COMMISSION OF THE EUROPEAN COMMUNITIES 
C0M(94) 494 final 
Brussels, 17.11.1994 
REPORT FROM THE COMMISSION TO THE COUNCIL AND THE EUROPEAN PARLIAMENT 
ON THE RATE OF UTILIZATION OF THE 
NEW COMMUNITY INSTRUMENT (NCI) 
(half-year from 1.1.1994 to 30.6.1994) 
nSSICèi TO THE CQUtiC^ AMD THE gUWOPEAN PARLIAMENT 
on the rate of utilization of the 
New Community Instrument (NCI) 
(half-year from 1.1.1994 to 30.6.1994) 
1. Introduction 
Council Decisions 83/200/EEC (Article 6) and 87/182/EEC (Article 8) on the financing of the NCI 
require the Commission to draw up a six-monthly report on the rate of utilization of the tranches 
of NCI III and IV. 
The present report covers the period from 1.1.1994 to 30.6.1994. 
2. Overall situation at 30.6.1994 
The different legal bases determine the method of assessing the amount of loans signed in 
relation to the maximum authorized borrowing: 
(i) for NCI III, the volume of loans is lower than that of borrowings in order to take account of the 
currencies borrowed and the associated costs and expenses; 
00 for NCI IV, the ceiling applies to the loans signed. 
At the end of the first half of 1994 the situation regarding the use of the tranches for which a 
six-monthly report has to be drawn up was as follows: 
Use of NCI: situation at 30/06/1994 
NCI in 
NCI IV Ceiling 
3,000 
750 Amounts usee 
2,862 
683 (ECU million) 
Balance 
138 O 
67 
(*) The special borrowing of ECU 100 million for European innovation 
projects has not yet been authorized by the Council 
The borrowing operations carried out in the six moTiths under review for financing NCI activities 
are shown in Annex 2(B). 
3. Breakdown of loans by country and sector 
The table below provides an overall view of loans signed, converted into "borrowing 
equivalents", at 30.6.1994. The loans in the various currencies have been converted into ecus at 
the exchange rate in force on the last working day of the quarter preceding the signing of the 
contract. 
Distribution of loans signed by country at 30.06.1994 
Country 
Belgium 
Denmark 
Greece 
Span 
France 
Ireland 
Italy 
Netherlands 
Portugal 
UK 
Total NCI I 
66.8 
70.0 
239.0 
479.9 
134.9 
990.5 NCII 
100.6 
114.9 
125.0 
116.6 
473.4 
67.1 
997.5 Nan 
303.0 
111.2 
69.2 
938.7 
68.4 
1,228.5 
3.2 
29.9 
109.3 
2,861.6 Narv 
23.6 
632 
132.0 
723 
285.7 
9.9 
95.8 
682.6 (ECU million) 
Na 
Reconstr. 
80.0 
598.7 
678.7 Total 
23.6 
533.5 
306.1 
201.2 
1.206.0 
424.0 
3,066.3 
3.2 
39.8 
407.1 
6,210.9 % 
0.4 
8.6 
4.9 
3.2 
19.4 
6.8 
49.4 
0.1 
0.6 
6.6 
100.0 
SECTOR 
Nan 
NCI IV Productive sector 
52.8% 
100.0 % Infrastructure 
26.5% Energy 
20.7% 100.0% 
100.0% 
NCI IV is of interest because of its special features, such as the options of converting loans into 
risk capital, using loans to finance the purchase of intangible assets and deferring interest 
payments. 
However, as resource depletion now allows only limited operations, which are difficult to finance 
on the international market under the strained conditions already described, no loan transaction 
has been carried out during this half year period 
Annex 1 
NCI IV LOANS 
CEILING: ECU 750 MILLION (1) • (Situation at 30.06.1994) 
Ref. Project description Date of 
contract BCU 
million A Breakdown by country (2) 
DK UK 
I.LOANSSGNBD 
64/87 FIH (Small Business) PG-WA 
64/87 FIH(anall Business) PG-VWB 
68/87 BNL-PMIVA 
68/87 BNL-PMIVB 
69/87 IMI-PMIV7A 
69/87 IMI-PMIV/B 
70/87 MEDIOCR CENTR • PMI IVA 
70/87 MEDIOCR CENTR-PMIIV/B 
70V87 MEDIOCR CENTR-PMI IVTC 
70/87 MEDIOCR CENTR - PMI IVD 
70V87 MEDIOCR CENTR • PMI IV/B 
71/87 INTBRBANCA-PMIIV/A 
71/87 INTBRBANCA - PMI IVB 
73/87 BPI-POV 
105/87 ŒNTROBANCA-PMIIV/A 
105/87 CBNTROBANCA-PMIIV/B 
106/87 SAN PAOLO Ayoindatria II 
107/87 CRBDIOP-PMII/A 
107/87 CREDIOP-PMII/B 
108787 BANCODINAPOLI-PMIA 
108/87 BANCO DINAPOLl-PMI B 
110/87 B*DBSANTANDBR-PYMB 
121/87 B» DE BILBAO-PYMB 
148/87 EFIBANCA - PMI IWA 
148/87 EFIBANCA-PMIIV© 
141/87 EFIBANCA. PMIIVC 
148/17 EFIBANCA-PMI IV/D 
206/87 B*DBMZCAYA.PYMEA 
206787 B*DBMZCAYA-PYMBB 
207/87 B* BSPANOL DB CRBLTTO - PYMB A 
207/87 B* BSPANOL DB CRBLTTO - PYMB B 
231/87 CREDIT NATIONAL - PMI ill 
64/88 INVESTORSININDUSTRY • 
GROUPED LOAN V 
101/88 EFIBANCA.PMI VA 
101/88 EFIBANCA-PMI V/B 
101/88 EFIBANCA-PMI WC 
101/88 EFIBANCA. PMI V© 
103/88 MEDIOCR LOMBARDO. PMI A 
103/88 MEDIOCR LOMBARDO.PMIB 
103/88 MEDIOCR. LOMBARDO-PMI C 
103/88 MEDIOCR LOMBARDO - PMI D 
109/88 BARCLAYSBANK U GL 
128/88 CBNTROBANCA-PMIVA 
128788 CBNTROBANCA-PMIVB 
135/88 CRBDIOP.PMID/A 
135/88 CREDIOP - PMI TUB 
185/88 BANCO DIHOLIA - PMI D7A 
185/88 BANCODiaOLIA.PMI DVB 
199/88 CREDIT INDUSTRIEL ET COMML. 
237/88 IMI-PMIVI/A 
237/88 IMI-PMIVL© 
237/88 IMI-PMIVIA; 
237/88 IMI . PMI VUD 
175/89 BARCLAYSBANK III/A 
119/90 KREDIBTBANKN.V.-GL 
119/90 KREDIETBANKN.V.-GL 
48/91 B*ESPANOLDECREDrrOPGPY 15.09.87 
24.05.88 
12.10.87 
12.10.87 
31.07.87 
31.07.87 
15.09.87 
10.12.87 
03.02.88 
16.03.88 
23.06.88 
07.10.87 
07.10.87 
22.07.87 
11.12.87 
U.12.87 
05.11.87 
18.12.87 
18.12.87 
18.12.87 
18.12.87 
24.07.87 
23.07.87 
17.1187 
17.12.87 
24.06.88 
24.06.88 
17.1187 
30.11.88 
18.12.87 
18.11.88 
05.02.88 
28.12.88 
05.10.88 
0510.88 
16.01.89 
16.01.89 
10.10.88 
10.10.88 
06.02.89 
06.02.89 
21.12.88 
19.1188 
19.1188 
09.1188 
09.1188 
25.05.89 
25.05.89 
29.11.88 
19.1188 
19.1188 
06.0189 
06.0189 
30.11.89 
20.12.90 
20.1190 
28.05.91 31.80 
31.43 
18.68 
8.01 
37.29 
1S.98 
6.19 
5.88 
4.81 
3.27 
18.98 
9.34 
4.00 
9.91 
9.34 
4.00 
13.34 
4.67 
2.00 
4,60 
1.97 
20.19 
31.64 
4.67 
2.00 
4.55 
1.95 
9.37 
8.60 
12.04 
10.94 
20.00 
20.90 
4.53 
1.94 
4.57 
1.96 
6.79 
2.91 
9.14 
3.92 
45.55 
13.23 
5.67 
4.53 
1.94 
4.58 
1.96 
52.32 
9.06 
3.88 
13.72 
5.88 
29.38 
18.04 
5,54 
39.19 31.80 
31,43 
20.19 
31.64 
9.37 
8.60 
1104 
10.94 
20,00 
52.32 
18.04 
5,54 18,68 
8.01 
37,29 
15,98 
6.19 
5.88 
4,81 
3.27 
18.98 
9.34 
4.00 
9.34 
4,00 
13.34 
4,67 
2.00 
4.60 
1,97 
4.67 
2.00 
4.55 
1.95 
4.53 
1.94 
4.57 
1.96 
6.79 
2.91 
9.14 
3.92 
13.23 
5.67 
4^3 
1.94 
4.58 
1.96 
9.06 
3.88 
13.72 
5.88 9.91 
20.90 
45.55 
29.38 
39.19 
TOTAL I 682.56 23.58 63.22 131.97 72,32 285,73 9.91 95.83 
II. LOANS APPROVED. 
AWAITING SIGNATURE 30.10 
BALANCE 37.34 
CEILING 750.00 
(1) X) L°. 271 of 14.03.1987 (loans ceiling). 
(2) Conversion rates are those obtained on the last working day of the quarter preceding the signing of each loan. 
NCI BORROWING. BY CURRENCY Annex 2 
A.-Debt outstanding at 30.06.1994 (1) 
Currency (million) Equivalent 
inMECU(2) 
ECU 
BFR 
DM 
FF 
HFL 
LFR 
UT 
PTA 
UKL 
CAD 
SFR 
USD 
YEN 377.50 
0.00 
486.10 
2,100.00 
673.40 
2,600.00 
100,000.00 
10,000.00 
13.10 
0.00 
292.00 
281.50 
660.40 377.50 
0.00 
253.00 
318.70 
312.50 
65.64 
52.40 
63.03 
16.80 
0.00 
181.20 
233.70 
5.50 
Total 1.879.97 
B.-New operations: 1.01.1994 - 30.06.1994 
Equivalent in MECU (3) 
Date 
of issue Duration 
(years) Coupon 
0/ Currency 
(million) Fresh 
capital (1) Re­
financings 
(1) Excluding refinancing operat'ons, designed to reduced the cost of servicing easting debt 
initially contracted at higher interest rates. 
(2) Exchange rates as at 30.06.1994 
(3) Exchange rates at signature. 
ISSN 0254-1475 
COM(94) 494 final 
lit CUMENTS 
EN tl 
Catalogue number : CB-CO-94-522-EN-C 
ISBN 92-77-82074-8 
Office for Official Publications of the European Communities 
L-2985 Luxembourg