ANNUAL STATUS REPORT BY THE COMMISSION ON THE GUARANTEE FUND AND ITS MANAGEMENT IN 1995
Date: 1996-06-17
Institutions: European Commission
Subjects: Community loan, credit guarantee, financial management, fund (EU), general budget (EU)

COMMISSION  OF THE  EUROPEAN  COMMUNITIES 

Brussels,  17.06.1996 
COM(96) 271  final 

ANNUAL STATUS REPORT BY THE COMMISSION ON THE GUARANTEE FUND AND ITS 
MANAGEMENT IN  1995 

CONTENTS 

1.  LEGAL BASES........; 

2.  POSITION OF THE FUND AT 31 DECEMBER 1995 

3.  PAYMENTS INTO THE FUND 

'. 

(a)  Payments from the general budget 

(b) 

Interest from financial investment of the Fund's liquid assets 

(c)  Recovery from defaulting debtors 

4.  THE FUND'S LIABILITIES 

(a)  Default payments 

(b)  EIB remuneration 

ANNEXES 

1 

1 

2 

2 

3 

4 

4 

4 

4 

ANNEX I:  LEGAL  BASES  FOR  PAYMENTS  FROM  THE  GENERAL 

BUDGET 

ANNEX H:  EIB STATUS REPORT ON THE FUND AND ITS MANAGEMENT 
-  REVENUE  AND  EXPENDITURE  ACCOUNT  AND  BALANCE 
SHEET AT 31 DECEMBER 1995 

ANNEX IH:  CONSOLIDATED 

FINANCIAL 

BALANCE-SHEET 

AT 

31 DECEMBER 1995 

O u-

ANNUAL STATUS REPORT BY THE COMMISSION ON THE GUARANTEE FUND AND ITS 
MANAGEMENT IN  1995 

1. 

LEGAL BASES 

Council Regulation (EC, Euratom) No 2728/94 of 31 October  1994 set up a Guarantee Fund 
for external actions to repay the Community's creditors in the event of default by beneficiaries 
of loans granted or guaranteed by the Community. 

In  accordance  with  Article  6  of  the  Regulation  the  Commission  entrusted  financial 
management of the Fund to the European Investment Bank (EIB) under an agreement  signed 
between 
in  Brussels  and 
25 November  1994 in Luxembourg. 

the  EIB  on  23 November  1994 

the  Community  and 

Under  Article  8.2  of  the  agreement,  by  1 March  each  year  the  Bank  must  send  the 
Commission  a  status  report  on  the  Fund  and  its  management,  the  revenue  and  expenditure 
account  and the financial  statement for  the Fund for the preceding year.  An extract  from  the 
second report, covering 1995, is in Annex II. 

In addition, Article 7 of the Regulation establishing the Fund requires the Commission to send 
the European Parliament, the Council  and the Court  of Auditors a report  on the  situation  of 
the Fund and its management for each financial year by 31 March of the following year. 

2. 

POSITION OF THE FUND AT 31 DECEMBER  1995 

At the close of the  1995 financial year,  the Fund  totalled  ECU  300 847 830.50.  This  is the 
sum, since the Fund was established,  of all budget  payments (ECU  544 470 000), yearly net 
results 
late  payments  from  non-member  countries 
(ECU 35 630 568.55), minus calls on the Fund's resources (ECU 303 072 580.90). 

(ECU  23  819  842.85)  and 

The total amount  of the Fund's assets at the close of the financial year appears on the assets 
side  of  the  consolidated  balance  sheet  as  ECU 574 036 593.68,  which  breaks  down  into 
ECU 254 000 000 in deposits, ECU 44 444 219.76 on current account, ECU 2 403 610.74 in 
receivables from credit institutions  (interest  accrued  at 31 December  1995 and  not  paid) and 
ECU 273 188 763.18 in receivables from the recipients of loans granted or guaranteed by the 
interest  due  and 
Community, 
ECU 5 746 750.83 in.default interest not received at 31 December 1995. 

including  ECU 267 442 012.35 

in  principal  and 

- 2-

Article 3  of the Regulation establishing the Fund requires that the amount of the Fund has to 
reach an appropriate level (target amount) set at 10% of the total outstanding capital liabilities 
arising from each operation, plus unpaid interest due. 

Outstanding borrowing/lending operations for non-member countries plus unpaid interest  due 
totalled ECU 5 882 million at 31 December  1995, of which ECU 31  million was accounted  for 
by unpaid interest. 

The ratio between the Fund's  resources  and outstanding  capital  liabilities within the  meaning 
of the Regulation was  5.1%. Since this is lower than the target amount  of  10%, there was  no 
surplus to be paid back to the general budget of the Communities,  as provided for in the third 
paragraph of Article 3 of the Regulation. 

There  was  also  no  need  to  review  the  provisioning  rate,  as  provided  in  Article  4  of  the 
Regulation. 

The following  sections  describe developments  affecting  the Fund's  resources  and  liabilities in 
1995. 

3. 

PAYMENTS INTO THE  FUND 

(a)  Payments from the general  budget 

Articles 2  and 4  of the Regulation  establishing the Fund  stipulate that it is to be  endowed  by 
payments  from  the  general  budget  equivalent  to  14% of  the  capital  value  of  loan  and  loan 
guarantee operations until the target amount is reached. Under Article 5 the provisioning rate 
rises to  15% for new  operations if the Fund's resources fall below  75% of the target  amount 
as a result of guarantees being activated to cover any default. 

The legal bases for the provisioning arrangements are described in Annex I. 

The  Council  Decision  of  31  October  1994  concerning  budgetary  discipline  authorized  the 
entry  in  the  general  budget  of  a  reserve  for  loan  and  loan  guarantee  operations.  This  item, 
which  was  allocated  provisional  appropriations  of  ECU  323  million  in  1995,  is  intended  to 
endow the Fund by transferring amounts into the budget item for payments into the Fund. 

On  these  legal  bases,  three  transfers  totalling  ECU 250 750 000  were  adopted  by  the 
budgetary authority in 1995 to endow the Guarantee Fund. 

-  Transfer 2/95:  ECU  190 750 000 

This first transfer  at the beginning  of the year was  for  payments  into the  Fund  under 
the  Council  Decisions  of  15  February  1993,  19  July  1993,  13  December  1993, 
24 January  1994  and 21  March  1994,  in accordance with the  arrangements  set  out  in 
the Annex to the Regulation establishing the Fund (see Annex I). 

A 

- 3-

-  Transfer  17/95:  ECU 30 000 000 

This  second  transfer  was  for  payments  into  the  Fund  in  respect  of  loan  operations 
adopted  by  the  Council  on  10 April  and  1 June  1995.  The  decisions  covered  by  this 
transfer are listed in Annex I. 

-  Transfer 47/95:  ECU 30 000 000 

This  third  transfer  was  for  payments  into  the  Fund  in  respect  of  loan  operations 
adopted by the  Council  on 23  October  1995.  The decision  covered by this transfer  is 
listed in Annex I. 

The three payments into the Fund were made on  12 April,  11 August and 29 December  1995 
respectively. 

(b) 

Interest from  financial  investment of the Fund's liquid  assets 

The Fund's liquid assets are invested in accordance with the management principles laid  down 
in the Annex to the Community/EIB Agreement. 

These  principles  state  that  during  the  Fund's first years  of  operation  it  will  be  treated  as  a 
money-market  investment  fund  dealing  solely  in  short-term  instruments  up  to  one  year, 
provided that the total  amount invested  does not  exceed ECU 300  million.  As  the  amount  of 
the Fund exceeded  this ECU  300  million threshold  in  1995, the  Commission  agreed  with the 
EIB to amend the investment principles early in 1996. 

The list of banks authorized to receive deposits is agreed by the Commission and the EIB. The 
original list was revised during  1995 in the light of the latest changes in bank ratings. Most  of 
the banks are members of the ecu clearance system. They all have a Moody's rating of at least 
Al  for long-term investments and PI  for short-term ones and investments made with them are 
governed by rules to ensure a good spread and avoid risk exposure. 

In  1995 
ECU 23  539 827.79, broken down as follows: 

interest  on  the  Guarantee  Fund's  deposits  and  current  account 

totalled 

-  deposits: ECU 23  189 444.30. This represents accrued interest at 31 December  1995  -
interest being  paid  not  when  the  accounts  are closed,  but when  investments  mature -
minus interest for  1994 paid in  1995. 

-  current  account:  ECU  350  383.49.  This  comprises  ECU  338  151.72  in  interest  on 

current account balances and ECU  12 231.77 in interest on the liaison account. 

The interest received is entered in the results for the financial year. 

A 

- 4-

(c)  Recovery from defaulting debtors 

Any late repayments by defaulting  countries on operations where the Fund has honoured  the 
guarantee are paid into the Fund. The amount recovered in 1995 totalled ECU 35 630 568.55 
(see point 2.1.2 of Annex II). 

4. 

THE FUND'S LIABILITIES 

(a)  Default  payments 

The  Fund's  guarantee  was  called  in  on  ten  occasions  in  1995,  involving  a  total  of 
ECU 303 072 580.90 (see point 2.1.2 of Annex H). 

(b)  EIB  remuneration 

Article 6 of the management agreement between the Commission and the EIB  sets an annual 
commission  of 0.125% calculated  on the basis of the Fund's  average monthly balances. The 
figure  is to be reviewed  at the end  of any year in which the Fund's  liquid  assets reach ECU 
300 million and no later than three years following the date of the first payment into the Fund, 
taking into account such things as the growth of the Fund's activities. 

As the Fund  had  reached  ECU 300 million  at the  end  of  1995, the EIB's  remuneration  was 
reviewed.  Taking  into  account  the  Bank's  experience  of  the  workload  involved  in  its 
management,  it  was decided by common  agreement  between  the Bank  and  the  Commission 
that the annual  commission  should be reduced  to 0.05% and that  this rate should  be applied 
retrospectively. 

In  1995 the  remuneration  paid  to  the Bank  was ECU  191  444.18,  which  is  entered  in  the 
profit and loss account. 

-  b  -

ANNEXES 

ANNEX 1:  LEGAL  BASES  FOR  PAYMENTS  FROM  THE  GENERAL 

BUDGET 

1.  DECISIONS COVERED BY TRANSFER 2/95 

2.  DECISIONS COVERED BY TRANSFER 17/95 

3.  DECISION COVERED BY TRANSFER 47/95 

1 

2 

2 

ANNEX II:  EIB STATUS REPORT ON THE FUND AND ITS MANAGEMENT 
REVENUE  AND  EXPENDITURE  ACCOUNT  AND  BALANCE 
SHEET AT 31 DECEMBER 1995 

1.  BASIC ACCOUNTING PRINCIPLES 

2.  THE FUND'S RESOURCES. 

..3 

3 

3.  ANALYSIS OF INVESTMENTS MADE DURING 1995 

......5 

ANNEX m:  CONSOLIDATED BALANCE SHEET AT 31 DECEMBER 1995 

11 

- 1-

ANNEXI 

LEGAL BASES FOR PAYMENTS FROM THE GENERAL BUDGET 

The Annex to the Regulation concerning arrangements for payments under the Guarantee 
Fund,  stipulates  that  for  borrowing/lending  operations  or  guarantees  to financial bodies 
under  a  framework  facility  spread  over  several  years  and  with  a  micro-economic  and 
structural purpose, payments will be made in annual tranches calculated on the basis of the 
annual amounts indicated in the financial statement attached to the Commission  proposal, 
adapted, where appropriate, in the light of the Council decision. 

In the  case  of  other borrowing/lending  operations  such  as balance  of  payments  loans  to 
non-member  countries,  irrespective  of  whether  they  are  made  in  one  or  more  than  one 
tranche, the  amount to  be  paid into  the Fund will  be  calculated  on the basis  of  the  total 
amount for the operation decided on by the Council. 

Four transfers were made under this procedure in 1995. 

L 

DECISIONS COVERED BY TRANSFER  2/95 

-  Council  Decision  of  15  February  1993  calling  on  the  EIB  to  grant  loans  for 
projects  of  mutual  interest  in  certain  non-member  countries  with  which  the 
Community has cooperation agreements, within a fixed ceiling of ECU 250 million 
a year for a period of three years. 

-  Council  Decision  of  13  December  1993  renewing  the  Community  guarantee  of 
EIB loans in the countries of Central and Eastern Europe, with a ceiling of ECU 3 
billion over three years. 

-  As part of the financial cooperation with the Mediterranean countries: 

-  Council  Decision  of  19  July  1993  for  a five-year loan  of  ECU  150 million 

for the Republic of Slovenia; 

-  Council  Decision  of  24  January  1994 

for  a  three-year 

loan  of 

ECU  115 million for Syria. 

-  Council  Decision  of  21  March  1994  empowering  the  Commission  to  contract 
Euratom loans to contribute to financing improvements in the safety and  efficiency 
levels  of the  nuclear  capacity  of  certain  non-member  countries  for  an  amount  of 
E C U!  100 million. 

5 

- 2-

2. 

DÉCISIONS COVERED  BY TRANSFER  17/95 

-  Council Decision of  1 June  1995 granting a Community guarantee for EIB loans in 
South  Africa,  with  a ceiling  of ECU 300  million  over two  years  from  the  date  of 
the Decision. 

-  Council  Decision  of  10 April  1995  concerning  the  granting  of  macrofinancial  aid 

of ECU 75 million to Belarus for ten years. 

3. 

D E C I S I ON  COVERED  BY TRANSFER  47/95 

-  Council  Decision  of 23  October  1995  providing  further  macrofinancial  assistance 

of ECU 200 million to Ukraine for ten years. 

5 

3-

ANNEXlI 

EBB  STATUS REPORT ON THE FUND AND rrs MANAGEMENT 
REVENUE AND EXPENDITURE ACCOUNT AND BALANCE SHEET 
AT 31  DECEMBER  1995 

1. 

BASIC ACCOUNTING PRINCIPLES 

The  Fund's  liquid  assets  are  managed  on  behalf  of  the  Community  at  its  own risk 
(Article 1  of the Agreement) in accordance with the following principles: 

The Fund operates in a single currency: the ecu. 

The  available  funds  are  managed  so  as  to  ensure  a  degree  of  liquidity  and  rapid 
mobilization in view of the commitments which the Fund may be called on to meet. 

The funds are invested in instruments and counterparts in accordance with the same credit 
criteria as applied by the EIB. 

2. 

THE FUND'S RESOURCES 

2.1  The Fund's account 

Two payments were made into the Fund's account at the end of  1994, and on  1  January 
1995 the Fund's assets stood at ECU 293.9 million. A third payment -  of ECU  190.75 
million ~ was made on 12 April, a fourth -  of ECU 30 million -  on 11 August and a  fifth 
-  also of ECU 30 million -  on 29 December 1995 

The  Fund's  total  assets  at  31  December  1995  were  ECU 298.4  million,  with 
ECU 254 million invested in short-term deposits and 44.4 million on current account. 

6 

- 4-

2.1.1  Payments made by the Fund up to 31 December 1995 

From 1 January the Fund's guarantee was called in for a total of ECU 303  million: 

J Q A I E J O E J E A Y M E N T, 

AMOUNT 

11/01/1995 
20/0Ï/1995 
30/01/1995 
28/02/1995 
12/04/1995 
24/05/1995 
20/07/1995 
11/10/1995 
17/10/1995 
21/11/1995 

TOTAL 

5 297 222.07 
4 623 981.98 
53 636 023.92 
2 343 806.01 
2 181 421.01 
6 082 283.85 
3 967 469.82 
8 614 739.60 
2 346 828.80 
213 978 803.84 

303 072 580.901 

2-1. 2.  Recovery from defaulting debtors 

Payments by defaulting debtors resulted in the recovery of ECU 35. 6 millions. 

J3AIEDF RECOVERY 

AMOUNT 

08/03/1995 
20/03/1995 
15/05/1995 
01/03/1995 
29/03/1995 
13/04/1995 
28/04/1995 
08/06/1995 
15/11/1995 

TOTAL 

704 696.00 
31925 800.00 
1 353 505.45 
150.67 
457.30 
18 193.05 
776 033.13 
75.00 
851 657.95 

35 630 568.55 

2.1.3.  The net balance of operations amounted to ECU 267.4 million. 

2.2.  Operating result 

The net result in 1995 amounted to ECU 23.3 million, compared with ECU  0.5 million in 
1994. 

2.3.  Remuneration 

Article  6  of  the  Agreement  between  the  Commission  and  the  EIB  sets  the  Bank's 
remuneration  at  0.125%  of  the  Fund's  assets  and  provides  that  the  figure  is  to  be 
reviewed at the end of any year in which the Fund's liquid assets exceed ECU 300 million. 

6 

- 5-

Since the. Fund's liquid assets reached ECU 300 million during  1995, the Bank and the 
Commission  decided to  reduce the rate of remuneration to  0.05% retrospectively  from 
December  1994  to  December  1995.  The  Bank's  remuneration  thus  came  to 
ECU 0.191 million. 

3.  ANALYSIS OF INVESTMENTS MADE DURING  1995 

3.1.  Yield and performance 

Investments  were  made  on  the  best  terms  available  subject  to  the  credit  criteria;  the 
average yield was 6.12%, in other words 27 points higher than the one-month Libid rate 
over the same period. 

MONTH 

YIELD 

January - December 

6.12% 

LIBID 
1 month 

5.85% 

MARGIN 

0.27 % 

6-

3.2.  Average capital (million ecus) invested with banks in  1995, by country, for a 

total of ECU 373.2 million 

I 

AVERAGE CAPITAL 

(million) 

|  SITUATION AT 31.12.1995 

,__  (million) 

- Germany: 

-Austria: 

-Belgium: 

-Denmark: 

- France: 

-Luxembourg: 

- Netherlands: 

- United Kingdom: 

TOTAL 

I 

22.7 
127 

35.4 

9.4 

2.5 
47.6 
11.3 
4J 
65.5 
12.0 
A2 
16.2 

35.4 
13.6 
11L2 
160.2 

17.6 
4^ 

21.9 

53.3 

7.6 
37 
11.3 
373.2 

45.0 

45.0 

20.0 
10.0 
30Lfj 
60.0 
24.0 
_-
24.0 

700 
70.0 

20.0 
-

20.0 

35.0 

-

| 

254.0 

b 

- 7-

3.3.  Geographical  distribution  -  end-of-month  investment  position  (million  ecus): 

(see Annex I) 

COUNTRY 

Jan 95  Feb 95  Mar 95  Apr 95  May 95  Jun 95 

Jul 95  Aug 95  Sep 95 

Germany 
Austria 
Belgium 
Denmark 
France 
Luxembourg 
Netherlands 
UK 

(MX) 
0.00 
22.00 
0.00 
188.00 
20.00 
0.00 
0.00 

0.00 
18.00 
72.00 
0.00 
118.00 
20.00 
0.00 
0.00 

OJÔÔ 

ÔUÔ" 
18.00  18.00 
72.00 
0.00 
68.00 
20.00 
83.50 
0.00 

70.00 
0.00 
284.25 
20.00 
60.00 
0.00 

0.00 

53.50 

53.50 

5375Ô 

74.00 

0.00 
45.00 
40.00 
284.25 
20.00 
55.00 
0.00 

20.00 
25.00 
40.00 
250.75 
0.00 
55.00 
0.00 

20.00 
65.00 
40.00 
135.00 
20.00 
85.00 
30.00 

20.00 
95.00 
40.00 
135.00 
40.00 
65.00 
30.00 

0.00 
95.00 
40.00 
135.00 
40.00 
65.00 
30.00 

T O T AL 

230.00 

228.00 

261.50 

452.25 

444.25 

444.25 

448.50 

478.50 

479.00 

"~ 

"" 

C O U N T RY 

"~ 

Germany 
Austria 
Belgium 
Denmark 
France 
Luxembourg 
Netherlands 
UK 

TOTAL 

~~ 

Oct  95 

104.00 
0.00 
90.00 
40.00 
110.00 
40.00 
60.00 
25.00 

469.00 

Nov  95 

Dec 95 

45.00 
0.00 
65.00 
24.00 
65.00 
20.00 
35.00 
0.00 

45.00 
0.00 
60.00 
24.00 
70.00 
20.00 
35.00 
0.00 

254.00 

254.00 

3.4.  The geographical distribution  is significantly  influenced  by the reception  given 

by banks to placements on the money markets 

Some  banks  cannot  offer  competitive  returns  on  proposed  investments  by  the  Fund 
either  because  they  are  not  interested  in  ecu  deposits  or  because  of  the  Fund's  non-
banking status. 

In  order  to  achieve  a  wider  geographic  spread  of  investments,  the  possibility  of 
extending  such  activity  to  banks  in  the  new  Member  States  was  also  explored  and 
contacts  were pursued  with  banks on  the approved  list.  In  the last  quarter  of  the  year 
the list  was  revised  -  three  banks  that  no  longer  satisfied  the criteria  were  taken  off, 
while two new ones were added (bringing the total to 40). 

3.5.  The Fund's coverage of the risk of defaulting  debtors 

Throughout  the year the terms of most deposits were fixed  in such a way that the Fund 
would be able to meet any potential guarantee operations, bearing in mind the quarterly 
scheduling  of  loans  granted  by  the  Commission.  The  Fund  cannot  overdraw  its 
accounts  and  must  always  be  in  a  position  to  respond  within  three  months  when  its 
guarantee is called in  (this is the period  of notice between the date when a guarantee is 
called  in  and  when  it  is  actually  paid).  The  number  and  scale  of  the payments  made 
over the year as a whole, peaking  at 214 million  in  November,  required  an  investment 

5 

-8 

policy  principally  geared  to  maintaining  a  sufficient  level  of  liquidity  to  enable  the 
Fund  to  meet commitments  falling  due without having  \6  incur  the costs  entailed  by 
breaking contracts with banks where it had made placements. 

3.6.  Movement of the Fund's liquid assets 

MOVEMENT OF LIQUID ASSETS IN 1995 

500 j 
4 5 0-
4 0 0-
350-
300 4 
250 
200 
150 
100 -
50 -
0 

o 
CD 
Q 
CO 

c 
CO 

CO 

<D 
LX. 
CO 
CM 

CO 
Q. 
2  < 
^-  o 
CO 
CO 

CO 

CO 

c 
ZJ 
o 
CO 

1"  s 

Q. 
CD 
CO 
o 

< 
i- 
CO  CO 

CO 

o 

CO 

Z 
o 
CO 

Q 
,-
co 

As the graph  shows, the Fund's resources passed  the ECU 300 million  threshold  set in 
the agreement for altering investment principles. However,  for  the reasons described  at 
3.5,  it  was  considered  advisable  not  to  invest  in  fixed-interest  securities  during  the 
period in question,  as this would increase the liquidity and rate risk and  might result in 
capital losses. 

e> 

3 
I 

a 

§ 

•a 
B n 

3 

O 

Austria 
United Kingdom 

Denmark 
Luxembourg 

Germany 
Netherlands 

Belgium 

France 

Q  -°  9  S  8  K K 
8  §  2  -°  -s  8  S 
8  8  8  8  8  8 

o5 

10 

P O S I T I ON  OF  T HE  G U A R A N T EE  F U ND  AT  31  D E C E M B ER  1995 

ASSETS 

31 December 1995 

Receivables with credit institutions 

CURRENT ACCOUNT 
FIXED-TERM DEPOSITS 

Other receivables 

ACCRUALS 

TOTAL 

44 444 219.76 
254 000 000.00 

298 444 219.76 

2 403 610.74 
2 403 610.74 
300 847 830.50 

LIABILITIES 

31 December 1995 

Guarantee Fund 

GUARANTEE FUND 

Result 

Carryover from 1994 
Result for 1995 

TOTAL 

PROFIT AND LOSS AT 31.12.1995 

1.  INCOME 

Interest and similar income 
Interest on liaison account 
Interest on current account 
SUB-TOTAL 

2.  COSTS 

Commissions 
Financial charges 

NET RESULT 

277 027  987.65 

277  027  987.65 

471 584.52 
23 348 258.33 
23 819 842.85 
300 847 830.50 

23  189  444.30 
12 231.77 
338 151.72 
23 539  827.79 

191 444.18 
125.28 

23348 258.33 

5 

11-

ANNEXin 

CONSOLIDATED FINANCIAL BALANCE SHEET OF THE GUARANTEE FUND AT 
31  DECEMBER  1995 

The consolidated  financial  balance sheet at 31 December 1995 completes the position 
of the Guarantee Fund set out in Aimex II. The consolidated balance sheet includes, on 
the assets side, entitlements of ECU 273 188 763.18 receivable from recipients of loans 
granted or guaranteed by the Commission.  Of this figure, ECU 267 442 012.35 is due 
for 
interest  and 
ECU 5 746 750.83 for default interest not received at 31 Pecember 1995. This default 
interest  has  been  calculated  in  line  with  the  penalty  rates  laid  down  in  the  loan 
contracts. 

third  countries'  arrears  on  the  payment  of  principal  and 

6 

- 1 2-

CONSOLIDATED FINANCIAL BALANCE SHEET OF THE GUARANTEE FUND AT 
31  DECEMBER  1995 

ASSETS 

Receivables with credit institutions 

CURRENT ACCOUNT 
FIXED-TERM DEPOSITS 

recipients  of 

Receivables  with 
guaranteed bv the Community 
FUND OPERATIONS 
DEFAULT INTEREST DUE BUT NOT RECEIVED 

loans  granted  or 

Other receivables 

ACCRUALS 

LIABILITIES 

Guarantee Fund 

TOTAL 

PAYMENTS FROM THE BUDGET 
DEFAULT INTEREST DUE BUT NOT RECEIVED 

Result 

Carryover from 1994 
Result for 1995 

TOTAL 

PROFIT AND LOSS AT 31.12.1995 

1.  INCOME 

Interest and similar income 
Interest on liaison account 
interest on current account 
SUB-TOTAL 
COSTS 
Commissions 
Financial charges 

o 

NET RESULT 

31 December 1995 

44 444 219.76 
254 000 000.00 

267 442 012.35 
5 746 750.83 

571 632 982.94 

2 403 610.74 
2 403 610.74 
574 036 593.68 

31 December 1995 

544 470 000.00 
5 746 750.83 
550 216 750.83 

471584.52 
471 584.52 
23 348 258.33 
23 819 842.85 
574 036 593.68 

23 189 444.30 
12 231.77 
338 151.72 
23 539 827.79 

191444.18 
125.28 

23 348 258.33 

6 

ISSN 0254-1475 

COM(96) 271  final 

DOCUMENTS 

EN 

01 

Catalogue number  : CB-CO-96-281-EN-C 

ISBN 92-78-05468-2 

Office for Official Publications of the European Communities 

L-2985 Luxembourg