ARCHIVES HISTORIQUES 
DE LA COMMISSION 
 
 
 
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COM (83) 527 
 
 
 
Vol. 1983/0 279 
  
 
Disclaimer  
Conformém ent au règlement (CEE, Euratom) n° 354/83 du Conseil du 1er février 1983 
concernant l'ouverture au public des archives historiques de la Communauté économique 
européenne et de la Communauté européenne de l'énergie atomique (JO L 43 du 15.2.1983, 
p. 1), tel que modifié par le règlement (CE, Euratom) n° 1700/2003 du 22 septembre 2003 
(JO L 243 du 27.9.2003, p. 1), ce dossier est ouvert au public. Le cas échéant, les documents 
classifiés présents dans ce dossier ont été déclassifiés conformément à l'article 5 dudit 
règlem ent. 
In accordance with Council Regulation (EEC, Euratom) No 354/83 of 1 February 1983 
concerning the opening to the public of the historical archives of the European Econom ic 
Communit y and the European Atom ic Energy Communit y (OJ L 43, 15.2.1983, p. 1), as 
amended by Regulation (EC, Euratom) No 1700/2003 of 22 September 2003 (OJ L 243, 
27.9.2003, p. 1), t his file is open to the public. Where necessary, classified documents in this 
file have been declassified in conformity with Article 5 of the aforementioned regulation.  
In Übereinstimmung mit der Verordnung (EWG, Euratom) Nr. 354/83 des Rates vom  1. 
Februa r 1983 über die Freigabe der historischen Archive der Europäischen  
Wirtschaftsgemeinschaft und der Europäischen Atomgem einschaft (ABI. L 43 vom  15.2.1983,  
S. 1), geändert durch die Verordnung (EG, Euratom) Nr. 1700/2003 vom 22. Septem ber 2003  
(ABI. L 243 v om 27.9.2003, S. 1), ist diese Datei der Öffentlichkeit zugänglich. Soweit  
erforderlich, wurden die Verschlusssachen in dieser Datei in Übereinstimmung mit Artikel 5  
der genannten Verordnung freigegeben.  
COMMISSION OF THE EUROPEAN COMMUNITIES
COM(83) 527 final 
Brussels, 14 September 1983
REPORT FROM THE COMMISSION TO THE COUNCIL AND THE EUROPEAN PARLIAMENT
ON THE BORROWING AND LENDING ACTIVITIES 
OF THE COMMUNITY IN 1982
COM(83) 527 final

Abbrevi at i  ons and symbols used
Countries
B Belgium
DK Denmark
D Federal Republic of Germany
GR Greece
F France
IRL Ireland
I Italy
L Luxembourg
NL The Netherlands
UK United Kingdom
EC Total of the Member States of the European Community
EC 9 Community without Greece
Currencies
BFRBelgian franc
DKRDanish krone
DMGerman mark
DRGreek drachma
FFFrench franc
IRLIrish pound (punt)
LITItalian lira
LFRLuxembourg franc
HFLDutch guiIder
UKLPound sterling
ECUEuropean currency unit
USDUS dollar
SFRSwiss franc
YENYen
Other abbrevi at i  ons
ACP African, Caribbean and Pacific countries
ECSC European Coal and Steel Community
EDF European Development Fund
EIB European Investment Bank
EMCF European Monetary Cooperation Fund
EMS European Monetary System
ERDF European Regional Development Fund
Euratom European Atomic Energy Community
Eurostat Statistical Office of the European Communities
GDP (GNP) Gross domestic (national) product
GFCF Gross fixed capital formation
NCI New Community Instrument
OCTs Overseas Countries and Territories
OECD Organization for Economic Cooperation and Development
OPEC Organization of Petroleum Exporting Countries
SMEs Small and medium-sized enterprises
SOEC Statistical Office of the European Communities

CONTENTS
Methodological comments 
I - The ECU
II - Value of the ECU at 31 December 1982 '
III - Balance between borrowinq and lending PAGE
Foreword 1
1. The economic situation in the Community 3
2. Community action to promote investment 5
2.1. The investment situation 5
2.2. A framework for action 6
2.3. The priorities 7
3. The growth of Community lending and borrowinq activities 8
3.1. The New Community Instrument (NCI) 8
3.2. Euratom 9
3.3. European Investment Bank (EIB) 9
3.4. Relations between the Commission and the EIB 10
4. Borrowing 12
4.1. Situation on the capital markets in 1982 12
4.1.1. General 12
4.1.2. Interest rate developments 13
4.1.3. International bond markets 14
4.2. Community borrowing in 1982 15
4.3. Coordination of borrowing 17
5. Lending in the Community 18
5.1. General 18
5.2. Employment effects 18
5.3. Sectoral and country breakdown 19
6. Lending in the Community by instrument 21
6.1. New Community Instrument (NCI) 21
6.1.1. General 21
6.1.2. The investment projects 23
6.2. Subsidized loans for reconstruction in the earthquake-stricken 25 
areas of Italy and Greece
6.3. European Investment Bank (EIB) 26
6.4. Euratom 27
6.5. European Coal and Steel Community (ECSC) 27

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P A G E
7. Lending outside the Community 30
7.1. General 30
7.2. Loans to Mediterranean countries 31
7.3. Loans to ACP States and OCT 32
8. Community interest subsidies for loans contracted within 33
the Community
8.1. Interest subsidy mechanisms 33
8.2. EMS interest subsidies 33
8.3. Interest subsidies for reconstruction in earthquake-stricken areas 36
8.4. ECSC interest subsidies 37

LIST QE TABLES IN THE ANNEX
Table ' i  Community borrowings in 1982
Table 2 EIB borrowings in 1982
Table 3 Borrowing by the European Community
Table 4 Breakdown of loin? in the Community in 1982, by instrument,
sector and country
Table 5 Trend in lending operations in the Community, by sector
Table 6 NCI loans contracted, 1979-82
Table 7 ECSC loans paid out, 1973-82
Table 8 Loans from EIB own resources contracted in the Community,
1973-82
Table 9 List of NCI loans paid out in 1982
Table 10 List of Euratom loans paid out in 1982
Table 11 ECSC loans b y sector, 1980, 1981 and 1982
Table 12 EIB loans outside the Community from borrowings, 1976-82
Table 13 Interest subsidies granted in the C om m u n ity  b y  the
various C o m m unity mechanisms, 1970-82
Table 14 EMS interest subsidies, 1982 financial year :  Italy
Table 15 EMS interest subsidies, 1982 financial year :  Ireland
Table 16 EMS interest subsidies paid from 1982 appropriations
(by country, instrument and sector)
Table 17 "Earthquake" reconstruction loans carrying interest
subsidies :  Italy
Table 18 "Earthquake" reconstruction loans carrying interest
subsidy :  Greece (1982)
Table 19 Subsidized loans for reconstruction in earthquake-stricken
areas (by country, instrument and sector)
Table 20 ECSC interest subsidies granted in 1982

LIST OF GRAPHS IN THE ANNEX
1. Trend of borrowing contracted by the European Communities by instrument 
(1973-82)
2. Borrowings by the European Communities by instrument. Amounts out­
standing (1973-82)
3. Bond yields on the international market
4. Bond yields on national markets
5. Trend of lending contracted in the Community by instrument (1973-82)
6. Breakdown of loans in the Community in 1982 by instrument and by 
sector
7. Breakdown of NCI loans in 1982 by country and sector (including 
earthquakes in Italy and Greece)

M E T H O D O L O G I C A L  C O M M E N T S
I. The ECU
Definition
The ECU is a currency unit of the "basket" type made up of fixed 
amounts of the currencies of member countries, determined as a function 
of, in particular, the economic importance of each of these countries.
T h e  am ounts of national currencies m aking u p  the E C U  are:
BFR 3.66 HFL 0.286 FF 1.15
LFR 0.14 UKL 0.0885 DKR 0.217
DM 0.828 LIT 109 IRL 0.00759
The Acts of Accession of Greece into the Communities provide for the 
incorporation of the drachma in the ECU before 31 December 1985 if, 
before this date, there is a revision of the basket in applying the pro­
cedures and in accordance with the provisions in the European Council 
Resolution of 5 December 1978 on the European Monetary System.
In any case, it will b e incorporated b y  31 D ecem ber 1985 at the 
latest.
Calculation and Publication
The value of the ECU in any currency is equal to the sum of the 
values of the amounts of currencies which make up the ECU.
The calculation is made daily based on representative values of each 
Community currency vis-a—vis the dollar used simply as a common reference 
for the expression of exchange rates. These rates are taken at each place 
by the central bank concerned at 14.30; using these elements, the 
Commission establishes the value of the ECU in the Community currencies 
and in the other principle currencies.

-  2 -
These values are published daily in the Official Journal of the 
European Communities (Series C) and can be obtained from the Commission 
through an automatic reply telex; in addition, they are diffused by 
the principle European press agencies and are available in a good 
number of newspapers.

2>
II. Value of the ECU at 31 December 1982
BFR/LFR convertible 45.3207
BFR/LFR financial 46.5448
DM 2.30014
HFL 2.54206
UKL 0.600289
DKR 8.11485
FF 6.52207
LIT 1325.70
IRL 0.692923
DR 68.5398
USD 0.967667
SFR 1.93098
YEN 227.160

III. Balance between borrowing and lending
This report is not an accounting document concerned with depicting 
the financial balance over time between borrowing and lending for all the 
instruments examined. This purpose is served by specific documents such as 
the EIB annual report (together with its balance sheet and details of acti­
vities under the special section), the ECSC financial report and, where the 
NCI and Euratom are concerned, Part II of the general budget of the European 
Communi t i  es.
Generally speaking, the imbalance in this report between lending and 
borrowing is due to the following main factors:
(i) loans contracted during a particular year may give rise to payments, 
and thus entail borrowing, only in subsequent years;
(ii) conversely, funds may need to be borrowed in a particular year in 
order to pay out loans contracted in previous years;
(iii) movements in the cash position may produce a temporary increase or 
reduction in the funds available out of borrowings;
(iv) lending and borrowing operations give rise to costs, premiums and 
discounts before settlement;
(v) the EIB and the ECSC have sources of revenue which go into their 
cash holdings.
In addition, some of the discrepancies between the figures given in the 
different accounting documents are due to the special methodological features 
of certain instruments, including:
(i) the dates on which operations are recorded;
(ii) the periods for which interim sub-totals are calculated;
(iii) the dates on which conversion into ECUs takes place and the conversion 
rates applied.

-  1 -
FOREWORD
This is the third comprehensive report drawn up by the Commission to 
provide the Council and Parliament with information on the Community's 
borrowing and lending activities. It covers the year 1982.
It was drawn up to meet the wishes expressed by Parliament on various
occasions, particularly when granting the discharge to the Commission on
the implementation of the general budget of the European Communities for
1978 and 1979 and in its Resolution on improving political control over the
. . .  ( 1)Communities' borrowing and lending activities.
The report reviews all the borrowing and lending activities of the 
Community institutions, including those of the ECSC and the EIB, thereby 
fulfilling the Commission's obligation to inform the Council and Parliament 
each year about:
(i) the activities of Euratom, in accordance with Article 4 of the 
Council Decision of 29 March 1977;
(ii) the activities of the NCI, in accordance with Article 6 of the 
Council Decision of 16 October 1978 (NCI I) and with Article 6 
of the Council Decision of 15 March 1982 (NCI II);
(iii) the EMS interest subsidy instrument, in accordance with Article 10 
of the Council Regulation of 3 August 1979;
(iv) the Community "aid granted by way of exception for the reconstruction 
of the regions affected by the Italian earthquake in November 1980, 
in accordance with Article 7 of the Council Decision of 20 January 
1981;
(v) the Community aid granted by way of exception for the reconstruction 
of the regions affected by the Greek earthquakes in February/March 
1981, in accordance with Article 7 of the Council Decision of 
14 December 1981.
(1) Doc. PE 67134 of 5 March 1981.

The Commission's first comprehensive report, which covered the 1980  
financial year, provided a complete picture of the borrowing and lending  
activities of the Community instruments within the Community. It reviewed  
not only the activities of Euratom, the NCI and the EMS interest subsidy  
instrument but also those of the ECSC and, in a more general way, those of  
the EIB.
The report covering the 1981 financial year also included loans granted  
by the Community in third countries from the proceeds of borrowing on capital  
markets. These loans concerned the ACP States and the OCTs and the Mediter­
ranean countries linked to the Community through agreements establishing  
different forms of economic and/or financial cooperation (Maghreb and  
Mashreq countries, Israel, Cyprus, Malta, Spain, Portugal, Turkey and  
Yugoslavia).
While covering the same fields as the previous reports, this report  
examines in greater detail the link between the Community's borrowing/lending  
activity and the Community's major objectives as regards structural policy,  
particularly for industry and energy.
The ECSC's financial report and the EIB's annual report will, of course,  
be sent to Parliament and the Council as before.-  2 -

- 3 -
1. THE ECONOMIC SITUATION IN THE COMMUNITY
In 1982, operations under the Community's borrowing and Lending  
instruments took place against a background of economic stagnation.
The economic upturn forecast in the spring of 1981 for the second  
half of 1982 failed to materialize. The favourable factors which at the  
end of 1981 suggested that this upturn would take place gave way to a  
further decline in activity in the first half of 1982. The end result for  
1982 was a virtually total stagnation of output, which increased in volume  
terms by only 0.3% in the Community as a whole.
Unemployment continued to rise. In 1982, the average number of unem­
ployed reached 10.7 million (9.3% of the labour force) under the combined  
impact of a further contraction in employment (of the order of 1.4%) and  
a further increase in the labour force (0.2%).
The Commission had, since 1981, stressed that various factors, in  
particular the exceptionally high and unstable world interest rates which  
were heavily influenced by those in the United States, together with the  
maintenance of restrictive monetary policies, might well curb the cyclical  
upturn expected in Europe. This is precisely what happened for most of 1982,  
both in Europe and in other parts of the world.
In the Community, inflation slackened under the combined impact of  
monetary policies, the fall in import prices and the slower growth of wage  
costs. Although the'ECU again depreciated against the dollar, the Commu­
nity's import prices increased less than expected, by 5.8% in 1982 compared  
with 13.7% in 1981. The dollar-denominated prices of raw materials, parti­
cularly oil prices, reacted even more sharply during the year to the combined  
effects of exchange-rate movements, persistently high interest rates and  
weak demand. The Community's terms of trade, which had deteriorated sharply  
in 1980 and 1981, thus improved in 1982 (by 2.6%).

- 4 -
The Community's payments deficit on current account totalled slightly  
more than USD 15 000 million (0.6% of GDP) in 1982, as opposed to USD 17 000  
million in 1981 (0.7% of GDP). The overall deficit was therefore relatively  
modest, but with serious imbalances between the Member States.

- 5 -
2. COMMUNITY ACTION TO PROMOTE INVESTMENT
2.1. The investment situation
Since the beginning of the 1970s, investment in the Community has  
tended to fall steadily as a proportion of GDP. This trend continued in  
1982. Investment was down by 3%, having already fallen by 5.6Z in 1981.
The very most that can be said, therefore, is that the rate of decline  
slowed down.
In 1982, apart from the United Kingdom, where investment increased by  
+ 1.1%, no European country escaped this further decline in investment,  
ranging from - 1% in Denmark to - 6.3% in the Federal Republic of Germany.
This further contraction was due largely to the continued slump in  
investment in building and construction (house-building, infrastructure work  
and industrial and commercial buildings, which together account for slightly  
less than 60% of all investment), which has been the main victim of the rise  
in long-term interest rates and the reduction in public investment (down by  
13.9% in volume terms in Germany in 1982 compared with 1981); however,  
investment in plant and machinery also fell in 1982 in six of the ten Commu­
nity countries.
In 1970, total investment (excluding housing) accounted for 18.1% of  
value added; by 1975 it did not account for more than 16.4%, and has since  
stabilized at that level. This trend is primarily the result cf the dece­
leration in the industrial investment ratio, which declined from 16.6% to  
13.7% of gross fixed capital formation, and in the public investment ratio,  
which dropped from 31.8% to 22.2%.
The fall in the investment ratios of the industrial branches is general.  
Only the agri-food sector is maintaining a rate of investment which is close  
to that of its value added.
The main feature of the last twenty years is the major switch from  
industrial investment to investment in the market services sector. At  
Community level, this sector now invests almost twice as much as manufacturing  
industry (accounting for 31% of total gross fixed capital formation, as  
opposed to 17% in the manufacturing sector).

-  6 -
2.2. A framework for action
ALL through 1982, the Commission continued its work on investment,  
in Line with the concLusions of the European CounciL of March, which pointed  
out the weakness of productive investment in Europe and caLLed for a rever­
sal of this tendency. In doing this, the European CounciL confirmed the  
Commission's previous anaLyses, which had shown that the Lasting improvement  
of the economic situation wouLd take pLace through a substantiaL increase  
in the rate of investment in the Community.
In June, the Commission presented a communication on the problem of
investment to the European CounciL.(1 )There it recaLLs the evolution of
investment in the Last few years and anaLyses the roLe of the pubLic autho­
rities and the possibLe contribution of the Community, to provide a frame­
work to the initiatives and propositions for a coordinated poLicy of in­
vestment.
In October, in a communication to the Council on the initiatives for
promoting investment.(1)the Commission made precise some areas for actior
to improve or to create some of the conditions from which productive activity  
foLLows, and thus investment. These areas were addressed to the Member  
States and to the Community: at the national Level, it is advisabLe as much
to increase the resources avaiLabLe for investment as to strengthen the  
efficiency of the mechanisms for promoting investment and to restructure  
the pubLic budgets towards productive investments; at the Community LeveL,  
it is necessary to expLoit a deepening of the singLe market, to better  
define and to support certain strategic empLoyment-creating activities,  
and finaLLy to deveLop the Community financiaL instruments in adapting them  
to the necessity for"an improvement in investment performance.
In paraLLeL with this work, the Commission has carried out an analysis
of the fiscal and financiaL measures in favour of investment in the Member
, . . ( 2)States. In ApriL 1983, it presented a communication on this subject.
(1) Published in European Economy, No. 14, November 1982.
(2) Published in European Economy, No. 16, JuLy 1983.

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2.3. The priorities
The overall direction of the Community's lending activity is determined  
by the choice of priority objectives to which the projects to be financed  
must conform.
Historically, the financing of infrastructure contributing to regional
development is the oldest priority. After the energy crisis, the support
of efforts to ease the energy constraint at both national and Community level
became important and the financing of energy investment grew to take first
place in agreed loans in 1981 with 47%. Today, the energy crisis is no less
(1 )serious and the investment crisis demands a particular effort. In 1982,  
the financing of investment in the productive sector has also stolen the lime­
light with loans in this area more than doubling from one year to the next.  
Among the investments in the productive sector mention should particularly  
be made of those to small and medium-sized firms:  these firms have only
restricted or no access to capital markets, although their potential for  
employment creation is high and the necessary investment per new job is  
lower than that required in larger firms. It is these arguments which led  
the Community to give a very high priority in 1982 to the development of  
loans to small and medium-sized firms.
(1) Cf. "European Economy", No. 16, July 1983.

-  8 -
3. THE GROWTH OF COMMUNITY LENDING AND BORROWING ACTIVITIES
3.1. The New Community Instrument (NCI)
The major part of the measures taken or proposed in 1982 concern the
NCI.
In March-April 1982,(1> the activities, started under the NCI-I,  
were prolonged by the Council: the Commission was empowered to make new
borrowings up to a limit of one billion ECU (NCI_II), to support the  
financing of investment in energy, infrastructure and the development of  
small and medium-sized firms. The latter marks the opening up of the NCI  
to the productive sector, which the Commission had already asked for in  
1978 without success. In October 1982, confronted by the strong demand  
for funds, the Commission asked the Council to extend the activities of  
the NCI through the presentation of a proposal to borrow a further  
3 billion ECU, an amount mentioned at the European Council in London in  
November 1981.
In February 1983, the Council, by passing an 'orientation commune',  
accepted the principle of a continuation of the NCI activity on the basis  
of a modified proposal (3) taking into consideration certain observations  
which the Parliament had made. The 'orientation commune' set a ceiling of  
3 billion ECU divided into tranches (which would be authorized by a qualified  
majority) and limited the loans in industry and the productive sectors  
largely to small and medium-sized firms (whereas the demand had been made  
to be able to finance industrial renewal in all firms irrespective of size).
This 'orientation commune' was presented to the Parliament, which  
demanded the opening of the concertation procedure between itself and the  
Council. The concertation was held in a constructive atmosphere on 18 April
(1) Cf. 'The borrowing and lending activities of the Community in 1981  
European Economy, No. 13, September 1982.
(2) OJ No. C 200, 27.10.1982.
(3) OJ No. C 28, 3.2.1983.

- 9 -
(1 )and, the next day, the Council formally adopted a Decision in the terms  
of the 'orientation commune'.
However, without waiting for the result of the concertation procedure,
in February 1983, the Commission presented a proposal for a Decision on the
(2)allocation of a tranche of 1 500 million ECU. The areas of application  
proposed are those mentioned in the 'orientation commune' Ci.e. energy,  
infrastructure, and financing of investment, principally by SME, in industry  
and other productive sectors), with, however, an indication of priorities:  
efficient use of energy, infrastructure related to the development of pro­
ductive activities, small and medium-sized firms.
3.2. Euratom
In accordance with the last Council Decision of 20 December 1979 em­
powering the Commission to contract loans (80/29/Euratom), and given that  
the value of transactions effected had reached 800 million ECU, the Council  
empowered the Commission by Decision of 15 March 1982 (82/170/Euratom) to  
contract Euratom loans up to the equivalent of 2 000 million ECU (an increase  
of 1  000 million ECU over the previous total). The Commission has to inform  
the Council when the total value of transactions effected reaches 1  800  
mi l  lion ECU.
3.3. European Investment Bank (EIB)
In 1982 the Board of Governors authorized the Bank:
- to participate in the Decision by the Council of the Commurvities of
14 December 1981 providing for exceptional Community aid for the re­
construction of the regions affected by the Greek earthquakes in  
February and March 1981, up to a ceiling of 80 million ECU in borrow­
ings;
(1) Council Decision 83/200/CEE; 0J No. L 112, 28.4.1983.
(2) OJ No. C 66, 11.3.1983.

-  10  -
- to Lend up to 50 million ECU from its own resources as further ex­
ceptional aid towards the reconstruction of the Lebanon;
to include Zimbabwe, St. Vincent and the Grenadines, Vanuatu, Belize,  
Antigua and Barbados in the list pf ACP states which are eligible  
for loans from the Bank from its own resources under the Second Lomé  
Convention, within the total allocation of 685 million ECU for the  
ACP states.
With the signature of the new financial protocols with Tunisia and  
Algeria on 28 October 1982, all the new financial protocols with Maghreb  
and Mashreq countries have now been signed.
The Bank is contributing from its own resources to the financing of  
investment projects in these countries.
On 21 November 1978, the Bank had received a mandate from the Commission  
to manage special loans and grant interest subsidies on EIB Loans. The Bank  
and the Commission agreed on 30 December 1982 and 6 January 1983 to extend  
this mandate with effect from 1 January 1983 to cover, firstly, pre-accession  
aid to Portugal remaining to be committed and, secondly, the new financial  
protocols with the Maghreb and Mashreq countries.
3.4. Relations between the Commission and the EIB
In addition to the Bank's activities financed from its own resources,  
it acts as the agent of the Community, represented by the Commission, in  
the operation of various financial instruments! relations between the  
Commission and the Bank in the performance of these tasks are governed by  
cooperation agreements specifying the role and responsibilities of each party.
This working relationship, which takes different forms depending on  
the characteristics of each instrument, aims to make the most rational use  
of the powers and capabilities of both parties.

-  11  -
Accordingly, the Bank acts as an agent for Euratom and has a mandate  
from the Community for the NCI, for the interest subsidies in the framework  
of the European Monetary System (EMS) and the special aid for the reconstruc­
tion of the areas affected by earthquakes, for the assistance in the form  
of risk capital provided for by the Lomé Convention, and for loans on  
special conditions from budgetary resources provided for by the Mediterranean  
financial protocols.
The technical detail of this cooperation have also been modified over  
the years to take account of experience gained and of changes in the  
Community's financial instruments. Following the adoption of NCI-II, a  
new cooperation agreement had thus been worked out between the Commission  
and the EIB in order to take account of the changes made to the enumeration  
of their respective powers and to shed light on the role actually played  
by the Commission.

-  12  -
4. BORROWING
4.1 Situation on the capital markets in 1982
4.1.1 General
Although total borrowing on international financial markets in 1982 was broadly  
the same as in the previous year, its structure changed significantly. The volume  
of international bond issues exactly doubled - Eurobonds growing faster than con­
ventional foreign issues - whereas that of Eurocrédits fell by around a quarter from  
the exceptionally high level of 1981, which was admittedly inflated by a large number  
of takeover operations which required market financing.
Furthermore, an improvement in conditions on the long-term markets (particularly  
lower interest rates) encouraged borrowers to consolidate their commitments through  
long-term, fixed-interest financings, i.e. bond issues.
Volume of international capital markets (million ECU)
1981 1982
1International bond issues
- conventional foreign bonds
- Eurobonds
Syndicated bank credits34 723
13 700  
21 023
125 7567 398
17 149  
50 249
99 645
Total 160 474 167 O43
1public issues only  
Source :  EIB
In a general economic climate that was not very favourable, as demonstrated by the  
absence of economic growth, the pursuit of restrictive monetary policies, and  
volatile exchange rates, some of the major countries were obliged to renegotiate  
their interest payment and capital repayment commitments. This process led to a  
reduction in the volume of operations on medium-term Eurocredit markets. Com­
mercial banks involved in international bank lending operations became more selec­
tive and restrictive in their lending policy. The monetary authorities for their  
part had to reconcile two conflicting concerns. Firstly, the precarious position  
of some debtors ted them to tighten surveillance over the international activities  
of the banks. Secondly, while encouraging private banks to exercise greater pru­
dence in their lending to high-risk debtors, they asked them not to reduce too  
sharply their commitments to countries in difficulty.

- 13 -
At the same time, international monetary institutions - the International  
Monetary Fund and the Bank for International Settlements - came to play a  
greater role in rescheduling. The prudence of the international banks in  
the field of bank lending did not occur together withadrop in the volume  
of Eurobond issues or conventional foreign issues. On the contrary, the  
general downturn in interest rates stimulated a substantial increase in  
bond issues on international markets. However, greater investor selecti­
vity caused the range of rates on these operations to widen.
4.1.2. Interest rate developments
In most Community countries and in other countries whose capital markets are  
widely used by the Community's borrowing and lending instruments, interest  
rates on the money and capital markets fell in 1982 (cf. graphs in Annex).  
However, the fall in rates on several markets was restrained by continuing  
high interest rates on the American market in the first half of 1982. Short­
term rates generally fell more than long-term rates, boosting investor  
interest for long-term fixed-interest paper. Real interest rates in general  
remained fairly high, however.

- 14 -
4.1.3 International bond markets
As shown by the table below, the indebtedness of Community countries and  
Community organizations on the international financial markets grew in  
1982 at broadly the same pace as the market in general, in other words the  
volume virtually doubled in comparison to 1981. The same is true of borrowing  
by other industrialized countries. However, there were sharp variations  
elsewhere in the world: borrowing by developing countries in particular, some
of which were experiencing serious payment difficulties, fell substantially  
in relative terms, even though it was up in absolute terms. The reverse  
occurred with operations by borrowers from the United States, the volume  
of which increased by a factor of 3.5 in 1982 in comparison to 1981, raising  
their share of the total from 15.7% to 27.6%.
(1 )International bond issues by debtor country
(mil lion ECU)
]
I1981 1982- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - — - ,
i% %
—
1  .Industrialized countries 2798780,657112 84,7
Borrowers from EC countries (7566)(21,8)(15274)(22,6)
(of which EC organizations) (1 785)(5,1)<2779) (4/1 )
Other industrialized coun-(20421)(58,8)(41842)(62,1)tries
2.Developing countries 2460 7,13077 4,6
OPEC countries (352) (1,0) (317) (0,5)
Other developing countries (2108)(6,1)(2760) (4,1)
3.Eastern European countries - -I
I(including Comecon organi- j
zations)I
4Other ir^rnational organi-427612,37209 10,7
zations
—i  ota l 34723100,067398100,0
'''The table covers only public issues and hence only part of the borrowings  
by Community issuers (see Tables 1  and 2 in the Annex).
(2)African Development Bank, Asian Development Bank, Council of Europe,
Eurofima, Inter-American Development Bank, Nordic Investment Bank, World
Bank.
Source: EIB

-  15  ~
4.2. Community borrowing in 19f^
Total borrowing by Community orr^^zations in 1982 rose to 4 994 million  
ECU, compared with 3 280 mi l  Liand  3 874 million ECU in 1980.  
The growth between 1981 and '«'782 is spectactor (+ 52%) because in 1981  
there was a fall in borrow'^9 by both the ECSC and EIB. The growth over
(million ECU)
Year
L L"•ECSC EIB1EURATOM EEC2 NCITOTAL
■ ' m s 263 608 871
1974 528 826 1 354
1975 731 814 1 545
1976 956 732 1 249 2 937
1977 729 1 030 99 571 2 429
1978 981 1 863 72 2 916
1979 837 2 437 153 178 3 605
1980 1 004 2 384 181 305 3 874
1981 325 2 243 373 339 3 280
1982 712 3 146 363 773 4 994.
1The EIB also raises funds by selling participations in EIB loans to third  
parties; the limited amounts involved (511.5 million ECU between 1973 and  
1982, of which 67.0 million ECU in 1981 and 59.5 million ECU in 1982) are  
not included in the figures given.
2Borrowing to finance balance-of-payments deficits.
The analysis of issues by source and currency of borrowing shows that:
— Borrowing in the currencies of member countries represents around 60%  
of the total, the remaining 40% being in non-Community currencies  
(20% in USD, 12% in Yen and 8% in SFR).two years, between 1980 Jrtd982, is 29%.
Trend of hnrro^Vfng by Community instruments

- 16 -
- Four issues in ECU were made in 1982, for a total of 162 million ECU; from
March 1981 (when ECU issues began) to March 1983 total Community issues in
ECU reached 539 million ECU, representing 18% of total ECU issue during this 
period.
- Operations in DM doubled compared with the previous year. From the beginning 
of 1982 the fall in interest rates on the German market improved conditions on 
that market. Borrowings in HFL also increased in absolute value but fell in 
relative size, although the Dutch guider maintained its second position in 
Community borrowings. The Belgian franc and the Luxembourg franc remained 
major currencies for borrowing by Community instruments, particularly by Euratom, 
which raised 40% of its funds in LFR and BFR.
- In 1982 the US dollar played a lesser role than in the previous year; its
relative share fell to 20% of total borrowing. This is largely the result of
differences in the relative levels of interest rates between the dollar and 
other major currencies such as the DM, the yen and the SFR, particularly in 
the first half of the year. The exchange-rate outlook also acted as a brake 
on borrowing in US dollars.
- As in 1981, a sizable proportion of the funds borrowed by Community instruments 
were raised in the form of private placings, since access to public national 
markets is limited.
- The share of public Community issues in total international bond issues 
fell from 5,1% in 1981 to 4,1% in 1982.
Community borrowing in 1982, by currency
(million ECU)
Member country currenciesNon-member country currenciesTOTAL
DMHFLUKLFFLFRBFRLITECUSub­totalUSDSFRÌEN
■I B586,0412,9262,9177,4_  37,279,2-112,01667,6745,3345,738713145,7
■URATOM - - -76,7125,822-50274,5--88362,5
ECSC434,479,124,28,624,7---571,082,736,3220712,0
iCI196,7141,6“ -88,3--426,6206,751,888773,1
TOTAL1217,1633,6287,1262,7187,7189,5 -162,02939,71034,7433,858514993,3
X25136544-36020812100

- 17 -
4.3 Coordination of borrowing
Borrowing is implemented by two separate institutions - the Commission on the  
one hand, and the EIB on the other - but the way in which operations develop  
is the responsibility of the same authorities, namely the Finance Ministers  
of the Member States, who, meeting in the Council, set the ceilings for the  
borrowing/lending activities of Euratom and the NCI and who, meeting as the  
Board of Governors of the EIB, determine the latter's lending and borrowing  
policy. Furthermore, the Commission departments dealing with borrowing and  
lending are all under the authority of the same Member of the Commission who  
is in regular contact with the President of the EIB. Lastly, meetings are  
organized between the Bank and the Commission to deal with matters of common  
interest. For the purposes of dealing with technical matters, frequent and  
regular contacts take place at all levels of the Commission and EIB depart­
ments. All the Commission borrowing (ECSC, Euratom and NIC) is carried out  
by the Directorate-General for Credit and Investments, which is situated in  
Luxembourg next to the headquarters of the EIB. The Commission officials  
responsible for borrowing and their opposite numbers at the EIB regularly  
and frequently discuss their borrowing programmes so as to coordinate timing  
and to determine jointly their priorities for access to the various capital  
markets.
For all their borrowing on Member States' markets the Commission and the Bank  
comply with the laws or regulations governing domestic issues, and they float  
issues only with the agreement of the national authorities. This general  
rule is applied in practice not only on the national capital markets of the  
Member States (for which it was established) but also in the case of loans  
that are denominated, payable or repayable in the currency of a Member State.  
Moreover, although they are not always obliged to do so, the Community in­
stitutions also request thè agreement of the appropriate authorities in non­
member countries when they float loans on their markets.
In sum, while the number of labels under which the Community borrows has  
allowed more capital to be raised on the markets, the close coordination est­
ablished between the two borrowers has prevented any undesirable competition that  
might have harmed the Community's borrowing capacity.

-  18  -
5. LENDING IN THE COMMUNITY  
5.1 Genera L
The total value of loans contracted in 1982 reached 5274,8 million ECU, compared  
with 4113 million ECU in 1981 and 4156 million ECU in 1980. The slight reduction  
seen between 1980 and 1981, which was a reflection of the weakness of investment,  
was followed by a rapid expansion in 1982: 28% up on the previous year.
The rise in 1982 is principally due to the activities of the EIB, but the growing  
importance of the NCI should also be noted (loans of nearly 800 million ECU in  
1982, compared with 540 million ECU in 1981 and less than 200 million ECU in 1980);  
the opening of the NIC to productive investment by small and medium-sized enterprises,  
which only became effective in April 1982, is already a success and gives a certain
K.
specificity to this instrument.
Trend of lending in the Community
(million ECU)
Year ECSC EIB Euratom
1973 286,4 696,8
1974 377,9 849,7
1975 804,9 917,5
1976 989,0 1 086,0
1977 709,0 1  401,3 96,9
1978 797,7 1 966,5 70,3
1979 675,8 2 281,2 151,6
1980 1 024,1
387,62 753,2 181,3
1981 2 821,5m) 364,3
19 82 668,8 3 45 3,2(3)j 361,8NCI Total
277.0  
197,6  
539,8 (3)
791.0 (3)983.2
1 227,6
722.4
075,0
207.2
834.5  
385, 6·  
156,2  
113,2  
274,81
2
2
2
3
4
4
525
40
20
6
28 
19 
23 
-  1
28
5.2 Employment effects
Investment projects in the Community part-financed under the Community's finan­
cial instruments had a significant impact on employment. In 1982, the EIB and  
the NCI helped to finance investment that should create around 26 000 permanent  
jobs and safeguard some 32 000 others, most of them in industry. All the orders  
and work generated by the projects financed, notably the infrastructure projects,  
are in addition providing temporary employment during construction periods for a  
considerable number of workers in the different sectors concerned. These directAnnual gro·  
wth rate X
1
2
3"Balance of payments" loans are not shown in this table.
Including loan guarantees totalling 282.1 million ECU.
Including the loans for reconstruction in areas damaged by the earthquakes in  
Italy in November 1980 and in Greece in February/March 1981.

- 19 -
and indirect employment effects are put at some 480 000 man-years, equivalent to
1almost 100 00G jobs during the first two years .
While, because of their nature, projects financed by Euratom create few new jobs  
directly, ECSC conversion Loans in 1982 helped to provide jobs for around 17 000  
workers, including 14 000 who had formerly been employed in the coat and steel  
industries.
5.3 Sectoral and country breakdown
An analysis of lending contracted within the Community in 1982 shows the following  
di stribut ion:
- Lending to the productive sector rose sharply, from 788 million ECU in
1981 to 1 654.9 million ECU in 1982, an increase of 110%. ECSC loans for  
industrial conversion projects and for investment programmes in the coal  
industry also increased appreciably while loans to the steel industry  
showed a significant fall. EIB loans to the productive sector more than  
doubled and were channelled first and foremost to small and medium-sized  
enterprises through global loans totalling 592.9 million ECU against  
318.4 million ECU in 1981 .
The expansion in NCI operations is mainly attributable to lending to this  
sector. These operations totalled 261.3 million ECU, virtually all of  
which was in the form of global loans to small and medium-sized enterprises  
in Italy and France.
- In the infrastructure sector, the EIB stepped up its lending in 1982 while  
ECSC and NIC operations were maintained at the previous year's level.
- In the energy sector, ECSC lending was much higher in 1982 than a year  
earlier on account of the pick-up in investment in the coal industry. EIB  
loans to this sector fell although lending to projects promoting the  
efficient use of energy grew considerably. Euratom and NCI lending in
1982 for energy projects showed no change from the previous year.
1Permanent and temporary employment effects are calculated from the information  
obtained when investment projects are being appraised. It is important to  
stress the highly approximate nature of these estimates: because of the margins
of error attaching to calculations of this sort, they simply give an order of  
magnitude.

20  -
Lending in the Community in 19S1 and 1982,, by sectorimillion ECU)
SectorECSC
1981 1932:EXB
1981 1982Euratom 1981 l'·.·’ ,·’I  NCI 1581 1982T0'rU1381 1332% i1981 1932
Productivesector
Infra­
structure
Energy336,7 3S3,5 
14.7 16,1 
57,2 297,2472.3 1040,1(1)
329.4 1369,9 
1419,8 1043,2 357,6 361,8261,3(2)
446.’  429,4 
93,7 100,3788,0 1554,9
1390.2 1817,4
1928.3 1602,519 32 
34 34 
47 34
TOTAL387,6 665,3 j2fi21.5 3453,2 357,6 361,8 639,8 791,0 4106,5 5274.100 100
(1) Including an amount of 592.9 million ECU for global loans to finance sprII 
and medium-scale projects.
(2) Including an amount of 249.1 million ECU for global loans to finance 
productive investments by small and medium-sized enterprises.
Taking the geographical breakdown, Community lending continues to be concentrated 
ir, the countries with serious regional problems. Italy, the United Kingdom, 
Ireland and Greece received 71% of lending to promote regional development. 
Lending operations expanded sharply in Greece and the United Kingdom but atso 
in France. The Community's borrowing and lending instruments thus contributed 
to economic development and the financing of priority investments through sub­
stantial transfers of capital to the least developed regions, where unemployment 
rates are among the highest in the Community.
Geographical breakdown of lending in the Community in 1981 and 1982
(million ECU)
lountryBDKD-  GRFIRLILNLUKTOTAL
1981Amount4082142. 9384,3159,2477,2353,6183470,10,5323,04106,5 *
*10,03,59,33,911,78,6446007,9100
19825274,8 Amount151,33071205,5469,87B9,8408,6213345,544,1759,7
%2,9583,S8,915,07,74000,814,4100
* This includes a 22.8 million ECU loan in Tunisia; in view of this country's 
importance as a supplier of energy to the Community, special authorization 
was granted by the EIB's Board of Governors in accordance with Article IS 
the EIB's Statute.

-  21  -
6. LENDING IN THE COMMUNITY BY INSTRUMENT
6.1 New Community Instrument (NCI)
6.1.1 Genera L
Borrowing and Lending began in 1979 and the table below shows the lending  
position as at 31 December 1982, specifying the borrowing authorization  
and ceiling.
NCI loans as at 31 December 1982
(million ECU)
NCI I NCI I INCI -  Reconstru  
Ita lyction ” 1
Greece
Cei ling  
Loans signed1 O O O
8031 O O O
3481 O O O
*  37580
80
Balance197 452· 625 ( l ) '~0
The loans for the reconstruction of the disaster areas in Italy and Greece  
(see also Chapter 6.2) may be granted from NCI and EIB resources. The EIB  
has made loans totalling 148 million ECU to Italy leavina a balance of  
477 million ECU at 31 December 1982.
The table shows that, by 31 December 1982, 80% of NCI I funds had been  
committed, the balance being accounted for by loans approved but not yet  
signed. Over 50 % of the NCI II ceiling was used up in less than eight  
months.
In 1982, loans contracted from NCI resources totalled 791 million ECU.
Most of the projects aim to reduce regional disparities. They are located  
in the Community's peripheral regions and a proportion of 84 % is concentra­
ted in areas where per capita income does not exceed 60 % of the Community  
average .  They help to alleviate the disadvantages of remoteness by im­
proving telecommunications and road links and by correcting the lack of basic  
infrastructures, in particular energy infrastructure and sewage treatment  
facilities (see Table 9 in the Annex).
(1) On the basis of data expressed in purchasing power standards.

-  22 -
Other Loans have been granted for projects to improve energy supplies in the  
Community, to exploit the Community's indigenous solid-fuel and gas reserves  
and to promote the efficient use of energy in industry. These projects should  
reduce the Community's dependence on oil by some 1.4 million tonnes of oil equi­
valent per annum.
In 1982 contracts for global loans totalling 261.3 m ECU were concluded for the  
first time with long-term financing institutions, enabling these institutions  
to make sub-loans for productive investment by small and medium sized enterprises  
or for investment in the efficient use of energy.
Some NCI projects also received loans from the^EIB's own resources both before  
and during 1982 :  the combination of these two types of loan makes it easier and  
in some cases quicker to carry out priority projects by covering an additional  
proportion of the investment costs.
In view of the amortization period for the projects, NCI loans are for 10 to 15
years and in some cases even 20 years. Projects financed individually involved
total investment costs of 2 272 million ECU,including 488 million for energy. Loans(1)from NCI resources financed on average a proportion of 17 % of the cost , while  
those from the EIB's own resources financed an average of 22 %.
Three extraordinary loans totalling 158.4 million ECU were granted pursuant  
to the Council Decisions of 20 January and 14 December 1981, for projects  
for the reconstruction of the means of production and the economic and  
social infrastructure (roads, schools and basic infrastructure) in the  
areas damaged by the earthquakes in Italy in November 1980 and in Greece  
in February 1981. Loans in Italy (Campania and Basilicata) amounted to  
78.4 million ECU, and 'in Greece the whole of the 80 million ECU authorized  
by the Council Decision was taken up in a single loan in 1982.
(1) This excludes alobal loans and extraordinary aid loans, where the  
percentage ranges from 10% to 44%, depending on the project.

- 23 -
Loans contracted from NCI resourcas in 1982/. by country and sector
(million ECU)
Sectors
CountryProductive Energy Infra-Total
sector structure
Denmark - 47.4 48.6 96.0
Greece- - 124.9 124.9 (1)
France 37.6 - - 37.6
Ireland - 37.8 45.3 83.1
Italy 223.7 15.1 210.7 449.5 (1)
Total 261.3 100.3 429.* 791.0 (2)
(1) Including loans for the reconstruction of the disaster areas in Greece  
(80.0 million ECU) and Italy (78.4 million ECU).
(2) Including 85.0 million ECU out of NCI I, 547.6 million ECU out of NCI II  
and 158.4 million ECU out of NCI - Reconstruction
6.1.2. The investment projects
In Italy, apart from the two "reconstruction" loans, 11 loans totalling 371  
million ECU were granted for investment contributing to the development of  
the southern regions, to the Community energy objectives, and to productive  
investment by SMEs in the centre and north.
The three loans granted in the Mezzogiorno related to basic infrastructure.
The improvement of the telephone networks in Apulia and Sicily will allow  
300 000 new subscribers to be connected, thus encouraging the establishment  
of new firms and the expansion of existing economic activities. The construc­
tion of the Nola and Foce Regi Lagni sewage treatment plants and of sewage  
mains serving 62 communes will make a substantial improvement in the living  
conditions of almost half a million people and will remove a barrier to cer­
tain economic activities around the Bay of Naples, which is a very heavily  
populated and busy area. The work will help to reduce the pollution of the  
Mediterranean, and will thus contribute to the objectives of the Community s  
environmental protection policy.

- 24 -
Of the eight Loans granted in the centre and north, four related to energy.
One Loan was towards the extension and improvement of the natural gas grid  
serving six towns (Turin, Novaran Asti and Mondovi in Piedmont, and Savona  
and Sarzana in Liguria); the other three were granted for projects which  
contribute to the efficient use of energy :  conversion to coal-firing and  
installation of equipment for recycling heat and reducing electricity consump­
tion in cement works at Pederobba (Veneto); work and equipment in eleven Fiat  
Group factories; and a global loan concluded through the Mediocredito Centrale  
to provide financing through its regional divisions and Interbanca towards in­
vestments by SMEs in more efficient use of energy.
The other loans, concluded with four financial intermediaries (BNL-i-lediocredito,  
Centrobanca, IMI, and the regional Mediocrecki to divisions and Interbanca through  
the Mediocredito Centrale) are intended to finance productive investment by SMEs  
in manufacturing, tourism, and services (excluding distribution in non-assisted  
areas.
Contracts for these first global loans from NCI II resources were signed at  
the end of the year, and the first loans granted at the beginning of 1983.
In Denmark 96 million ECU were lent on the one hand for the Udby-0nslev  
section of the motorway, forming part of the European E4 Helsinki-Lisbon  
route, running from Copenhagen and crossing two bridges in the Storstrdm  
channel, and on the other hand towards the construction of a plant at  
Nybrd for treating natural gas from the Tyra field in the North Sea, and  
a 56.6 km gasline between NybriJ and Egtved where a compressor station is to  
be built.
Loans granted in Ireland totalled 83.1 million ECU, and related to the  
continuing development of telecommunications, which, with 50 000 new tele  
phone and telex subscribers connected, will improve conditions for establishing  
and running firms; further stages in the water supply and sewerage programme  
for northern and midland counties; the two peat-fired power stations in Shannon-  
bridge and Lanesbourough, by addition of two new 41 MW generating sets; and  
lastly, the 222 km gas pipeline from Cork to Dublin, which will supply the  
Dublin network, and at a later date also the suburban industrial areas, with  
natural gas from the Kinsale Head offshore field.

- 25 -
Apart from the "reconstruction" Loan the first Loans granted in Greece reLated  
to the extension and modernization of some 700 LocaL and trunk telephone ex­
changes, alLowing over 80 000 subscribers to be connected in various parts  
of the country.
In France a global Loan contract concluded with the Crédit d'Equipement des  
Petites et Moyennes Entreprises will allow the financing of productive invest­
ment by SMEs in manufacturing, tourism and services outside regional develop­
ment areas.
6.2 Subsidized loans for reconstruction in the earthquake-stricken areas of Italy  
and Greece--------------------  < v
Lo
ans from NCI and EIB resources intended for reconstruction in the areas  
stricken by the earthquakes of November 1980 in Italy and of February and  
March 2981 in Greece totalled 274.8 million ECU in 1982.
In Campania and Basilicata, where emergency work carried out in 1981 has  
been succeeded by permanent reconstruction, NCI and EIB assistance amounted  
to 194.8 million ECU. Including the loans totalling 328.2 million ECU  
granted in 1981, more than half the package of subsidized loans had thus  
been committed within the first two years for which it had been available.
Loans from NCI resources, totalling 78.4 million ECU in 1982, helped to finance  
the continuation of repair work to 1  137 km. of the railway network and the re­
construction of the first section of the Apulian aqueduct which supplies Apulia  
with drinking water from the water resources of Campania.
In addition to a loan for the reconstruction of a tunnel section of the same  
aqueduct, loans from the EIB's own resources totalling 116.4 million ECU helped  
to finance drinking water supply and sewage disposal facilities in almost 200 
communes serving as rehousing centres for some 100 000 persons, or went towards  
urgent repairs and the reconstruction of telephone and electricity networks.
In Greece the total amount of 80 million ECU authorized by the Council was  
committed during the first year. This amount, from NCI resources, went  
towards the repair of the road and rail networks, the reconstruction and  
repair of 796 schoolbuildings and 10 400 damaged dwellings and the assembly  
of 550 prefabricated housing units.

- 26 -
★6.3 European Investment Bank (E1B)
In 1982 the EIB made Loans from its own resources totalling 3 863.4 million  
ECU; loans within the Community accounted for 3 453.2 million ECU and loans  
outside the Community for 410.2 million ECU.
The table in the annex gives a breakdown by country and sector of the EIB  
loans contracted in the Community. They were mainly concentrated in the four  
countries with the most pronounced structural problems,with 79.3% going to  
projects in Italy, Ireland, the United Kingdom (where lending picked up  
sharply) and Greece (where the loan amount more than doubled in comparison  
with the first year of Community membership); the balance went chiefly to  
France, and to a lesser extent to Denmark, Belgium and Germany.
Over three-quarters of loans in the member countries helped to finance re­
gional development projects, mainly in regions accorded the highest priority  
under Community regional policy :  the Mezzogiorno (1 125.2 million ECU), Ire­
land (325.4 million ECU) and Greece (333.6 million ECU'*, or in regions with  
the highest unemployment and the lowest output per head. Regional investment  
projects are chiefly concerned with infrastructure in the fields of telecom­
munications, transport, water supply and sewage treatment and energy.
Financing for projects helping to attain the Community's energy objectives  
accounted for 30 % of all loans, and went in particular towards developing  
indigenous resources, mainly in the nuclear sector (419.4 million ECU) and  
towards exploiting oil and gas resources (208 million ECU). Loans for in­
vestment in the efficient use of energy and in the diversification of energy  
imports amounted respectively to 279 million ECU and 159.4 million ECU.
A total of 165.9 million ECU was devoted to the financing of infrastructure  
projects in the common European interest (primarily roads).
(*)See also the annual report of the Bank. This report and several other publi­
cations are sent to all  the Community institutions, and individually to  
members of the European Parliament and the Economic and Social Committee.

- 27 -
The amount Lent for projects in the productive sectors was twice as high as  
in 1981 :  592.9 million ECU went into global loans for the financing of small  
and medium-sized ventures and 447.2 million ECU went into loans for larger  
scale investment projects. Industrial projects involving the development of  
advanced technologies received 41.2 million ECU in loans, and financing for  
the modernization and conversion of enterprises totalled 22.6 million ECU.
6.4 Euratom
In 1982, Euratom paid out 12 loans totalling 261.8 million ECU for the followi  
projects :
- fast-breeder nuclear power station at Creys-I^alville (Nersa, France);
- nuclear power station at Alto Lazio (Enel, Italy);
- nuclear power station at Doel (Ebes, Belgium);
- nuclear power station at Tihange (Intercom, Belgium);
- nuclear power station at Belleville (EDF, France);
- uranium enrichment plant at Tricastin (Eurodif, France).
The EIB in its capacity as Euratom agent signed loan contracts jointly wt1 
the Commission of the European Communities.
The loans paid out since Euratom was established total 1  225.4 million ECU  
(at the exchange rate on 31 December of each year). The balance available  
under the new ceiling is therefore 774.6 million ECU.
6.5 European Coal and Steel Community (ECSC)
The total amount of loans paid out by the ECSC in 1982 was sharply up on the  
1981 amount but not yet back to the 1980 level (see Table 11 in the annex).
See the financial report of the ECSC for 1982. ECSC lending accounts are  
drawn up in terms of loans "paid out". The Commission takes a decision in  
principle to lend a certain amount to a firm to finance an investment.
The loan contracts signed relate either to all or part (a tranche) of the  
amount decided on by the Commission. Usually disbursement takes place im­
mediately after signature of the contract, so that the total for loans  
signed during a year is the same as the total for loans paid out. However,  
for global loans and for workers' housing loans the funds are usually paid  
out in successive tranches, hence the discrepancy between loans paid out  
and loans signed.

- 28 -
Loans to the steel industry were the only ones to show a fall, whereas loans  
to alt other eligible sectors were up. This reduction in loans to the steel  
industry is related to the transitional situation in which firms in this  
sector still find themselves due to the development and implementation of  
restructuring plans.
The 139.8 million ECU in loans paid out to steel firms was divided between  
16 loans to firms in four Member States (the Federal Republic of Germany,  
France, Italy and the Netherlands).
As regards ECSC financing in the coal industry, the Commission mainly supported  
investment projects for modernization and rationalization intended to preserve  
or raise the level of output in the most productive mines.
The number of loans for investment in coal-mining increased substantially in  
1982 with 20 loans granted for investment projects in the Federal Republic  
of Germany, France and the United Kingdom. The ECSC thus contributed some  
_T4% to the total coal industry of approximately 1  800 million ECU investment  
in 1982.
Loans for coal use, paid out for the financing of electric power stations,  
were higher in 1982, at 40.9 million ECU compared with 26.6 million ECU  
in 1981; three projects were involved.
Under the second paragraph of Article 54 of the ECSC Treaty, the Commission  
in 1982 paid out two loans for the modernization of shipyards in Italy, and  
two loans in the United Kingdom to finance railway wagons designed for the  
transport of coal, coke and steel products.
In 1982 the ECSC made a first payment of 71.8 million ECU to the Brazilian  
Companhia Vale do Rio Doce (CVRD) to help finance the exploitation of an  
iron ore deposit at Carajas, Brazil. This payment was made under a decision  
taken with the assent of the Council in July 1982 to lend up to 600 million  
ECU to part-finance the opening up of this deposit.
Another mining project, more modest in scale, was also financed under the  
ECSC Treaty: this involves the exploitation in Greece of a chromite mine
and the construction of a ferrochromiurn plant.

- 29 -
In the case of conversion Loans, the increase over 1981 is Large (89 %).  
The share of gLobaL Loans to encourage job creation in smaLL and medium­
sized firms was 40 % of the conversion Loans oaid out in 1982.
Loans for housing increased sLightLy in 1982, to 18 miLLion ECU. The pro­
jects approved made it possibLe to finance about 8 000 new workers' homes.

- 30 -
7. LENDING OUTSIDE THE COMMUNITY
7.1. General
· ]Since 1963 loans have been granted outside the Community in Greece  
and Turkey; in the African, Caribbean and Pacific States under the  
Yaoundé and Lomé Conventions; in most of the countries in the Medi­
terranean region :  Yugoslavia, Algeria, Morocco, Tunisia, Egypt,
Jordan, Lebanon, Syria, Israel, Malta and Cyprus; and lastly in the  
applicant countries Spain and Portugal. \
The loans to projects fostering the economic and social advancement of  
these countries are granted from the resources of the EIB, the EDF, and  
the General Budget of the Communities.
In 1982 EDF operations in the ACP States and Overseas Countries and  
Territories (OCT) amounted to 173 million ECU, comprising 135.6 million  
ECU in special loans and 37.2 million ECU in risk capital. Atotal of  
19 million ECU in special loans from budgetary resources was granted  
towards projects in Mediterranean countries.
In 1982 EIB loans from own resources amounted to 410.2 million ECUr  
with 288 million ECU going to the Mediterranean countries and 122.2  
million ECU to the African, Caribbean and Pacific States, pursuant to  
the Second Lomé Convention, and to the OCT.
Before it acceded to the Community on 1  January 1981.

- 31 -
7.2. Loans to Mediterranean countries
Financing from EIB's own resources in the Mediterranean region was con­
centrated on Spain, Portugal and Yugoslavia (252 million ECU). The fi­
nancial protocols concluded with the Maghreb and Mashreq countries ex­
pired at the end of 1981, and in 1982 only one project, in Egypt, was  
financed from the balance of funds available; amounts provided for under  
the financial protocol with Cyprus were committed in full.
Loans amounting to 55 million ECU carried interest subsidies from the  
General Budget of the Communities, which also guarantees 75 % of EIB  
lending to these countries.
Over half the total advanced went for investment in energy, while one  
third benefitted road and rail infrastructure and water supply schemes;
Lending to industry consisted essentially of global loans for the fi­
nancing of small and medium-sized firms.
Loans made in Spain and Portugal as part of pre-accession financial cooperation  
amounted to 105 million and 80 million ECU respectively. In Spain these Loans  
went mainly towards investments in regions with per capita income levels far  
below the national average in the form of global loans for small and medium-  
scale industrial ventures and local authority infrastructure schemes. The  
other loans were for investment in energy :  a gas pipeline, energy-saving  
industrial plant, and a global loan to finance coal-mining and small hydro­
electric schemes.
In Portugal loans were made towards the coal-fired power station at Sines  
and a section of the road between Aveiro and the Spanish frontier; a global  
loan will be drawn on to finance small and medium-sized industries.
Other loans under this heading were for the installation of centres to con­
trol and monitor the electricity grid in Yugoslavia, for the exploitation  
of a natural gas field in Egypt, and water supply and sewerage works in  
Cyprus.

- 32 -
7.3. Loans to ACP States and OCT
The EIB granted 15 Loans from its own resources in the African States (99.3  
million ECU)/ the Caribbean States (12 million ECU), the Pacific States  
(7.9 million ECU), and the OCT (3 million ECU); in these countries it also  
provided assistance in 27 cases in the form of risk capital, from the re­
sources of the European Development Fund (37.3 million ECU)-
More than half of total lending from EIB own resources related to industrial
investment, in food, chemicals and rubber (36.2 million ECU), and global
loans for financing small and medium-sized firms (29 million ECU). Energy
\projects accounted for 47 million ECU; these were mainly power stations using  
local coal or geothermal resources.
Lastly, a major international telecommunications project received a loan of  
10 mi l  lion ECU.
All these loans were granted at a rate of 8%, which includes an interest  
subsidy from the resources of the European Development Fund.

- 33 -
8. COMMUNITY INTEREST SUBSIDIES FOR LOANS CONTRACTED WITHIN THE COMMUNITY  
8.1. Interest subsidy mechanisms
In 1982, as in 1981, the Community was able to grant four types of subsidy  
for loans within the Community :
~ ECSC subsidies (on ECSC loans);
- European Monetary System (EMS) subsidies (on NIC and EIB loans in Italy  
and Ireland);
1~ ERDF subsidies (on EIB loans in ERDF regions); and
- subsidies related to the special aid for the Italian and Greek areas hit  
by earthquakes in November 1980 and February/March 1981 respectively  
(from NCI and EIB resources).
Each of the four types of subsidy has the effect of lowering the interest  
rate by three percentage points. However, the technique of granting the  
subsidies varies :  the EMS and ERDF interest subsidies are discounted and  
charged to the Community budget as a single sum, whereas the ECSC subsidies  
are not discounted and are charged annually to the ECSC budget over the first  
five years of the loan. The "earthquake" interest subsidies are also to be  
charged annually, to the General Budget of the Communities, for not more  
than 12 years.
8.2. EMS interest subsidies^
Since Council Regulation (EEC) No 1736/79 of 3 August 1979 came into force,  
181 loans have been subsidized under the European Monetary System, 34 from  
1982 budget appropriations.
1An ERDF interest subsidy has been granted only once :  Member States prefer  
capital grants and only one application for a subsidy has ever been received.
2 .Discounted interest subsidies, charged to the General Budget as a single sum  
for each loan Ccf. Tables 14, 15, 16 in the annex).

- 34 -
Subsidized Loans and EMS subsidies paid out
Subsidized loans Interest subsidies paid out
Number Million ECU1 Million ECU % of loans
1979 34 885,42 200,0 22,6
1980 55 1030,82 197,0 19,1
1981 58 1017,5 193,2 19,0
1982 34 1042,03 209,83 20,1
TOTAL181 3975,7 800,0 20,1 I
1  The amounts in ECU of subsidized Loans referred to in EIB documents differ  
slightly from those given here owing to the different dates used for con­
verting into ECU. In its own publications the EIB invariably uses the con­
version rate in force on the last workina day of the quarter preceding  
the signing of the contract, not only for non-subsidized loans but also  
for subsidized loans. For purposes of calculating the interest subsidy
to be entered in the accounts, however, it uses the conversion rates  
prevailing on the day of the final calculation. The figures in this re­
port are based on the rate in force on the latter date both for subsidies  
and subsidized loans, in order to preserve comparability between the amount  
of the subsidy and the amount of the subsidized loan. For loans subsidized  
from 1983 budget appropriations the statistical divergence is 7.5 million ECU
2One subsidy was financed partly from 1979 appropriations and partly from  
1980 appropriations. For statistical purposes, the amount of the loans  
concerned was divided between the two financial years in proportion to  
the interest subsidy for each year, each part being counted as a separate  
loan.
^ A second reason for the differences between the Commission figures and the  
EIB figures is that for certain operations agreed in December 1982 the sub­
sidies were charged to the 1983 budget. These cases, involving loans of  
about 122.0 million ECU, have been excluded from the Commission's figures  
for 1982.

- 35 -
The 1982 operations related to 28 investment projects financed by 28 loans  
from the EIB's own resources (884 million ECU) and by 6 loans from NCI re­
sources (158 million ECU), giving a total of 1  042 million ECU.
The discounted amount of interest rate subsidies totalled 210 million ECU,  
bringing the accumulated total over the system's first four years of ope­
ration to 800 million ECU. The ratio of the total amount of interest sub­
sidies to that of subsidized loans was 20.1 % in 1982, the same as the  
average for the period 1979-82; this ratio depends inter alia on the  
length of the loans, the interest rate and the period of grace.
The amount of each interest subsidy and of each subsidized loan is given  
in Tables 13 and 14 in the annex.
« f t
By origin of resources lent, the subsidies were for 6 loans from NCI  
resources and 28 loans from the EIB's own resources. The respective  
percentages were 14 % and 86 %.
Four projects were financed jointly from the EIB's own resources and  
from those of the NCI.
The interest subsidies from 1982 budget appropriations break down by re­
cipient country as follows :  65 % to Italy and 35 % to Ireland, the two  
countries eligible under Council Decision 79/691/EEC of 3 August 1979.
An analysis by sector of use shows that 25 % of the total amount of in­
terest subsidies went to projects in the energy sector :  6 % for the de­
velopment of primary -energy sources (hydrocarbons), 6 % for thermal power  
stations and 12 % for energy transmission (gas pipelines and distribution  
grids). Infrastructure projects in the other sectors accounted for the  
remaining 75 % of the interest subsidies, mainly water supplies and ir­
rigation (12 %), industrial estates and training centres (8 %), and the  
improvement of telecommunications and road networks (55 %).

- 36 -
More than four-fifths of the interest rate subsidies related to projects  
located wholly or partly in priority regions. Since the projects involve  
infrastructure, the number of new permanent jobs for running the com­
pleted projects is necessarily limited.
Nevertheless, these projects will eventually contribute, largely indirect-  
ly/’to the development of productive activities which will create a sub­
stantial number of jobs; moreover, the work involved and the supplies  
needed for carrying out the infrastructure schemes will have significant  
direct and indirect temporary repercussions on the employment situation  
over what may, in some cases, be relatively long periods.
8.3 Interest subsidies for reconstruction in earthquake-stricken areas
These interest subsidies are governed by Council Decisions 81/19/EEC  
of 20 January 1981 for Italy and 81/1013/EEC of 14 December 1981 for  
Greece. They are paid annually on the interest dates in non-discounted  
form, a rate of 3% per annum being applied to the capital still owing  
for a maximum period of 12 years.
The first subsidized loans for Italy were signed in 1981, so that the  
first interest subsidies were paid on the 1982 interest dates. The  
single loan for Greece was signed in 1982 and interest subsidies will  
be paid in 1983. Tables 17 and 18 list all the loans signed by the  
end of the financial year, with the amount of each interest subsidy  
paid in 1982.

- 37 -
By the enc of '982, the loans signed for Italy already added up to over  
half of the one thousand million ECU authorized, and the entire 80 million  
ECU authorized for Greece had been taken up by a single operation. For  
the two countries together, three quarters of the 600 million ECU in loans  
signed were financed from NCI resources. With regard to the purpose of  
the loons, 55% of the amount signed was for economic infrastructure (roads,  
railways, telephones, electrici i.y, water) and 45% for social infrastructure  
(housing, schools and public buildings).
As a result of the Italian loans signed in 1981 and in the early months  
of 1982, interest subsidies worth 3 million ECU were paid out in 1982,  
the whole amount for economic infrastructure.
8.4 ECSC interest subsidies
The interest subsidies granted by the Commission on ECSC loans in 1982  
were used to finance the following investments:
(i) conversion projects financed by loans under Article 56 of the Treaty;
(ii) investments to maintain and/or increase coalmining capacity, financed  
from loans under the first paragraph of Article 54 of the Treaty.
In 1982, as in previous years, the major share of interest subsidies (both  
for new loans and for loans contracted earlier) went to conversion projects  
(see Table 20 in the annex).

A_£LhLi_X

LIST OF TABLES IN THE ANNEX
Table 1  Community borrowings in 1982
Table 2 EIB borrowings in 1982
Table 3 Borrowing by the European Community
Table 4 Breakdown of loans in the Community in 1982, by instrument,
sector and country
Table 5 Trend in lending operations in the Community, by sector
Table 6 NCI loans contracted, 1979-82
Table 7 ECSC loans paid out, 1973-82
Table 8 Loans from EIB own resources contracted in the Community,
1973-82
Table 9 '  List of NCI loans paid out in 1982
Table 10 List of Euratom loans paid out in 1982
Table 11 ECSC loans by sector, 1980, 1981 and 1982
Table 12 EIB loans outside the Community from borrowings, 1976-82
Table 13 Interest subsidies granted in the Community by the
various Community mechanisms, 1970-82
Table 14 EMS interest subsidies, 1982 financial year :  Italy
Table 15 EMS interest subsidies, 1982 financial year :  «Ireland
Table 16 EMS interest subsidies paid from 1982 appropriations
(by country, instrument and sector)
Table 17 "Earthquake” reconstruction loans carrying interest
subsidies :  Italy
Table 18 "Earthquake" reconstruction loans carrying interest
subsidy :  Greece (1982)
Table 19 Subsidized loans for reconstruction in earthquake-stricken
areas (by country, instrument and sector)
Table 20 ECSC interest subsidies granted in 1982

COMMUNITY BORROWINGS IN 1982
Life
(years)Coupon%
12
12
10
15
10
12
10
7
12
8
10
15
1 315.25  
9,75  
8,00 
9,12
1 1  ,25  
10,50  
6,25  
8,50  
8,00
13.25  
8.875
9 
1 100
50Number Type
a) NCI
1 Private placing
2 Public issue
3 Public issue
4 Private placing
5 Private placing
6 Public issue
7 Public issue
8 Private placing
9 Public issue
10 Public issue
11 Private placing
12 Private placing
13 Public issue
b) EURATOM
14 Public issue 10 14,00
15 Public issue 10 12,50
16 Private placing 8 14*375
17 Private placing 12 15,00
18 Private placing 8 14,375
19 Private placing g· 14,50
20 Bank credi t 7 14,00
21 Private placing 7 12,50
22 Private placing 7 13,50
23 Public issue 10 16^ 30
24 Public issue 8 12,50
conversion rates used were those obtaining on 31 December 1982._____ 1Cur
rency and Million
amount (millions) ECU
BFR 1.000 22.06
D M 200 86.95
Yen 20.000 38.04
D M 18.3 7.95
HFL- 60 77,60
HFL 150 59.00
SFR 100 51 .78
D M 34.3 14.91
D M 200 86.95
BFR 3.000 66.19
HFL 75 29.5
HFL. 75 29.5
U S D 200 206.68
Yen 20.000 88.04
LiR 500 11.03
LFR 1.000 22.06
BFR 1  .00022.06
LFR 600 17.65
LFR 900 19.85
LFR 1  .250 27.58
LFR 250 5.51
LFR '  1.000 22.06
F F 50076.66
E o n 50 50.00Total
7/3.11
Total
362.50

c)ECSC
25Public issue 5
12
26Private placing 1 5
27Private placing 5
28Private placing 15
29Private placing 5
30Private placing 5
31Private placing 5
32Public issue 5
33Private placing 5
34Private placing 8
35Private placing 8
36Private placing 8
37Private placing 1 0
38Private placing 5
10
39Private placing 1 2
40Private placing 10
41Private placing 5
42Public issue 5
43Private placing 7
44Private placing 8
45Private placing 8
46Private placing 10
5
47Private placing 8
48Public issue 10
49Public issue 12
50Private placing 6
5
51Private placing 8
52Private placing 10
53Private placing 15
54Private placing 5
55Private placing 5
56Private placing1 0
TOTAL NCI + EURATOM + ECSC 1  847,599,75 D M 125 54.34
9,75 D M 60 26.09
12,125 H P L 100 39.33
16 ,625 U K L 2 3.33
12,00 H P L 40 15.74
7,25 S F R 40 20.71
9,875 D M 22 9.56
9,25 .  D M 100 43.48
14,75 U S D 50 51.67
9,25 D M 50 21.74
14,75 L E R 520 11.47
8,5 Yen 5.000 22.01
14,875 U K L 6 10.00
8.8 D M 37 16.09
17,25 FF 10 1.53
17,50 FF 1 8 2.76
9,20 D M 11.3 4.91
10,75 H P L 35 13.77
9,41 D M 60 26.09
14.75t 30 31.00
11,1875 H P L 11.2 4.41
9.92 D M 7 1 30.87
1  4, jV 'S  - U K L 3.5 5.83
17,23 F F 18 1.53
17,00 F F 10 2.76
9,49 D M 7 3.04
11,00 L F R 600 13.24
8,00 D M 200 86.95
6,375 S F R 20 10.36
6,625 S F R 10 5.18
12,10 U K L 3 5.00
8,375 D M 150 65.21
9,125 H F L 15 5.90
8. 1 0 D M 0.985 0.43
8.10 D M 25 10.87
8.10 D M 80 34.78Total
711.98

EIB BORROWINGS IN 1982 Table 2
T y p e of issue Life (years)C o u p o n
%Subscription
currencyA m o u n t
(millions)Million
E C U
Private placing 10 16,,500 F F 102,183 16,477
Public issue 10 7,,250 SFR 100,000 51,238
Public issue 7 10,,000 D M 150,000 61,366
Public issue 10 10,,000 DM 100,000 40,911
Private placing 15 11,,750 H F L 20,000 7,454
Private placing 15 11,,875 H F L 30,000 11,181
Private placing 516,,250 U S D 30,000 27,646
Private placing 511.,000 H F L 75,000 27,953
Private placingas15,,875 U S D 21,250 19,582
Private placing 10 10,,000 D M 100,000 40,911
Public issue 715,,500 U S D 150,000 138,227
Private placing 15 11,,750 H F L 5,000 1,864
Public issue 10 8,,200 Ten 20.000,000 83,927
Private placing 15 1 1,,125 H F L .  5,000 1,864
Private placing 15 1 1,,125 H F L 5, G O O 1,864
Private placing 7 12,,750 L P R 1.000,000 23,954
Private placing 15 1 1,,125 H F L 10,000 3,727
Private placing 10 10,,875 ■ T F L 10,000 3,727
Private placing 12 15,,000 E F R 1.000,000 23,954
Private placing 10 9 ,,100 'E M 100', 000 41,652
Private placing 15 10,,875 H F L 10,000 3,755
Private placing 10 10,,875 F F L 10,000 3,755
Public issue 10 7 ,,000 G F R 100,000 51,925
Public issue 10 8,,375 DM 100,000 41,651
Private placing 20 10,,750 H F L 20,000 7,509
Private placing 10 1 5,,000 U K L 15,000 26,867
Public issue 10 1 0,,000 H F L 200,000 75,095
Private placing 10 9 ,,000 DM 100,000 41,651
Public issue 5 1 4,,000 Ecu 12,017 12,017
Public issue 10 8,,250 Ten 15.000,000 61,010
Public issue 8 12,,250 L P R 600,000 13,245
Private placing 10 14,,125 U H L 10,000 17,911
Public issue 10 16,,900 F P 1.000,000 160,890
Private placing 5 16,,300 U S D 15,000 15,073
Private placing 10 15,,250 U S D 10,000 10,048
Public issue 7 13,,750 Ecu 40,000 40,000
Private placing 10 9 ,,700 DM 50,000 21,167
Private placing 10 11,,125 H F L 5,000 1,914
Private placing 10 11,,125 EFL 5,000 1,914
Private placing 10 15,,250 USD 20,000 20,837
Private placing
Private placing 
Public issue 
Private placing 
Public issue 
Private placing 
Private placing 
Private placing 
Private placing 
Private placing6
7
10
8
10
10
15
15
12
157 , 
16,  
15, 
H,
9,
1 1,
11,
1 1,
8,  
1 1,,250
,150
,500
,490
,375
,000
,000
,000
,600
,000S F R
U S D
U S D
U K L
DM
H F L
H F L
H F L
Ten
H F L50.000
25.000 
200,000
12,500
200,000
5.000
6.000
10.000 
25.000,000
5,00024,745
26,046
208,372
22,641
84,670
1,9H
2,297
3,829
101,983
1,914

5 H
Table 2  (cont.)
T ype of Life C o u p o n Subscription A m o u n t M i  1 1  i  o n
i ssue (years) X currency (millions) E C U
-  Private placing 6 7,125 S F R 65,000 32,168
Private placing I e ; 10,875 H F L 5,000 1,9H
Private placing 5 10,000 H F L 75,000 26,717
Private placing 10 9,250 D M 35,000 14,817
Private placing 10 9,250 D M 35,000 14,817
Private placing 10 9,250 D M 30,000 12,700
Private placing 8 11,300 U S D 15,000 15,628
Private placing 5 7,250 S F R 185,000 91,556
Private placing 6 10,750 H F L 150,000 57,434
Private placing 9 13,250 U S D 23,250 24,223
Public issue ,  0 13,375 U S D 200,000 208,372
Private placing 15 11,000 H F L 1,000 0,383
Private placing 15 11,000 H F L 9,000 3,446
Private placing 20 10,375 H F L 5,000 1,914
Public issue 10 6,250 S F R 100,000 49,490
Public issue 10 8,250 D M 200,000 84,670
Private placing 20 10,500 H F L 25,000 9,572
Private placing 8 12,600 U K L 12,500 22,641
Private placing 6 6,750 S F R 15,000 7,423
Public issue 20 11,000 U K L 75,000 136,421
Public issue 10 10,000
12,875H F L 200,000 77,728
Public issue 8 Ecu 60,000 60,000
Private placing 12 Id, 000 B F R 1.000,000 21,910Private placing 20 10,000 H F L 5,000 1,943Private placing15 10,000 F P L 25,000 9,716Private placing15 10,000 H F L 5,000 1,943Private placing 10 9,100 Y en 15.000,000 60,100Private placing7 6,500 SF 75,000 37,154Private placing15 9,375 E F L 10,000 3,886Private placing15 10,000 H F L 20,000 7,773Private placing 10 10,000 U K L 20,000 36,379Public issue 10 8,250 D M 200,000 84,974Private placing15 9,125 H F L 5,000 1,943Private placing 10 8,800 Y en 20.000,000 80,133
3,040,012
M edium -term  interbank operations
Currency A m o u n t in 
nationa l
currency (million)A m o u n t in 
E C U
(million)Maturi  tyRate of 
i  nterest
r/.)
H F L
H F L
H F L
U S D
U S D
B F R
B F R70
10
10
15
15
1.000
50026,089
7.509
7.509 
15,628 
15,628 
22,219 
11,1101985
1984
1985 
1985 
1985 
1984 
198410,000
9,625
9,687
15,500
15,000
13.750
13.750
Total interbank operations 105,693
Total borrowings and interbank operations 3,145,705

Borrowings b y  the European C om m unities
(am ounts outstanding at end of each year)
( m i llion E C U )
Y ear E C S C  . E IB E uratom E E C2 N C I Total
1 9 7 3 1.157 2.287— - - 3.444
1 9 7 4 1.615 3.124 ■ = · - - 4.739
1975 2.391 3.926 ' - - 6.317
1976 3.478 4.732 - 1.161 - 9.371
1977 .  3.955 5.421 99 1.500 - 10.9T 5
197f t 4.4tf 6.715 \7* 1.361 .  - 12.664
1979 4 .6 * 3 5  - 8.541 323 965 1 7 8 14.'682
1900 5.405 10.60.1 502 1.016 4 9 1 18.019
19f t1 5 * 8 8 1 13.482 902 1.062 8 9 4 22224
1902 6.1 * 3 6 16.570 1.272 5 9 1 1.747 3 26.358
T h e  conversion rates used w ere those obtaining o n  3 1  D ecem b er of each year; as the majority of borrowings are denom inated 
in national currencies, the difference betw een tw o  y eai— ends reflects, o n  the one hand, changes in the valuation of the 
existing stock and, o n  the other, the net v olum e of borrowings during the year.
2"Balance of payments" borrowings.
■^Including borrowings for reconstruction loans for the earthquake-stricken areas of Italy and Greece.

Breakdown of Loans in the Community in 1982, by instrument, sector and country
(million Er")
•N  C I E U R A T O M E  I B E C S C T G T A 1 .i1
Pr.S .1Infra-
Energy
structureTotal Energy Total1
Pr.S.Infra-
Energy
structureTotal Pr.S.1Infra-
Energy Total
structure. Infra-
P r.S .’  Energy 
structureTotal
_ _ _ _ _ _ _ _ I
Be
lgium - - - - 72,8 72,8 5,5 - 55,0 60,5 17,0 1.0 - 18,0 22,5 1,0 127,8 151,3
Denmark - 48,6 47,4 96,0 - - 9,8 99,2 100,3 209,3 1,7 0,1 - 1,8 11,5 147,9 147,7 307,1
F R  of Germ an y - - - - - - - 20,8 20,8 89,3 5,0 90,4 181,7 89,3 5,0 111,2 205,5
Greece - 124,9 - 124,9 - - 138,7 144,1 50,8 333,6 10,9 0,4 - 11,3 149,6 269,4 50,8 469,8
France 37,6 - - 37,6 258,9 25B,9 39,8 72,7 311,7 424,3 10,6 3,7 54,8 09,1 88,0 76,4 625,4 789,8
Ireland - 45,3 37,8 83,1 - - 113,8 145,0 66,6 325,4 - 0,1 - 0,1 113,8 190,4 104,4 408,6
Italy 223,7 210,7 15,1 449,5 30,1 30,1 652,6 606,5 249,6 1588,7 62,7 2,4 - 65,1 939,0 899,6 291,8 2133,4
Luxembourg - - - - - - - - - - 5 ,2 0 ,3 - 5 ,5 5 ,2  0 ,3 - 5 ,5
Netherlands - - - - - - - -, 43,7 0,4 - 44,1 43,7 0,4 - 44,1
United King- - - - - - - 73,9 222,3 18B,3 490,6 112,4 4,7 152,0 269,1 192,3 227,0 340,3 759,7
flon-EEC - - - - - - “ ~ 71,8 71,8 71,8 - 71,8
T O T A L 261,30 429,50 100,30 791,10 361,80 361,80 1.040,10 1.309,80 1.043,10 3 .453,20 425,30 18,1C 297,20 740,60 1.726,70 1.817,40 1 .802,40 5.346,60
X Sector 33,0 54,3 12,7 1 00 1 00 1 0 0 30,1 39,7 30,2 100 57,5 2,4 40,1 100 32,3 34,0 33,7 100
X In stitu ­
tion14,8 6,8 6 4 ,6 13,8 100
■  ■ - ■ - ' 1  . w  ■ ”
1Pr.S. = Productive Sector

Trend in Lending operations in the Community, by sector
C EC SC, Euratom, NCI and EIB)
(milLion ECU)
Year Productive Infrastructure Energy Totalçector '
1973 503,8 196,9 282 ?  S 983,2
1974 604,0 143/4 48 ,2 1.227,6
1975 758,7 469,9 488,8 .  <.722,4
1976 1.163,5 429,9 556,4 2.149,8
1977 938,8 607,7 693,2 2.239,7
1978 745,4 1.000,0 1.089,1 2.834,5
1979 756,4 1.055,8 1.574,3 3.386,5
1980 1.277,9 1.204,7 1.680,2 4.162,8
1981 788,0 1.390,2 1.928,5 4.106,5
1982 1.726,7 1.817,4 1.802,5 5.346,6
The conversion rates used were those obtaining on 31 December of the year in question in the case of ECSC loans and  
those obtaining on the last working day of the quarter before the contract was signed in the case of EIB, NCI and  
Euratom loans.

NCI loans contracted, 1979-82
(mi U  io n  Ecu) ^
1 9  7 9 1 9  8 0 1 9  8 1.
1 9  8 2
I n f r a ­
s t r u c t u r eEnergy T o ta l I n f r a ­
s t r u c t u r eE nergy T o ta l I n f r a ­
s t r u c t u r eE nergy T o ta l I n f r a ­
s t r u c t u r eE nergy P ro d u c - T o ta l 
t i v e  
s e c to r—
%
B elgium - - - - - - - - - - - - - -
Denmark - - - - 18,1 18,1 - - - 48,6 47,4 - 96,0 12,1
FR o f Germany - - - - - - - - - - - - - -
G reece ^ - - - - - - - - - 124,9 - - 124,9 15,8
F ran ce - - - - - - 40,3 - 40,3 - - 37,6 37,6 4,8
I r e la n d 62,0 24,7 06,7 27,3 14,4 41,7 8,1 9,2 17,3 45,3 37,8 - 83,1 10,5
I f  - i  ly  ^ 39,6 45,4 35,0 62,3 75,5 137,8 363,9 84,4 448,3 210,7 15,1 223,7 449,5 56,8
Luxembourg - - - - - - - - - - - - - -
N e th e rla n d s - - - - - - - - - - - - - -
U n ite d  K ing­
dom25,9 79,4 105,3 - - - 33,9 - 33,9 - “ -
127,50 149,50 277,00 89,60 108,00 197,60 446,20 93,60 539,80 429,50 100,30 261,30 791,10 100,00
46,0 54,0 100 45,3 54,7 100 82,7 17,3 100 54,3 12,7 33,0 100
^ The conversion rates used were those obtaining on the Last working day of the quarter before the contract was signed. 
^ Including "earthquake" operations in 1981 and 1982.

Table 7
E C S C  loans paid out,, 1973-82
(•HIion E C U )
1973 1974 1975 1976
Produc­
tiv eI n fra - 
s tr u c -Ener-TotalProduc­
tiv eIn fra - 
s tru c -Ener-T otalProduc­
t iv eI n fr a -  
s tru c -Ener-TotalProduc- 
t iveIn fra - 
s tru c -Ener-Total
»«ctor _ t u r t se cto r tu re se cto r tu re secto r tu re
Belgium 0.7 0,6 1,3 10,3_ 104 40,3 1,8- 42,1 34,6 2.7- 374
Denmark 74 - - 1»- 04- 0,3 22,6 0,4 - Z3f i - - - -
F R  of Germany 1 0 8 ,1 2.4» a 1 6 4 ,7 108,5 0.6 41,0 1 9 3 .1 119,3 i a 23,7 150,9 186,7 9,7 B.51864
Greece - - - - - - - - - - - - - - -
France 106,0 0.8 -106.8 824 0,4 1.9 84,8 112.2 4,9 -1 1 7 ,1 101,9 4.3 2?4 1334
Ire la n d - - - - - - - - 0,2- o a 0,6 0 4- 0.7
I ta ly 04 1.0 - 14 64,1 1,1- 65,2 1754 04-136.6 1 46,8 0,9 -147,7
Luxembourg - - - - 0.4 - 0,4 0,6 0,5 - 1,1 - 0,1- 0,1
Netherlands 34 0,8 - 4,0 1.8- - 1,8 29,5 04 - 30.4 38,2 0,4 - 38,6
United Kingdom - “ " - 32,7 1.7 30.6 65,0 ma u137,2 263,5 376,9 0,0142,4 519,3
Non-EEC - - - -
Total 225,90 5,70 5 4 4 0 26,40 299,90 4.50 73,93 377 ,9 0 625,91 18,50 180 ,9 0 801,90 865,30 1843 1 7 9,901.063,80
1977 1978 1979 1980
Produc­
tiv eInfra-  
stru c-Ener-TotalProduc­
tiv eInfra*
struc-Ener-TotalProduc­tiveInf ra­
st rue-Ener-TotalProduc­tiveInfra
strucEner-Total
sector ture sector ture sector ture sector turegy
Balgium 15,0 04 -154- 14 - 14_ 0,4 . 0,4_ 29,2 294
Denmark - 04 - 04 13.1 0,1- 134- 04- ■ 0,3 44- - 4,3
F R  of Germany 2B ,0 54 81.7 U5.5 111,6 5,6 a ,8 139,0 122.0 64 a , 149,1 96,5 04 294 129,1
Greece - - - - - - - -- - - - _ -
France 125 a 0 4 48.4 1744 » 4 2,8 3»,4 127,1 99,5 34 28,7 131,4 237,5 0,5 37,4 275,4
Ireland - 04 - 04- - - 13,9- 13,9 1,0 0.1- 1,1
Ita ly 1704 2.7 - 173,6 1234 24 126,4 « 4 7,4- 101,6 IS,6 4,4 - 143,0
Luxembourg - 04 - 04 73,5 0,5 - 74,0 19,5 0,1 - 19.6 66,6_ 6B ,6
Netherlands - 0,6 - 04 « ,0 0 4 -424- 0,5 -04 4,6 04- 44
United Kingdom 173,6 “ 86,7 2604 29,0 3,0 20,3 233,3 26,4 3,6 229,0 299,0 140,0 1.7 2264 36B .5
Non-EEC- - - 6,6 - - 6,6
Total 512,73 1243 2I 64O 74140 48240 17,33 297,93 797,30 375,50 21,80 278,® 6754) 699,73 740 3Z34D  1.000,70
1981r ~ ~1982
Produc­
tiv eInf ra­
st rue-Ener-TotalProduc­
tiveInfra
strucEnerTotai
sector ture sector ture
Belgium 04- 0,5 17,0 1.0 . ia,o
Denmark - - - - i # ? 0,1- 1,8.
F R  of Germany 934 5,9 334 92.3 89,3 5,0 90,4 184,7
Greece - - - - 10,9 0,4 - 11,3
France 86,1 2.3 24,0 111,4 10,6 3,7 544 ffi.i
Ireland II4- - 114- 0,1- 0,1
Ita ly 964 54- 731,5 62,7 2,4 - 65.1
Luxembourg - 0,1 ·« - 0,1 54 04 - 5.5
Netherlands - 04-04 43,7 0.4 - 44,1
United Kingdom 704 0.1 - 30,3 112,4 4,7 152,0 29.1
Non-EEC - 714 - - 714
Total* 315,71 14,73 5743 387,83 «5.30 18,10 atao 743,60
(1) The conversion rates used were those obtaining on 31 December of each year

Table 8
Loan» fro« EIB own resources contracted In the C o— u n ity, 1973-82
(■illion ECU)(1)
1973
Produc- Infra-  
tiv e  stru c-  
sector<2) tureEner­
gyTotal1974
Produc- Infra-
tiv e
aectorstru c­
tureEner­
gyTotal1975
Produc- Infra-
tiv e
sectorstru c-
tureTotalProduc- Infra-  
tiv e  stru c-  
sector ture9yTotal
Belgium
Denmark
F R  of 6eraany
Greece
France
Ireland
Ita ly
Luxembourg  
Netherlands  
United Kingdoa3,5 X3 6,0  
79,0 125,5 2»,5
53,8 85,6 31,2 170,6
7,3 15,3 -  22,6
70,7 864 24,4 181,96,4»45,416,1 16.1
74 19,6
89,6 96,1
67,1 67.146,5 56,8 91.4 193,7
21J 25,2 46,4
136,1 38,5 103,4 298,0
31,9 31,9
6B4 13,1 ffi,l 149,5U,6
62
7,7
S,9104 10,8  
6J  17,7
1284 202 15B4
30,0 - 37.7
2084 97,7 358,817.9
9.1
9.217,9
94
M14 voß
574 « 4  192,4 331460,1 - 804  
294 » 4  34 67,4
137,5 196,1 504 382,6
33,4 30,4
91,1 1324 1914 4174
Non-EEC 434(3) 434 18,4(4) 18,4
Total 277,90 1SI40 2Z7.70  68640 33440 139,00 406,70 «9,70 13840 451,« 327,90 917,50 297,73 411,70 376,50 1  JB6.0Q
(1) The rate of exchange for the E C U  is  that recorded on the la st working day of  
of the contract,
(2) Industry, agricu ltu re and services
(3) Austria and Norway
(4) Norwaythe three-month period preceding the signature
1977
Produc- Infra- „Fn*»r-tiv e
sectorstruc­
ture 9y1978
Produc- Infra- gner-
Total tiv e  stru c- Totalgysector ture1979
Produc- t  ive sectorInfra- _struc- ner Total ture 9y1980
Produc- Infra-  five struc- sector tureEner
gyTotal
Belgium
Denmark
F R  of Germany
Greece
France
Ireland
Ita ly
Luxembourg  
Netherlands  
United Kingdom12,8 7,1 12,8
28,432.7
28,412,4
24- - 624 624
a .4  42,5 106,3
434 45,5
194 119,5 157.4 2964
184 61,4 - 79,7
197,1 1 * 4  394 425,7
176,4 218,4 924 489,523,6 237,6 98,1 359.3
144 72,6 304 117,4
1424 374.0 3284 845,1
£74 317,0 116,4 430,78.7 
5,4 
4,0
1.7 
» 4
314,63,949.7 3,4
6,3 15,6
43.8 47464
9.6 25.1147 1534
46,4 81,1
M4 M4
122,1 98,9 222,7  
134,4 79,3 2524  
366,3 304,5 905,4
64,0 39,9 375,1 739,01,7 0 ,4  2134 279,0
1774 114,0 43,1 331,3
2234 578,5 3804 1152,5
166,8 33,6 191,6 683,0
'  Non-EEC «4(11 484 39.4(1) 38,4 904 50,9(2)
Total 42540 SB 6.70 379,90 1.4014D 26243 952,60 721,11.966,50 377,60 906,60 997,00 226140 58540 I.IIO4 D  1457,30 2.75340
CD Austria and Norway 
(2) Austria and Tunisia
1981 1982
Produc- Infra-
TotalProduc- Inf ra-
tiv e stru c- t ive stru c- Total
sector ture sector ture
9elgium 124- 1774 182,5 5,5- 55,0 60,5
Denmark 13,3 10,6 119,0 142,9 94 994 100,3 2C84
F R  of Germany - - 292,0 292.0(1) - - 20.8 20,8
Greece 614 98,0 - 1594 136,7 144,1 904 333,6
France - 67.7 199,0 226,7 39,8 72,7 311,7 424,3
Ireland 81,9 113,7 13,7 325,3 113,8 146,0 56,6 33,4
Ita ly 277,7 5244 4484 1314 662,6 666,5 219,6 1 5 G B ,7
Luxembourg * - * - - - - -
Nether lands- - - - - - - -
United Kingdoa 254 153,0 - 2184 79,9 2224 18B .3 4904
Non-EEC - - 2 4 22,8(2) -
Total 4724O 1.00740 1.341.5D 2421,97 1.0 «,10 146940 I.O 434O  3.4040
(1) of which 282,1 m illion  guarantee
(2) Tunisia

Table 9
List of NIC loans contracted in 1982
I. Ordinary loans
A.
1.2.
3.
4.Infrastructure
Copenhagen Rddby motorway 
Telephones Greece 
Telecommunications Ireland 
Water supply 8 sewage disposal
5. Telephones Apulia
6. Telephones Sicily
7. Sewerage schemes - Bay of NaplesIrelandDenmark
48.6Greece
44.9France Irelan d
37.6
7,7Italy TO T A L
37.8
37.8 
56,7
Total infrastructure 48,60 44,90 45,30132,30 271,1
8. Energy
8. Treatment & transportation of natural gas 
(South Jutland)
9. Peat-fuel power stations at Shannonbridge 
and Lanesborough
10. Cork-Dublin gasline
11. Natural gas distribution networks 
(Northern Italy)47,4
Total energy
C. Industry
12. Global loan: productive investment by
SMEs
13. Efficient use of energy in a cement 
works (Veneto)
14. Efficient use of energy in car factories 
(Central and Northern Italy)
15. Efficient use of energy Global loan: 
SMEs (Central and Northern Italy)
14. Global loan: productive investment by
SMEs (Central and Northern Italy)
17.
18.  · ·
19.
Total industry
Total ordinary loans
of which NCI-I 
X
of which NCI-II X47,40
96,0
48,6
57,2
47,4
8,744,9
44,9
8.223,3
14,5
15.1
37,6
37,60
37,6
37,6
6,96,8
5,4
18.9
18.9
37,8
60.4
75.5
J .___________
i  
223,70
83,1
31.0 
36,5
52.1 
9,5371.3
5,4
6,3
365,6
66.7261,3
632.642.9
37,80 j  15,10 j  100,3 !  15,8
41,3
100,00
85,0
100,0
547,6
100,0
II. Reconstruction loans
20. Various infrastructure projects, 
housing and buildings
21. Rail way network
22. Water supplies80,0
21,9
56,5
Total> 80,0 78.4158,4
Total ordinary loans 96,0 44,9 37,6 83,1371,3 632,6 80
Total reconstruction loans 80,0 78,4158,4 20
Overall total 96,0124,9 37,6 83,1449,7 791 100
X 12.1 15,8 4,810,5 56,8100

Table 10
List of Euratom loens paid out in 1982
Title of project(million ECU) 
Country
18.2.82
18.2.82
18.2.82
31.3.82
29.4.82
2.6.82
10.6.82
27.7.82
30.9.82
29.10.82
25.11.82
30.11.82NERSA XVII
EDF - Bellevilie
ENEL - Alto Lazio
INTERCOM Tihange III
INTERCOM Tihange III (50%)
EBES Doel III and IV (50%)
INTERCOM Tihange III
EBES Doel IV
NERSA XVIII
EUR0DIF
EUR0DIF
NERSA XIX
EDF - BellevilleFrance
France
Italy
Belgium
Belgium
Belgium
Belgium
France
F ranee
France
France
France22,01
35,22
30.05 
11,03 
22,07
22.06  
17,65 
19,86  
33,10 
22,06 
50,00 
7 6,66
TOTAL 361,77

ECSC loans paid out by sector, 1980, 1981 and 1982 (million ECU)
Total
ECSC
loansCoal
industry 
(■first para,  
of Art. 54)Steel
industry 
(first para,  
of Art. 54)Thermal power  
stations 
(second para,  
of Art. 54)Conversion  
(Art. 56)Workers' 
housing 
(Art. 54)Iron ore 
mi nes
(second para,  
of Art. 54)Other
(second
para.
of Art.54)
1980 1.030,7 233,2 424,0 90,0 266,1 7/9 - 9,6
1981 387,6 30,6 223,6 26,6 86,0 14/7- 6/1
1982 740,6 256,3 159,8 40,9 162,8 18/0 71,8 51,0
1982
--- X
19
81+ 91 + 738 - 37 + 54 + 89 + 22 +736
H
Q)
O '
r—
Ct>

Table 12
EIB loans outside the Community from borrowings, 1976-82
---4----1
1976 | 1977 1978 1979 1980 1981 ( 1982
Country 1 ---------------•r "  - .......  —-----
AC
P States and OCT 52j6 7 2 173124 1 5 ^  '} 1 2 2 ,
Northern Mediterranean
S p a in908 5 80 186 2 15 129
i 401  252
i 105
Portugal 90 60 3546 ·70 f  79I80
Yugoslavia
Greece
Turkey-2525
20
1104
36ro i
441
!
! 10  
—67
i
Maghreb - - - 50 25 52 -
Algeria - - - -20 10 •
Morocco - - - 26 - 30 -
Tunisia - -_24 5 12 -
Mashreq — 3 109 7 15 2 8
Egypt - - - 65 - -28
Jordan - -11 4 O “■
Lebanon - - 3 17 3 12 —
Syria - - - 16 - -
Other — ____ 3 - 42 _
8
Cyprus - - - - - 12 8
Malta- - 3 -
30Israel— — — ··
Total Mediterranean 9 0 85 83 348 247 238 288
TOTAL 142U 152 174 421 371 3964 1 0
The conversion rates used were those obtaining on the last working day of the quarter before the contract  
was signed.

Table 13
Interest subsidies granted in the Community by the various Community
mechanisms, 1973~82
(mi Llion ECU)
YearNon-discaunted systemsTDiscounted systems
ECSC
Article 54  
(restruc­
turing)Article 56  
(restruc- .  
turing)"Earthquake”
reconstructionEMS ERDF
1973 0,6 3
1974 6,1 5,4
1975 6,4 6,6
1976 3,4 6,7
1977 2,5 17,3
1978 12,2 18,1
1979 a , 7 25,5
1980 25,6 33,3
1981 5,2 26,2
1982 10,5 19,33,0nnnn«
Ba
n
B!1n
B
BBa
200,0
197,0
193,2
209,812,1
^Interest subsidies spread over time and charged to the budget each year.
^Interest subsidies paid by the Commission as a single capitalized sum and  
charged to the budget as a single sum.

Table 14
EMS interest subsidies, 1982 financial year: Italy
(mi 11ion ECU)
Borrower ProjectLoanInterest
subsidy
NCI Loans
SIP (Società Italiana)  
per l'Esercizio  
Telefoni co)Extensions to the telephone network:
- in Apulia
- in Sicily37.4
37.47.9
7.9
NCI total Iii« lid
EIB loans 
,  AGIP S.p.A
r
SNAM S.p. ANatural gas fields in the Adriatic:  
"Porto Corsine", "Barbara" and "Ada"75,4 12,1
Algeria-Italy gasline, section:between  
Melizzano (Campania) and Civita  
Castellana (Latium)90,4 17,5
Azienda Municipaliz­
zata Gas e AcquaGasline linking TAG system to Italian  
grid
Natural gas grid supplying Bologna4,2
4,50,8
o,9
Fiorentina Gas S.p.A Natural gas distribution in the Arno  
valley3,7 0,6
IMI (Istituto Mobi­
liare Italiana)Global loan for financing energy  
infrastructure schemes15,3 (2) 2,5 (2)
Cassa per il Mezzo­
giornoWater supply: - Naples/Campania
- Sardinia (West & South22,5
1
26,24,5
5,1
Cassa per il Mezzo­
giorno- Apulia“ (Pvrtttsillo &
Fortore aqueducts)
Irrigation and drainage (Molise, Apulia  
Basilicata, Calabria and Sardinia)
Industrial estates:41,3
15,08,2
3,0
-Sicily 30,1 6,0
- Sardinia, Apulia and Abruzzi 15,1 3,0

Table 14 cont’d
Borrower Project loanInterest ( - j  )  
subsidy
Road:
ANAS (Azienta 
Nazionale Auto­
nome delle Strade- Abruzzi
|  - Alpine crossing points24,9
26,05,2
5,0
- Basilicata 25,2 4,8
SIPExtension to telephone network:
- in Calabria 75,3 12,3
- in Apulia 67,1 14,0
- in Sicily 74,6 15,8
EIB total 636,8 121,3
GRAND TOTAL 711,6 137,1
(1) Estimate.

Table 15
EMS interest subsidies, 1982 financial year: Ireland
(million ECU)
Bor'ousr>
Project LoanInterest 
subs i  di e:
NCI loans Peat-fired power stations:
Etectricity Supply 
BoardShannonbridge and Lanesborough23,0 3,3
Board Gais Eireann Gasline between Cork and Dublin14,5 1,6
Irish Government Water supply and sewage disposal schemes 7,7 1,7
Irish Government Extension and modernization of telecommunications 37,6 7,3i1
NCI total 82.8! 13,9
mmmm
EIB Loans
Electricity Supply 
BoardCoal-fired power station at Moneypoint 40,5 9,6
Board Gais Eireann Gasline between Cork and Dublin 26,0 2,7
Irish Government Drainage of Farmland 4,4 1,1
Irish Government Water supply and sewage disposal schemes 7,3 1,8
Industrial Devel­
opment AuthorityConstruction of turnkey and custom-buiIt factories
16,9 4,2
Shannon Free Air­
port Development 
Company LtdConstruction of turnkey and custom-buiIt factories 11,5 2,8
Irish Government 
Irish GovernmentIndustrial and agricultural training centres 
Improvements to road network:
- III B
-IV7,9
10,2
14,41,7
2,4
3,6
Irish Government Extension and modernization of telecommunications 108,5 28,9
EIB total247,6 ""5375------
W M
Grand Total330,4 72,7

Table 16
EMS INTEREST SUBSIDIES PAID FROM 1982 APPROPRIATIONS
(by country, instrument and sector) (million ECU)
Subsidized loans Interest subsidies paid
NumberMillion ECU Million ECU* i
By recipient countryS
Italy 
Ire land20
14711,6
330,4137,1
72,765,3
34,7
34 1042,0 209,8 100,0
By origin of resources lent
NCI
EIB6
28157,6
884,429,7
180,114,2
|  85,8
34 1042,0 209,8 |  100,0
By sector of use1  Bl
Energy <
Primary energy production 1 75,4- 12,1 5,8
Transformation of energy 2 63,5 12,9 6,1
Transmission of energy  
Global loan6
1143,3  
15,3 (1)24,1
2,5 (1)11,5
1,2
Sub-total: Energy 10 297,5 51,6 24,6
Other infrastructure
Water engineering 7 124,4 25,4 12,1
Industrial infrastructure 5 81,5 17,7 8,4
Transport and Communications 12 538,6 115,1 54,9
Sub-total: Other infrastructure 1?24 744,5 158,2 75,4
TOTAL 34 1042,0 209,8 100,0

Table 17
"Earthquake" reconstruction loans carrying interest subsidies: Italy
(million ECU)
I
Borrower ProjectTotal loans  
contractedInterest sub- 1  
sidies paid fronj  
1982 appropria- |
t i o n s  .... ..... ;
MCI lojrs
ANAS (Azienda Nazi- 1  
onale Autonoma delle .  
Strade)
Azienda Autonoma dell·:  
Ferrovie dello Stato | 
(FS)
Cassa per il Mezzo­
giorno
Cassa per il Mezzo­
giornoRoad and motorway infrastructure
Railway network A  
‘ RaiIway network B
Water supply network I  
Repair of Pugliese aqueduct I30,8
28.4 
21,9
26,1
56.50,774
0,713
0,688
Italian Government Repair and reconstruction of school? 55,7 -
Italian GovernmentBasic infrastructure for areas to be  
used for housing 155,2 m m
NCI total 374,6 2,175
EIB loans
sip (Società Italiana  
per l'Esercizio Tele­
fonico)Telephone network A  
Telephone network B  
Telephone network Cn,9
8,0
7,60,219
0,191
ENEL (Ente Nazionale  
per l'Energia Elet­
tri ca)Electricity grid A  
Electricity grid B11,9
7,60,219
Cassa per il Mezzo­
giornoWater supply network II  
Water supply network III11,5
30,40,232
Cassa per il Mezzo- Repair of Pugliese aqueduct II 56,7-
giorno
ISVEIMER (Istituto per  
lo Sviluppo Economico  
dell'Italia Meridional«Rehabilitation of SMEs (industry and  
hotel trade)
)2,6
EIB total 148,2 0,861
GRAND TOTAL522,8 3,036

Table 1 8
“Earthquake" reconstruction loan carrying interest subsidy: G reece (1982)
(million ECU)
Borrower Project'Loan
signedInterest subsidies] 
paid from  1982 ]
appropriations 1
I
NCI loani
Greek Govern­
ment1981 reconstruction
- economic infrastructure
- social infrastructure21,1
58,9;
TOTAL 80,0i
1

Table 19
SUBSIDIZED LOANS FOR RECONSTRUCTION IN EARTHQUAKE-STRICKEN AREAS  
(by country, instrument and sector)
Loans signed Interest 
sidies psub- 
aid in
Situ­
ation 
at start 
19821982
opera­
tionsSituation at end of 19821  T O C
mi l lior 
ECUmillion 
ECUNumber«éi llion 
ECU*mi l  lion [  v
By recipient country
|  Italy 
Greec328,0 194,8
80,016
1522,8
80,086,7
13,3ECU |  *
!  3,036 1  100,0<  s
1__ 1
32
8,0274,8 17 602,8--------- j------- j------j
100,0
 :  3,036 1  100,0
By origin of resources  
lent
NCI
EIB296,2
31,8158.4
116.43o454,6
148,275,4
24,6—
2,175
0,861ri
71,6
28,4
328,0 274,817 602,8 100,0 3,036 100,0
By sector of use
Economic infrastructure
Social infrastructure
Reconstruction of means  
of production117,1
210,9213,3
58,9
2,6330,4
269,8
2,654.8
44.8 
0,43,036 100,0
328,0 274,8 17 602,8 100,0 3,036 100,0

ECSC interest subsidies granted in 1982
(million ECU)
Belgium Denmark Federal 
Republic 
of GermanyPrance I reland Italy Luxen—
bourg^etherr
landsUnited
KingdomTotal
\rticle 54 - - 5,8 0,5 - - -0,6 3,6 10,5
Irticle 56 2,4 0,3 5,3 - 0,4 - 0,70,6 9,6 19,3
Total 2,4
'0,3 11,1 0,5 0,4 -0,71,2 13,2 29,8

LIST OF GRAPHS IN THE ANNEX
1. Trend of borrowing contracted by the European Communities by instrument  
(1973-82)
*
2. Borrowings by the European Communities by instrument. Amounts out­
standing (1973-82)
3. Bond yields on the international market
4. Bond yields on national markets
5. Trend of lending contracted in the Community by instrument (1973-82)
6. Breakdown of loans in the Community in 1982 by instrument and by  
sector
7. Breakdown of NCI loans in 1982 by country and sector (including  
earthquakes in Italy and Greece)

1. Trend of borrowing contracted by the European Communities by instrument
(1973 - 1982)

2. Borrowings by the European Communities by instrument.  
Amounts outstanding (1973-1982)


4. BOND YIELDS ON NATIONAL MARKETS

5. Trend of lending contracted in the Community by instrument (1973-1982

i. Breakdown of Loans in the Community in 1982 by instrument and by sector

7. Breakdown of NCI loans in 1982 by country and by sector (including
earthquakes in Italy and Greece)
Note :  certain Loans granted to industrial sector in Italy have also  
an objective in the field of energy