EUROPEISKA GEMENSKAPERNAS KOMMISSION 
Bryssel den 18.07.1995 
KOM(95) 364 slutlig 
KOMMISSIONENS ÅRSRAPPORT 
TILL RÅDET OCH EUROPAPARLAMENTET OM 
GEMENSKAPENS UPP- OCH UTLÅNING 
1994 
och 
KOMMISSIONENS RAPPORT TILL RÅDET OCH EUROPAPARLAMENTET 
OM HUR STOR DEL AV GEMENSKAPENS NYA 
INSTRUMENT SOM HAR UTNYTTJATS 
(halvårsrapport 1.7.-31.12.1994) 

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 
RAPPORTER OM GEMENSKAPENS UPP- OCH UTLÅNING 
INLEDNING 
A. Årsrapport 
Denna rapport utarbetas varje år i enlighet med rådsbeslut om införande av 
utlåningsinstrument för forskning och finansiering inom Euratom1 och för 
gemenskapens nya instrument2. Dessutom begärde Europaparlamentet i sin 
resolution om förbättring av den politiska övervakningen av gemenskapens upp-
och utlåning3 att verksamheterna inom EKSG och EIB också skulle ingå. 
Gemenskapens finansiella verksamhet fortsatte 1994 den ökning och diversifiering 
som pågått under de senaste åren. Framför allt har utlåningen till tredje land ökat 
betydligt och i fråga om den antog rådet i oktober 19944 en förordning om 
upprättande av garantifonden, en ny varnings- och disciplinmekanism för risker 
med aktiviteter utanför gemenskapen som täcks av budgeten. Dessutom har 
kommissionen, på begäran av rådet5 och i samarbete med Investeringsbanken, 
utarbetat en rapport om det tillrådliga i att begränsa omfattningen av garantin från 
gemenskapsbudgeten vad gäller bankens externa lån. Den rapporten skall läggas 
fram för rådet och Europaparlamentet under 1995. 
Finansieringen under Edinburghfaciliteten av infrastrukturprojekt inom områdena 
kommunikation, energi och miljö slutfördes 1994. Vad gäller de transeuropeiska 
nätverken (TEN), antog Europeiska rådet i Essen en lista över 14 prioriterade 
transportprojekt och 10 energiprojekt och uppmanade samtidigt EIB att förstärka 
sitt finansieringsstöd. 
'Artikel 4 i beslut 77/270/Euratom, EGT nr L 88, 6.4.1977. 
'Artikel 6 i beslut 78/870/EEG, EGT nr L 298, 25.10.1978. 
Artikel 6 i beslut 82/169/EEG, EGT nr L 78, 24.3.1982. 
Artikel 7 i beslut 83/200/EEG, EGT nr L 112, 28.4.1983. 
Artikel 9 i beslut 87/182/EEG, EGT nr L 71, 14.3.1987. 
Artikel 7 i beslut 81/19/EEG, EGT nr L 37, 10.2.1981. 
Artikel 7 ibeslut 81/1013/EEG, EGT nrL 367, 23.12.1981. 
3Dok. PE/67134 av den 5 mars 1981, EGT nr C 287, 9.11.1981. 
4Rådets förordning (EG, Euratom) nr 2728/94, EGT nr L 293 av den 12 november 1994. 
'Förklaring i bilaga till rådets beslut 93/696/EG, EGT nr L 321, 23.12.1993. 
3 
I juni 1994 inledde Europeiska investeringsfonden (EIF), till vilken initiativet togs 
vid Europeiska rådet i Edinburgh, sin verksamhet Denna institution beviljar 
garantier för genomförandet av stora infrastrukturprojekt, framför allt inom ramen 
för de transeuropeiska näten och för investeringar i små och medelstora företag. 
Utvecklingen och diversifieringen av gemenskapens finansiella instrument har 
medfört att rådet och Europaparlamentet bett kommissionen tillhandahålla så 
mycket information som möjligt om de nya verksamheterna. 
Den här årsrapporten, för 1994, är kommissionens femtonde och är avsedd att 
fylla behovet av regelbunden information. 
B. Halvårsrapport 
I syfte att säkerställa att upplåning som är avsedd att främja investeringar inom 
gemenskapen kontinuerligt övervakas, anges i besluten från 1983 och 1987 om 
gemenskapens nya instrument att kommissionen varje halvår skall underrätta 
rådet och Europaparlamentet om hur stor del av trancherna som har utnyttjats. Del 
B av detta dokument innehåller därför en redogörelse för verksamheten vad gäller 
gemenskapens nya instrument från den 1 juli till den 31 december 1994. 
A. THE COMMISSIONS 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 EIB 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 
. Community 
of which: 
1.1 ECSC 
1.2 EC (a) 
1.3 Euratom 
1.4 EIB 9.4 
1.5 
1.5 
0.9 
56 9.6 
0.9 
0.9 
0.1 
7.7 10.5 
0.9 
0.5 
9.0 125 
1.1 
0.4 
11.0 16.9 
1.4 
1.7 
13.7 15.7 
1.5 
1.2 
13.0 201 
0.9 
5.0 
142 15.2 
0.6 
0.3 
0.1 
142 
2. OECD countries (b 115.8 151.2 193.1 141.5 208.3 2127 337.0 309.7 
3. Community share 8.1 6.3 54 8.8 8.1 74 6.0 4.9 
(1as%of2) 
4. International issues by selected currencies 
4.1 USS(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 11.4 
41.7 
8.9 
6.3 55.2 
7.4 
5.9 55.0 
17.9 
14.1 
38.9 
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: EC and OECD. 
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. 
2.2 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 Länder), France 
and, to a lesser extent, in Greece and the Benelux countries (Table 2). 
Table 2 
Structure of BB lending (loan contracts signed) - Geographical distribution 
Belgium 
Denmark 
Germany 
Greece 
Spain 
France 
Ireland 
Italy 
Luxembourg 
Netherlands 
Portugal 
United Kingdom 
Austria 
Finland 
Sweden 
Other (Artide 18) 
Community total 
ACPOCT 
Mediterranean 
CEEC 
Latin America, Ada 
Non-Cornmunity total 
TOTAL LOANS SIGNED 1987 
ECU million % 
37.1 0.5 
315.3 4.0 
276.5 3.5 
164.8 2.1 
707.4 9.0 
1,006.5 12.8 
178.6 23 
3,112.2 39.7 
1.6 0.0 
18.0 02 
389.9 5.0 
1,1337 14.5 
108.7 1.4 
7450.3 95.0 
349.4 4.5 
428 0.5 
3922 5.0 
7,8425 100 1992 
ECU million % 
396.6 2.3 
6908 41 
1,663.9 9.8 
377.5 2.2 
3,020.6 17.7 
1,895.1 11.1 
303.5 1.8 
3,796.9 22.3 
42.8 0.3 
154.4 0.9 
1,230.4 7.3 
24072 14.1 
159.7 0.9 
16,139.7 94.8 
252.0 1.4 
320.8 1.9 
320.0 1.9 
8928 5.2 
17,0325 100 1993 
ECU million % 
371.6 1.9 
8755 4.5 
2,096.6 10.7 
511.1 26 
4,005.1 20.4 
2,205.5 11.2 
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 1.2 
680.5 3.5 
882.0 4.5 
99.0 0.5 
1,887.2 9.6 
19,611.4 100 | 
1994 
ECU million % 
615.3 31 
8497 43 
2,407.9 12.1 
5347 2.7 
3,011.5 15.1 
2.477.4 12.4 
291.1 1.5 
3.099.5 15.6 
5.1 0.0 
399.5 2.0 
1,109.7 5.6 
2,454.7 123 
89.5 0.4 
60.2 0.3 
15.3 0.1 
260.8 1.3 
17,681.9 88.7 
461.6 23 
607.0 3.0 
957.0 4.8 
220.0 1.1 
22456 11.3 
19,927.5 100 
In 1994 the EIB 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 
of26.7%onl993(Table3). 
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 j (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 
232372 
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 
1,367.2 
506.4 
30.8 
44.9 
5,970.3 
115.6 
415.3 
225.4 
50.3 
8,726.2 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 
Biergy 
Total contracts signed, net (**) 
BB loans (own resources) 
Authorized ceilings 
Balance NCII 
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 Nam 
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 
15.9 
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 imå 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 
as 
Latin America, Asia 
Total EC and EDF 
budgetary 
resources (1) 
239.1 
28.0 
267.1 EJBown 
resources 
222.5 
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 
42.0 
42.0 Total 
461.6 
757.0 
1,069.0 
25.0 
220.0 
2,532.6 
(1) Granted and managed by the EIB outofthe budgetary resources ofthe EC orthe European 
Development Fund (EDF) 
(2) Balance-ofpayments loans. Disbursement 
(3) Balance-of-payments loans and commercial credits. 
3.3 EIB financing outside the Community is made available as part ofthe 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 223 m was provided from own 
resources and carried interest subsidies financed out ofthe 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% and 
those designed to ensure more satisfactory waste-water collection and treatment 
15%. Over 22% ofthe 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 1.1 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% ofthe 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 ofthe 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 1994, 
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 ofthe ECSC Treaty); (ii) the 
reconstruction ofthe disaster-hit areas of Italy and Greece, where they are paid out 
by the EIB as borrowings are repaid; (iii) in the context ofthe "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 ofthe 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) ofthe 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 EIB 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 ofthe 
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) | 
(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 
1250 
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 I (ECU million) 
"•'••'""^^^ ^^ ^^ ^ year-end) 
1984 1985 _ 1986 1987 1988 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 seo 350 1,695 1,209 4,969 245 
Euratom 214 344 488 853 93 - - 49 
NO 967 860 541 611 945 522 76 49 70 
Total Commission 2,003 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 7,696 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 12,508 16,862 15,657 20,101 15,156 
II. Lending 
ECSC 825 1,010 1,069 969 908 700 993 1,382 1,486 918 674 
Balance of payments (1) 862 seo 350 1,695 1,209 4,969 245 
Euratom 186 211 443 314 - - - - - 49 
NCI 1,182 884 393 425 357 78 24 39 9 30 
Total Commission 2,193 2,105 2,767 2,568 1,265 778 1,367 3,116 2,454 5,917 968 
BB(3) 5,007 5,641 6,678 6,967 8,844 11,507 12,605 14,438 16,066 17,672 17,656 
Total EC 7,200 7,746 9,445 9,535 10,109 12,285 13,972 17,554 18,520 23,589 18,624 
Nbte: The dfferences between total borrowing and lendng by the Cbrrrrission are due to borrowing operations underläten for refinanchg 
purposes and to changes in the balance of loans not assigned by the end of the year. 
The deferences between borrowing and lendng by the BB are due to the fact that BB lending operations are financed both from 
borrowings and fromthe Banks own resources 
(1) MBchanismfor provdhg franctal support for Marber States and assistance for rexvrrerrber countries. 
(2) Total resources raised. 
(3) Loans signed out of own resources, no account being taken of the guarantees provided by the BB to promoters (H3J 26 nillon in 
1994) ot of operations financed out of NO resources. 
18 
Table 2 
Community borrowings outstanding (at year-end) (1) (2) (ECU million) 
ECSC BB Euratom Na Sub-total Balance-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 
32,237 
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 difference between two year-ends reflects, on the one hand, changes 
in the valuation ofthe 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 short term (new EIB approach). 
(4) As from 1990also includes balance-of-payments and financial assistance fornon-membercountries 
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 
B B Euratom ECSC NO Payments(1) 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 
856 856 
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 
5.5 
03 
14.1 
39 
77 
0.2 
4.4 
12 
1.3 
17.0 
0.4 
6.5 
12.3 
78.8 
5.6 
11.1 
4.4 
21.2 
100.0 1993 
% 
295 
0.1 
11.1 
1.2 
109 
11 
0.6 
0.5 
10.4 
6.2 
13.5 
85.2 
2.3 
7.9 
3.3 
14.8 
1000 
(1) Balance of payments and financial assistance for non-member countnes. 
20 
Table 4 
Lending in the Community in 1993 and 1994, by sector and instrument (ECU million) 
Productive sector 
of which: allocations 
from global loans 
Infrastructure 
of which: allocations 
from global loans 
Energy 
of which: allocations 
from flloM loans 
TOTAL ECSC 
1993 1994 
7893 336.7 
3892 210Û 
129J0 336.7 
9183 673.4 BB(1) 
1993 1994 
42235 35943 
1.731.7 1.79&6 
9579.7 95462 
822X3 8975 
25762 33335 
99.7 693 
16,779.4 16,624.4 Euratom 
1993 1994 
-
. NCJfl) 
1993 1994 
25.8 11.4 
258 11.4 
25.8 11.4 Total 
1993 1994 
5,0385 3542.4 
2,146.7 2J018J0 
10,108.7 95825 
8225 8975 
25762 33835 
99.7 69.3 
17.7235 17,3092 % of total 
1993 1994 
28.4 228 
121 11.7 
57.0 57.7 
4.6 52 
14.5 19.5 
05 0.4 
100 100 
(1) Financing granted (indvidual loans and allocations from global loans) 
21 
Table 5 
Financing in the Comunity by the BB in 1993 and 1994, by economic objective 
1993 
ECU million 1994 
ECU million 
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 
Water, sewerage 
Other Infrastructure 
Industry, agriculture 
Services 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 
1,366.1 
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 12,0351 
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 
42 
15.0 
53 
22.1 
131 
20 
17.9 
0.1 
9.4 
9.5 
17.5 
35.0 
16.0 
64 
3.4 
17.4 
44 
2. Infrastructure of Community interest 
2.1 Transport 
2.2 Telecommunications 5,807.0 
3,712.8 
2,0942 100 
63.9 
361 5,698.3 
3,543.2 
2.1551 100 
62.2 
378 
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 
43 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 Numoei 
5257 1,791.5 
1,693.4 Number 
6,776 
(1) Including allocations from NCI global loans. 
N.B. As some loans serve a number of purposes simultaneously, the amounts shown under the different 
headings cannotbe aggregated. 
22 
Table 6 
Geographical breakdown of lending (1) in the Community in 1993 and 1994 
1993 
Belgium 
Denmark 
Germany 
Greece 
Spain 
France 
Ire/and 
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 I (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 
3,362.0 
379.7 
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 
6009 
4,006.2 
2,597.3 
3882 
7,477.6 
0.1 
379.7 
1,489.1 
2,000.5 
111.0 
22,631.5 % 
17 
3.9 
10.3 
2.7 
177 
11.5 
17 
33.0 
0.0 
1.7 
6.6 
8.8 
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 
3,099.5 
5.1 
399.5 
1,109.7 
2,454.7 
89.5 
602 
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 
3995 
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 
6.0 
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 
Year 
1977 
1978 
1979 
1980 
1981 
1982 
1983 
1984 
1985 
1986 
1987 
1988 
1989 
1990 
1991 
1992 
1993 
1994 Non-discounted systems (1) 
ECSC Art 54 ECSC Art 56 
(restruct) (convers.) 
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 
3.0 38.6 
26 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 (ECU million) 
Discounted systems (2) 
EMS ERDF SME 
facility 
200.0 12.1 
197.0 
193.2 
209.8 
200.0 
65.5 
(1) Inte rest subsidies spread overtime and charged to the funds set aside for this purpose in the 
annual budgets. 
(2) Interest subsidies paid by the Commission after discounting to a present value, and charged 
to the budget as a single sum in the initial year. 
24 
25 TaUe8 
lUaars and ftaioa assistance outsite tre CUm (HUrnMon) 
ACpaates-OCT 
ACP 
OCT 
Mx»err.countrtes(6} 
Turkey 
Algeria 
Morocco 
Tunisia 
3M* 
Jordan 
Lebanon 
3frta 
Israel 
Occupied Territories (7) 
Mtta 
Cfljrus 
Tfan-pratoooT 
horizontal financial 
cooperation 
OBEC 
Foiand, 
Czech fepuUc 
SovakFtapublc 
Bigaria 
&4bc States 
Hmgary 
Rxmva 
ARxria 
Sowna 
Former UBSR 
Wbtdavia 
Lkrarta 
Latin American and 
Asian countries Agreement 
Forth Lon* GfcrveHcn 
<3xral Qcisirri 
Ru lb F* a uti Fhiuud 
Niyetinfcrce 
Ri rtrt Rnmnl Rrlml 
fecial reGcretacbcnad 
Sbxrdf rard prctocd 
Thrdfrarö profcnd 
FajWraxa pretend 
Tridfirarr^ prctocd 
Rintifrercid protocol 
RxrthRrBTJal Rctocb 
QxndDeasun 
FbalhRrencäRotocd 
Forth Frarä Rrtaxl 
Qaundl Dectsrjn 
OxralOeoâcn 
Franoa probed 
Oxrdl Cfecson 
Qxrci [tosion Duration 
1SG0-1G95 
1990-1935 
1932-1936 
1992-1936 
1987-1991 
1992-1996 
1992-1996 
1934-1996 
19341996 
1994-1996 
1992-1996 
19941996 
1933-1997 
1931 
1933-1933 Loans from 
HBown 
resources 
(1) 
1,200 
25 
225 
2ffl 
220 
16B 
310 
80 
90 
34 
53 
45 
110 
115 
82 
250 
30 
50 
1,830 
3,000 
150 
750 Open*, frombudget res. 
Rskcaptai NxHepavatfe I 
operations aid 
« ft 
825 9,975 (4 
25 115 (^ 
50 
18 52 
25 193 
15 101 
16 242 
2 44 
1 19 
2 22 
2 34 
2 41 
250 
2 13 
2 22 
25 205(8) 
20(9) 
-Macrofinancial 
assistance (3) 
Granted Dsbursed 
HD 4T) 
160 160 
250 233 
255 125 
4D 330 
220 110 
1.G5D 790 
590 455 
1C5 (10) 70 
1,250 (11) 1,133 
45 25 
85 sac 
loans 
42 Total 
12,165 
12000 
1ffi 
6387 
(TO (6) 
SHI 
4tt 
:w 
:m 
r.fi 
•Ti 
''A 
6B 
143 
153 
24? 
MO 
4b 
74 
2030 
6,072 
3,000 
292 
26 
4£ 
223 
1,1 TO 
rff) 
105 
170 
1,250 
45 
86 
750 
(1) LcareaflradirprtsrestsiiHatefrorrite 
gmerdrxd^oflreELn^BmCDamriiesin^ 
rtsrest »iBides are char^dto rmrgiyaöead 
(2) Gartertardrta-EgadtytrBFJB 
(3) GrartadarrJnirBQïJr^trEOtïTrrBsicn 
(4 hArJ^artrxrtsrtexfedfartareststiasdesOTœiaanB. 
(5) Tre anurls åtalade IJI^ tre previous fraiäpr^^ 
(Leberon Syria) a readd arreuls. 
(6) h±ri^aiJ325rrilicnoflcBrBfrcrTtH^taryresaic^ 
(7) West B^artOrastrp bare îrorrcwnreso^ 
(8) iT±jJgsoneEDJiœrrtoncfïtoeslsiteito 
(9) QV'crirtEreElSLrjadesfaffifcBrBfapqecterfocrTrarirtB^ 
(10) NrwBpayaÖe asseten» (straidlçrart) 
(11) GrjTngastcradls 
B. THE COMMISSION'S REPORT TO THE COUNCIL 
AND TO THE EUROPEAN PARLIAMENT 
on the rate of utilization ofthe 
New Community Instrument (NCI) 
(half-year from 1 July 1994 to 31 December 1994) 
1. Introduction 
Council Decisions 83/200/EEC (Article 6) and 87/182/EEC (Article 8) on the 
financing ofthe NCI require the Commission to draw up a six-monthly report on 
the rate of utilization ofthe 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) 
NCI III 
NCI IV Ceiling 
3,000 
750 Amounts used 
2,862 
683 Balance 
138 (*) 
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 ofthe quarter preceding the signing ofthe contract. 
Distribution of loans signed by country at 31.12.1994 I (ECU million) 
Country 
Belgium 
Denmark 
Greece 
Spain 
France 
Ireland 
Italy 
Netherlands 
Portugal 
UK 
Total NCI I 
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 
63.2 
132.0 
72.3 
285.7 
9.9 
95.8 
682.6 NCI 
Reconstr. 
80.0 
598.7 
678.7 Total 
23.6 
533.5 
306.1 
2012 
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 
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 1XJANS 
CEI UNG: ECU 750 MILLION (I) - (Situation at J 1.12.1944) 
Ref Project description Date of 
contract ECU 
m lllion (. Breakdown by country (2) 
DK 
I LOANS SIGNED 
64/87 Kill (Small Business) PG-VI/A 
64/87 FIH (SmallBusiness) PG -Vl/B 
68/87 BNI.-PMIV/A 
68/87 BNL-PMI V/B 
69/87 IMI-PMIV/A 
69/87 IMI-PMIV/B 
70/87 MEDIOCR.aiNTK.-PMI ! V/A 
70/87 MEDIOCR CENTR -PM1 I V/B 
70/87 MEDIOCR CENTR -PMI I V/C 
70/87 MEDIOCR CENTR -PMI I V/D 
70/87 MEDIOCR. aiNTR. - PMI I V/li 
71/87 INTERBANCA I'M I I V/A 
71/87 INTERBANCA -PMI I V/B 
73/87 BP1-PGV 
105/87 CENTROBANCA-PMI I V/A 
»5/8V C'ENTKOB A NCA - PMI 1 V/B 
106/87 SAN PAOLO Agroindustria If 
»7/87 CRKDIOP-PM1 1/A 
107/87 CREDIOP-PMI I/U 
108/87 BANCO DI NAPOLI -PMI A 
K)8/87 BANCO DI NAPOIJ - PMI B 
110/87 B°DESANTANDER-PYME 
121/87 B°DE BILBAO-PYME 
148/87 EF1BA NCA - PMI I V/A 
148/87 EFIBANCA -PMI I V/B 
148/87 EFIBANCA -PMIIV/C 
M8/87 EFIBANCA -PMI I V/D 
206/87 B"DE VI7CAYA -PYMEA 
206/87 B DE VI/CAY A -PYMIiB 
207/87 B°ESPANOLDECREDITO-PYME 
207/87 B°ESPANOLDECREDlTO-PYME 
231/87 CRJÎDIT NATIONAL-PMI III 
64/88 INVESTORS1N INDUSTRY -
GROUPED LOAN V 
»V88 EFIBANCA - PMI V/A 
101/88 EFIBANCA -PMI V/B 
»V88 EFIBANCA-PMI V/C 
101/88 EFIBANCA PMI V/D 
103/88 MEDIOCR. LOMBARDO -PMI A 
103/88 MEDIOCR. LOMBARDO-PMI B 
103/88 MEDIOCR. LOMBARDO-PMI C 
»3/88 MEDIOCR LOMBARDO PMI D 
»9/88 BARCJ.AYSBANKI1 GL 
128/88 CENTROBANCA -PMI V/A 
128/88 CENTROBANCA-PMI V/B 
D5/88 CREDIOP-PMI II/A 
D5/88 CREDIOP-PMI II/B 
185/88 BANCO DI SiaUA-PMI II/A 
185/88 BANCO DI SIOLIA-PMI II/B 
199/88 CREDIT INDUSTRI EL ET COMML. 
237/88 IMI-PMIV1/A 
237/88 IMI-PMI Vl/B 
237/88 IMI-PM1V1/C 
237/88 IMI-PMIVI/D 
175/89 BARCI.A YSBANK Ml/A 
119/90 K.REDIETBANKN V -GL 
1L9/90 KREDIETBANK N.V. -GL 
48/91 B°ESPANOLDECREDlTOPGPY 15 09 87 
24 05.88 
12 10.87 
12 10.87 
31.07 87 
3107 87 
15 09 87 
10 1287 
03 02 88 
160388 
23 0688 
07 1087 
07 1087 
2207.87 
11.12.87 
11.1287 
05.1187 
18.12.87 
18 12 87 
18.12.87 
18 1287 
2407.87 
23.0787 
17 12.87 
17 1287 
2406.88 
240688 
17 1287 
30.11.88 
18.12.87 
18 11.88 
05.02.88 
28 1288 
05.10.88 
05.1088 
16.01.89 
16 0189 
10 10.88 
»10.88 
06.02.89 
0602.89 
21.12.88 
19.12.88 
19.12.88 
09.12.88 
09.12.88 
2505.89 
25.05.89 
29 1188 
19 1288 
19 1288 
06.0289 
06.02.89 
10 1189 
20 12 90 
20.12.90 
28.05.91 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 
L97 
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 
1,94 
4,57 
196 
6,79 
2,91 
9,14 
3,92 
45.55 
L3.23 
5,67 
4,53 
1,94 
4,58 
196 
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 
12,04 
»,94 
18,04 
5,54 IX .68 
8,01 
17,29 
15,98 
(.,19 
v88 
4,81 
3.27 
IX ,98 
9,14 
4,00 
9.34 
4.00 
11.34 
4,67 
2,00 
4,60 
197 
4,67 
2.00 
4,55 
L<>5 
4,53 
1,94 
4,57 
196 
6,79 
2.91 
9,14 
1,92 
11,23 
5.67 
4,53 
L94 
4,58 
1,96 
9.06 
1,88 
11,72 
5.88 
39,19 
TOTA LI 682.56 23,58 63222 131,97 72,32 285,73 9,91 
II LOANS APPROVED, 
AWAITING SIGNATURE 
BALANCE 37.34 
CEI UNG 750,00 
(l)JOLG. 271ofM03 1987(bans ceilmg). 
(2) Conversion rales are those obtained on the last workmg day ofthe quarter preceding the signing of each loan 
29 
NCI 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 | | 1,569.7 
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 M ECU (3) 
Fresh 
capital (1) 
70 Re­
financings 
-
(1) Excluding refinancing operations,designed to reduced the costofservicing existing 
debt initially contracted at higher interest rates. 
(2) Exchange rates as at 31.12.1994 
(3) Exchange rates at signature. 
30 
ISSN 1024-4506 
KOM(95) 364 slutlig 
DOKUMENT 
SV 01 
Katalognummer : CB-CO-95-391-SV-C 
ISBN 92-77-92082-3 
Byrån för Europeiska gemenskapernas officiella publikationer 
L-2985 Luxemburg