EUROOPAN YHTEISÖJEN KOMISSIO 
Bryssel, 18.07.1995 
KOM(95) 364 lopull. 
KOMISSION VUOSIKERTOMUS 
NEUVOSTOLLE JA PARLAMENTILLE 
YHTEISÖN OTTO- JA ANTOLAINAUSTOIMINNASTA 
VUONNA 1994 
ja 
KOMISSION KERTOMUS 
NEUVOSTOLLE JA PARLAMENTILLE 
YHTEISÖN UUDEN VÄLINEEN KÄYTTÖASTEESTA 
(puolen vuoden jakso 1 päivästä heinäkuuta 1994 31 päivään joulukuuta .994) 

CONTENTS 
INTRODUCTION 
A. THE COMMISSION'S ANNUAL REPORT TO THE COUNCIL AND TO THE 
EUROPEAN PARLIAMENT ON THE BORROWING AND LENDING 
ACTIVITIES OF THE COMMUNITY IN 1994 
1. Community borrowing 
2. Lending within the Community 
3. Lending outside the Community 
4 The European Investment Fund 
5. Budgetary impact of lending 
Statistical annex 
B THE COMMISSION'S REPORT TO THE COUNCIL AND TO THE 
EUROPEAN PARLIAMENT ON THE RATE OF UTILIZATION OF THE 
NEW COMMUNITY INSTRUMENT (NCI) (half-year from 1 July 1994 to 
31 December 1994) 
1. Introduction 
2. Overall situation at 31 December 1994 
3. Breakdown of loans by country and sector 
Statistical annex 
YHTEISÖN OTTO- JA ANTOLAINAUSTOIMINTAA 
KOSKEVAT KERTOMUKSET 
JOHDANTO 
A. Vuosikertomus 
Tämä kertomus laaditaan vuosittain Euratomin tutkimukseen ja rahoitukseen' ja 
yhteisön uudelle välineelle2 tarkoitetuista lainananto-järjestelyistä tehtyjen 
neuvoston päätösten mukaisesti. Lisäksi parlamentti edellytti yhteisön otto- ja 
antolainaustoiminnan poliittisen seurannan tehostamista koskevassa 
päätöslauselmassaan3 Euroopan hiili- ja teräsyhteisön ja Euroopan 
investointipankin toiminnan sisällyttämistä seurantaan. 
Vuonna 1994 yhteisön rahoitustoiminta laajeni ja monipuolistui edelleen 
aikaisempien vuosien tapaan. Erityisesti antolainaustoiminta kolmansissa maissa 
lisääntyi huomattavasti, ja tätä tarkoitusta varten neuvosto antoi lokakuussa 1994 
asetuksen takuurahaston perustamisesta'* uudeksi varoitus- ja 
kurinpitojärjestelmäksi talousarvion kattamien yhteisön ulkopuolella sattuvien 
laiminlyöntien varalta. Lisäksi komissio on yhteistyössä Euroopan 
investointipankin kanssa neuvoston pyynnöstä5 laatinut selonteon pankin 
kolmansille maille yhteisön talousarviosta järjestämien takuiden soveltamisalan 
rajoittamisen suositeltavuudesta. Tämä selonteko esitetään neuvostolle ja 
parlamentille vuoden 1995 aikana. 
Edinburghin Eurooppa-neuvoston päättämien tärkeimpien perusrakennehank­
keiden antolainauksen rahoituksesta sovittiin tietoliikenteen, energiapolitiikan ja 
ympäristöpolitiikan osalta vuonna 1994. Euroopan laajuisten verkkojen osalta 
Essenin Eurooppa-neuvosto hyväksyi 14 ensisijaista liikennehanketta ja 10 
energiahanketta ja kehotti samalla Euroopan investointipankkia vahvistamaan 
antamaansa rahoitustukea. 
Päätöksen 77/270/Euratom 4 artikla (EYVL N:o L 88, 6.4.1977) 
Päätöksen 78/870/ETY 6 artikla (EYVL N:o L 298, 25.10.1978) 
Päätöksen 82/169/ETY 6 artikla (EYVL N:o L 78, 24.3.1982) 
Päätöksen 83/200/ETY 7 artikla (EYVL N:o L 112, 28.4.1983) 
Päätöksen 87/182/ETY 9 artikla (EYVL N:o L 71, 14.3.1987) 
Päätöksen 81/19/ETY 7 artikla (EYVL N:o L 37, 10.2.1981) 
Päätöksen 81/1013/ETY 7 artikla (EYVL N:o L 367, 23.12.1981) 
Dok. PE/67134, 5.3.1981 (EYVL No C 287, 9.11.1981) 
Neuvoston asetus (EY, Euratom) N:o 2728/94 (EYVL N:o L 293, 12.11.1994) 
Neuvoston päätöksen 93/696/EY liitteenä oleva julistus (EYVL N:o L 321. 
23.12.1993) 
3 
Kesäkuussa 1994 Euroopan investointirahasto (EIR), Edinburghin Eurooppa-
neuvoston hyväksymä aloite, aloitti toimintansa. Tämä rahasto myöntää takuita 
suurten perusrakennehankkeiden toteuttamiseen, erityisesti Euroopan laajuisiin 
verkostoihin sekä pienten ja keskisuurten yritysten rahoittamiseen 
Yhteisön rahoituskeinojen kehityksen ja monipuolistumisen vuoksi neuvosto ja 
parlamentti ovat pyytäneet komissiota toimittamaan mahdollisimman 
yksityiskohtaiset tiedot uusista toiminnoista. 
Tämän vuotta 1994 koskevan komission viidennentoista kertomuksen 
tarkoituksena on tyydyttää tämä tarve. 
B. Puolivuotiskertomus 
Yhteisön sisäisen sijoitustoiminnan edistämiseksi myönnettyjen lainojen seurannan 
varmistamiseksi vuosina 1983 ja 1987 tehtyjen päätösten mukaan komission on 
ilmoitettava parlamentille ja neuvostolle kuuden kuukauden välein yhteisön 
uuden välineen perusteella otettavien lainaerien käyttöasteesta. Tämän asiakirjan 
B-osassa tehdään yhteenveto uuden välineen mukaisesta toiminnasta 1 päivästä 
heinäkuuta 31 päivään joulukuuta 1994. 
A. THE COMMISSION'S ANNUAL REPORT 
TO THE COUNCIL AND TO THE EUROPEAN PARLIAMENT ON THE 
BORROWING AND LENDING ACTIVITIES OF THE COMMUNITY IN 1994 
1. COMMUNITY BORROWING 
1.1 In order to attain its internal objectives, the Community is empowered to borrow 
funds on the capital market. These borrowings are intended to finance loans for 
Member States in balance-of-payments difficulties (ceiling of ECU 14 billion), for 
research and financing in connection with nuclear power stations (current Euratom 
ceiling of ECU 4 billion), for encouraging investment in the Community under the 
NCI (current ceiling of ECU 6.8 billion) and, under the ECSC Treaty, for promoting 
productive capacity or conversion projects in the coal and steel industries. 
On the basis of the agreements concluded with non-Community countries, the 
Commission is empowered to borrow to finance programmes of financial assistance 
for the countries of Central and Eastern Europe, for the African, Caribbean and 
Pacific (ACP) countries and for measures adopted pursuant to the Mediterranean 
protocols. 
However, the bulk of the borrowing is undertaken by the European Investment 
Bank (EIB) for loans for investment projects in the European Union meeting the 
objectives assigned to the Bank by the Treaties and for the projects undertaken 
outside the Community in support of development cooperation policy. 
1.2 The volume of borrowing in the market by the Community institutions in 1994 
totalled ECU 15.2 billion in 1994, a fall of 24.6% over the previous year (Table 1). 
The decline in Community borrowing was primarily the result of the large decrease 
in balance-of-payments loan financing and, to a much lesser extent, in ECSC loans. 
The Community's share of borrowing in the OECD area also declined in 1994. 
Taking account of redemptions and cancellations, the amount of borrowing 
outstanding at 31 December 1994 was ECU 100.2 billion compared with 
ECU 94.4 billion in 1993 (see Table 2 in Annex). 
Borrowing by the EBB in 1994 amounted to ECU 14.1 billion, slightly less than in 
1993 (see Table 1 in Annex). After a five-year period of inactivity in the financial 
markets, Euratom borrowings in 1994 were ECU 49m. EC borrowing for 
balance-of-payment support loans totalled ECU 245m, a significant decline 
compared with 1993, while NCI borrowing stood at ECU 70m. 
The breakdown of Community borrowing by currency of borrowing (see Table 3 in 
Annex), shows a sharp decrease in the use of ECU compared with 1993. This 
decrease was offset in part by the increase in certain issues denominated in national 
currencies. On the international capital market (OECD area), offerings in the ECU 
sector amounted to ECU 6.4 billion in 1994, a modest increase compared with 1993 
(Table 1). 
The bulk of Community borrowing in 1994 was contracted at fixed rates, although 
the proportion of variable-rate operations rose sharply compared to 1993. 
Table 1 
Issues on the International market 
(ECU billion) 
1987 1988 1989 1990 1991 1992 1993 1994 
1. Community 
of which: 
1.1 ECSC 
1.2 EC (a) 
1.3 Euratom 
1.4 EIB 94 
1.5 
1.5 
0.9 
5.6 9.6 
0.9 
0.9 
0.1 
7.7 10.5 
0.9 
05 
9.0 125 
1.1 
0.4 
11.0 16.9 
1.4 
1.7 
13.7 15.7 
1.5 
1.2 
130 20.1 
0.9 
5.0 
14.2 15.2 
06 
03 
0.1 
14.2 
2. OECD countries (b 115.8 151.2 193.1 141.5 208.3 212.7 337.0 3097 
3. Community share 8.1 6.3 5.4 8.8 8.1 74 6.0 49 
(1as%of2) 
4. International issues by selected currencies 
4.1 US$(b) 
4.2 YEN(b) 
4.3 ECU 
4.4 US $ as % of 2 
4.5 Yen as % of 2 
4.6 ECU as % of 2 50.7 
19.7 
6.5 
43.8 
17.0 
5.6 63.0 106.6 
13.4 14.2 
9.5 114 
41.7 
8.9 
6.3 55.2 
7.4 
5.9 55.0 
17.9 
14.1 
389 
127 
10.0 65.9 
29.1 
26.0 
31.6 
14.0 
125 79.5 
26.0 
17.1 
37.4 
122 
8.0 126.1 
37.9 
6.1 
37.4 
11.2 
1.8 125.6 
56.6 
6.4 
40.6 
18.3 
2.1 
(a) NCI+balance of payments. 
(b) Calculations based on the yearly average exchange rate of the ecu 
Source. ECandCECD. 
2. LENDING WITHIN THE COMMUNITY 
2.1 Economic activity in the Community recovered in 1994, with Community GDP 
estimated to have expanded by 2.7%. The recovery has been led by the strong 
export performance of the European economies and by a pick-up in investment. 
Investment in the Community, as measured by gross fixed capital formation 
(GFCF), rose by 2.4%. Unemployment, however, remained unacceptably high in 
spite of the economic recovery. In this respect the European Council, meeting in 
Corfu and Essen in 1994, affirmed that the unemployment problem required 
structural reforms and urged the Member States to follow and develop the strategy 
set out in the Commission's White Paper on growth, competitiveness and 
employment. 
n o EIB activity in support of the Community's internal objectives in 1994 
remained unchanged. In 1994 loans signed for projects in the Community totalled 
ECU 17.7 billion, the same as in 1993. Projects were financed in every 
Member State as well as in the three new Member States. There was an increase in 
activity in the United Kingdom, Germany (especially in the eastern Lander), France 
and, to a lesser extent, in Greece and the Benelux countries (Table 2). 
Table 2 
atiuuuw ui DO leiiuuiy IHMII uuiiu<iu»äiyiKU/ -
Bsfgfum 
Denmark 
Germany 
Greece 
Spain 
France 
Ireland 
Italy 
Luxembourg 
Netherlands 
Portugal 
United Kingdom 
Austria 
Finland 
Sweden 
Other (Article 18) 
Community total 
ACPCCT 
Mediterranean 
CEEC 
Latin America, Asia 
Non-Community total 
TOTAL LOANS SIGNED 1967 
ECU rrillion % 
37.1 0.5 
3153 40 
276.5 3.5 
164.8 2.1 
7074 9.0 
1,006.5 128 
178.6 23 
3,112.2 39.7 
1.6 0.0 
18.0 02 
389.9 5.0 
1,133.7 14.5 
108.7 1.4 
7,450.3 95.0 
349.4 4.5 
42.8 0.5 
392.2 50 
7.8425 100 Geographical distribution 
1992 
ECU million % 
396.6 2.3 
6908 4.1 
1,663.9 9.8 
377.5 2.2 
3,0206 177 
1,895.1 111 
303.5 1.8 
3,796.9 223 
428 0.3 
154.4 0.9 
1,2304 7.3 
2407.2 14.1 
159.7 0.9 
16,139.7 94.8 
2520 1.4 
320.8 1.9 
320.0 1.9 
8928 52 
17,032.5 100 1993 
ECU million % 
371.6 1.9 
8755 45 
2,096.6 10.7 
511.1 2.6 
4,0051 20.4 
2,205.5 112 
388.2 2.0 
3.362.0 17.1 
379.7 1.9 
1.488.8 7.6 
1.929.1 9.8 
111.0 0.6 
17.724.2 90.4 
225.7 12 
680.5 3.5 
882.0 4.5 
99.0 0.5 
1,8872 96 
19,611.4 100 1994 
ECU million % 
6153 3.1 
8497 43 
2.407.9 12.1 
534.7 2.7 
3,0115 151 
2.477.4 124 
291.1 1.5 
3.099.5 15.6 
5.1 00 
399.5 2.0 
1,109.7 5.6 
2454.7 12.3 
89.5 0.4 
602 0.3 
15.3 0.1 
260.8 13 
17.681.9 88.7 
461.6 23 
6070 3.0 
9570 4.8 
220.0 11 
22456 113 
19,927.5 100 
In 1994 the EEB concluded the financing of capital infrastructure projects under the 
Edinburgh lending facility, amounting to ECU 7 billion for 140 projects in the 
fields of transport, communications, energy and the environment. It has also 
implemented a system of subsidized loans linked to the creation of jobs for small and 
medium-sized enterprises. To this end, a first instalment of global loans for a total 
of ECU 650m has been committed. 
The EIB has continued its activity in favour of regional development by providing 
finance totalling over ECU 12 billion (72% of total financing in Member States). 
The investments financed are concentrated in the less-favoured regions, the 
"cohesion" countries and in Germany's eastern regions (see Table 5 in Annex). 
The EIB has continued its support for infrastructure networks, agreeing to more 
than ECU 7.2 billion for investments in transport, telecommunications, and 
electricity- and gas-transmission networks. Given their special characteristics, 
preparation of the high-priority trans-European network projects has resulted in the 
establishment of a "special desk" at the EIB allowing a flexible approach in handling 
their financing. 
Likewise, the EIB has provided financial assistance for projects designed to protect 
the environment and to improve urban living conditions (ECU 4.9 billion). In 
addition, more than ECU 3.5 billion have been directed towards better utilization 
and diversification of energy resources. 
Lastly, despite the difficult economic context, the EIB has endeavoured to sustain 
projects in the industry and service sectors, in particular those carried out by small 
and medium-sized enterprises (ECU 3.6 billion). 
2.3 Politically, it should be noted that, following the Communication to the Council of 
20 October 1993 regarding the future of the ECSC Treaty, the Commission decided 
on 28 June 1994 to redefine the conditions of ECSC borrowing and lending policy 
ECSC lending (including bridging loans) totalled ECU 673.4m in 1994, a decrease 
of 26.7% on 1993 (Table 3). 
The decrease in the volume of lending is basically due to the economic recession in 
the Member States. The strong contraction of productive investments resulted in a 
reduction in the number of conversion loans (Article 56). 
Table 3 
ECSC loans in 1994 1 (ECU '000) 
Italy 
France 
Greece 
Portugal 
Netherlands 
Germany 
United Kingdom 
Spain 
Belgium 
Luxembourg 
Ireland 
Denmark 
Total Article 54 
18,961.8 
60278.1 
245,942.1 
25,408.8 
23,2372 
82,1112 
455,9392 Article 56 
8,9252 
13,958.8 
77,1492 
87,726.3 
4,627.6 
16,377.3 
208,764.4 Housing 
1,3672 
506.4 
30.8 
44.9 
5,970.3 
115.6 
415.3 
225.4 
50.3 
8,7262 Total 
29254.2 
14,465.2 
30.8 
44.9 
143,397.6 
333,784.1 
30,451.7 
39,839.8 
50.3 
82,1112 
673,429.8 
2.4 As regards NCI activities, it should be noted that no new operations have been 
undertaken since 1991 (Table 4). 
Table 4 
NCI loans at 31 December 1994 I (ECU million) 
Financial agreements 
Global loans (*) 
Productive sector (*) 
Infrastructure 
Energy 
Total contracts signed, net (**) 
EIB loans (own resources) 
Authorized ceilings 
Balance NCI I 
5.4 
538.5 
446.7 
990.5 
1,000.0 
9.5 Reconstr. 
ITALY 
598.7 
598.7 
351.6 
1,000.0 
49.7 Reconstr. 
GREECE 
80.0 
80.0 
80.0 
0 Nan 
406.8 
10.6 
279.4 
300.8 
997.5 
1,000.0 
2.5 NCI III 
2,138.0 
465.3 
258.3 
2,861.6 
3,000.0 
138.4 NCI IV 
682.6 
682.6 
750.0 
67.4 TOTAL 
3,227.4 
159 
1.961.9 
1,005.8 
6,211.0 
351.6 
6,830.0 
267.5 
(*) Industry and agriculture 
(**) Contracts signed less cancellations 
2.5 The facility providing medium-term financial assistance for Member States' 
balances of payments was activated in 1993 in favour of Italy. Following that 
country's request for financial assistance to support its balance of payments and its 
programme of economic adjustment and reforms, the Council granted a loan of 
ECU 8 billion to be disbursed in four tranches (Council Decision 93/67/EEC of 18 
January 1993). The first two tranches of ECU 2 billion each were contracted and 
paid to Italy in March and November 1993. The Council Decision stipulates that 
the third and fourth tranches could be paid to Italy not earlier than 1 February 1994 
and 1 February 1995. The Italian Government did not request the 1994 tranche. 
Taking into account earlier loans and repayments made, the total amount of loans 
outstanding under this facility stood at ECU 5 billion at 31 December 1994, the 
authorized ceiling being ECU 14 billion through capital market financing 
3. LENDING OUTSIDE THE COMMUNITY 
This activity involves those countries with which the Community has concluded 
cooperation agreements. A substantial volume of resources is being provided in 
forms appropriate to the specific circumstances of the countries in question 
(Table 5). 
3.1 In the context of the support for the adjustment and reform programmes of third 
countries, the Community continued to provide macroeconomic assistance in the 
form of balance-of-payments and structural adjustment support loans to 
complement the IMF programmes. In the case of the central and eastern European 
countries, Community support has been provided within the G-24 framework 
In 1994 actual disbursements corresponding to loans previously approved amounted 
to ECU 220m (Algeria: ECU 150m; Bulgaria: ECU 70m). Moreover, new loans 
were approved for a maximum of ECU 585m (Moldavia: ECU 45m; Romania: 
ECU 125m, Algeria: ECU 200m; Slovakia: ECU 130m; Ukraine: ECU 85m), of 
which ECU 25m were actually disbursed (Moldavia). 
3.2 The Commission continued with the implementation of the Council Decision of 
December 1991 relating to the commercial credit facility of ECU 1250m in favour 
of the new independent states of the former USSR (CIS). 
Credits of ECU 59m and ECU 68m were agreed for Uzbekistan and Azerbijan. This 
operation took the total amount of credits agreed under the facility to ECU 
1132.9m and, at the end of the year, left ECU 117.1 m for further funding. 
10 
Table 5 
Financing outside the Community in 1994 | 
ACP-OCT 
Mediterranean basin 
CEEC 
CIS 
Latin America, Asia 
Total EC and EDF 
budgetary 
resources (1) 
239.1 
28.0 
267.1 EIB own 
resources 
2225 
579.0 
957.0 
220.0 
1,978.5 (ECU million) 
Financial 
support for 
countries 
150.0 
70.0 (2) 
25.0 (3) 
245.0 ECSC 
420 
420 Total 
461.6 
7570 
1,069.0 
25.0 
2200 
2,532.6 
(1) Granted and managed by the EIB out of the budgetary resources of the ECorthe European 
Development Fund (EDF). 
(2) Balance-of-payments loans. Disbursement 
(3) Balance-of-payments loans and commercial credits. 
3.3 EIB financing outside the Community is made available as part of the Community's 
cooperation policy with third countries. Financing increased again in 1994, to 
ECU 2246m compared with ECU 1887m in 1993 and ECU 893m in 1992. 
Financing from own resources, guaranteed by the Member States out of the 
Community budget, totalled ECU 1979m, while financing from budgetary resources 
under mandate from and on behalf of the Community amounted to ECU 267m 
(Table 5). The marked increase in lending activity in 1994 is due mainly to the 
doubling of financing in the African, Caribbean and Pacific countries as well as to 
the expansion of operations in Latin America, Asia and central and eastern Europe 
and to the continuing activity in the Mediterranean basin. 
In the African, Caribbean and Pacific (ACP) countries and the Overseas 
Countries and Territories (OCT), the EIB provided assistance amounting to 
ECU 462m (against 226m in 1993), of which ECU 223m was provided from own 
resources and carried interest subsidies financed out of the budget and ECU 239m 
was in the form of risk capital from budgetary resources. Thirty-two countries have 
benefited from these operations. Loans to industry, food processing and services, 
mainly in the private sector, accounted for more than half of the total funding, 
followed by the energy sector with almost a third. Projects for transport and 
telecommunications, water supply and sewerage infrastructure accounted for the 
rest. 
Lending in the countries of the Mediterranean basin totalled ECU 607m 
compared to ECU 680m in 1993. Financing was provided mostly under the 
Financial Protocols (ECU 397m, of which ECU 369m from own resources and 
ECU 28m in the form of risk capital from budgetary resources) but also as part of 
the non-protocol horizontal financial cooperation for regional cooperation and 
environmental protection projects (ECU 210m). Transport and telecommunications 
11 
projects represented more than 40% of the total, energy projects about 22% »nul 
those designed to ensure more satisfactory waste-water collection and treatment 
15%. Over 22% of the total concerned investments in industry and services, many 
of which in the private sector, carried out in conjunction with Community 
enterprises. 
In the central and eastern European countries (CEEC), lending amounted to 
ECU 957m in 1994 (ECU 882m in 1993). Investments were financed in ten 
countries, including for the first time in Latvia and Lithuania Projects mainly 
concern basic infrastructures essential for the development of these countries. The 
transport (41%) and telecommunications sectors (32%) benefited most, especially 
projects extending the trans-European networks. Energy (16%), forestry and global 
loans to industry (11%) accounted for the rest. 
Lastly, the Bank's operations in Latin American and Asian concerned five new 
countries and totalled ECU 220m against ECU 99m in 1993. Loans were made for 
energy transport projects (55%), telecommunications (34%) and to the 
construction of a cement production line (11%). 
3.4 On 5 March 1990 the Community decided to make ECSC loans available for 
financing industrial investment projects in Poland and Hungary up to a ceiling of 
ECU 200m. Since 1991 that decision has also applied to the Czech and Slovak 
Federal republics, Bulgaria and Romania. 
In 1994 an ECU 42m loan to finance investment in a steel plant in Poland was 
signed. 
3.5 On 21 March the Council decided to authorize the Commission to contract 
Euratom borrowings the proceeds of which will be allocated in the form of loans to 
finance improvements in the efficiency and safety of nuclear power stations in some 
CEEC and CIS countries. Under the current ceiling fixed by the Council, a total of 
about ECU I 1 billion could be granted under this facility 
No operations were concluded under this facility in 1994. 
3.6 The Community and the EIB are both shareholders and close partners of the 
EBRD: they each hold 3% of the Bank's capital. They work in close cooperation 
and match their resources: the Commission provides technical assistance for projects 
undertaken by the EBRD, while the EIB and the EBRD are helping to finance a 
number of projects in central and eastern Europe. 
According to the EBRD's annual report for 1994, the Board approved 109 new 
projects in the CEEC and the former Soviet Union. Signed commitments amounted 
to ECU 1878m (against ECU 1642m in 1993). At the end of the year, outstanding 
equity disbursements totalled ECU 365.6m, compared with ECU 192.5m at the end 
of 1993. 
12 
4. THE EUROPEAN INVESTMENT FUND 
The European Investment Fund (EIF), which became operational in June 1991, 
provides guarantees for large infrastructure projects, notably in connection with the 
trans-European networks (TEN) and for small and medium-sized enterprises. 
The EIF, which was set up following an initiative by the Edinburgh European 
Council, is a tripartite institution jointly funded and managed by the Community 
(with 30% of the capital), the European Investment Bank (40%) and financial 
institutions from the Member States (30%). It has an authorized capital of 
ECU 2 billion. At present, it concentrates on granting financial guarantees. At a 
later stage, it could acquire stakes in enterprises participating in the construction of 
the trans-European networks or, indirectly, in small and medium-sized enterprises 
At 31 December 1994 the EIF had signed guarantee operations for a total of 
ECU 515m, of which 15% are for SMEs. 
5. BUDGETARY IMPACT OF LENDING 
The Community's general budget is affected by lending activity where loans are 
accompanied by interest subsidies and/or budget guarantees. 
5.1 Interest subsidies 
Interest subsidies are granted in the Community in the following fields, (i) the 
industrial conversion of coal and steel areas (Article 56 of the ECSC Treaty); (ii) the 
reconstruction of the disaster-hit areas of Italy and Greece, where they are paid out 
by the EIB as borrowings are repaid; (iii) in the context of the "SME facility" (see 
Table 7 in Annex). 
No industrial loans at reduced rates for investment projects designed to promote 
consumption of Community coal (Article 54, second paragraph) have been made. 
With regard to the granting of subsidies for conversion loans in coal and steel areas 
(Article 56), interest subsidies amounted to ECU 51.1m in 1994 against 
ECU 114.3m the previous year. 
The Copenhagen European Council of June 1993 increased by ECU 3 billion the 
temporary facility agreed in Edinburgh. Of that amount, ECU 1 billion are directed 
towards the strengthening the competitiveness of small and medium-sized European 
enterprises and would carry interest subsidies linked to the creation of employment. 
The subsidy amounts to ECU 3000 per additional job created (equivalent to a 2% 
interest rebate). Following the adoption of the Council decision of 19 April 1994, 
the EIB started to sign global lending agreements with financial intermediaries in all 
Member States in the second half of 1994. The allocation of loans to beneficiaries is 
expected to be completed before the end of July 1995. In 1994 the budgetary 
payments for this facility amounted to ECU 65.5m. 
13 
Interest subsidies are also provided in connection with EIB loans outside the 
Community (see Table 8 in Annex). 
5.2 Budget guarantees 
5.2.1 Coverage 
All the outstanding borrowing contracted by the Community to finance loans 
managed by the Commission (Euratom, NCI, balance of payments) is guaranteed by 
the general budget. 
With the exception of loans granted under Article 18(1) of the EIB's Statute, the 
Bank's loans from own resources granted to non-Community countries in pursuit of 
the Community's policy of providing financial assistance for development are 
covered by a guarantee agreement. The guarantees are provided by Member States 
for loans in ACP countries and by the Community for those in Mediterranean, 
Central and Eastern European (CEEC) and other third countries. 
Details of the Community budget guarantees provided in this connection are as 
follows: 
(i) EIB loans to Mediterranean countries: overall, 75% of the amount of loans 
contracted are covered by a Community guarantee. 
At the end of 1994 outstanding loans totalled ECU 2161m, of which 
ECU 473m were accounted for by loans in Spain, Greece and Portugal 
(pre-accession) and ECU 1688m by loans in non-member Mediterranean 
countries. 
(ii) EIB loans to the CEEC: loans contracted are fully covered by the Community 
guarantee. At 31 December 1994, the EIB had made available ECU 1650m 
in loans to these countries out of a total package of ECU 1.7 billion under the 
heading CEEC I. The amount of outstanding loans at the end of 1994 totalled 
ECU 572m. 
At the end of 1993 the Community extended its guarantee to cover all EIB 
lending to the CEEC, including the Baltic States and Albania, and proposed a 
ceiling of ECU 3000m valid for a three-year period. At 31 December 1994 
the EDB had made available ECU 921m of loans from this package. At the 
end of 1994 the amount of outstanding loans was ECU 2m. 
(iii) EIB loans to other third countries: loans granted to countries with which the 
Community has concluded cooperation agreements are also fully covered by 
the Community guarantee. Loans in favour of these countries were decided 
in February 1993 for an amount of ECU 250m a year for a three-year period. 
At the end of 1994 the loans signed stood at ECU 319m, while the amount 
outstanding was ECU 46m. 
14 
The Community decided in 1991 to provide a guarantee covering 98% of a bank 
loan to the former USSR up to a ceiling of ECU 500m (ECU 406m in capital) for 
imports of agricultural and food products. In February 1992, this credit was 
allocated exclusively to Russia. The amount of outstanding loans at the end of 
1994 totalled ECU 133m. 
5.2.2 Outstanding guarantees at 31 December 1994 
At the end of 1994 the outstanding guarantees provided by the Community budget 
exceeded ECU 13 billion, more than 43% of which were for countries outside the 
Community (Table 6). Compared with 1993, total outstanding guarantees have 
decreased by ECU 1 billion. However, the proportion of commitments to 
non-Community countries has increased from 37.5% in 1993 to 43% in 1994. 
The annual risk covered by the general budget, which concerns the repayment of the 
debt (principal and interest), stood at ECU 2785m in 1994, of which ECU 885m 
related to third countries. 
At 31 December 1994 the amounts paid by the Community and not as yet 
reimbursed by the defaulting debtor countries stood at ECU 92.06m, of which 
ECU 48.3m are owed by some republics of the former Yugoslavia and a total of 
ECU 43.76 by Tajikistan, Ukraine, Georgia and Kyrgyzstan. 
The provisional drawing on the Commission's cash resources to cover the guarantee 
has been regularized by the budget up to 1993 and by the Guarantee Fund since its 
establishment by Council Regulation (EC, Euratom) No 2728/94 of 
31 October 1994. 
15 
Table 6 
Capital outstanding on guaranteed operations (at 31 Dec 1994) (1) 1 
(ECU million) 
Operation 
Member States 
A. Balance of payments 
1. Greece I 
2. Greece II 
3. Italy 
B. Other 
4. Euratom (2) 
5. NCI (including earthquake reconstr.) 
6. BB Mediterranean (E,GR,P) 
Non-Communitv countries 
A. Financial assistance 
1. Hungary 
2. Czech Republic 
3. Slovak Republic 
4. Bulgaria 
5. Romania 
6. Algeria 
7. Israel 
8. Baltic States 
9. as 
10. Moldavia 
11. Ukrania 
B. Other 
12. BB Mediterranean 
13. BB CEEC I 
14. BB CEEC II 
15. BB Latin America, Asia 
16. CIS guarantee 
TOTAL Amount 
ceiling 
26,330 
14,000 
4,000 
6,830 
1,500 
17,127 
1,050 
250 
255 
400 
580 
600 
160 
220 
1^50 
45 
85 
6282 
1,700 
3,000 
750 
500 
43,457 Amount 
outstanding at 
31 Dec 1993 
8,982 
200 
1,000 
3,990 
1,018 
2202 
572 
5,395 
790 
250 
125 
290 
455 
250 
160 
110 
803 
1,596 
300 
266 
14,377 Amount 
outstanding at 
31 Dec 1994 
7,843 
1,000 
4,022 
779 
1,570 
473 
5,925 
790 
250 
125 
360 
455 
400 
160 
110 
810 
25 
1,688 
572 
2 
46 
133 
13,768 
(1) Exchange rate as at 31/12/94. 
(2) Extension of Euratom loans to certain third countries (Council Decision of 21/03/94). 
16 
STATISTICAL ANNEX 
17 
Table 1 
Trend of borrowing and lending in the Community | {ECU million) 
"•^••••••••••••••'•••••••"•••••••••••••••••'••^ (ecu rate at year-end) 
1984 198S 1986 1987 1968 1989 1990 1991 1992 1993 1994 
I. Borrowing 
ECSC 822 1,265 1,517 1,487 880 913 1.086 1.446 1,474 908 644 
Balance of payments (1) 862 860 350 1.695 1.209 4,969 245 
Euratom 214 344 488 853 93 49 
NQ 967 860 541 611 945 522 76 49 - - 70 
Total Commission 2.OO3 2.469 3.408 3.811 1.918 1.435 1.512 3.190 2.683 5,877 1,008 
BB(2) 4.339 5,699 6,786 5.593 7.666 9,034 10,996 13,672 12.974 14,224 14,148 
Total EC 6.342 8.168 10.194 9.404 9.584 10.469 12.506 16.862 15.657 20,101 15,156 
II. Lending 
BCSC 825 1.010 1.069 969 908 700 993 1,382 1,486 918 674 
Balance of payments (1) 862 880 - 350 1,695 1.209 4,969 245 
Euratom 1S6 211 443 314 ----- - 49 
NCI 1.182 884393425 357 78 24 39 9 30-
TOtal Commission 2.193 2.IOS 2.767 2,568 1,265 778 1,367 3,116 2,454 5,917 968 
gB(3) 5,007 5.641 6,678 6,967 8,844 11,507 12,605 14,438 16,086 17,672 17,656 
Total BC 7,200 7,746 9,445 9,535 10.109 12,285 13.972 17.554 18,520 23.589 18.624 
ttte The differences between total borrowhg and lendhg by the Cbrrrrissbn are due to borrowing operations undertaken for refinancrig. 
purposes and to changes in the balance of bans not assigned by the end of the year. 
The differences between borrowing and lendhg by the BB are due to the fact that BB bndng operations are financed both from 
borrowings and f ramthe Bunk's own resources. 
(1) Machanismfwprovidhgfhanciai support for tomber States ard assistance for norHTBrrber countries. 
(2) Total resources raised. 
(3) Loans signed out of own resources, no account being taten of the guarantees provided by the BB to promoters (ECU 26 rnKon in 
1994) or of operations financed outof N3 resources. 
18 
Table 2 
Community borrowings outstanding (at year-end) (1) (2) _) (ECU million) 
ECSC BB Euratom NCI Sub-total Bala nee-of-pay. 
borrowings Total 
borrowing 
1982 
1983 
1984 
1985 
1986 
1987 
1988 
1989 (3) 
1990 
1991 
1992 
1993 
1994 6,178 
6,539 
7,119 
7,034 
6,761 
6,689 
6,825 
6,738 
6,673 
7,139 
7,327 
7,331 
6,548 16,570 
20,749 
25,007 
26,736 
30,271 
31,957 
36,928 
42,330 
48,459 
58,893 
67,784 
78,661 
83,673 1,272 
1,680 
1,892 
2,013 
2,168 
2,500 
2,164 
1,945 
1,687 
1,563 
1,338 
1,018 
779 1,747 
3,269 
4,432 
4,960 
5,202 
5,229 
5,514 
5,122 
4,542 
3,817 
3,326 
2,202 
1.570 25,767 
32237 
38,450 
40,743 
44,402 
46,375 
51,431 
56,135 
61,361 
71,412 
79,775 
89,212 
92,570 591 
4,610 
4,932 
3,236 
1,890 
2,997 
2,459 
2,075 
(4) 2,045 
3,516 
4,026 
5,204 
7,697 26,358 
36,847 
43,382 
43,979 
46,292 
49,372 
53,890 
58,210 
63,406 
74,928 
83,801 
94,416 
100.267 
(1) The conversion rates used were those obtained on 31 December of each year. As the majority of borrowings 
are denominated in national currencies, the diflerence between two year-ends reflects, on the one hand, changes 
in the valuation of the existing stock and, on the other, the net volume of borrowings during the year. 
(2) Original amount of borrowings, plus or minus repayments of the principal, cancellations, annulments and 
exchange-rate adjustments. 
(3) As from 1989 including shortterm (new EIB approach). 
(4) As from 1990 a Iso includes balance-of-payments and financial assistance for non-member countries 
19 
Table 3 
Community borrowings in 1994» by currency | 
ECU 
BFR 
DKR 
DM 
ESC 
FF 
DRA 
HFL 
IRL 
LFR 
UT 
OSC 
PTA 
UKL 
Sub-total 
SFR 
USD 
YEN 
CAD 
Sub-total 
TOTAL Balance-of- Total 
BB Euratom ECSC NCI Payments^) Borrowing 
300 70 245 615 
752 49 40 - 841 
53 53 
2,051 - 86 - - 2,137 
584 584 
1,153 - 14 - 1,167 
36 36 
661 661 
177 177 
201 201 
2,560 - 14 - - 2,574 
59 59 
948 30 978 
1,518 - 339 - 1,857 
11,053 49 523 70 245 11,940 
856 . . j. . 856 
1,659 - 30 - - 1,689 
580 91 671 
3,095 - 121 - - 3,216 
14,148 49 644 70 245 15,156 (ECU million) 
1994 
% 
4.1 
55 
0.3 
14.1 
3.9 
7.7 
02 
4.4 
1.2 
1.3 
17.0 
0.4 
6.5 
12.3 
78.8 
5.6 
11.1 
4.4 
212 
100.0 1993 
% 
29.5 
0.1 
11.1 
1.2 
10.9 
1.1 
0.6 
0.5 
10.4 
6.2 
13.5 
852 
2.3 
7.9 
3.3 
14.8 
100.0 
(1 ) Balance of payments and linancial assistance for non-member counties. 
20 
Table 4 
Lending in the Community in 1993 and 1994, by sector and instrument (BCU million) 
ECSC BB(1) Euratom N3(1) Total % of total 
1993 1994 1993 1994 1993 1994 1993 1994 1993 1994 1993 1994 
Productive sector 
of which: allocations 
from ojobal loans 
Infrastructure 
of which: allocations 
from pjobal loans 
Energy 
of which: «locations 
from global loans 7893 3367 
3832 210.0 
129X) 3367 4^235 35943 
1.7317 1.7965 
9^797 95452 
822.0 8975 
25762 33335 
99.7 69.3 25.8 11.4 
2S8 11.4 5.0385 3542.4 
2.146.7 2J018J0 
10,108.7 95825 
822.0 8975 
25762 33835 
99.7 69.3 284 228 
121 11.7 
57.0 57.7 
45 52 
14.5 19.5 
0.6 0.4 
TOTAL 9183 673.4 16.779.4 16,624.4 25.8 11.4 17.7235 17.3092 100 100 
(1) Financing granted (indvidual loans and allocations from global loans) 
21 
Tables 
Financing in the Comunity by the EIB in 1993 and 1 ggjjfc^ economic objective 
1. Regional development 
1.1 By country 
Belgium 
Denmark 
Germany 
Greece 
Spain 
France 
Ireland 
Italy 
Luxembourg 
Netherlands 
Portugal 
United Kingdom 
1.2 By major sector 
Energy 
Transport 
Telecommunications 
OUter Infrastructure 
Industry, agriculture 
Services 1993 
ECU million 
12,462.2 
76.2 
667.7 
1,508.5 
492.4 
3,831.9 
1,135.7 
407.2 
2,084.7 
15.3 
1,317.9 
924.7 
1,582.0 
4,002.7 
1,660.0 
1,3661 
539.8 
3,004.2 
307.4 100 
0.6 
5.4 
12.1 
4.0 
30.7 
9.1 
3.3 
16.7 
0.1 
10.6 
7.4 
12.7 
32.1 
13.3 
11.0 
4.3 
24.1 
2.5 1994 
ECU million 
12,035 1 
178.6 
506.9 
1,801.6 
632.1 
2,659.2 
1,571.7 
237.7 
2,159.2 
17.7 
1,127.1 
1,143.3 
2,104.4 
4,209.8 
1,925.2 
766.2 
404.0 
2,092.9 
532.6 100 
1.5 
4.2 
15 0 
5.3 
221 
13.1 
20 
17.9 
0.1 
9.4 
9.5 
17.5 
350 
16.0 
6.4 
3.4 
17.4 
4.4 
2 Infrastructure of Community interest 
2.1 Transport 
2.2 Telecommunications 5,807.0 
3,712.8 
2,094.2 100 
63.9 
361 5,698.3 
3,543.2 
2,1551 100 
62.2 
37 8 
3. Environmental protection and improvement 
3.1 Environment 
3.2 Town planning 4,385.0 
3,483.0 
902.0 100 
79.4 
20.6 4,866.0 
3,152.1 
1,713.9 100 
64.8 
35.2 
4. Energy 
4.1 Indigenous resources 
4.2 Import diversification 
4.3 Efficient use of energy 2,766.8 
560.8 
632.6 
1,573.4 100 
20.3 
22.9 
56.9 3,525.6 
850.8 
919.8 
1,755.0 100 
24.1 
26.1 
49.8 
5. Industrial competitiveness 
of which: small and medium-sized enterprises (1) 2,705.9 
1,541.5 Numoen 
5257 1,791.5 
1,693.4 NumDei 
6,776 
(1) Including allocations from NCI global loans. 
N.B. As some loans serve a number of purposes simultaneously, the amounts shown under tfie different 
headings cannot be aggregated. 
22 
Table 6 
Geographical breakdown of lending (1) in the Community in 1993 and 1994 
1993 
Belgium 
Denmark 
Germany 
Greece 
Spain 
France 
Ireland 
Italy 
Luxembourg 
Netherlands 
Portugal 
United Kingdom 
Art 18 (2) 
Total 
1994 
Belgium 
Denmark 
Germany 
Greece 
Spain 
France 
Ireland 
Italy 
Luxembourg 
Netherlands 
Portugal 
United Kingdom 
Austria 
Finland 
Sweden 
Art 18 (2) 
Total (ECU million) 
ECSC 
11.9 
225.3 
89.8 
1.1 
391.8 
126.6 
0.1 
0.3 
71.4 
918.3 BB 
371.6 
875.5 
2,096.6 
511.1 
4,005.1 
2,205.5 
388.2 
3,3620 
3797 
1,488.8 
1,929.1 
110.0 
17,724.2 Euratom 
-
-NCI 
-
-Balance of 
payments 
3,989.0 
3,989.0 Amount 
383.5 
875.5 
2,321.9 
600.9 
4,006.2 
2,597.3 
388.2 
7,477.6 
0.1 
379.7 
1,489.1 
2,000.5 
111.0 
22,631.5 % 
1.7 
3.9 
10.3 
2.7 
17.7 
11.5 
1.7 
330 
0.0 
1.7 
6.6 
88 
0.5 
100 
ECSC 
39.8 
82.1 
143.4 
0.0 
30.7 
14.5 
0.1 
293 
0.0 
333.8 
673.7 BB 
615.3 
849.7 
2,407.9 
534.7 
3,011.5 
2,477.4 
291.1 
3,0995 
5.1 
399.5 
1,109.7 
2,454.7 
89.5 
60.2 
15.3 
260.8 
17,681.9 Euratom 
-
-NCI 
-
-Balance of 
payments 
-
-Amount 
655.1 
931.8 
2,551.3 
534.7 
3,042.2 
2,491.9 
291.2 
3,1288 
5.1 
399.5 
1,109.7 
2,788.5 
89.5 
60.2 
15.3 
260.8 
18,355.6 % 
3.6 
5.1 
13.9 
2.9 
16.6 
13.6 
1.6 
170 
0.0 
2.2 
60 
15.2 
0.5 
0.3 
0.1 
1.4 
100 
(1) Loans granted 
(2) Community projects that cannot be located in a particular Member State (e.g. telecommunication cables 
and satellites, North Sea Oil). 
23 
Table 7 
Interest subsidies paid out in the Community by the various 
Community mechanisms, 1977-1994 (ECU million) 
Year 
1977 
1978 
1979 
1980 
1981 
1982 
1983 
1984 
1985 
1986 
1987 
1988 
1989 
1990 
1991 
1992 
1993 
1994 Non-discounted systems (1) 
ECSC Art54 ECSCArt56 
(restruct) (con vers) 
1.3 2.7 
9.8 16.5 
10.4 8.0 
25.7 33.4 
7.6 6.3 
10.5 19.3 
4.0 7.1 
6.2 34.0 
3.6 74.9 
5.9 33.1 
2.4 35.6 
30 38.6 
2.6 42.5 
1.3 40.6 
1.0 48.6 
106.0 
114.3 
51.1 Employment Earthquake 
in Portugal reconstr. 
3.0 
14.4 
24.4 
28.4 
28.6 
4.0 28.6 
3.9 27.8 
26.6 
23.1 
20.1 
17.2 Discounted systems (2) 
EMS ERDF SME 
facility 
200.0 12.1 
197.0 
193.2 
209.8 
200 0 
65.5 
(1) Interest subsidies spread overtime and charged to the funds set aside lor this purpose in the 
annual budgets. 
(2) Interest subsidies paid by the Commission after discounting to a presentvalue, and charged 
to the budget as a single sum in the initial year. 
24 
25 (1) LiBreettrectirpirteredsibskfesfrarrthBB^ 
garetatxe^eftteSjt^EBnGtTTiruTbesrlfecasetf 
irteestsLbsictesarettHr^dtDrcn-rEpEvabeacl 
(2) QaledandnsragaJfcytheBB 
(3) Qartedandnang^dbyttBGCnnissicn 
(4 Ixtclxianurtsirten^farlHBstsLtHdesonBBIOBrc 
(5) 7teaniutsa/aferJeirilsrtfr3|xa/ia6fraTialFn^^ 
(Lefceron Syria) a resdet amrts. 
(6) h±i±xjB3J325ntociloBreframbi40a^ 
(7) v^BrfcartC&astnRte^fncrrKwnresaji^a^ 
(8) liducl^9ciTeBlJ100n*TicfirlerestsU»desfaBBIcBrBhl)Teervi^^ 
(9) - {^farterestsutekJesfaEBIcarefaptqBCtscf uuiiiuiilHtst 
(10) Na>repEVBbeassistaTe(strai^tgal). 
(11) QjiiiHudcredts Acpaates-ccr 
POP 
OCT 
NtedtefT.ooujAiies(S) 
Turkey 
Algeria 
Morocco 
Tunisia 
Jordan 
Lebanon 
Syria 
Israel 
Qrupieri Territories (7) 
MRa 
Cyprus 
TfanfrotoocT 
• » * • — • • 
IMUUn IMHruBl 
cooperation 
CUD 
Wand, 
Czech ffepuMc 
3ov*F*pubHc 
BJgarta 
Hngary 
Rjtiuia 
Albania 
Stoverta 
RrmarlfiSR 
MJklMa 
Ikranta 
Latin American and 
Asian countries Ap/eement 
Rxrth Lcné Qnetcn 
axrdl DteisiDn 
RuthRrenciBl Ftatacd 
r*tt yet inforce 
FnrttiRnrrial Rrtond 
Special IUXI ttrudicriaid 
Sbccndfrtrad prated 
Thrdf raral prdncd 
Farthf incrdsi prctood 
Trirdf rare! prated 
Rxrthf irercä prated 
FojIhRreraalftttood 
GUiiiQusui 
Forth RnBrtel Rctocd 
FarthRnerral Fteliui 
QxixiOsasm 
<3xixiQcscn 
RraraalpGted 
Qxrriiljtescn 
Qxrbl [jBoann Duration 
19301S95 
1930-1935 
193^1996 
1932-1936 
1937-1931 
1932-1936 
1932-1936 
1934-1936 
19341996 
1994-1936 
1932-1936 
1994-1936 
1933-1937 
1931 
1933-1936 Loans from 
BBown 
resources 
(1) 
1,200 
25 
225 
330 
220 
163 
310 
80 
50 
34 
53 
45 
110 
115 
82 
25D 
30 
50 
1,800 
3,000 
19D 
750 Cperat from budget res. 
Rskcaptal ttxvrepeyabte 
operations aid 
825 9,975 (4 
25 115 (4 
50 
18 5? 
25 193 
15 101 
16 242 
2 44 
1 19 
2 22 
2 34 
2 41 
25D 
2 13 
2 7? 
25 205(8) 
20(E) 
- -----Macrofinancial 
assistance (3) 
Granted Dsbursed 
800 4D 
160 160 
233 233 
255 125 
400 363 
223 110 
1,050 793 
59D 455 
105 (10) 70 
1,250 (11) 1,133 
45 25 
85 sac 
loans Total 
42 12,165 
12033 
165 
6,387 
aco(6) 
sm 
438 
284 
566 
125 
50 
'M 
(» 
145 
1'fi 
24' 
M) 
45 
16, 
2030 
6,072 
3,030 
292 
2S6 
433 
223 
1,050 
560 
105 
1/rj 
1,250 
4=) 
85 
793 (ŒUmBlon) Table 8 
Ujans aid ftBna assista »œcutsicle the (Ximiiilyh 
B. THE COMMISSION'S REPORT TO THE COUNCIL 
AND TO THE EUROPEAN PARLIAMENT 
on the rate of utilization of the 
New Community Instrument (NCI) 
(half-year from 1 July 1994 to 31 December 1994) 
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 July 1994 to 31 December 1994. 
Overall situation at 31 December 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; 
(ii) for NCI IV, the ceiling applies to the loans signed. 
At the end 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 31/12/1994 (ECU million) 
Ceiling Amounts used Balance 
NCI III 
NCI IV 3,000 
750 2,862 
683 138 O 
67 
(*) The special borrowngof ECU 100 million for European innovation 
projects has not yet been authorized by the Council. 
26 
The borrowing operations carried out in the six months under review with a view 
to financing NCI activities are shown in Annex 2(B). No new issue was floated 
during the period under review. 
3. Breakdown of loans by country and sector 
The table below provides an overall view of loans signed, converted into 
"borrowing equivalents" at 31 December 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 31.12.1994 | 
Country 
Belgium 
Denmark 
Greece 
Spain 
France 
Ireland 
Italy 
Netherlands 
Portugal 
UK 
Total NCIi 
66.8 
70.0 
239.0 
479.9 
134.9 
990.5 NCI II 
100.6 
114.9 
125.0 
116.6 
473.4 
67.1 
997.5 NCI III 
303.0 
111.2 
69.2 
938.7 
68.4 
1,228.5 
3.2 
29.9 
109.3 
2,861.6 NCI IV 
23.6 
632 
132.0 
72.3 
285.7 
9.9 
95.8 
682.6 NCI 
Reconstr. 
80.0 
598.7 
678.7 (ECU million) 
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 % 
04 
8.6 
49 
32 
19.4 
6.8 
49.4 
0.1 
0.6 
6.6 
100.0 
SECTOR 
NCI III 
NCI IV Productive sector 
52.8 % 
100 % Infrastructure 
26.5 % Energy 
20.7 % 100% 
100% 
NIC IV is of interest because of its special features, such as the options of 
converting loans into risk capital, using loans to finance the purchase of intangible 
assets and deferring interest payments. 
No loan transaction have been carried out since 1991. 
27 
STATISTICAL ANNEX 
28 
Annex 1 
NCI IV LOANS 
CEIUNG: ECU 750 MILLION (1) - (Situation at J1.12.W94) 
Re f Project desertion Date of 
contract ECU 
m illion (' Breakdown by country (2) 
1 LOANS SIGNED 
64/87 FIH(SmallBusiness)PG-Vl/A 
64/87 FIH(SmallBusiness)PG-VI/B 
68/87 BNL-PMIV/A 
68/87 BNL-PMIV/B 
69/87 1MI-PMIV/A 
69/87 IMI -PMI V/B 
70/87 MEDIOCR. CENTK - PMI IV/A 
70/87 MEDIOCR CENTR - PMI I V/B 
70/87 MEDIOCR CENTR -PMI 1 V/C 
70/87 MEDIOCR CENTR - PMI IV/D 
70/87 MEDIOCR CENTO - PMI IV/E 
71/87 INTERBANCA-PMIIV/A 
71/87 INTERB A NC A - P MI IV/B 
73/87 BPI-PGV 
105/87 CENTROBANCA - PMI IV/A 
»5/87 CENTROBANCA -PM1 1 V/B 
K)6/87 SAN PAOl.O Agromdustna II 
»7/87 CREDIOP-PMI I/A 
107/87 CREDIOP-PMI 1/B 
108/87 BANCO DI NAPOU -PMI A 
K)8/87 BANCO DI NAPOLI -PMI B 
110/87 B"DE SANTANDHR -PYME 
121/87 B°DEBILBAO-PYME 
148/87 EFIBANCA -PMI IV/A 
148/87 EFIBANCA - PMI 1 V/B 
148/87 EKIBANCA -PMI IV/O 
14887 EFIBANCA-PMI IV/D 
206/87 B"DE V1ZCA YA - PYMH A 
206/87 B°DE V1ZCAYA - PYMli B 
207/87 B°ESPANOLDECREDITO-PYME 
207/87 B°ESPANOLDECREDITO-PYME 
231/87 CREDIT NATIONAL-PMI III 
64/88 INVESTORS IN INDUSTRY -
GROUPED LOAN V 
»V88 EFIBANCA -PMI V/A 
101/88 EFIBANCA -PMI V/B 
»V88 EFIBANCA -PMI V/C 
WV88 EFIBANCA -PMI V/D 
»3/88 MEDIOCR LOMBARDO -PMI A 
103/88 MEDIOCR LOMBARDO - PMI B 
»3/88 MED1 OCR LOMBARDO-FMI C 
»3/88 MEDIOCR LOMBARDO PMI D 
»9/88 BARCLAYSBANKIIGL 
128/88 CENTROBANCA -PMI V/A 
128/88 CliNTKOBANCA -PMI V/B 
135/88 CREDIOP-PMI 11/A 
B5/88 CREDIOP-PMI II/B 
185/88 BANCO DI SICILIA -PMIII/A 
185/88 BANCO DI SICILIA-PMI II/B 
199/88 CREDITINDUSTRIELETCOMML. 
237/88 IMI-PMIVI/A 
237/88 IMI-PMIVI/B 
237/88 1MI-PM1V1/C 
237/88 IMI-PMIVI/D 
175/89 RARCI.AYSBANK1H/A 
119/90 KREDIETBANKNV -GL 
119/90 KREDIETBANKNV -GL 
48/91 B°ESPANOLDECREDITOPGPY L5 09.87 
24.05.88 
12.B.87 
12 1087 
310787 
3107 87 
15 0987 
»12 87 
OS 02 88 
16.0388 
23.06.88 
07B87 
07 »87 
220787 
11.12.87 
11.12 87 
05 1187 
18 0.87 
18 12 87 
18 1287 
18 12 87 
240787 
230787 
17 12 87 
17 1287 
240688 
240688 
17 12.87 
30 1188 
18 12.87 
18 1188 
05 02.88 
28 1288 
05. »88 
05.»88 
16.01.89 
16.0 L89 
».».88 
».».88 
06.02.89 
06.02.89 
211288 
19 12 88 
19.12.88 
09.1288 
09 12.88 
250589 
25.05.89 
29.11.88 
19.12.88 
19 1288 
06.0289 
06.02.89 
30 1189 
20.12.90 
20 1290 
28.0591 31,80 
31,43 
18,68 
8,01 
37,29 
15,98 
6,19 
5,88 
4,81 
3,27 
18,98 
9,34 
4,00 
9,91 
9,34 
4,00 
13,34 
4,67 
2,00. 
4,60 
1,97 
20.19 
31,64 
4,67 
2,00 
4,55 
1,95 
9,37 
8,60 
12,04 
»,94 
20,00 
20 90 
4,53 
L94 
4,57 
1,96 
6,79 
2,91 
9,14 
3,92 
4555 
13.23 
5,6/ 
4,53 
L94 
4,58 
1,96 
52,32 
9.06 
3,88 
B,72 
5,88 
29,38 
18,04 
5,54 
39,19 31,80 
3L43 
20.19 
31,64 
9,37 
8,60 
12,04 
»,94 
20,00 
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 
197 
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 
4,53 
194 
4,58 
1,96 
9.06 
3.88 
D.72 
5,88 
39,19 20 90 
TOTALI 682.56 23,58 63,22 131,97 72,32 285,73 9,91 
II. LOANS APPROVED, 
AWMTTNG SIGNATURE 
BALANCE 37.34 
CEIUNG 750,00 
(l)JOL° 271ofM03.1987 (bans ceiling). 
(2)Oonversion rates aie those obtained on the last working day of the quarter preceding the signing ofeach k>an. 
29 
NO BORROWING, BY CURRENCY Annex 2 
A.-Debt outstanding at 31.12.1994(1) | 
Currency (million) Equivalent in 
ECU million 
(2) 
ECU 160.0 160.0 
BFR 
DM 440.9 231.1 
FF 2,100.0 319.3 
HFL 595.3 278.9 
LFR 1,600.0 40.9 
LIT 100,000.0 50.1 
PTA 10,000.0 61.7 
UKL 12.6 16.0 
CAD 
SFR 292.0 181.0 
USD 280.5 228.0 
YEN 3302 27 
Total | | 1,5697 
B.-New operations: 1.07.1994 - 31.12.1994 
Date 
of issue 
17/08/1994 Duration 
(years) 
7 Coupon 
(%) 
725 Currency 
(million) 
ECU 70 | 
Equivalent in MECU (3) 
Fresh 
capital (1) 
70 Re­
financings 
-
(1) Excluding refinancing operations, designed to reduced the cost of servicing existing 
debtinitiaily contracted at higher interest rates. 
(2) Exchange rates as at 31.12.1994 
(3) Exchange rates at signature. 
30 
ISSN 1024-4492 
KOM(95) 364 lopullinen 
ASIAKIRJAT 
FI 01 
Luettelonumero : CB-CO-95-391-FT-C 
ISBN 92-77-92081-5 
Euroopan yhteisöjen virallisten julkaisujen toimisto 
L-2985 Luxemburg