COMMISSION OF THE EUROPEAN COMVIUNITIES 
C0M(91) 359 f i nal 
Brussels, 9 October 1991 
COMMISSION REPORT TO THE COUNCIL AND TO PARLIAMENT 
ON THE BORROWINQ AND LENDING ACTIVITIES QF THE COMMUNITY 
IN 1990 

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IN 1S9Q 
1. INTRODUCTION 
The Commission ir required to inform the Council and Parliament each year 
of the Community's borrowing and lending activities. This requirement 
arises from tl-r Council decisions relating to the Euratom research 
projects1 and to +he New Community Instrument,2 these decisions having 
been subsequently expanded to cover exceptional aid for the disaster areas 
in Italy3 and Greece .4 
Generally speaking, loans and borrowings, which complement the Community's 
budgetary activities, are not subject to the customary rules of 
Parliamentary control. It was for this reason that Par Marnent, notably In 
its Resolution on Improving political monitoring of the Community's 
borrowing and lending activities,5 asked that a comprehensive report, 
i.e. Including the activities of the ECSC and the EIB, be presented to It 
each year . 
The present report is the Commission's eleventh, covering 1990. 
2. COMMUNITY BORROWING 
2.1 Borrowing by European Institutions in 1990 reached ECU 13 billion, an 
increase of 13.0% on 1989, with Its relative share rising by Just under 2 
percentage points given the fall of more than 23% in borrowing by the OECD 
countries over the same period (see Table 1). 
This result was achieved despite the standstill In NCI and Euratom 
activities. Borrowing by the EIB increased from ECU 9 billion to 
ECU 11 billion and that by the ECSC from ECU 0.9 billion to 
ECU 1.1 billion, a rise of 22% In both cases. Most of the rapid expansion 
In EIB borrowing (22.2% compared with 16.9% In 1989) took place on 
traditional borrowing conditions, i.e. at fixed rates (82% of the total). 
Even so, variable-rate operations also grew very sharply, from 10% to 17% 
of the tota I . 
1 Article 4 of Decision 77/270/Euratom; OJ No L 88 of 6 April 1977. 
2 Decision 78/870/EEC; 0J No L 298 of 25 October 1978; 
Decision 82/169/EEC; 0J No L 78 of 24 March 1982; 
Decision 83/200/EEC; OJ No L 112 of 28 April 1983; 
Decision 87/182/EEC; 0J No L 71 of 14 March 1987. 
3 Article 7 of Decision 81/19/EEC; 0J No L 37 of 10 February 1981. 
4 Article 7 of Decision 81/1013/EEC; OJ No L 367 of 23 December 1981 
5 Doc. EP 67134 of 5 March 1981; 0J No C 287 of 9 November 1981. 
- 2 -
The breakdown by currency of borrowing (see annexed Table 3) reveals an 
appreciable decline In the use of European currencies and in particular the 
ecu, although this is still the most widely used currency. Compared with 
the capital market trend, these apparent anomalies can be explained by the 
need to re-arrange the spread of currencies used so as to reflect loan 
applications following a period of pronounced disenchantment with 
non-Community currencies. Cash-management needs (early repayment of dollar 
loans) were a further factor. 
Table 1 
Borrowing by European Institutions | (ECU billion) ; 
1985 1986 1987 1988 1989 1990 
i 
1. ECSC 1.3 1.5 1.5 0.9 0.9 1.1 
2. EC (a) 3.6 1.4 1.5 1.6 0.5 0.4 j 
3. EIB 5.7 6.8 5.6 7.7 9.0 11.0 
4. Euratom 0.3 0.5 0.9 0.1 - j 
5. Council of Europe 0.5 0.7 0.9 0.4 1.1 0.8 
6. Total (1-5) 11.4 10.9 10.4 10.7 11.5 13.3 j 
7. OECD 237.1 290.9 227.9 281.1 315.3 241.8; 
8. = 6/7 as % 4.8% 3.7% 4.6% 3.8% 3.6% 5.5% j 
(a) Nic + Balance of paiements : 
Source: OECD and EC 
3. LENDING IN THE COMMUNITY: BREAKDOWN BY INSTRUMENT 
3.1 The relative Importance of the Community's lending Instruments (ECSC, 
Euratom, EIB and NCI) changed appreciably In 1990. Since the Council 
decided not to authorize the refinancing of Euratom and NCI loans, activity 
in these two sectors came to a virtual standstill. In April, however, the 
Council agreed to raise the celling on Euratom loans, but the effects of 
this will be felt only in the years ahead. 
The ECSC and the EIB thus accounted for the vast bulk of lending. While 
the ECSC stepped up lending, to ECU 993.8 million (ECU 700.1 million in 
1989 and ECU 907.8 million In 1988), EIB financing rose to 
ECU 12 174.2 million (ECU 11 020.0 million in 1989 and ECU 8 318.5 million 
in 1988), equivalent to nine tenths of total lending. The rate of increase 
was 45.5% for the ECSC and 9.5% for the EIB. 
- 3 -
3.2 In the case of the ECSC, the rate of increase reflects an 
exceptionally sharp rise (74%) In Investment In the sector and In the 
consumption of ECSC products (Article 54 of the ECSC Treaty) and a 
sustained expansion (30.9%) in conversion loans (Article 56), which 
accounted for 60% of total lending. 
On the investment front, Spain relied extensively on this Instrument, 
contributing to the increase recorded. The main factor as regards steel 
consumption was the financing In France of the TGV-Atlantique. 
By contrast, conversion loans for the coal and steel industry followed a 
more stable trend, with the bulk of lending being accounted for by global 
loans to the productive sector, which generally carried an Interest subsidy 
of up to 3%. 
Scope for an expansion in lending was created by the Commission decision of 
1990 authorizing the application of Article 56 for Infrastructure projects 
in the Community's assisted regions (areas affected by industrial decline -
Object ive 2) . 
Table 2 
ECSC loans in 1990 
Italy 
France 
Denmark 
Portugal 
Netherlands 
Germany 
United Kingdom 
Spain 
Belgium 
Luxembourg 
Total Article 54 
Total Obj. 
75.98 
108.37 
6.13 
67.61 
2.97 
21.83 
115.08 71.46 
83.08 
2.97 
21.83 
46.03 Article 56 
Total Obj. 2 
53.75 
40.22 
191.50 
271.55 
13.45 
15.81 
2.36 46.72 
31.12 
140.13 
227.37 
11.19 
15.74 (ECU million) 
Art. 54 and 56 
Total Obj. 2 
129.73 118.18 
148.59 114.20 
6.13 
67.61 
194.47 
293.38 
128.53 
15.81 
2.36 143.10 
249.20 
57.22 
15.74 
397.97 225.37 588.64 472.27 986.61 697.64 
- 4 -
The major part of ECSC lending (Article 56) already goes to areas In which 
the structural Funds also are active. It Is essential, therefore, that 
loans and grants In these areas, which possess we Il-developed financial 
networks, should complement one another. 
3.3 In the case of the EIB, the salient features of Its activity In 1990 
were as fol lows : 
(I) The volume of loans signed within the Community grew at a slower 
rate (9% compared with 22.2% In 1989 and 27.2% In 1988). This was 
due to the cyclical weakness of the demand for credit from firms 
during the first half of the year and to the fact that Investment 
remained virtually flat during the Gulf crisis In the second haif 
of the year. However, since Spain and Portugal Joined the 
Community (1986), the average annual rate of Increase in lending 
has been 15.7% (amounting to ECU 12.7 billion In 1990); 
(II) Loans were granted for projects In all Member States. The growth 
In lending was particularly rapid In Spain, the United Kingdom, 
France and Ireland. Lending operations in the less-favoured 
regions covered by the Community's structural Funds accounted for 
over 59% of total lending In Member States; 
(III) At the same time, the EIB stepped up financing for projects 
contributing to the attainment of the other priority objectives: 
strengthening of Infrastructures and modernization of firms In 
preparation for the single market, environmental protection, 
support for small and medium-sized enterprises (SMEs). 
The overall assessment of the two instruments (ECSC and EIB) shows 
that the priority objectives were achieved: regional policy 
occupies first place, accounting for 60% of loans (compared with 
64.7% In 1989), a figure very close to the average for the period 
1986-90 (60.9%). Community Infrastructures are ranked second, as 
In 1989. Loans to promote the modernization and competitiveness of 
firms, including SMEs, have been expanding rapidly for a number of 
years. 
3.4 The only NCI operations last year involved two loans totalling 
ECU 23.6 ml I I Ion. This leaves a balance of ECU 64.2 m:I I ion out of the 
ECU 750 million available under the fourth NCI tranche, the other tranches 
having already been used up. 
- 5 -
Minor operations consisting In the refinancing of existing loans on more 
favourable terms amounted to ECU 52.13 million. 
The speed with which NCI resources have been used up Indicates that this 
Instrument met a market need. For the time being, the EIB is ensuring the 
continuity of Community lending to assist SMEs. 
3.5 Although interest subsidies are one way of combining the advantages of 
loans and grants in a single operation, its amount went down 9,3% to 65 
MECU. This Instrument is used primarily for ECSC operations (see annexed 
Table 7). 
4. LENDING OUTSIDE THE COMMUNITY 
4.1 Community financing outside the territory of the Member States has 
traditionally focused on three main areas: the countries of the 
Mediterranean basin, the African, Caribbean and Pacific countries (ACP), 
and the Overseas Countries and Territories (OCT). 
Repayable aid granted by the Community to these countries out of budgetary 
and EDF resources generally takes the form of special loans or risk 
capital (managed for the most part by the EIB) and comprises a substantial 
grant element. 
For its part, the EIB devotes a significant proportion of financing to 
projects In these countries (ECU 669 million in 1990, or 5.0% of its total 
lending). EIB loans are, for the most part, granted from own resources and 
attract a total or partial guarantee from the Community. However, the EIB 
also manages under mandate part of the repayable aid financed out of the 
Community's budgetary resources (see Table 3 below and Table 8 annexed). 
- 6 -
Table 3 
Financing outside the Community in 1990 ~k (ECU million) 
ACP - OCT 
Mediterranean 
CEEC (3) EC budgetary and 
EDF resources 
(1) 35.9 
8.0 
(2) 350.0 EIB own 
resources 
117.5 
336.5 
215.0 ECSC and 
Euratom 
0.5 Total 
153.4 
344.5 
565.5 
Total 393.9 669.0 0.5 1,063.4 
(1) Granted and managed by the EIB out of the budgetary resources of 
the EC or the EDF. 
(2) Balance-of-payments loans granted and managed by the Commission. 
(3) Central and Eastern European countries. 
4.2 As part of the measures for strengthening cooperation with the 
developing countries of Latin America and Asia, the Commission adopted in 
November 1990 a communication proposing an extension of the experimental 
phase of the EC-International Investment Partners financial instrument for 
a period of five years. This Initiative, which Includes measures aired at 
fostering direct private investment notably by way of joint ventures 
between Community firms and firms In the beneficiary countries, provides 
for financial assistance in the form of short-term loans or risk capital. 
Commitment appropriations totalling some ECU 10 million were earmarked in 
the budget for this Initiative In 1990. 
4.3 In the context of the political and economic reforms adopted by the 
Central and Eastern European countries (CEEC), the Community decided to 
step up cooperation with those countrles and to provide increased financial 
assistance (see Table 3 above and Table 8 annexed). 
As regards structural loans, the Council decided In February 1990 to 
provide the EIB with a Community guarantee in respect of any loans made by 
It from own resources for Investment projects in Poland and Hungary. in 
August 1990 the Commission proposed an extension of this guarantee to loans 
for projects In Czechoslovakia, Bulgaria and Romania. In addition, it was 
decided in May 1990 to make ECSC loans available to Poland and Hungary, up 
to a ceiling of ECU 200 million, and the Commission adopted In 
December 1990 a draft decision granting Czechoslovakia, Bulgaria and 
Yugoslavia access to these instruments, which are intended among other 
things to finance projects promoting the marketing of Community steel and 
industrial projects capable of being carried out in the form of joint 
ventures. 
- 7 -
As regards macroeconomic financial assistance, the Council decided in 
February 1990 to grant Hungary a medium-term loan of not more than 
ECU 870 million in principal for a maximum period of five years in order to 
enable it to overcome the structural adjustment difficulties facing its 
economy. 
Based on the medium-term financial support mechanism for Member States' 
payments balances, the decision to lend to Hungary is the first Community 
initiative granting a third country untied macroeconomic financial 
assistance. As when providing Member States with support, the Community 
made use of Its creditworthiness to borrow funds itself before on-lending 
them to Hungary. A first instalment of ECU 350 million was paid over to 
the National Bank of Hungary at the beginning of 1990, and the Council 
approved a second instalment of ECU 260 million In December 1990. The 
lending operation is being managed and monitored by the Commission, which 
also ensures that an appropriate degree of economic conditionality is met. 
At its meeting in Rome In December 1990, the European Council agreed that 
further Initiatives should be taken, notably the Group of 24 industrialized 
countries (the OECD countries) involved in providing support for the 
process of political and economic reform In the Central and Eastern 
European countries, In order to meet the latter's financing needs, which 
would not be covered by traditional public or private Initiatives. 
4.4 A new type of external financial activity is the financial 
participation by the Community (represented by the Commission) and the EIB 
in the capital of the European Bank for Reconstruction and Development 
(EBRD). 
Signed in Paris in May 1990 and approved by the Council in November, the 
Agreement establishing the Bank stipulates that Its purpose is to foster 
the transition of the economies of the Central and Eastern European 
countries towards market-oriented economies and to promote private and 
entrepreneurial Initiative in those countries. The bulk of the Bank's 
capital, which will amount to ECU 10 billion, will be held by the Community 
(3%). its Member States (45%) and the EIB (3%). 
ItTFT nF TAHTJ!S 
ïable_JL: 
^UwMSPWLa/ M. Trend of borrowing and lending in the Community 
Coramunity borrowings outstanding 
Connnunity borrowings in 1990, by currency 
Lending in the Community in 1989 and 1990, by sector and by 
instrument 
2&fei£_£: Geographical breakdown of lending in the Community in 1989 
and 1990 
Xa22le_£: Loans granted in the (tamrnunity by the EIB in 1990, by 
economic objective 
Tobl£_7_: 
Ia£LÊ_fi: ECSC interest subsidies paid out in 1989 and 1990 
Loans and repayable aid outside the Community provided for 
in conventions, financial protocols and decisions in force 
or tinder negotiation as at 31 December 1990 
Table 1 
Trend of borrowing and lending in the Cormmnity ECU mi 11 i on 
(ECU rate at year-end) 
I. Borrowing 
BCSC 
Balance of payments 
Euratom 
NCI 
Total Comnission 
EIB1 
1 
Total BC 
I. Lending 
BCSC 
Balance of payments 
Euratom 
NCI 
1 -
Total Comnission 
EIB2 1 
Total BC 1975 
731 
731 
814 
1.545 
805 
805 
917 
1.722 1976 
956 
1.249 
2.205 
732 
2.937 
989 
1.249 
2.238 
947 
3.185 1977 
729 
571 
99 
1.399 
1.030 
2.429 
709 
571 
97 
1.377 
1.391 
2.768 1978 
981 
72 
1.053 
1.863 
2.916 
798 
70 
868 
1.966 
2.834 1979 
837 
153 
178 
1.168 
2.437 
3.605 
676 
152 
277 
1.105 
2.281 
3.386 1980 
1.004 
181 
305 
1.490 
2.384 
3.874 
1.031 
181 
197 
1.409 
2.724 
4.133 1981 
325 
373 
339 
1.037 
2.243 
3.280 
388 
357 
540 
1.285 
2.524 
3.809 1982 
712 
363 
773 
1.848 
3.146 
4.994 
740 
362 
791 
1.893 
3.446 
5.339 1983 
750 
4.247 
369 
1.617 
6.983 
3.508 
10.491 
778 
4.247 
366 
1.200 
6.591 
4.146 
10.737 1984 
822 
214 
967 
2.003 
4.339 
6.342 
825 
186 
1.182 
2.193 
5.007 
7.200 1985 
1.265 
344 
860 
2.469 
5.699 
8.168 
1.010 
211 
884 
2.105 
5.641 
7.746 1986 
1.517 
862 
488 
541 
3.408 
6.786 
10.194 
1.069 
862 
443 
393 
2.767 
6.678 
9.445 1987 
1.487 
860 
853 
611 
3.811 
5.593 
9.404 
969 
860 
314 
425 
2.568 
6.967 
9.535 1988 
880 
93 
945 
1.918 
7.666 
9.584 
908 
357 
1.265 
8.844 
10.109 1989 
913 
522 
1.435 
9.034 
10.469 
700 
78 
778 
11.507 
12.285 1990 
1.086 
76 
1.162 
10.996 
12.158 
993 
24 
1.017 
12.605 
13.622 
Note_: The differences between total borrowing and lending by the Comnission are due to borrowing op 
refinancing 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 EIB lending operati 
both from borrowings and from the Bank's own resources. erations undertaken foT 
ons are financed 
1 Total resources raised. 
2 Loans signed out of own resources, no account being taken of the guarantees provided by the EIB to promoters 
(BOJ 52.5 million in 1990) or of operations financed out of NCI resources. o 
-10-
Table 2 
COMMUNITY BORROWINGS OUTSTANDING 
(at the end of each year) C)(2) 
ECU million] 
YEAR ECSC EIB EURATOM NCI Total 
borrowings 
for struc­
tural 
purposes Balance Total 
of bo r row-
payments ings 
loans 
1977 
1978 
1979 
1980 
1981 
1982 
1983 
1984 
1985 
1986 
1987 
1988 
(+>1989 
(+)1990 3.955 
4.416 
4.675 
5.406 
5.884 
6.178 
6.539 
7.119 
7.034 
6.761 
6.689 
6.825 
6.738 
6.673 5.421 
6.715 
8.541 
10.604 
13.482 
16.570 
20.749 
25.007 
26.736 
30.271 
31.957 
36.928 
42.330 
48.858 99 
172 
323 
502 
902 
1.272 
1.680 
1.892 
2.013 
2.168 
2.500 
2.164 
1.945 
1.687 178 
491 
894 
1.747 
3.269 
4.432 
4.960 
5.202 
5.229 
5.514 
5.122 
4.542 9.475 
11.303 
13.717 
17.003 
21.162 
25.767 
32.237 
38.450 
40.743 
44.402 
46.375 
51.431 
56.135 
61.760 1.500 
1.361 
965 
1.016 
1.062 
591 
4.610 
4.932 
3.236 
1.890 
2.997 
2.459 
2.075 
1.695 10.975 
12.664 
14.682 
18.019 
22.224 
26.35b 
36.847 
43.382 
43.979 
46.292 
49.372 
53.890 
58.210 
63.455 
1 The conversion rates used were those obtaining on 31 December of each 
year. As the majority of borrowings are denominated in national 
currencies, the difference 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. 
(*) InrflnrtlTTg short tenu - new EIB approach.. 
Table 3 
Conmunity borrowings in 1990, by currency 
EIB 
Euratom 
ECSC 
NCI 
TOTAL 
1989 
As % 
1990 ECU 
1765,0 
2,9 
1767,9 
18,5 
14,5 BFR 
330,4 
23,7 
354,1 
3,8 
2,9 Conmunity currencies 
DM 
1123,5 
138,0 
48,9 
1310,4 
12,8 
10,8 ESC 
123,6 
27,3 
150,9 
0,8 
1,2 FF 
1114,4 
46,6 
1161,0 
11,7 
9,5 HFL 
528,4 
4,7 
533,1 
3,6 
4,4 IRL 
-
-
0,5 
-LFR 
51,8 
60,2 
112,0 
1,2 
0,9 LIT 
850,6 
324,0 
1174,6 
7,6 
9,7 PTA 
614,3 
127,5 
741,8 
7,9 
6,1 Sub-
U^ total 
1331,0 
84,8 
1415,8 
18,6 
11,6 7833,0 
816,0 
72,6 
8721,6 
86,9 
71,7 BCU mi 11i on 
Other currencies 
SFR 
818,4 
140,7 
959,1 
2,7 
7,9 USD 
1573,5 
129,2 
3,7 
1706,4 
4,8 
14,0 YEN 
770,7 
770,7 
4,9 
6,3 Sub­
total 
3162,6 
269,9 
3436,2 
13,1 
(1) 
28,3 TOTAL 
10995,6 
1085,9 
76,3 
12157,8 
100 
100 
1 Plus a borrowing of ECU 57.7 million in Canadian dollars, accounting for 0.7%. 
Table 4 
Lending in the Conmunity in 1989 and 1990, by sector and by instrument 
ECU mi 11 i on 
Sector 
Productive sector 
(of which allocations 
from global loans) 
Infrastructure 
(of which allocations 
from global loans) 
Energy 
(of which allocations 
from global loans) 
TOTAL BCSC 
1989 
639,1 
(445,1) 
16,0 
45,0 
(1,6) 
700,1 1990 
953,6 
(614,0) 
10,1 
(-) 
30,1 
(-) 
993,8 EIB 
1989 
3.909,7 
(2.121,2) 
5.207,1 
(353,5) 
1.903,2 
(87,9) 
11.020,2 1990 
4.559,5 
(2.280,1) 
6.032,8 
(432,3) 
1.581,9 
(76,9) 
12.174,2 EURATOM 
1989 
-
-1990 
-
-NCI 
1989 
242,7 
(242,7) 
3,2 
245,9 1990 
71,5 
71,5 Total 
1989 
4.791,5 
(2.809) 
5.223,1 
1.951,4 
(442,9) 
11.966,0 1990 
5.584,6 
(2.894,1) 
6.042,9 
(758,8) 
1.612,0 
(76,9) 
13.239,5 Tc 
1989 
40,0 
(23,5) 
43,7 
16,3 
(3,7) 
100,0 >tal 
1990 
42,2 
(22,0) 
45,7 
(6,0) 
12,1 
(0,6) 
100,0 
a Financing granted (individual loans and allocations frem global loans). 
Table 5 
Geographical breakdown of lending1 in the Conminity in 1989 and 1990 
ECU million 
Country 
1989 
Amount 
% 
1990 
Amount 
% 
of which: 
- BCSC 
EIB 
Euratom 
NCI B 
104,0 
0,8 
247,6 
1,8 
17,7 
182,7 
23,6 DK 
546,8 
4,5 
570,8 
4,2 
6,1 
564,7 D 
1011,3 
8,2 
1054,8 
7,7 
191,3 
863,5 GR 
271,5 
2,2 
176,3 
1,3 
176,3 E 
1553,4 
12,6 
2069,5 
15,1 
127,5 
1942,0 F 
1567,5 
12,8 
1834,8 
13,4 
150,2 
1684,6 IPX 
186,9 
1,5 
217,7 
1,6 
217,7 I 
3848,8 
31,3 
3990,1 
29,1 
134,4 
3855,7 L 
1,2 
0,01 
14,2 
0,1 
2,4 
11,8 NL 
392,9 
3,2 
245,3 
1,8 
245,3 P 
796,6 
6,5 
862,0 
6,3 
67,3 
794,7 UK 
1838,5 
15,0 
2189,7 
16,0 
296,9 
1892,8 BC2 
Art. 18 
165,5 
1,3 
225,1 
1,6 
225,1 Total 
12284,9 
100,0 
(3) 
13697,9 
100,0 
993,8 
(3) 
12656,9 
23,6 w 
1 Loans signed. 
2 Conmunity projects that cannot be located in a particular Member State (e.g. teleconrnunication cables and 
satellites, North Sea oil). 
3 The difference with Table 1 is due to inclusion of the ECU 52.5 million guarantee provided by the EIB. 
Tablets 
Loans granted in the Community by the . EIB-L jn_ 1930. ty_£p£nfimjg. i2 
1990 1232-
ECU million % % 
1. Regional development 
l.l By country 
Belgium 
Denmark 
Germany 
Greece 
Spain 
France 
Ireland 
Italy 
Netherlands 
Portugal 
United Kingdom 
1-2 By major sector 
Energy 
Transport 
Telecommunications 
Water, sewerage 
Other infrastructure 
Industry, agriculture 
Services 7,439,5 100,0 
57,2 
284,1 
410,2 
157,3 
1.006,8 
1.125,6 
197,0 
2.360,4 
11,8 
39,6 
829,1 
960,5 
794,8 
1.685,2 
1.574,9 
719,4 
180,1 
2.169,3 
315,7 0,8 
3,8 
5,5 
2,1 
13,5 
15,1 
2,6 
31,7 
0,2 
0,5 
11,1 
12,9 
10,7 
22,7 
21,2 
9,7 
2,4 
29,2 
4,2 100,0 
0,2 
5,2 
2,6 
3,7 
16,4 
14,5 
2,7 
33,9 
1,2 
10,7 
8,8 
15,7 
20,5 
15,5 
7,2 
4,6 
30,2 
6,3 
2. 
2.1 
2.2 
2.3 Infrastructure of Oonsmmity 3.117,1 100,0 
interest 
Transport 1.775,3 57,0 
Telecommunications 
Other 1.335,5 
6,3 42,8 
0.3 100,0 
69,0 
30,5 
0.5 
Including NCI loans. 
As certain loans serve a number of purposes simultaneously, the amounts 
shown under the different headings cannot be aggregated. 
Table 6 ^continued ) 
199Q 19S9 
ECU mill i on % 
3.1 
3.2 Environmental protection 
and improvement 2.196,2 
Environment 
Town planning 1.932,9 
263,3 100,0 
88,0 
12,0 100,0 
89,7 
10,3 
4. Energy 
4.1 Indigenous resources 
4.2 Import diversification 
4.3 Efficient use of energy 1.476,9 
666,5 
313,5 
497,0 100,0 
45,1 
21,2 
33,7 100,0 
45,6 
34,5 
19,9 
5. Industrial œnipetitiveness 1.760,7 100,0 100,0 
Small and medium-sized 
enterprises Number ECU million Number 
1.975,6 7.447 2.013,8 7,605 
Table 7 
ECSC interest subsidies paid out in 1989 and 1990 
BCU mi 11 i on 
Country BDK D E FIRLILNLUK Total 
Art. 54 0 0 2,19 0 0,09 0 0 0 0 0,28 2,56 
1989 
Art. 56 °'74 °'17 24'07 °'51 1'53 ° 2'9 °'1 °'19 12'3 42,54( 
Total 0,74 0,17 26,26 0,51 1,62 0 2,9 0,1 0,19 12,58 45,1 
Art. 54 0 0 1,11 0 0,07 0 0 0 0 0,16 1,34 
1990 
Art. 56 0,99 0,14 20,94 0,73 2,03 0 2,78 0,19 0,17 12,65 40,62 
Total 0,99 0,14 22,05 0,73 2,10 0 2,78 0,19 0,17 12,81 41,96 
1 This includes an amount of BCU 0.54 mi 11 ion for the special Saarland-Lorraine-Luxembourg project, ùllions d'Ecus. o 
17 
Loons ond repoyoble old outside the Community provided for In conventions, finonclol protocols: 
ond decision» In force or under neqotlotlon os ot 31 December 1990 
ECU mi I I ion 
Agreement Durât Ion Loans from 
own 
resources Operations mounted from 
budgetary resources 
ACP States-OCT 
Arp 
OCT Third Lom4 Convention4 1986—1990 
Fourth Lomé Convention 1990—1995 
Council Decision4 1986—1990 
Council Decision 1990—1995 2 345 
1 100 
1 200 
?0 
25 Risk capital o operatIons 
1 465 
600 
825 
15 
25 Loans 
spec I a I 
condi t ions 
is 25 
600 n 
25 (') Loans from 
ECSC 
resources • Balance-of-
payments 
loan» 
4 «.3 5 
2 3 00 
2 025 
60 
50 
Mediterranean countries 
Second Financial Protocol 
Third Financial Protocol 
awaiting signature Yugoslavia i 1988—1991 
1991 — 1996 
Turkey 
Algeria 
Morocco 
Tun I • I a 
Algeria 
Morocco 
Tunisia 
Egypt 
Jordan 
Lebanon 
Syria 
Egypt 
Jordan 
Lebanon 
Syria 
Israel 
Malta 
Cyprus Fourth Financial Protocol waiting signature 
Third Financial Protocol 
Fourth Financial Protocols 
awaiting signature 
Third Financial Protocols 
Fourth Financial Protocols 
awaiting signature 
Third Financial Protocol 
Fourth Financial Protocol 
await ing signature 
Third FI none la I Protocol 
Third Financial Protocol 1988—1991 
1991—1996 
1988—1991 
1991-1996 
1988—19VI 
1991 — 1996 
1988—1993 
1988—1993 
1992—1996 •Non-Protocol" horizontal finonclol cooperation 
Central ond Eoetern European countries 
Poland/Hungary 1990—1993 
1991 — 1993 CzechoslovokIa/BuIgorI a/Roman Ia 
Hungary 5 675 
550 
730 
225 
183 
151 
131 
280 
220 
168 
249 
63 
53 
110 
310 
80 
45 
1 15 
63 
82 
1 800 
1 000 
/oo 
1990—1993 H9,5 
4 
11 
6 
1H 
25 
15 
11 
2 
1 
2 
16 
2 
2 
2 
2.5 
5 
25 325 
325 {») 
200 
200 
Total 1 6H,5 200 8 70 
«/0 
870 550 
730 
550 
187 
162 
137 
298 
245 
183 
260 
65 
54 
112 
326 
82 
47 
117 
63 
82 
25. 
49 
l 825 
2 770 
1 200 
700 
«70 
13 3 54, 
1 Loons attracting interest subsidies from the Europeon Development Fund in the cose of projects In the ACP States and the OCT and from the 
General Budget of the European Communities in the case of projects In certain Mediterranean countries. 
2 Granted and managed by the Bank. 
3 Granted and managed by the Commission. 
4r The duration of which has been extended until entry Into force of the Fourth Lom< Convention. 
ISSN 0254-1475 
COM(91) 359 final 
DOCUMENTS 
EN 01 
Catalogue number : CB-CO-91-414-EN-C 
ISBN 92-77-75924-0 
Office for Official Publications of the European (^nmruiiities 
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