COMMISSION OF THE EUROPEAN COMMUNITIES 
C0M(94) 317 final 
Brussels, 18.07.1994 
THE COMMISSION'S ANNUAL REPORT 
TO THE COUNCIL AND TO THE PARLIAMENT ON THE BORROWING 
AND LENDING ACTIVITIES OF THE COMMUNITY 
IN 1993 
and 
THE COMMISSION'S REPORT TO THE COUNCIL AND TO PARLIAMENT 
ON THE RATE OF UTILIZATION 
OF THE NEW COMMUNITY 
INSTRUMENT (NCI) 
(half-year from 1 July 1993 to 31 December 1993) 
CONTENTS 
INTRODUCTION 
A. THE COMMISSIONS ANNUAL REPORT TO THE COUNCIL AND TO 
PARLIAMENT ON THE BORROWING AND LENDING ACTIVITIES OF THE 
COMMUNITY IN 1993 
1. Community borrowing 
2. Lending within the Community 
3. Lending outside the Community 
4. Budgetary impact of lending 
Statistical annex 
B. THE COMMISSION'S REPORT TO THE COUNCIL AND TO PARLIAMENT ON 
THE RATE OF UTILIZATION OF THE NEW COMMUNITY INSTRUMENT 
(NCI) (half-year from 1 July 1993 to 31 December 1993) 
1. Introduction 
2. Overall situation at 31 December 1993 
3. Breakdown of loans by country and sector 
Statistical annex 
REPORTS ON THE BORROWING AND LENDING ACTIVITIES 
OF THE COMMUNITY 
INTRODUCTION 
A. Annual report 
This report is drawn up each year in accordance with the Council Decisions 
establishing lending instruments for Euratom research^ and for the New Community 
Instrument (NCI^2l In addition, the Parliament, in its Resolution on improving 
political monitoring of the Community's borrowing and lending activities^, called for 
the activities of the ECSC and the EIB to be included. 
In recent years, and in particular since the countries of Central and Eastern Europe 
began to move towards a market-economy system, the Community's financial activities 
have grown and diversified considerably. This path looks set to continue with the 
approval by the Council in 1993 of two new decisions granting a Community guarantee 
to EEB loans in third countries. The Decision of February^ refers to Latin American 
and Asian countries that have concluded cooperation agreements with the Community, 
and that of December*5) concerns Central and Eastern European countries. Given the 
considerable growth of lending operations in third countries, the Council and 
Parliament have called for a new warning and disciplinary mechanism to be established 
to deal with the risk of default covered by the budget outside the Community. The 
proposal <6> presented by the Commission to this effect has been approved in principle 
by the Council in September 1993 and is expected to be adopted in the course of 1994. 
The Edinburgh lending facility adopted by the European Council in 1992 was increased 
and extended at the Copenhagen and Brussels European Councils of June and October 
1993. The duration of the facility extends now beyond 1994 and includes ECU 7 
billion for the financing of capital infrastructure projects notably connected with trans-
European networks and an additional ECU 1 billion carrying interest subsidies to 
strengthen the competitiveness of European small and medium-sized enterprises. 
(1) Article 4 of Decision 77/270/Euratom; OJ No. L 88 of 6 April 1977 
(2) Article 6 of Decision 78/870/EEC, OJ No. L 298 of 25 October 1978 
Article 6 of Decision 82/169/EEC; OJ No. L 78 of 24 March 1982 
Article 7 of Decision 83/200/EEC; OJ No. L 112 of 28 April 1983 
Article 9 of Decision 87/182/EEC; OJ No. L 71 of 14 March 1987 
Article 7 of Decision 81/19/EEC; OJ No. L 37 of 10 February 1981 
Article 7 of Decision 81/1013/EEC; OJ No. L 367 of 23 December 1981 
(3) Doc. PE/67134 of 5 March 1981 ; OJ No. C 287 of 9 November 1981 
(4) Council Decision 93/115/EEC; OJ No. L 45 of 23 February 1993 
(5) Council Decision 93/696/EC; OJ No. L 321 of 23 December 1993 
(6) Doc. COM(93)20 modified by COM(93)706 
As regards the European Investment Fund (EEF) 0>, an initiative adopted by the 
European Council of Edinburgh, the ratification procedures of the Treaty of Rome by 
Member States to empower the EIB to create the Fund have been completed in June 
1994. 
The development and diversification of the Community's financial instruments have led 
the Council and the Parliament to ask the Commission to provide also the fullest 
information possible on the new activities. 
The present annual report, covering 1993, is the Commission's fourteenth and is 
intended to meet this need to provide regular information. 
B. Half-yearly report 
With a view to ensuring that borrowings designed to promote investment within the 
Community are continuously monitored, the 1983 and 1987 Decisions concerning the 
NCI also provide for the Commission to inform Parliament and the Council every six 
months about the rate of utilization of the NCI borrowing tranches. Part B of this 
document therefore provides an account of NCI activities over the period from 1 July 
to 31 December 1993. 
(1) Doc. COM(93)3 
A. THE COMMISSION'S ANNUAL REPORT 
TO THE COUNCIL AND TO THE PARLIAMENT ON THE 
BORROWING AND LENDING ACTIVITIES OF THE COMMUNITY IN 1993 
1. COMMUNITY BORROWING 
1.1 In order to attain its internal objectives, the Community is empowered to borrow 
funds on the capital market. These borrowings are intended to finance loans for 
Member States in balance-of-payments difficulties (ceiling of ECU 14 billion), for 
research and financing in connection with nuclear power stations (current Euratom 
ceiling of ECU 4 billion), for encouraging investment in the Community under the NCI 
(current ceiling of ECU 6.8 billion) and, under the ECSC Treaty, for promoting 
productive capacity or conversion projects in the coal and steel industries. 
On the basis of the agreements concluded with non-Community countries, the 
Commission is empowered to borrow to finance programmes of financial assistance for 
the countries of Central and Eastern Europe, for the African, Caribbean and Pacific 
(ACP) countries and for measures adopted pursuant to the Mediterranean protocols. 
However, the bulk of the borrowing is undertaken by the European Investment Bank 
(EEB) for loans for investment projects in the Community meeting the objectives 
assigned to the Bank by the Treaties and for the projects undertaken outside the 
Community in support of development cooperation policy. 
1.2 The volume of borrowing on the market by the Community institutions in 1993 rose 
to a new height of ECU 20.1 billion, an increase of 28 % compared with the previous 
year (table 1). This rise is mainly due to the EIB activities and to balance-of-payments 
operations. The Community's share of borrowing in the OECD area fell for the third 
consecutive year, although less sharply than ecu-denominated issues, which were hit 
harder by the troubles of the European Monetary System. 
Taking account of redemptions and cancellations, the amount of borrowing 
outstanding at 31 December 1993 was ECU 94.4 billion compared with ECU 83.8 
billion in 1992 (see table 2 in Annex). 
Table 1 provides a breakdown of borrowing by institution and currency. New EC 
issues continued their rapid expansion passing from ECU 1.2 billion in 1992 to ECU 5 
billion in 1993 reflecting the Community's new financial support programmes, 
particularly in Central and Eastern Europe and in the Mediterranean area. Borrowing 
by the EIB also increased during 1993 totalling ECU 14.2 billion, as against ECU 13 
billion in the previous year. This was not the case however of the ECSC issues whose 
volume dropped to ECU 0.9 billion. 
The breakdown by currency of borrowing in the OECD area shows a sharp fall in the 
volume of issues denominated in ECU. In the currency breakdown of Community 
borrowings (see table 3 in Annex), the ECU holds the first place followed by the pound 
sterling and the Deutsche Mark. Issues in currencies previously less used such as the 
Spanish peseta, Portuguese escudo and Irish punt continued to grow in 1993. 
Table 1 
Issues on the International market 
(ECU billion) 
1986 1987 1988 1989 1990 1991 1992 1993 
1. Community 
of which: 
1.1 ECSC 
1.2 EC (a) 
1.3 Euratom 
1.4 EIB 10.2 
1.5 
1.4 
0.5 
6.8 9.4 
1.5 
1.5 
0.9 
5.6 9.6 
0.9 
0.9 
0.1 
7.7 10.5 
0.9 
0.5 
9.0 12.5 
1.1 
0.4 
11.0 16.9 
1.4 
1.7 
13.7 15.7 
1.5 
1.2 
13.0 20.1 
0.9 
5.0 
14.2 
2. OECD countries (b) 182.7 115.8 151.2 193.1 141.5 208.3 212.7 337.0 
3. Community share 5.6 8.1 6.3 5.4 8.8 8.1 7.4 6.0 
(1as%of2) 
4. International issues by currency 
4.1 US$(b) 120.0 50.7 63.0 106.6 55.0 65.9 79.5 126.1 
42 YEN (by 18.8 19J 13.4 14.2 17.9 29.1 26.0 37.9 
4v3 ECU 7.2 6.5 9.5 11.4 14.1 26.0 17.1 6.1 
4.4 US $ as % of 2 65.7 43.8 41.7 55.2 38.9 31.6 37.4 37.4 
4.5 Yen as % of 2 10.3 17.0 8.9 7.4 12.7 14.0 12.2 11.2 
4.6 ECU as % of 2 3.9 5.6 6.3 5.9 10.0 12.5 8.0 1.8 
(a) NCI + balance of payments 
(b) Calculations based on frie yearly average exchange rate of the ecu. 
Source: EC and OECD. 
2. LENDING WITHIN THE COMMUNITY 
2.1 The economic activity in the Community was in recession in 1993, but the trough 
seemed to have already been reached during the second half. For the year as a whole, 
the Community GDP is estimated to have contracted by 0.3 %. With the exception of 
the UK, where growth is estimated at 1.9 %, the economic activity in the Member 
States deteriorated sharply, notably in Western Germany (-1.2 %). High interest 
rates, and consumer confidence being depressed by the continuing rise in 
unemployment contributed to the fall in demand. In this context, investment, as 
measured by GFCF, fell in the Community as a whole (-5.0 %); the most marked falls 
were recorded in Italy (-11.1 %), Spain (-10.3 %) and France (-5.0 %). 
Following the entry into force of the Treaty on European Union in November, the 
Member States expressed their resolve to use to the full the new possibilities offered by 
the Treaty to confront current problems and impart a further impetus to the Union. 
The European Council meeting in Brussels in December 1993 approved the 
Commission White Paper on growth, competitiveness and employment and adopted a 
short and medium term action plan to restore confidence in the economy and promote 
employment. 
2.2 Despite the difficult economic situation, EIB activity in support of the internal 
objectives of the Community increased. In 1993 loans signed for projects in the 
Community totalled ECU 17.7 billion, compared with ECU 16.1 billion in 1992 (an 
increase of 9 %). Projects were financed in every Community Member State with the 
exception of Luxembourg There was a marked increase in activity in Spain, Portugal 
and Germany where the growth in lending was partly attributable to the operations in 
the eastern Lander, as well as, to a lesser extent, in the Netherlands, Greece, Denmark 
and Ireland (table 2). 
In 1993 the EIB approved a series of financing operations under the Edinburgh lending 
facility for a total of ECU 4.6 billion in support of projects in the Community. In the 
framework of this mechanism, loans for ECU 2.4 billion have been signed for 
communication, energy and environment infrastructures 
The EIB has contributed to the strengthening of the economic activity in the 
Community in different ways. Financing for regional development totalled ECU 12.5 
billion or otherwise stated, about 75% of the total financing in 1993 related to projects 
located in the less favoured areas, particularly in those eligible for Community 
structural measures. The Bank, in the context of the trans-European networks, has 
also reinforced the financing of infrastructures and equipment with ECU 7.8 billion for 
projects in the transport, telecommunication and energy sectors which contribute to the 
improvement of the links between the Community regions 
Likewise, the EIB has provided financial assistance for projects designed to protect the 
environment and to improve urban living conditions (ECU 4.4 billion) and to those 
directed to promote diversification of energy supplies in the Community and to the 
optimal management of resources (2.6 billion, half of which were spent on networks). 
Finally, in the financing made available to the productive sectors (ECU 2.7 billion), the 
EEB attached importance to the strengthening of the international competitiveness of 
the Community industry as well as to the development of the small and medium-sized 
firms. 
(2) 
Table 2 _ _ 
Structure of BB fencing (loan contracts signed) - Geographical cfc**utfcn 
Bekjtrr, 
Denmark 
Germany 
Greece 
Spain 
Frame 
Ireland 
l&y 
Luxembourg 
Netherlands 
Portugal 
Ltnea KBXfixri 
Other (Aride 1Q 
Ctorrmrrty total 
ACFLOCT 
Mediterranean 
CEEC 
Latin America, Asia 
NurvCorrrnLTtfty total 
TOTAL LOANS SK3NBD 1987 
ECU m'lfion 
37.1 
315.3 
276.5 
164.8 
707.4 
1,006.5 
178.6 
3,1122 
1.6 
18.0 
389.9 
1,133.7 
108.7 
7.450.3 
349.4 
428 
3922 % 
0.5 
4.0 
3.5 
21 
9.0 
128 
23 
39.7 
0.0 
0.2 
5.0 
14.5 
J.4 
95.0 
4.5 
0.5 
7,8425 5.0 
100.0 /I991 
ECUrrillion 
115.6 
538.6 
1,300.1 
366.9 
2,3425 
1,924.4 
237.0 
4,000.7 
28.6 
175.4 
1,0021 
2.145.0 
3004 
14,477.3 
389.5 
241.5 
285.0 
916.0 % 
0.8 
3.5 
84 
24 
152 
125 
1.5 
26.0 
0.2 
1.1 
6.5 
13.9 
20 
94.0 
25 
1.6 
1.9 
15,393.3 6.0 
100.0 1992 
ECUrrillion 
396.6 
690.8 
1,663.9 
377.5 
3,020.6 
1,895.1 
303.5 
3,796.9 
428 
154.4 
1,230.4 
2,407.2 
159.7 
16,139.7 
2520 
320.8 
320.0 
8928 % 
23 
4.1 
9.8 
22 
17.7 
11.1 
1.8 
223 
0.3 
0.9 
7.3 
141 
0.9 
948 
1.4 
1.9 
1.9 
5.2 
17,0325 100.0 1993 
ECUrrillion 
371.6 
875.5 
2,096.6 
511.1 
4,005.1 
2,205.5 
388.2 
3,3620 
379.7 
1,488.8 
1,929.1 
1110 
17,724.2 
225.7 
680.5 
8820 
99.0 
1,887.2 % 
1.9 
4.5 
10.7 
26 
20.4 
11.2 
20 
17.1 
1.9 
7.6 
9.8 
0.6 
90.4 
1.2 
3.5 
4.5 
0.5 
9.6 
19,611.4 100.0 
2.3 ECSC lending totalled ECU 918.3 million in 1993, a decrease of 38.2% on 1992. 
This decrease in the volume of lending is basically explained by the economic recession 
experienced in the Member States (table 3). The strong contraction of productive 
investments resulted in a reduction in the number of reconversion loans (Art. 56). 
In the field of ECSC activity, the restructuration of the steel and coal industries 
continued its progress. Consequently, and with the notable exception of Italy as 
regards steel consumption, the volume of industrial loans in 1993 was particularly low 
(Art. 54). 
Table 3 
ECSC loans in 1993 
Haly 
France 
Grèce 
Portugal 
Netherlands 
Germany 
United Kingdom 
Spain 
Belgium 
Luxembourg 
Ireland 
Total Article 54 
101.146.9 
89,632.2 
26.486.3 
217,265.4 (1000 ECU) 
Article 56 
22.117.8 
390,856.5 
217,899.5 
44,900.8 
377.5 
11,946.3 
688,098.4 Housing 
3,344.7 
894.5 
156.9 
279.1 
7,370.8 
723.9 
30.0 
119.2 
12,919.1 Tota 
126.609.4 
391.751.0 
89,789.1 
279.1 
225,270.3 
71,387.1 
1,101.4 
11,976.3 
119.2 
918,282.9 
2.4 As regards NCI activities, it should be noted that no new operations have been 
undertaken since 1991 (table 4). 
Table 4 
Nu loans at 31 December 1993 
Financial agreements 
Global loans (*) 
Productive sector (*) 
Infrastructure 
Energy 
Total contracts signed, net (**) 
EIB loans (own resources) 
Authorized ceilings 
Balance NCII 
5.4 
538.5 
446.7 
990.5 
1,000.0 
9.5 (ECU million) 
Reconstr. 
ITALY 
598.7 
598.7 
351.6 
1,000.0 
49.7 Reconstr. 
GREECE 
80.0 
80.0 
80.0 
0 Nan 
406.8 
10.6 
279.4 
300.8 
997,5 
1,000.0 
25 Nam 
2,138.0 
465.3 
258.3 
2.861.6 
3,000.0 
138.4 NO IV 
6925 
6925 
750.0 
57.5 TOTAL 
3,237.3 
15.9 
1,961.9 
1,005.8 
6,220.8 
351.6 
6.830.0 
257.6 
(•) Industry and agriculture 
(**) Contract! signed leu canccSatkm 
2.5 The facility providing medium-term financial assistance for Member States* balances 
of payments was activated in 1993 in favour of Italy. Following a request from that 
Member State for financial assistance to support its balance of payments and its 
programme of economic adjustment and reforms, the Council granted a loan of ECU 8 
billion to be disbursed in four tranches (Council Decision 93/67/EEC of 18 January 
1993). The first two tranches of ECU 2 billion each were contracted and paid to Italy 
in March and November 1993 respectively. The other two tranches should be paid 
during 1994 and 1995 provided that economic conditions are met. 
Taking into account earlier loans and repayments made, the total amount of loans 
outstanding under this facility stood at ECU 5.2 billion at 31 December 1993, the 
authorized ceiling being ECU 14 billion through capital market financing. 
3. LENDING OUTSIDE THE COMMUNITY 
This activity involves those countries with which the Community has concluded 
cooperation agreements. A substantial volume of resources is being provided in forms 
appropriate to the specific circumstances of the countries in question (table 5). 
3.1 In the context of the support for the adjustment and reform programs of the Central 
and Eastern European countries (CEEC), the Community continued to provide the 
macro-economic assistance it grants in the form of balance-of-payments and 
structural adjustment support loans in the framework of G-24 to complement the 
IMF programmes. 
During 1993, the actual disbursements corresponding to loans previously decided 
amounted to ECU 270 million (Hungary: 80 million; Rumania: 80 million; Baltic 
States. 110 million). No new loans have been decided in 1993. 
3.2 In 1993, the Commission continued with the implementation of the Council Decision of 
December 1991 relative to. the commercial credit facility of ECU 1,250 million in 
favour of the new independent states of the former USSR (CIS). 
Credits of ECU 20 and 50 million have been agreed for Armenia and Georgia 
respectively. This operation takes the total amount of credits agreed in the framework 
of the facility to ECU 1,093 million and leaves, at the end of the year, ECU 157 million 
for further funding. 
10 
Table 5 
Financing outside the Community in 1993 
ACP-OCT 
Mediterranean basin 
CEEC 
CIS 
Latin America, Asia 
Total EC and EDF 
budgetary 
resources (1) 
78.3 
1.5 
79.8 EIB own 
resources 
147.4 
679.0 
882.0 
99.0 
1,807.4 (ECU million) 
Financial 
support for 
countries 
270.0 (2) 
70.0 (3) 
340.0 Total 
225.7 
680.5 
1,152.0 
70.0 
99.0 
2,227.2 
(1) Granted and managed by trie EIB out of the budgetary resources of the EC or the European 
Development Fund (EDF) 
(2) Balance-of-payments loans granted and managed by the Commission. Disbursement. 
(3) Commercial credits. 
3.3 EIB financing outside the Community made available as part of the Community's 
cooperation policy with third countries amounted to ECU 1,887 million in 1993 (893 
million in 1992), with ECU 1,807 million from own resources, all of which are 
guaranteed by the Member States or the Community budget, and ECU 80 million from 
budgetary resources. The marked increase in lending activity in 1993 is due mainly to 
the increase in the operations in Central and Eastern Europe as well as those in the 
Mediterranean basin. Also, for the first time, the Bank has been active in Latin 
America and Asia. 
In the African, Caribbean and Pacific (ACP) countries and the Overseas Countries 
and Territories (OCT), the ELB provided assistance amounting to ECU 225.7 million: 
ECU 147.4 million from own resources and canying interest subsidies from budgetary 
funds and ECU 78.3 million of risk capital from budgetary resources under mandate 
from and on behalf of the Community (see Table 5) Loans for electricity generation, 
transport and distribution represented more than half of the total funding, followed by 
the industry and service sector, with emphasis on SME, with a third. Projects for 
water supply, sewerage infrastructure, transport and telecommunication accounted for 
the rest. 
Lending in the countries of the Mediterranean basin totalled ECU 680.5 rnillion 
compared to 320.8 million in 1992. Financing was provided mostly (460.5 million) 
under the Financial Protocols, but also as part of the non-protocol horizontal financial 
cooperation for the projects of regional cooperation and protection of the environment 
(220 million). Over one third of funding related to loans provided by the Bank in 
conjunction with Community enterprises. A large proportion of lending in these 
countries was directed to the efficient use of water resources for irrigation and 
domestic use and to ensure a more satisfactory wastewater collection and treatment. 
11 
In the Central and Eastern European countries (CEEC), lending amounted to ECU 
882 million in 1993 (320 million in 1992). Investments totalling ECU 830 million 
have been financed in Poland, Hungary, Czech and Slovak republics, Romania and 
Bulgaria, countries with which the cooperation agreements were concluded in 1990 
and 1991. During the year, the EIB was active for the first time in Estonia and 
Slovenia. The loans advanced benefited basic infrastructure and contributed to the 
improvement of transport, telecommunication and power supply. 
In February 1993, the Board of Governors of the EIB, responding to a request from 
the Council of Ministers gave authorization for financial assistance to be provided in 
those Latin American and Asian countries that have concluded cooperation 
agreements with the Community. Operations in these countries during 1993 came to 
ECU 99 million. 
3.4 On 5 March 1990 the Community decided to make ECSC loans available for financing 
industrial investment projects in Poland and Hungary up to a ceiling of ECU 200 
million. Since 1991 that decision has also applied to the Czech and Slovak Federal 
republics, Bulgaria and Romania. 
These loans which are structural in nature, have not materialized mainly since the 
necessary economic conditions have yet to be met. 
3.5 On 9 December 1992, the Commission adopted a proposal for a Council Decision to 
allow a substantial proportion of Euratom's available borrowing capacity to be used to 
help finance improvements in the efficiency and safety of the nuclear power stations in 
the CEEC and the CIS countries. 
Following the European Parliament's opinion, the Council adopted the proposed 
decision in March 1994. A total of ECU 1.1 billion of Euratom loans could be granted 
under this facility. 
3.6 The Community and the EIB are both shareholders and close partners of the EBRD. 
They work in close cooperation and match their resources: the Commission provides 
technical assistance backing for projects undertaken by the EBRD, while the EIB and 
the EBRD cofinance a number of projects in Central and Eastern Europe. 
In 1993, the EBRD's Board approved 91 new projects in the CEEC and the former 
Soviet Union. Signed commitments amounted to ECU 1.8 billion, including equity 
investments worth ECU 211 million. Disbursements based on the lending and equity 
commitments totalled ECU 435 million. 
12 
4. BUDGETARY IMPACT OF LENDING 
The Community's general budget is affected by lending activity where loans are 
accompanied by interest subsidies and/or budget guarantees. 
4.1 Interest subsidies 
Interest subsidies are granted in the Community in the following fields: (i) the industrial 
conversion of coal and steel areas (Article 56 of the ECSC Treaty); (ii) in the context 
of the reconstruction of the disaster-hit areas of Italy and Greece, where they are paid 
out by the EIB as borrowings are repaid (see table 7 in Annex). 
Since 1992 industrial loans at reduced rates for investment projects designed to 
promote consumption of Community coal (Article 54, second paragraph) have 
practically ceased. With regard to the granting of subsidies for conversion loans in coal 
and steel areas (Article 56), in 1993 interest subsidies amounted to ECU 114.3m 
against ECU 106m the previous year (see table 7 in Annex). 
The Copenhagen and Brussels European Councils of June and October 1993 increased 
by ECU 3 bilhon the temporary facility agreed in Edinburgh. Of these, ECU 1 billion 
would be for strengthening the competitiveness of European small and medium-sized 
enterprises and would carry interest rate subsidies. 
Interest subsidies are also provided in the context of EEB loans outside the Community 
(see table 8 in Annex). 
4.2 Budget guarantees 
4.2.1 Coverage 
All the outstanding borrowing contracted by the Community to finance loans managed 
by the Commission (Euratom, NIC, balance of payments) is guaranteed by the general 
budget. 
With the exception of loans granted under Art. 18 (1) of the EIB's Statute, the Bank's 
loans from own resources granted to non-Community countries in pursuit of the 
Community's policy of providing financial assistance for development are covered by a 
guarantee agreement. The guarantees are provided by Member States for loans in ACP 
countries and by the Community for those in Mediterranean, Central and Eastern 
European (CEEC) and other third countries. 
Details of the Community budget guarantees provided in this connection are as 
follows: 
(i) EIB loans to Mediterranean countries: overall, 75% of the amount of loans 
contracted are covered by a Community guarantee. 
13 
At the end of 1993, outstanding loans totalled ECU 2,168 million of which ECU 
572 million in Spain, Greece and Portugal (pre-accession) and ECU 1,596 million 
in non-member Mediterranean countries. 
(ii) EIB loans to the CEEC: loans contracted are fully covered by the Community 
guarantee. At 31 December 1993, the EIB had made available ECU 1,650 million 
in loans to these countries out of a total package of ECU 1.7 billion. At the end of 
1993, the Community extended its guarantee to cover all EEB lending to the CEEC, 
including the Baltic States and Albania, and proposed a ceiling of ECU 3,000 
million valid for a three year period. 
(iii) EIB loans to other third countries: loans granted to countries with which the 
Community has concluded cooperation agreements are also fully covered by the 
Community guarantee. Loans in favour of these countries were decided in 
February 1993 for an amount of ECU 250 million a year for a three-year period. 
At the end of 1993, the loans signed amounted to ECU 99 million, but reached the 
ceiling of ECU 250 million by February 1994. 
The Community decided in 1991 to provide a guarantee covering 98% of a bank 
loan to the former USSR up to a ceiling of ECU 500 million (ECU 406 million in 
capital) for import of agricultural and food products. In February 1992, this credit 
was allocated exclusively to Russia. The amount of outstanding loans at the end of 
1993 totalled ECU 266 million. 
4.2.2 Outstanding guarantees at 31 December 1993 
At the end of 1993, the outstanding guarantees provided by the Community budget 
totalled more than ECU 14 billion, more than 37 % of which were for countries 
outside the Community (table 6). Compared with 1992, total outstanding 
guarantees have increased by ECU 3 billion. The proportion of commitments to 
non-Community countries has also continued to increase passing from 23,3% in 
1991 to 37,5% at present. 
The annual risk covered by the general budget, which concerns the repayment of 
the debt (principal and interest), stands at ECU 2,766 million in 1993. 
At 31 December 1993, the amounts paid by the Community and not as yet 
reimbursed by the defaulting debtor countries stand at ECU 30,6 million. The 
countries concerned are some republics of ex-Yugoslavia and Tajikistan. 
14 
Table 6 _^ 
Capital outstanding on guaranteed operations (at 31 Dec 1993) 
(ECU million) 
Operation Amount 
Amount outstanding at 
ceiling 31 Dec 1993 
Member States 26.330 8.982 
A. Balance of payments 14,000 
1. Greece I - 200 
2. Greece II - 1,000 
3. Italy - 3.990 
B. Other 
4. Euratom 4.000 1,018 
5. NCI (including earthquake reconstr.) 6,830 2.202 
6. EIB Mediterranean (E.GR.P) 1,500 572 
Non-Community countries 16,427 5,395 
A. Financial assistance 
I.Hungary 1,050 790 
2. Czech and Slovak Federal Republics 375 375 
3. Bulgaria 400 290 
4. Romania 455 455 
S.Algeria 400 250 
6. Israel 160 160 
7. Baltic States 220 110 
8. CIS 1,250 803 
B. Other 
9: EIB Mediterranean (old protocols) 6,167 1,596 
10. EIB CEEC I 1,700 300 
11. EIB CEEC II 3,000 
12. EIB Latin America, Asia 750 
13. CIS guarantee 500 266 
TOTAL | 42.757 14.377 
15 
STATISTICAL ANNEX 
16 
Tîfctel 
Trend of borrowing and lending in the Community (ECU trillion) 
(ECU rate at year-end) 
1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 
L Borrowing 
ECSC 750 822 1,265 1,517 1,487 880 913 1,086 1,446 1,474 908 
BaU*ice of payments (1) 4,247 - 862 860 350 1,695 1,209 4,969 
Euratom 369 214 344 488 853 93 
NCI 1,617 967 860 541 611 945 522 76 49 • 
Total Cormission 6,938 2,003 2,469 3,408 3,811 1,918 1,435 1,512 3,190 2,683 5,877 
BB(2) 3,508 4,339 5,699 6,786 5,593 7,666 9,034 10,9% 13,672 12,974 14,224 
Tot^EC 10,941 6,342 8,168 10,194 9,404 9,584 10,469 12,508 16,862 15,657 20,101 
I. Lending 
ECSC 778 825 1,010 1,069 969 908 700 993 1,382 1,486 918 
Batox» of payments (1) 4,247 - 862 860 350 1,695 1,209 4,969 
Euratom 366 186 211 443 314 -
NCI 1,200 1,182 884 393 425 357 78 24 39 9 30 
Total torriTission 6,591 2,193 2,105 2,767 2,568 1,265 778 1,367 3,116 2,454 5,917 
BB(3) 4,146 5,007 5,641 6,678 6,967 8,844 11,507 12,605 14,438 16,140 17,724 
Total EC 10,737 7,200 7,746 9,445 9,535 10,109 12,285 13,972 17,554 18,594 23,641 
Note: The differerœs between total bon-c^ng and lerri 
purposes and to changes in the balance of loans not assigned by the end of the year. 
The differences between borrowing and lending by the EIB are due to the fact that EJB lending operations are financed both from 
borrowings and from the Bank's own resources. 
(1) Mechanism for providing financial support for Member States and assistarre for rvxvmerrtoer countries. 
(2) Total resources raised. 
(3) Loans signed out of ownresources, no account being taken of the guarantees provided bytheEBtopromoters(ECU52.5rrtlionin 
1990) or of operations financed out of NCI resources. 
17 
Table 2 
Community borrowings outstanding (at year-end) (1) (2) 
Euratom 
1,272 
1,680 
1,892 
2,013 
2,168 
2,500 
2,164 
1,945 
1,687 
1,563 
1,338 
1.018 NCI Sub-total 
1.747 
3.269 
4.432 
4.960 
5,202 
5,229 
5,514 
5,122 
4,542 
3,817 
3,326 
2.202 (ECU million) 
Balance-of-pay. 
borrowings 
25,767 
32,237 
38,450 
40,743 
44,402 
46,375 
51,431 
56,135 
61,361 
71,412 
79,775 
89.212 591 
4,610 
4,932 
3,236 
1.890 
2.997 
2,459 
2,075 
(4) 2,045 
3,516 
4,026 
5.204 Total 
borrowing 
26.358 
36,847 
43.382 
43,979 
46.292 
49,372 
53,890 
58.210 
63,406 
74.928 
83,801 
94,416 
(1) The conversion rates used were those obtained on 31 December of each year. As the majority of borrowings 
are denominated in national currencies, the differerce between two year-ends reflects, on the one hand, changes 
in the valuation of the existing stock and, on the other, the net volume of borrowings during the year. 
(2) Original amount of borrowings, plus or minus repayments of the principal, cancellations, annulments and 
exchange-rate adjustments. 
(3) As from 1989 including short term (new EIB approach). 
(4) As from 1990 also includes balance of payments and financial assistance for non-member countries. 
18 
Table 3 
Community borrowings in 1993, by currency 
ECU 
BFR 
DM 
ESC 
FF 
HFL 
iRL 
LFR 
UT 
PTA 
UKL 
Sub-total 
SFR 
USD 
YEN 
CAD 
Sub-total 
TOTAL (ECU million) 
Balance of Total 
EIB Euratom ECSC NCI Payments(l) Borrowing 
960 - - - 4.969 5.929 
12 12 
1.948 - 286 - - 2.234 
243 - 243 
1.811 - 389 - - 2.200 
227 - - - - 227 
125 - - - 125 
100 - 100 
2.039 - 59 - - 2.098 
1.241 - 1 - 1.242 
2.639 - 71 - • - . 2.710 
11.333 - 818 - 4,969 17,120 
453 ,.-..._, - 453 
1.502 - 90 - - 1.592 
657 - - - - 657 
278 - - - 278 
2.890 90 - 2,980 
14.224 - 908 - 4.969 20,101 1993 
per cent 
29.5 
0.1 
11.1 
1.2 
10.9 
1.1 
0.6 
0.5 
10.4 
6.2 
13.5 
85.2 
2.3 
7.9 
3.3 
14.8 
100.0 1992 
percent 
20.1 
1.6 
14.9 
0.9 
9.6 
1.9 
0.3 
10.7 
4.2 
10.3 
74.6 
6.0 
10.2 
9.2 
25.4 
100.0 
(1) Balance of payments and finanaal assistance for non-member countries. 
19 
Table 4 
Lending In the Comunlty in 1992 and 1993, by sector and Instrument (ECU million) 
BCSC EIB(l) Eur» to m NCI (I) ToUl % of total 
1993 1992 1993 1992 1993 1992 1993 1992 1993 1992 1993 1992 
Productive sector 
of which: allocations 
from global loans 
Infrastructure 
of which: allocations 
from global loans 
Energy 
of which: allocations 
from global loans 789.3 693 5 
389.2 461.4 
129.0 763.1 
296 4.223.5 4.582.0 
1.731.7 2.429.7 
9.979 7 9.499.4 
822 0 1.511.2 
2,576.2 2.871.7 
99.7 130.9 
TOTAL 918.3 1.486.2 16,779.4 16.953.1 16.8 5,0128 5.292.3 
2,120 9 2,907.9 
10.108 7 10,262.5 
822 0 1.511.2 
2,5762 2,901.3 
997 130.9 283 28.7 
120 15.8 
57.1 55.6 
4.6 8.2 
14.6 15.7 
0.6 0.7 
16.8 17.697 7 18,456.1 100.0 100.0 
(1) Financing granted (individual loans and allocations from gtobal loans) 
20 
Tabie5 
Financing in the Community by the EIB in 1993. by economic objective | 
1992 1993 
ECU million % ECU million % 
1. Regional development 11.792.8 100.0 12,462.2 100.0 
1.1 By country 
Belgium 64.6 0.5 76.2 0.6 
Denmark 370.4 3.1 667.7 5.4 
Germany 1.135.1 9.6 1.508.5 121 
Greece 392.0 3.3 492.4 4.0 
Spain 2.970.2 25.2 3.831.9 30.7 
France 1.371.0 11.6 1.135.7 9.1 
Ireland 291.0 2.5 407.2 3.3 
Italy 2.386.5 20.2 2.084.7 16.7 
Luxembourg 11.9 0.1 
Netherlands 25.3 0.2 15.3 0.1 
Portugal 1^03.6 11.1 1.317.9 10.6 
United Kingdom 1,471.5 125 924.7 7.4 
1.2 By major sector 
Energy 1.475.0 125 1.5820 127 
Transport 3.444.2 29.2 4,0027 321 
Telecommunications 1.5527 13.2 1.660.0 13.3 
Water, sewerage 1.181.2 10.0 1,366.1 11.0 
Other infrastructure 708.4 6.0 539.8 4.3 
Industry, agriculture 2.989.9 " 25.4 3.004.2 24.1 
Services 441.4 3.7 307.4 25 
2. Infrastructure of Community interest 4,533.1 100.0 5.807.0 100.0 
2.1 Transport 2,543.1 56.1 3.7128 63.9 
2.2 Telecommunications 1,990.0 43.9 2.094.2 36.1 
2.3 Other - - -
3. Environmental protection and improvement 4,548.2 100.0 4.385.0 100.0 
3.1 Environment 3,580.0 78.7 3.483.0 79.4 
3.2 Town planning 968.2 21.3 902.0 20.6 
4. Energy 3,1324 100.0 2,766.8 100.0 
4.1 Indigenous resources 946.6 30.2 560.8 20.3 
4.2 Import diversification 632.4 20.2 632.6 229 
4.3 Efficient use of energy 1.553.4 49.6 1.573.4 56.9 
5. Industrial competitiveness 2,6228 2,705.9 
Number Number 
of which: small and medium-sized enterprises (1) 2,1328 7,223 1.541.5 5.257 
(1) Including allocations on NCI global loans. 
N.B. As some loans serve a number of purposes simultaneously, the amounts shown under the different 
headings cannot be aggregated. 
21 
Table 6 
Geographical breakdown of lending (1) in the Community in 1992 and 1993 
1992 
Amount 
% 
of which: 
ECSC 
EIB 
Euratom 
NCI 
Balance of 
payments 
1993 
Amount 
% 
of which: 
ECSC 
EIB 
Euratom 
NCI 
Balance of 
payments • 
(ECU million) 
BDKDGREFIRLI LNLPUK Art.l8<2) 
474.2 9908 2,029.9 1.377.5 3,199.4 2,035.0 303.5 3.980.3 42.9 156.2 1.230.9 2.645.6 159.7 
2.5 5.3 10.9 7.4 17.2 10.9 1.6 214 0.2 0.8 6.6 14.2 0.9 
776 300.0 366.0 - 178.8 139.9 - 183.4 0.1 1.8 05 238.4 
396.6 690.8 1,663.9 377.5 3.020 6 1,895.1 303.5 3.796 9 42 8 154.4 1.230.4 2.407.2 159.7 
1,000.0 ........ Total 
18.625.9 
100.0 
1.4865 
16.139.7 
1.000 0 
B DK D GR E F IRL I L NL P UK Artl8<2) 
383.5 875.5 2,321.9 600.9 4.006.2 2,597.3 388.2 7,477.6 0 1 379.7 1,489.1 2,000.5 111.0 
1.7 3.9 10.3 2.7 17.7 11.5 1.7 33.0 0.0 1.7 6.6 8.8 0.5 
119 - 225.3 89.8 1.1 391.8 - 126.6 0.1 
371.6 875.5 2,096.6 511.1 4.005 1 2,205.5 388.2 3,362.0 
- 3,989.0 03 71.4 
3797 1.488.8 1.929.1 111.0 ToUl 
22,631.5 
100.0 
918.3 
17.724.2 
3.989.0 
(1) Loans granted 
(2) Community projects that cannot be located in a particular Member State (e.g. telecommunication cabtes and satellites, 
Noth Sea oif). 
22 
Table 7 
Interest subsidies paid out In the Community by the various 
Community mechanisms, 1977-1993 
Year 
1977 
1978 
1979 
1980 
1981 
1982 
1983 
1984 
1985 
1986 
1987 
1988 
1989 
1990 
1991 
1992 
1993 Non-discounted systems (1) 
ECSC Art.54 ECSC Art.56 
(restruct.) (convers.) 
1.3 2.7 
9.8 16.5 
10.4 8.0 
25.7 33.4 
7.6 6.3 
10.5 19.3 
4.0 7.1 
6.2 34.0 
3.6 74.9 
5.9 33.1 
2.4 35.6 
3.0 38.6 
2.6 42.5 
1.3 40.6 
1.0 48.6 
0.0 106.0 
114.3 Employment Earthquake 
in Portugal reconstr. 
3.0 
14.4 
24.4 
28.4 
28.6 
4.0 28.6 
3.9 27.8 
26.6 
23.1 
20.1 
17.2 (ECU million) 
Discounted systems (2) 
EMS ERDF 
200.0 12.1 
197.0 
193.2 
209.8 
200.0 
(1) Interest subsidies spread over time and charged to the funds set aside for this purpose 
in the annual budgets. 
(2) Interest subsidies paid by the Commission after discounting to a present value, and 
charged to the budget as a single sum in the initial year. 
23 
Table 8 
Loans and financial assistance outside the Community in force or under negotiation at 31 March 1994 
ACP States-OCT 
ACP 
OCT 
Medcterr.countries(5) 
Turkey 
Algeria 
Morocco 
Tunisia 
Egypt 
Jordan 
Lebanon 
Syria 
Israel 
Occupied Territories (7) 
MaKa 
Cyprus 
"Non-protocoT 
horizontal financial 
cooperation 
CEEC 
Poland, 
Czech and Slovak rep., 
Bulgaria 
Baltic States 
Hungary 
Romania 
Albania 
Slovenia 
Former USSR 
Latin American and 
Asian countries Agree a* at 
Fourth Lomé Convention 
Council Dec Dion 
Fourth Financial Protocol 
Not yet h force 
Fourth Financial Protocol 
Special reconstruction aid 
Second financial protocol 
Third financial protocol 
Fourth financial protocol 
Thxd financial protocol 
Fourth fnanciol protocol 
Fourth Financial Protocol 
Council Deck ion 
Not yet in force 
Third Financial Protocol 
Third Franck] Protocol 
Council Deck ion 
Council Dec à ion 
Financial protocol 
Council Dec a ion 
Council Deck ion D« ratio* 
1990-1995 
1990-1995 
1992-1996 
1992-1996 
1987-1991 
1992-1996 
1992-1996 
1994-1998 
1988-1993 
1988-1993 
1992-1996 
1993-1996 
1993-1997 
1991 
1993-1996 Loaas fro«> 
QBo-i 
resources (1) 
1.200 
25 
225 
280 
220 
168 
310 
80 
50 
34 
53 
45 
110 
115 
82 
250 
23 
44 
1,800 
3.000 
150 
750 Operat- froas budgetary res. 
Risk capital Noa-repayable 
operatioas(2) aid (J) 
825 9,975 (4) 
25 115(4) 
50 
18 52 
25 193 
15 101 
16 242 
2 44 
1 19 
2 22 
2 34 
2 41 
250 
2.5 12.5 
5 13 
25 205 (8) 
20 (9) (ECU maiion) 
Macro-ftaancial 
assistance (3) 
Craatcd Disbursed 
400 250 
160 160 
375 375 
400 290 
220 110 
1.050 790 
455 455 
70 (10) 70 
1,250(11) 1,093 Total 
12,165 
12.000 
165 
5.918 
600(6) 
750 
438 
284 
568 
126 
50 
34 
73 
69 
146 
158 
242 
250 
38 
62 
2.030 
5,740 
3.000 
375 
400 
220 
1.050 
455 
70 
170 
U50.0 
750 
(1) Loans attracting hterest tut» idie» from the BuropcmDcvtbpmentFxxidhlbc caae tfpccjccto htbc AŒ StAca mndthe 
OCT and from the general budget of the European Communities n the case of projects h certain Mediterranean countries. 
The neccetsary amounts 1er the interest subsidies are charged to ncn-r«payable aid 
(2) Granted and managed by the EIB 
(3) Orarted and managed by theCommksian. 
(4) IncLtding amount* «Hooded for hterest subsidies on HB loans 
(5) Tbe amounts available under the previous financial protocol may be used at the ssrne time, whether that nvoivea aS of the 
sums earmarked (Lebanon, Syria) or residual amounts. 
(6) IiK-iding BCU32S tnS-onof k-ra from budgetary resources on special conditions. 
(7) West Bank and Oaza strç>; bans from own resources are covered by the TJon-protocof horizontal financial cooper-bon. 
(8) Incbding some ECU 100 mSKonof interest subsidies for EEB bans h the cnvronmental sector. 
(9) Only for interest subsidies for EIB bans for projects of common interest. 
(10) Non-repayable assistance (straight grant). 
(11) Commercial credits. 
24 
B. THE COMMISSION'S REPORT TO THE COUNCIL 
AND TO PARLIAMENT 
on the rate of utilization of the 
New Community Instrument (NCI) 
(half-year from 1 July 1993 to 31 December 1993) 
1. Introduction 
Council Decisions 83/200/EEC (Article 6) and 87/182/EEC (Article 8) on the financing 
of the NCI require the Commission to draw up a six-monthly report on the rate of 
utilization of the tranches of NCI HI and IV. 
The present report covers the period from 1 July 1993 to 31 December 1993. 
2. Overall situation at 31 December 1993 
The different legal bases determine the method of assessing the amount of loans signed 
in relation to the maximum authorized borrowing: 
(i) for NCI HI, the volume of loans is lower than that of borrowings in order to take 
account of the currencies borrowed and the associated costs and expenses; 
(ii) for NCI IV, the ceiling applies to the loans signed. 
At the end of 1993, the situation regarding the use of the tranches for which a six-
monthly report has to be drawn up was as follows: 
Use of NCI: situation at 31/12/1993 
NCIUI 
NCI IV (ECU million) 
Ceiling Amounts used. Balance 
3,000 
750 2,862 
693 138 O 
57 
(*) The special borrowing of ECU 100 million for European innovation 
projects has not yet been authorized by the Council. 
25 
The borrowing operations carried out in the six months under review for financing NCI 
activities are shown in Annex 2(B). No new issue was floated during the period 
under review. 
3. Breakdown of loans by country and sector 
The table below provides an overall view of loans signed, converted into "borrowing 
equivalents" at 31 December 1993. The loans in the various currencies have been 
converted into ecus at the exchange rate in force on the last working day of the quarter 
preceding the signing of the contract. 
NIC IV is of interest because of its special features, such as the options of converting 
loans into risk capital, using loans to finance the purchase of intangible assets and 
deferring interest payments. 
No loan transaction have been carried out since 1991. 
Distribution of loans signed by country at 31.121993 
Country 
Belgium 
Denmark 
Greece 
Spain 
France 
Ireland 
Italy 
Netherlands 
Portugal 
UK 
Total NCJI 
66.8 
70.0 
239.0 
479.9 
134.9 
990.5 Nan 
100.6 
114.9 
125.0 
116.6 
473.4 
67.1 
997.5 Nam 
303.0 
111.2 
69.2 
938.7 
68.4 
1,228.5 
3.2 
29.9 
109.3 
2,861.6 NCI IV 
23.6 
63.2 
1320 
72.3 
285.7 
9.9 
105.7 
6925 (ECUminon) 
Md 
Reconstr. 
80.0 
598.7 
678.7 Total 
23.6 
533.5 
306.1 
201.2 
1.206.0 
424.0 
3.066.3 
3.2 
39.8 
417.0 
6,220.8 % 
0.4 
8.6 
4.9 
3.2 
19.4 
6.8 
49.3 
0.1 
0.6 
6.7 
100.0 
SECTOR 
NCIUI 
NCI IV' Productive sector 
52.8% 
100.0% Infrastructure 
26.5% Energy 
20.7% 100.0% 
100.0% 
26 
STATISTICAL ANNEX 
27 
Annex 1 
NCI TV LOANS 
CEILING: ECU 750 MILLION (1) - (Situation at 31.12.1993) 
Ref. Project description Date of 
contract ECU 
million _$ Breakdown by country (2) 
DK UK 
64/87 
64/87 
68/87 
68/87 
69/87 
69/87 
70/87 
70/87 
70/87 
70/87 
70/87 
71/87 
71/87 
73/87 
105/87 
105/87 
106787 
107/87 
107/87 
108/87 
108/87 
110/87 
121/87 
148/87 
148/87 
148/87 
148/87 
206/87 
206/87 
207/87 
207/87 
231/87 
64/88 
101/88 
101/88 
101/88 
101/88 
103/88 
103/88 
103/88 
103/88 
109/88 
128/88 
128/88 
135/88 
135/88 
185/88 
185/88 
199/88 
237/88 
237/88 
237/88 
237/88 
175/89 
119/90 
119^0 
48/91 I. LOANS SIGNED 
FIH (Small Business) PG-WA 
F1H (Small Business) PG-VI/B 
BNL-PMIV/A 
BNL-PKÛV/B 
IMI-PMIV/A 
IMI-PMIV/B 
MEDIOCR ŒNTR - PMI IV/A 
MEDIOCR ŒNTR - PMI IV/B 
MEDIOCR. ŒNTR - PMI IV/C 
MEDIOCR. ŒNTR - PMI IV/D 
MBDIOCR ŒNTR - PMI IV/E 
INTBRBANCA - PMI IV/A 
INTERBANCA - PMI IV/B 
BPI-PGV 
CENTROBANCA - PMI IV/A 
CENTROBANCA - PMI IV/B 
SAN PAOLO Agroindustria II 
CREDIOP-PMII/A 
CREDIOP-PMI I/B 
BANCO DINAPOLI - PMI A 
BANCO DI NAPOLI - PMt B 
B° DE SANTANDER - PYME 
B° DE BILBAO-PYME 
EFIBANCA-PMI IV/A 
EFLBANCA- PMI IV/B 
EFIBANCA - PMI IV/C 
EFIBANCA-PMI IV/D 
B'DEVIZCAYA-PYMEA 
B° DE VIZCAYA - PYME B 
B° ESPANOL DE CREDIT O - PYME A 
B° ESPANOL DE CREDIT O - PYME B 
CREDIT NATIONAL - PMI III 
INVEST ORS IN INDUSTRY -
GROUPED LOAN V 
EFIBANCA - PMI V/A 
EFIBANCA-PMI V/B 
EFIBANCA - PMI V/C 
EFIBANCA - PMI V/D 
MEDIOCR LOMBARDO - PMI A 
MEDIOCR LOMBARDO - PMI B 
MEDIOCR LOMBARDO - PMI C 
MEDIOCR LOMBARDO - PMI D 
BARCLAYS BANK II GL 
CENTROBANCA - PMI V/A 
CENTROBANCA - PMI V/B 
CREDIOP - PMI II/A 
CREDIOP - PMI II/B 
BANCO DI SCILIA - PMI II/A 
BANCO DI SJCILIA - PMI II/B 
CREDIT INDUSTRIEL ET COMML 
IMI - PMI VI/A 
IMI - PMI VI/B 
IMI - PMI VI/C 
IMI-PMIVLO 
BARCLAYS BANK III/A 
KREDIETBANK N. V. -GL 
KREDIETBANK N.V. -GL 
B° ESPANOL DE CREDIT O PG PY 15.09.87 
24.05.88 
12.10.87 
12.10.87 
31.07.87 
31.07.87 
15.09.87 
10.12.87 
03.02.88 
16.03.88 
23.06.88 
07.10.87 
07.10.87 
22.07.87 
11.12.87 
11.12.87 
05.11.87 
18.12.87 
18.12.87 
18.12.87 
18.12.87 
24.07.87 
23.07.87 
17.12.87 
17.12.87 
24.06.88 
24.06.88 
17.12.87 
30.11.88 
18.12.87 
18.11.88 
05.02.88 
28.12.88 
05.10.88 
05.10.88 
16.01.89 
16.01.89 
10.10.88 
10.10.88 
06.02.89 
06.02.89 
21.12.88 
19.12.88 
19.12.88 
09.12.88 
09.12.88 
25.05.89 
25.05.89 
29.11.88 
19.12.88 
19.12.88 
06.02.89 
06.02.89 
30.11.89 
20.12.90 
20.12.90 
28.05.91 31.80 
31.43 
18.68 
8,01 
37,29 
15.98 
6.19 
5.88 
4.81 
3.27 
18.98 
9.34 
4.00 
9.91 
9,34 
4,00 
13,34 
4,67 
2,00 
4.60 
1,97 
20,19 
31,64 
4,67 
2,00 
4,55 
1.95 
9,37 
8,60 
12,04 
10,94 
20,00 
30,54 
4.53 
1,94 
4,57 
1,96 
6.79 
2.91 
9,14 
3,92 
45,81 
13,23 
5.67 
4,53 
1,94 
4,58 
1,96 
52,32 
9,06 
3,88 
13,72 
5,88 
29,38 
18,04 
5.54 
39,19 31.80 
31.43 
18,04 
5.54 20,19 
31,64 
9,37 
8.60 
12,04 
10.94 
20,00 
39.19 52,32 18.68 
8,01 
37.29 
15,98 
6,19 
5.88 
4.81 
3.27 
18.98 
9.34 
4,00 
9,34 
4,00 
13,34 
4,67 
2.00 
4.60 
1.97 
4.67 
2,00 
4.55 
1.95 
4.53 
1,94 
4,57 
1.96 
6,79 
2,91 
9.14 
3.92 
13,23 
5,67 
4,53 
1.94 
4,58 
1,96 
9.06 
3.88 
13,72 
5.88 9,91 
30.54 
45.81 
29.38 
TOTAL I 692.45 23.58 63.22 131.97 72.32 285,73 9.91 105.72 
II. LOANS APPROVED. 
AWAITING SIGNATURE 30.10 
BALANCE 27.45 
CEILING 750.00 
(1) JO L°. 271 of 14.03.1987 (loans ceiling). 
(2) Conversion rates are those obtained on the last warking day of the quarter preceding the signing of each loan. 
28 
NCI BORROWING, BY CURRENCY Annex 2 
A.-Pebt outstanding at 3112.1993 (1) 
Currency (million) Equivalent 
in MECU (2) 
ECU 452.5 452.5 
BFR 1.125.0 27.9 
DM 539.6 278.7 
FF 2,100.0 319.3 
HFL 738.9 341.2 
LFR 2,600.0 64.5 
UT 100,000.0 52.4 
PTA 10,000.0 639.0 
UKL 63.2 83.6 
CAD 
SFR 292.0 176.7 
USD 376.4 337.3 
YEN 660.4 5_3 
Total | I 2,778.4 
B.-New operations: 1.7.1993 - 31.12.1993 
Date 
of issue 
-Duration 
(years) 
-Coupon 
(%) Currency 
(million) 
-Equivalent in 
Fresh 
capital (1) 
-VECU (3) 
Re- ; 
financings 
-
(1) .Excluding refinancing operations, designed to reduced the cost of servicing exsting debt 
initially contracted at higher interest rates. 
(2) Exchange rates as at 31.12.1993 
(3) Exchange rates at signature. 
29 
ISSN 0254-1475 
COM(94)317final 
DOCUMENTS 
EN 1101 
Catalogue number : CB-CO-94-333-EN-C 
ISBN 92-77-71760-2 
Office for Official PublicatLons of the European Communities 
1^2985 Luxembourg