COMMISSION OF THE EUROPEAN COMMUNITIES 
Brussels, 28.11.1995 
COM(95) 595 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 January 1995 to 30 June 1995) 

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 January 1995 to 30 June 1995) 
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 III and IV. 
The present report covers the period from 1.01.1995 to 30.06.1995. 
Overall situation at 30.06.1995 
The different legal bases determine the method of assessing the amount of loans 
signed in relation to the maximum authorized borrowing: 
(i) for NCI III, 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 1995 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 30.06.1995 | (ECU million) 
NCI Hi 
NCI IV Ceiling 
3,000 
750 Amounts used 
2,862 
669 Balance 
138 (*) 
81 
(*) The special borrowing of ECU 100 million for European innovation 
projects has not yet been 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 30.06.1995. 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 30.06.1995 I (ECU million) 
Country 
Belgium 
Denmark 
Greece 
Spain 
France 
Ireland 
Italy 
Netherlands 
Portugal 
UK 
Total Ndl 
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 
118.2 
72.3 
285.7 
9.9 
95.8 
668.8 NO 
Reconstr. 
80.0 
598.7 
678.7 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 
Nam 
NCUV 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 
CEILING; ECU 750 MILUON (1) - (Situation at 30.06.1995) 
Project description Date of 
contract ECU 
m illion tt Breakdown by country (2) 
DK UK 
I LOANS SIGNED 
64/87 FIH(SmaDBusiness)PG-Vl/A 
64/87 FIH(SmaBBushess)PG-VI/B 
68/87 BNL-PMIV/A 
68/87 BNL-PM1V/B 
69/87 IMI-PMIV/A 
69/87 IMI-PM1V/B 
70/87 MEDIOCR. CENTO.-PMI IV/A 
70/87 MEDIOCR. CENTO -PMI IV/B 
70/87 MEDIOCR. CENTO-PMI 1V/C 
70/87 MEDIOCR. CENTO.-PM1 IV/D 
70/87 MEDIOCR. CENTO.-PMI IV/H 
7V87 INTERBANCA -PMI IV/A 
7V87 INTERBANCA-PMI I V/fi 
73/87 BPI-PGV 
105/87 CENTROBANCA-PMIIV/A 
105/87 CENTROBANCA -PMI IV/B 
106/87 SAN PAOLO Agrondustria II 
107/87 CREDIOP-PMI I/A 
107/87 CREDIOP-PMI I/B 
108/87 BANCO DI NAPOIJ -PMI A 
108/87 BANCO DI NAPOU - PMI B 
110/87 B°DESANTANDER-PYME 
EV87 B°DEBILBAO-PVME 
148/87 EFIBANCA-PMI IV/A 
M8/87 EFIBANCA-PMI IV/B 
M8/87 EFIBANCA - PMI IV/C 
M8/87 EFIBANCA-PMI I V/D 
206/87 B°DE V17CAYA-PYME A 
206/87 B°DE VIZCAYA-PYMEB 
207/87 B°ESPANOLDECREDITO-PYME 
207/87 B°ESPANOLDECREDlTO-PYME 
23V87 CREDITNATIONAL-PMIIII 
64/88 INVESTORSIN INDUSTRY -
GROUPED LOAN V 
10V88 EFIBANCA -PMI V/A 
10V88 EFIBANCA -PMI V/B 
CI/88 EFIBANCA-PMI V/C 
10V88 EFIBANCA-PMI V/D 
103/88 MEDIOCR. LOMBARDO-PMI A 
103/88 MEDIOCR. LOMBARDO-PMI B 
103/88 MEDIOCR LOMBARDO -PMI C 
103/88 MEDIOCR. LOMBARDO-PMI D 
109/88 BARCLAYSBANKIIGL 
08/88 CENTROBANCA -PMI V/A 
G8/88 CENTROBANCA - PMI V/B 
D5/88 CREDIOP-PMIII/A 
135/88 CREDIOP-PMI II/B 
185/88 BANCO DI SICIUA -PMIII/A 
18S/88 BANCODI SICIUA -PMI 11/13 
199/88 CREDITINDUSTRJEI.ETCOMML 
237/88 IMI-PMIVI/A 
237/88 IM1-PMIVI/B 
237/88 IMI-PMIV1/C 
237/88 IMI-PMIVI/D 
175/89 BARCLAYSBANKII1/A 
119/90 KREDIETBANKN V -GL 
119/90 KREDIETBANKN V-Gi. 
48/91 B°ESPANOLDECREI)lTOPGl'Y 15.0987 
240588 
a 10.87 
12 »87 
310787 
31.07 87 
150987 
)0 D.87 
03 02 88 
16 03 88 
23 06 88 
07 10 87 
07 10 87 
22 07 87 
IIE87 
11.12.87 
05 11 87 
B.E.87 
18 12 87 
B G87 
18 12 87 
24 07 87 
23 07 87 
17.12.87 
17 12 87 
240688 
240688 
17 O 87 
301188 
B C.87 
t8 IL88 
05 02 88 
28 O 88 
05 »88 
05 10.88 
16 0189 
16 0189 
» 1088 
W 1088 
060289 
060289 
21.12.88 
f> 12 88 
» 12.88 
09.t2.88 
09.C.88 
25 05 89 
25.0589 
29 1188 
19 G.88 
Î9 12.88 
06.02.89 
06.02 89 
30 11 89 
20 12 90 
20 G 90 
280591 3180 
3143 
B .68 
801 
3729 
15 98 
6 19 
5 88 
481 
3 27 
W 98 
9 34 
400 
991 
934 
400 
13 34 
467 
200 
4 60 
197 
20 19 
3164 
467 
200 
4 55 
L95 
937 
860 
12 04 
10 94 
20 00 
20 90 
4 53 
194 
4 57 
196 
6 79 
291 
9 M 
3 92 
45 55 
D23 
5 67 
4 53 
194 
4 58 
196 
52 32 
906 
3 88 
D72 
5 88 
29 38 
18 04 
5 54 
25 44 31.80 
3143 
20 19 
3164 
9.37 
860 
G.04 
10 94 
52.32 
18 04 
5 54 18 68 
801 
37 29 
15 98 
6 19 
588 
481 
3 27 
18 98 
9 34 
400 
9 34 
400 
0 34 
4 67 
200 
4 60 
197 
4 67 
200 
4 55 
195 
4 53 
194 
457 
196 
6 79 
2 91 
9 14 
3 92 
D23 
5 67 
4 53 
194 
4 58 
196 
906 
3 88 
B 72 
5 88 
2544 4555 
29.38 
TOTAL I 668 82 23 58 63.2 3 118 22 72.32 !85 73 991 95.83 
II LOANS APPROVED. 
AWAITING SIGNA TURK 
BALANCE 
CEIUNG 
(l)/OL° 27lofM03 1987(bansceil»ig) 
(2) Con vers on rales are those obtaned on the last work rig day of the quarter preceding the signing of each ban 
Annex 2 
NCI BORROWING, BY CURRENCY 
A.-Debt outstanding at 30.06.1995 (1) j 
Currency (million) Equivalent in 
ECU million(2) 
ECU 110.0 110.0 
BFR 
DM 411.9 221.4 
FF 2,100.0 3222 
HFL 445.8 213.9 
LFR 1,000.0 26.1 
LIT 
PTA 10,000.0 61.4 
UKL 12.6 15.0 
CAD 
SFR 200.0 129.3 
USD 251.0 186.9 
YEN 3302 Z9_ 
Total | | 1289.1 
B.- New operations: 1.01.1995 - 30.06.1995 
Date 
of issue 
-Duration 
(years) 
-Coupon 
(%) 
-Currency 
(million) 
-| 
Equivalent in M ECU (3) 
Fresh 
capital (1) 
-Re­
financings 
-
(1) Excluding refinancing operations, designed to reduced the cost of servicing existing 
debtinitiaily contracted at higher interest rates. 
(2) Exchange rates as at 30.06.1995 
(3) Exchange rates atsignature. 

BSN 0254-1475 
COM(95) 595 final 
DOCUMENTS 
EN 01 
Catalogue number : CB-CO-95-638-EN-C 
ISBN 92-77-96720-X 
Office for Officiai Publications of the European Communities 
L-2985 Luxembourg 
c