COMMISSION OF THE EUROPEAN COMMUNITIES 
Brussels, 09.12.1996 
COM(96) 644 final 
REPORT FROM THE COMMISSION TO THE COUNCIL 
AND THE EUROPEAN PARLIAMENT 
ON THE RATE OF UTILIZATION 
OF THE NEW COMMUNITY INSTRUMENT (NCI) 
(half-year from 1/01/96 to 30/06/1996) 

REPORT FROM THE COMMISSION TO THE COUNCIL 
AW THE EUROPE^ FIRMAMENT 
on the rate of utilization of the 
New Community Instrument (NCI) 
(half-year from 1.01.1996 to 30.06.1996) 
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 1.01.1996 to 30.06.1996. 
Overall situation at 30.06.1996 
The different legal bases determine the method of assessing the amount of loans 
signed in relation to the maximum authorized borrowing: 
(i) for NCI IE, 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 minus loans cancelled. 
At the end of the first half of 1996 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 30.06.1996 (ECU million) 
Ceiling Amounts used Balance 
Nam 
NCI IV 3,000 
750 2,862 
669 138 n 
81 
(*) The special borrowing of ECU lOOmillion for European innovation 
projects has notyetbeen authorized by the Council. 
The borrowing operations carried out in the six months under review with a view 
to financing NCI activities are shown in Annex 2(B). 
3. Breakdown of loans by country and sector 
The table below provides an overall view of loans signed, converted into 
"borrowing equivalents" at 30.06.1996. 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. 
Distribution of loans signed by country at 30.06.1996 1 
Country 
Belgium 
Denmark 
Greece 
Spain 
France 
Ireland 
Italy 
Netherlands 
Portugal 
UK 
Total NCI 1 
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 NO IV 
23.6 
63.2 
1ia2 
72.3 
285.7 
9.9 
95.8 
668.8 NCI 
Reconstr. 
80.0 
598.7 
678.7 (ECU million) 
Total 
23.6 
533.5 
306.1 
187.4 
1,206.0 
424.0 
3,066.3 
3.2 
39.8 
407.1 
6,197.1 % 
0.4 
8.6 
4.9 
3.0 
19.5 
6.8 
49.5 
0.1 
0.6 
6.6 
100.0 
SECTOR 
NCI III 
NCI IV Productive sector 
52.8 % 
100.0% Infrastructure 
26.5% Energy 
20.7 % 100.0% 
100.0% 
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. 
However, as resource depletion now allows only limited operations, which are 
difficult to finance on the international market under the strained conditions already 
described, no loan transaction has been carried out during this half year period. 
Annex 1 
NCI IV LOANS 
CEIUNG: ECU 750 MILUON (1) - (Situation at 30.06.1996) 
Ref. Project description Date of 
contract ECU 
million (2) Breakdown by country (2) 
DK UK 
I. LOANS SIGNED 
64/87 FIH(SmallBushess)PO-VI/A 
64/87 FIH(SmaHBusiness)PG-VI/B 
68/87 BNL-PMIV/A 
68/87 BNL-PMIV/B 
69/87 IMI-PMIV/A 
69/87 IMI-PMIV/B 
70/87 MEDIOCR CBNTR - PMIIV/A 
70/87 MEDIOCR CBNTR - PMI I V/B 
70/87 MBDIOCR CBNTR - PMI IV/C 
70/87 MBDIOCR CENTO. - PMI IV/D 
70/87 MEDIOCR CBNTR - PMI I V/B 
7 V87 INTBRBANCA - PMI I V/A 
7 V87 INTBRBANCA - PMI I V/B 
73/87 BPI-POV 
105/87 CBNTROBANCA - PMI I V/A 
105/87 CBNTROBANCA - PMI I V/B 
106/87 SAN PAOLO Agrohdustria II 
107/87 CREDI OP - PMI I/A 
107/87 CRBDIOP - PMI I/B 
108/87 BANCO DI NAPOLI - PMI A 
108/87 BANCO DI NAPOLI - PMI B 
110/87 B'DBSANTANDBR-PYMB 
BV87 B°DE BILBAO-PYMB 
148/87 BFIBANCA - PMI I V/A 
M8/87 BFIBANCA - PMI I V/B 
M8/87 BFIBANCA - PMI I V/C 
M8/87 BFIBANCA • PMI IV/D 
206/87 B°DBVIZCAYA-PYMBA 
206/87 B'DBVIZCAYA-PYMBB 
207/87 B'BSPÀNOLDBCRBDITO-PYMB 
207/87 B°BSPANOLDE CRBDITO-PYMB 
23V87 CREDITNATIONAL-PMIIII 
64/8 8 INVBSTORS IN INDUSTRY -
GROUPED LOAN V 
10V88 BFIBANCA-PMI V/A 
10 V88 BFIBANCA - PMI V/B 
BV88 BFIBANCA - PMI V/C 
10 V88 BFIBANCA - PMI V/D 
B3/88 MBDI OCR LOMB ARDO - PMI A 
103/88 MEDI OCR LOMB ARDO - PMI B 
103/88 MBDIOCR LOMB ARDO -PMI C 
103/88 MBDIOCR LOMBARDO - PMI D 
109/88 BARCLAYSBANKIIOL 
128/88 CBNTROBANCA - PMI V/A 
128/88 CBNTROBANCA - PMI V/B 
135/88 CRBDIOP -PMI II/A 
135/88 CRBDIOP-PMI II/B 
185/88 BANCO DI SI CILIA -PMI II/A 
185/88 BANCO DISICILIA-PMI II/B 
199/88 CREDIT INDUSTRIEL ET COMML 
237/88 IMI-PMIVI/A 
237/88 IMI-PMIVI/B 
237/88 IMI-PMIVI/C 
237/88 IMI-PMIVI/D 
175/89 BARCLAYSBANKIII/A 
119/90 KREDIETBANKN.V.-GL 
119/90 KRBDIETBANKN.V.-GL 
48/91 B'BSPANOLDB CRBDITO PGPY 15.09.87 
24.05.88 
12.10.87 
12.».87 
3L07.87 
3L07.87 
15.09.87 
10.12.87 
03.02.88 
16.03.88 
23.06.88 
07.10.87 
07.B.87 
22.07.87 
11.12.87 
1112.87 
05.1L87 
18.12.87 
18.12.87 
18.E.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 
30.1188 
18.12.87 
18.1188 
05.02.88 
28.12.88 
05.10.88 
05.10.88 
16.01.89 
16.0189 
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 
29.1188 
19.12.88 
19.12.88 
06.02.89 
06.02.89 
30.1189 
20.12.90 
20.12.90 
28.05.91 31.80 
3143 
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 
197 
20.19 
3164 
4.67 
2.00 
4.55 
195 
9.37 
8.60 
12.04 
10.94 
20.00 
20.90 
4.53 
194 
4.57 
196 
6.79 
2.91 
9.14 
3.92 
45.55 
B.23 
5.67 
4.53 
194 
4.58 
196 
52.32 
9.06 
3.88 
B.72 
5.88 
29.38 
18.04 
5.54 
25.44 
TOTAL I 668.82 3180 
3143 
18.04 
5.54 
23.58 20.19 
3164 
9.37 
8.60 
12.04 
10.94 
25.44 
63.23 118.22 20.00 
52.32 
72.32 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 
197 
4.67 
2.00 
4.55 
195 
4.53 
194 
4.57 
196 
6.79 
2.91 
9.14 
3.92 
13.23 
5.67 
4.53 
194 
4.58 
196 
9.06 
3.88 
13.72 
5.88 
285.73 9.91 
20.90 
45.55 
9.91 29.38 
95.83 
II. LOANS APPROVED, 
AWAITING SIGNATURB 6.80 
BALANCE 
CEIUNG 74.38 
750.00 
(1) JO V. 271 of 14.03.1987 Go an» oeiling). 
(2) Conversion rates are those obtained onthe test working day of the quarter preeeding the signing of eaohloaa 
Annex 2 
NCI BORROWING^ BY CURRENCY 
A.-Debt outstanding at 30.06.1996 (1) || 
Currency (million) Equivalent in 
ECU miHion(2) 
ECU 900 90.0 
BFR 
DM 404.3 211.1 
FF 2,100.0 3242 
HFL 328.6 153.0 
LFR 1000.0 25.4 
LIT 
PTA 
UKL 12.0 14.8 
CAD 
SFR 100.0 63.5 
USD 50.0 39.8 
YEN -_ -
Total 921£ 
B.- New operations: 1.01.1996 - 30.06.1996 | 
Date 
of issue 
-Duration 
(years) 
-Coupon 
(%) 
-Currency 
(million) 
-Equivalent in MECU (3) 
Fresh 
capital (1) 
-Re­
financings 
(1) Excluding refinancing opérations,designed to reduced Ihe costofservicing existing 
debtinilially contracted athigher interest rates. 
(2) Exchange rates as at30.06.1996. 
(3) Exchange rates atsignature. 

ISSN 0254-1475 
COM(96) 644 final 
DOCUMENTS 
EN 01 09 
Catalogue number : CB-CO-96-647-EN-C 
ISBN 92-78-13075-3 
Office for Official Publications of the European Communities 
L-2985 Luxembourg