Information from the Commission - Balance sheet of the European Coal and Steel Community at 31 December 1978



Official Journal C 070 , 21/03/1980 P. 0001



++++ BALANCE SHEET OF THE EUROPEAN COAL AND STEEL COMMUNITY AT 31 DECEMBER 1978 INCOME AND EXPENDITURE OF THE EUROPEAN COAL AND STEEL COMMUNITY FROM 1 JANUARY 1978 TO 31 DECEMBER 1978 BALANCE SHEET OF THE EUROPEAN COAL AND STEEL COMMUNITY AT 31 DECEMBER 1978 ( All amounts are stated in European units of account ) A European unit of account represents the exchange value of the various currencies at the folowing rates of conversion : 1 EUA = DM 2 * 50868 = Bfrs 39 * 6543 = Lfrs 39 * 6543 = Dkr 6 * 99113 = FF 5 * 75538 = FI 2 * 71453 = Lit I 140 * 06 = Pund 0 * 675274 = Pundlrl 0 * 675274 = Sfrs 2 * 22839 = USDollar 1 * 37688 = E 0 * 685432 = CanDollar 1 * 62918 = u.a . 0 * 545626 ASSETS LIABILITIES I . Disbursed loans * 4 549 891 466 * 92 * I . A . Borrowings * 4 416 237 653 * 95 II . Cash and bank accounts * 309 677 950 * 59 * B . Reimbursement premiums to be paid * 1 204 338 * 13 III . Short and medium-term placements * 78 209 905 * 41 * II . Short term credits * 28 457 135 * 42 IV . Investments * 167 265 646 * 27 * III . Reserves * * A . Guarantee fund 200 000 000 _ V . Fixed assets * 272 400 * 75 * * B . Special fund 138 500 000 _ VI . Recoverable issuing costs * 69 290 099 * 40 * * C . Former pension fund 41 062 662 * 29 * 379 562 662 * 29 VII . Miscellaneous * 71 096 459 * 47 * * IV . Allocations VIII . Accrued income * 112 867 783 * 35 * * A . Financial aid * 267 084 273 * 84 * 5 358 571 712 * 16 * B . Other * 76 194 889 * 24 * * V . Miscellaneous * 38 427 742 * 01 * * VI . Accrued liabilities * 151 289 972 * 67 * * VII . Unallocated balance * 113 044 * 61 * * * 5 358 571 712 * 16 Suspense accounts * * Suspense accounts I . Enterprises' liabilities under guarantees 14 948 100 * 20 * * I . Liabilities under guarantees 14 948 100 * 20 II . Bue on borrowings contracted 133 314 575 * 47 * * II . Borrowings contracted but not yet paid 133 314 575 * 47 Note of the Court of Auditors We have examined the accompanying financial statements comprising the balance sheet of the European Coal and Steel Community at 31 December 1978 and the statement of income and expenditure for the year ended on that date . Our examination has been carried out in accordance with the provisions of the Treaty of 22 July 1975 , which amended certain financial provisions of the Treaties establishing the European Communities . On the basis of our examinations , we certify that these financial statements are in accordance with the books and records of the Commission ; in our opinion the balance sheet and the statement of income and expenditure present fairly the financial position of the European Coal and Steel Community at 31 December 1978 and the result of its operations for the year then ended . Luxembourg , 20 July 1979 . M . N . MURPHY P . GAUDY President Member European Coal and Steel Community Commission of the European Communities F . -X . ORTOLI A . NICOLETTI Vice-President Director-General of the Commission for Credit and Investments Explanatory notes to the balance sheet at 31 December 1978 ASSETS I . Disbursed loans A . Loans from borrowed funds _ in US dollars 1 829 361 021 * 29 _ in Deutschmarks 1 050 936 928 * 57 _ in Italian lire 98 254 485 * 40 _ in Belgian francs 149 354 769 * 55 _ in Dutch guilders 128 217 518 * 37 _ in French francs 315 489 298 * 70 _ in Luxembourg francs 184 908 785 * 40 _ in Swiss francs 524 459 093 * 88 _ in EMU 10 317 726 * 62 _ in u.a . 19 977 053 * 87 _ in Canadian dollars 46 035 428 * 87 _ in pounds sterling 36 873 920 * 81 4 394 186 031 * 33 B . Other loans _ from the special reserve for the financing of workers' housing projects 128 687 857 * 57 _ from funds allocated for rehabilitation 254 698 * 94 _ from funds allocated for technical research 2 241 348 * 90 _ miscellaneous 20 574 369 * 51 _ Frioul - Iron industry / former pension fund 3 947 160 * 67 155 705 435 * 59 4 549 891 466 * 92 III . Short and medium-term placements This item , which amounts to 78 209 905 * 41 EUA , represents ECSC obligations that have been repurchased on various markets ; these obligations are amortizable within three years . IV . Investments This item amounts to 167 265 646 * 27 EUA . It is made up of obligations with a State guarantee , obligations of semi-State bodies and treasury bills . V . Fixed assets This item , which amounts to 272 400 * 75 EUA , includes buildings owned by the ECSC . These are : a building in Paris ( in co-ownership with the other two European Communities ) , a building in London held by the Community on long-lease tenure and a building in Washington . VI . Recoverable issuing costs The amount of 69 290 099 * 40 EUA represents the portion of issuing costs on current loans which has not yet been written off . These costs are recovered in annual instalments throughout the term of the loans . VII . Miscellaneous The total amount of 71 096 459 * 47 EUA under this item consists of : 1 . 14 452 240 * 93 EUA due from debtors under the levy ; 2 . 22 413 404 * 23 EUA from miscellaneous debtors ; 3 . 34 230 814 * 31 EUA in funds earmarked for the payment of overdue coupons and drawn bonds . VIII . Accrued income This item consists of : 1 . 105 172 535 * 35 EUA in interest and commissions receivable but not yet due on 31 December 1977 ; 2 . 7 695 248 * 00 EUA in levy claimed over the month of December , and falling due after 31 December . LIABILITIES I . A . Borrowings The breakdown by currency is as follows : _ in US dollars 1 828 046 017 * 13 _ in Deutschmarks 1 083 159 290 * 81 _ in Italian lire 99 336 877 _ _ in Dutch guilders 128 655 789 * 36 _ in Belgien francs 149 397 669 * 32 _ in French francs 324 696 197 * 28 _ in Luxembourg francs 184 900 430 * 71 _ in Swiss francs 523 377 864 * 75 _ in pounds sterling 28 655 034 * 85 _ in u.a . 19 977 053 * 87 _ in Canadian dollars 46 035 428 * 87 4 416 237 653 * 95 B . Reimbursement premiums payable _ in French francs 1 172 815 * 70 _ in Belgian francs 31 522 * 43 1 204 338 * 13 III . C . Former ECSC pension fund This item totals 41 062 662 * 29 EUA . As of 5 March 1968 commitments for the payment of ECSC pensions were transferred to the Member States . IV . Allocations A . Financial aid 1 . For rehabilitation _ commitments entered into for outright grants 158 942 125 * 72 2 . For technical and economic research _ commitments entered into for outright grants 65 369 487 * 44 3 . Assistance under Article 56 ( Industrial redevelopment and reconversion ) 19 562 789 * 89 4 . Assistance under Article 54 12 634 870 * 79 5 . Assistance to coking coal and coke 10 575 000 - 267 084 273 * 84 B . Other 76 194 889 * 24 V . Miscellaneous : 38 427 742 * 01 EUA This includes the sum of 34 230 814 * 29 EUA for coupons due and bonds and commissions payable on them , and the sum of 4 196 927 * 72 EUA for miscellaneous credit accounts at the end of the financial year . VI . Accrued liabilities This item comprises interest and commission payable but not yet due on 31 December 1978 , totalling 151 289 972 * 67 EUA . VII . Unallocated balance The amount of 113 044 * 61 EUA under this heading represents an unallocated sum . N.B . Until July 1961 the claims and related sureties for loans granted from borrowed funds as well as other assets were pledged to the Bank for International Settlements in Basle in favour of the holders of secured notes and coupons issued by the ECSC . The amounts pledged are : _ assets : 15 757 245 * 35 EUA under item I , 125 998 * 73 EUA under item II and 337 749 * 05 EUA under item VIII . _ liabilities : 15 830 161 * 65 EUA under item I and 325 728 * 35 EUA under item VI .