN ECONOMIC COMMUNITY . THEY ARE SHOWN IN THE BOOKS AT A TOKEN 1 ECU .

THE BUILDING IN PARIS WAS PURCHASED IN 1958 FOR FF 1 679 311 AND THE BUILDING IN LONDON , WHICH HAS A 99 YEAR LEASE , WAS VALUED IN 1978 AT BFRS 15 000 000 .

6 . OTHER ASSETS

THIS ITEM COMPRISES :

*31 DECEMBER*

*1983*1982*

LEVIES RECEIVABLE*10 162 455*9 314 138*

MEMBER STATES' CONTRIBUTIONS RECEIVABLE*8 386 588*7 842 608*

FINES RECEIVABLE ( NOTE 15 ) *88 384 957*45 255 733*

LOANS AND INTEREST PAYMENTS OVERDUE*73 569 511*32 342 062*

MISCELLANEOUS*3 748 522*2 883 060*

*184 252 033*97 637 601*

AGGREGATE VALUE ADJUSTMENTS* ( 54 880 279 ) * ( 34 118 165 ) *

*129 371 754*63 519 436*

THE LEVIES RECEIVABLE INCLUDE 5 709 885 ( 1982 - 4 514 963 ) IN RESPECT OF COAL IN STOCK , PAYMENT OF WHICH HAS BEEN TEMPORARILY SUSPENDED UNDER A GENERAL DECISION TAKEN IN 1972 .

7 . ACCRUALS AND DEFERRED INCOME ( ASSETS )

THIS ITEM COMPRISES INTEREST ON LOANS AND DEPOSITS OF 175 736 629 ACCRUED BUT NOT DUE ( 1982 - 186 163 917 ) , AND LEVIES DECLARED FOR NOVEMBER AND DECEMBER BUT NOT PAYABLE UNTIL AFTER 31 DECEMBER .

8 . LONG-TERM AND MEDIUM-TERM DEBTS

THE DEBT CONSISTS OF 301 PRIVATE AND PUBLIC BORROWINGS MATURING BETWEEN 1984 AND 2001 .

9 . ACCRUALS AND DEFERRED INCOME ( LIABILITIES )

THIS ITEM COMPRISES INTEREST AND COMMISSIONS ON BORROWINGS ACCRUED BUT NOT YET DUE AT 31 DECEMBER 1983 AMOUNTING TO 277 189 026 ( 1982 - 265 896 289 ) .

THE EXCHANGE DIFFERENCE OF 43 614 453 ARISING FROM THE CONVERSION OF THE OPENING BALANCE SHEET AT THE YEAR-END ECU RATE IS ALSO INCLUDED IN THIS ITEM ( 1982 - 22 902 109 ) .

10 . COMMITMENTS FOR ECSC OPERATING BUDGET

AT 31 DECEMBER 1983 THE ALLOCATIONS APPROVED BY THE COMMISSION WERE TO BE USED AS FOLLOWS :

*31 DECEMBER*

*1983*1982*

FINANCIAL ASSISTANCE***

- COMMITMENTS ENTERED INTO***

REDEPLOYMENT MEASURES*291 069 201*273 946 194*

TECHNICAL AND ECONOMIC RESEARCH*84 230 990*81 114 619*

INTEREST SUBSIDIES ON CONVERSION LOANS ( ARTICLE 56 ) *30 700 359*41 285 790*

INTEREST SUBSIDIES ON INDUSTRIAL LOANS ( ARTICLE 54 ) *20 194 653*32 337 528*

AID FOR COKING COAL AND METALLURGICAL COKE*3 345 200*345 200*

STEEL INDUSTRY SOCIAL MEASURES*188 938 903*155 036 658*

*618 479 306*584 065 989*

- FUTURE COMMITMENTS***

TECHNICAL AND ECONOMIC RESEARCH*15 437 113*12 938 854*

INTEREST SUBSIDIES ON CONVERSION LOANS ( ARTICLE 56 ) *111 759 944*74 883 322*

INTEREST SUBSIDIES ON INDUSTRIAL LOANS ( ARTICLE 54 ) *19 164 230*10 937 230*

SUBTOTAL*146 361 287*98 759 406*

FINANCIAL ASSISTANCE - TOTAL*764 840 593*682 825 395*

- OTHER COMMITMENTS***

1984 AND 1983 BUDGETS RESPECTIVELY*83 200 000*80 000 000*

CONTINGENCIES*30 000 000*26 000 000*

OTHER COMMITMENTS - TOTAL*113 200 000*106 000 000*

COMMITMENTS - GRAND TOTAL*878 040 593*788 825 395*

CHANGES OVER THE YEAR WERE AS FOLLOWS :

*31 DECEMBER*

*1983*1982*

FINANCIAL ASSISTANCE***

BALANCE AT 1 JANUARY*682 825 395*533 501 511*

ALLOCATIONS DURING THE YEAR*82 015 198*149 323 884*

BALANCE AT 31 DECEMBER*764 840 593*682 825 395*

OTHER***

BALANCE AT 1 JANUARY*106 000 000*105 000 000*

ALLOCATIONS DURING THE YEAR* ( 106 000 000 ) * ( 105 000 000 ) *

ALLOCATIONS AT YEAR-END*113 200 000*106 000 000*

BALANCE AT 31 DECEMBER*113 200 000*106 000 000*

11 . RESERVES

THE GUARANTEE FUND AND THE SPECIAL RESERVE ARE BUILT UP WITH ALLOCATIONS FROM THE SURPLUS OF ECSC REVENUE OVER EXPENDITURE . DECISIONS ON ALLOCATIONS ARE TAKEN BY THE COMMISSION .

THE FORMER PENSION FUND REPRESENTS THE TOTAL PENSION OBLIGATIONS COVERED BY THE ECSC PRIOR TO 5 MARCH 1968 . FROM THAT DATE THE MEMBER STATES HAVE ASSUMED RESPONSIBILITY FOR THE PAYMENT OF STAFF PENSIONS .

12 . ADMINISTRATIVE COSTS ( FIXED AMOUNT )

THE ECSC PAID 5 000 000 TO THE ADMINISTRATIVE BUDGET OF THE COMMISSION OF THE EUROPEAN COMMUNITIES TO COVER ITS ADMINISTRATIVE COSTS .

13 . INTEREST RECEIVED

AT 31 DECEMBER 1983 THIS ITEM COMPRISED 611 873 993 ( 1982 - 580 561 286 ) IN INTEREST ON LOANS , 93 124 487 ( 1982 - 113 820 664 ) IN INTEREST ON DEPOSITS AND 54 126 126 ( 1982 - 31 646 572 ) IN INTEREST ON FIXED-INCOME SECURITIES .

14 . LEVIES

THE ECSC IS AUTHORIZED UNDER THE TREATY TO IMPOSE A LEVY ON COAL AND STEEL PRODUCED BY UNDERTAKINGS IN THE COMMUNITY . THE CALCULATION IS BASED ON THE COMMUNITY AVERAGE VALUES OF THE PRODUCTS CONCERNED . THE LEVY RATE HAS BEEN 0,31 % SINCE 1 JANUARY 1980 .

15 . FINES

THIS ITEM COMPRISES THE REVENUE FROM FINES IMPOSED BY THE COMMISSION IN ACCORDANCE WITH ARTICLES 58 AND 60 OF THE ECSC TREATY .

SOME UNDERTAKINGS HAVE APPEALED TO THE COURT OF JUSTICE OF THE EUROPEAN COMMUNITIES AGAINST FINES TOTALLING 76 843 516 ( 1982 - 37 763 188 ) .

IN 1983 FINES TOTALLING 10 816 427 WERE QUASHED OR REDUCED BY THE COURT OF JUSTICE OF THE EUROPEAN COMMUNITIES AND THE COMMISSION OF THE EUROPEAN COMMUNITIES . THIS AMOUNT IS INCLUDED UNDER " EXTRAORDINARY ITEMS " .

ON 18 MAY 1984 SIX CASES INVOLVING A TOTAL OF 8 925 185 WERE STILL PENDING BEFORE THE COURT OF JUSTICE .

16 . CONTRIBUTIONS FROM THE GENERAL BUDGET OF THE EUROPEAN COMMUNITIES .

IN ACCORDANCE WITH THE COUNCIL DECISION OF 21 SEPTEMBER 1982 , THE ECSC RECEIVED 50 000 000 IN 1982 AS A CONTRIBUTION FROM THE EUROPEAN COMMUNITIES TO SOCIAL MEASURES IN CONNECTION WITH THE RESTRUCTURING OF THE EUROPEAN STEEL INDUSTRY ( 1982 - 112 000 000 ) .

17 . OTHER COMMITMENTS

( A ) LOANS GRANTED

AT 31 DECEMBER 1983 LOANS GRANTED BY THE COMMISSION BUT NOT YET PAID OUT TOTALLED 40 909 099 ( 1982 - 3 970 266 ) .

( B ) BORROWINGS CONTRACTED AND LINES OF CREDIT

TWO LINES OF CREDIT WERE CONTRACTED IN 1981 . AT 31 DECEMBER 1983 THE AMOUNT STILL AVAILABLE WAS 1 158 819 ( 1982 - 1 226 604 ) .

( C ) GUARANTEES GIVEN

THE ECSC HAS GUARANTEED LOANS MADE TO VARIOUS FIRMS BY THIRD PARTIES ; SUCH GUARANTEES ARE IN TURN SECURED BY GUARANTEES RECEIVED BY THE ECSC . THERE WERE NO MORE GUARANTEES OUTSTANDING AT 31 DECEMBER 1983 ( 1982 - 991 244 ) .

( D ) COMMITMENTS ARISING FROM FORWARD TRANSACTIONS

TO COVER BORROWING OPERATIONS WHICH HAVE GIVEN RISE TO LOANS IN DIFFERENT CURRENCIES ( SWAP OPERATIONS ) THE ECSC HAS OBLIGATIONS FOR THE FORWARD PURCHASE OF CURRENCIES AMOUNTING TO 140 898 268 ( 1982 - 144 428 434 ) AND OBLIGATIONS FOR THE FORWARD SALE OF CURRENCIES AMOUNTING TO 140 863 070 ( 1982 - 150 260 008 ) .