natgillin/translations-raw huggingface dataset:
Sideløbende hermed har Banken gradvis foretaget en række emissioner på de internationale kapitalmarkeder, nemlig først på eurobondmarkedet — i forskellige valutaer og flnanscentre — dernæst på de mellemøstlige markeder og på det asiatiske dollarmarked i Hongkong og Singapore, hvor Banken efter tre år stadig er den eneste ikke asiatiske udsteder af langfristede lån.
At the same time, a series of issues was being floated on the international capital market; firstly, in various currencies on the Eurobond market, and on various other financial markets, then on the Middle Eastern markets and finally on the Asian dollar market in Hong Kong and Singapore, where after three years the EIB continues to be the only non-Asian long-term borrower.
Denne udvikling skyldes ikke alene de ændringer, der har fundet sted på kapitalmarkederne i disse 20 år, men også, at det stigende kapitalbehov har gjort det nødvendigt at øge den årlige låntagning fra gennemsnitligt ca. 170 mio RE i 1965—1970 via ca. 500 mio RE i 1971 — 1973 og 800 mio RE i 1974—1976 til over 1 mia i 1977.
This trend can be attributed not only to developments on the capital markets over the past twenty years, but also to the fact that the Bank's financing requirements have raised its annual borrowings from an average of about 170 million u.a. between 1966 and 1970 to around 500 million u.a. in 1971-73, 800 million u.a. in 1974-76 and over 1 000 million u.a. in 1977.
I 1973 og 1974 emitterede Banken to lån i en ny enhed, nemlig Eurco (European Composite Unit). En Eurco består af summen af faste beløb i hver af medlemsstaternes valuta er.
In 1973 and 1974 the Bank floated two loan issues in a new borrowing unit, the Eurco (European Composite Unit), consisting of the sum of fixed amounts of the currencies of the Member Countries of the Community.
terede af de til IVF anmeldte parikurser, og de blev udbudt til næsten ens rentesatser på kapitalmarkederne.
wider interest rate differentials between the various currencies of borrowing and a wider range of loan terms, which have in general tended to narrow access to certain capital markets.
Dette har ændret sig siden ophævelsen af det i henhold til Bretton Woods aftalerne oprettede valutasystem, der var baseret på faste parikurser, og den generelle indførelse af flydende valutakurser.
Investors in EIB issues are attracted by the various forms of security that these offer, in particular:
Dette har især på grund af landenes forskelli­ge økonomiske præstationer bevirket en uddybning af for­skellene i renten på de lånte valutaer og en udvidelse af spektret af løbetider, der i almindelighed har mindsket mu­lighederne for at optage lån på visse kapitalmarkeder.
The volume of Bank borrowing may be expected to rise far above this level moreover in coming years, not only In response to heavy demand for capital in the regional development and energy fields, but also in order to acc­ommodate the desire expressed by the European Council in 1977 to see the Bank expand its operations, mainly to rekindle investment — especially job-creating investment — in the Community.
Procentvis valutarisk sammensætning af Bankens udbetalinger på lån (')
(a) the fact that, when appraising investment projects submitted to it and assessing the financial situation of its borrowers, the Bank ensures that only viable operations enter its loan portfolio;
(' ) Omregningen til regningsenheder af udbetalinger i nationale valutaer er sket som følger : a) indtil den 31. december 1 973 var værdien af regningsenheden 0.88867088 gram fint guld : omregning på grundlag af den parikurs for den pågældende valuta, som var anmeldttil IVF; b) siden den 1. januar 1974 anvendes den europæiske regningsenhed (jf. s. 6) ; omregning på grundlag af omregningskursen for den pågældende valuta den 31. december hvert år.
(') Bases for the conversion into units of account of disbursements made in national currencies, as follows: (a) up to 31 December 1973.1 unit of account = 0-88867088 grams of fine gold: conversions made on the basis of parities notified to IMF: (b) since 1 January 1974, European unit of account (see p.
Visse valutaer, som Banken kun har anvendt sporadisk og i beskedent omfang, er ikke medtaget.
6) ; conversions based on rates obtaining for national currencies at 31 December each year.
For investorerne hviler sikkerheden ved Bankens papirer hovedsagelig på følgende forhold:
Graph does not show certain currencies, in which the Bank has had merely occasional dealings, involving only modest amounts.
— endelig kan Bestyrelsen kræve Bankens garantikapital (2 986,875 mio RE), nemlig den ikke indbetalte del af den tegnede kapital (3 543,75 mio RE), indbetalt »i det omfang, denne indbetaling er nødvendig for at opfylde Bankens for­pligtelser over for dens långivere« (vedtægternes artikel 5).
(b) the first-rate guarantees that its loans carry: nearly 85 % of the balance outstanding on all its lending within the Community is covered by direct guarantees of Member States or public institutions within the Community; parities as notified to the International Monetary Fund.
— Ved bedømmelsen af de forelagte investeringsprojek­ter og analysen af låntagernes finansielle forhold påser Ban­ken, at dens låneportefølje kun omfatter sunde investerin­ger;
On the capital markets, prevailing interest rates were also very close to these. Since the demise of the monetary system based on fixed parities established under the Bretton Woods agreements, this has ceased to be the case.
— Bankens lån er dækket af førsteklasses garantier; knap 85 % af dens løbende lån i Fællesskabet er således dækket
With the coming of the generalised system of floating exchange rates, divergencies in economic performance between various countries, in particular, have made for
Den finansielle aktivitet, som Banken udfolder på forskelli­ge dele af kapitalmarkederne, har tilskyndet den til at udvi­de sit samarbejde med talrige bankinstitutioner for at for­bedre såvel den tekniske side af låntagningen som vil­kårene herfor.
(c) its operations outside the Community normally attract guarantees from Member States or the Community itself: depending on circumstances, these guarantees cover all financial commitments deriving from the loans granted, or
I sin egenskab af permanent låntager på kapitalmarkederne opererer Banken hovedsagelig på emissionsmarkedet, hvor den tilvejebringer hovedparten af sine midler, men den følger ligeledes nøje kurserne på sine papirer på efter markedet, der i høj grad er bestemmende for fremtidige emissioners modtagelse.
(France, Belgium, the Netherlands, Japan and Austria), or in order to secure a longer term for its borrowings (Switzerland). Again, in approaching the Eurosterling market, which reopened at the end of 1977, it had recourse to a public issue.
Denne fremgangsmåde er efter behov blevet anvendt i nogle år gennem ind-
This procedure is currently used to a large extent on the German market (Schuldscheindarlehen — loans against promissory notes
Banken benytter sig af forskellige former for låntagning ud fra en vurdering af deres egnethed under de foreliggende omstændigheder og deres respektive fordele under be stemte konjunkturelle forhold.
(d) its guarantee capital (2 986 875 000 u.a.), i.e. the non-paid-up portion of the capital subscribed by Member States (3 543 750 000 u.a.), which may be called by the Board of Directors, 'to such extent as may be required for the Bank to meet its obligations towards those who have made loans to it' (Article 5.3 of the Statute).
Oversigt over Bankens konsoliderede gæld den 31. december 1977
Statement of funded debt at 31 December 1977 (units of account)
I regnskabsåret 1977
Operations during the financial year 1 977
Overkurs ved tilbagebetaling
Redemption premiums
(,1) En Eurco bestå • af summen af følgende faste beløb i medlemsstaternes valutaer: 0.9 DM + 1.2 ffr. + 0,075 £ + 80 lire + 0.35 fl. + 4.5 bfr. + 0,2 kr. + 0.005 I £ + 0,5 lfr.
(') The Eurco consists of the sum of fixed amounts of the currencies of all the Member States of the European Economic Community: 1 Eurco = DM 0-9 + Ffrs 1 -2 + £ 0-075 + Lit 80 + Fl 0-35 + Bfrs 45 + Dkr 0-2 + £lr 0-005 + Lfrs 0-5.
Bankens offentlige emissioner anvendes hovedsagelig med henblik på tilvejebringelse af betydelige beløb, som f.eks.
In pursuing its financial activities in various sectors of the monetary and capital markets, the Bank has cooperated increasingly with many other banking institutions, with which it has joined in efforts to improve borrowing techniques and procedure.
Den har således tilvejebragt hidtil ret beskedne beløb med løbetider på mellem to og fire år gennem interbankindskud eller placering af notes i visse store valutaer, hovedsagelig med henblik på udjævning af forskelle mellem forfaldsdagene for henholdsvis op tagne og ydede lån.
As an ever-present borrower on the capital markets, its first concern is the primary markets, on which it raises the bulk of its resources, although it also sets much store by the way its certificates perform on the secondary markets, as this has a considerable bearing on the prospects for its future issues.
På eftermarkedet bidrager Banken til at standardisere fremgangsmåderne og udjævne kurserne på to niveauer:
The EIB uses a variety of borrowing techniques, as circumstances dictate and as the particular advantages of each commend their use in given economic conditions.
— Ved placeringen af emissionerne sigter den mod en ud jævning af vilkårene gennem foretagelse af arbitrage mellem de forskellige finanscentre.
The Bank has also raised resources, like the World Bank and the International Finance Corporation, by issuing participation certificates, in its loans, to third parties.
Den ofrer stor opmærksomhed på tilbagebetalingsbestemmelserne og bestemmelserne om ekstraordinær indfrielse. På det internationa-
For some years past, where needs have dictated, it has tailored the issue of these certificates (which carry its own guarantee) according to the currencies, sums and terms sought by investors.
Banken tilvejebringer ligeledes betydelige midler ved hjælp af private emissioner — med eller uden udstedelse af om sætningsgældsbreve — gennem en bank eller et bankkonsortium.
It uses public issues, mainly for raising large volumes of leading currencies: 200 to 250 million Deutsche Mark on the German market, 150 to 200 million US dollars on the international market or the foreign issues — Yankee bonds — market in New York.
Denne fremgangsmåde er i øjeblikket meget ud bredt på det tyske marked (Schuldscheindarlehen eller private gældsbreve), det schweiziske marked (oftest for løbetider på højst syv eller otte år) og over for store institutionelle investorer i De forenede Stater.
Lastly, the EIB has access to the kind of facility that is customarily established between banks for handling their short and medium- term holdings. The amounts so raised to date are not great, but this device does enable it to realise re-
le marked anvender den nu i vid udstrækning teknikken om tilbagebetaling gennem tilbagekøbsfonde, hvorefter udstederen forpligter sig til inden for en vis beløbsramme at tilbagekøbe papirer på markedet ved kurser under pari.
sources over a 2 to 4 year term in the form of interbank deposits or placings of 'notes' in one or two principal currencies, which it uses mainly for bridging gaps between borrowing and lending operations.
markederne, købe eller sælge værdipapirer (bortset fra in teresser i virksomheder) udstedt af den selv eller dens lån tagere, eller gennemføre enhver anden finansiel forretning i forbindelse med opfyldelsen af sit formål.
In a similar area, the Bank has also helped to improve cooperation between the two securities clearing and re lease firms that exist side by side in Europe, Cedel and Euroclear. In 1975, it arranged for the possibility of transfers between one and the other, at least during the global bearer bond phase.
— Hvad angår forretningsgangen har Banken især virket for at harmonisere afviklingsprocedurerne og koordinere afviklingsselskabernes aktiviteter.
On the secondary markets, the Bank plays its part in standardising procedures and balancing out interest rates, at two stages:
Siden 1969 har Banken endvidere anvendt teknikken med ihændehaverhovedobligationer.
(a) when issues are floated, where it helps to even out terms and conditions on the markets by arbitrage between the various centres.
Denne fremgangsmåde be står i ved emissionens lukning at udstede en hovedobligation på hele lånebeløbet, der nogle uger senere ombyttes med endelige obligationer.
On the international market, it has come to have widespread recourse to the technique of 'purchase funds' (where the issuer under takes, subject to a certain ceiling, to buy up certificates from the market when the rate drops below par);
Banken har opbygget et omfattende net af bankforbindelser verden over, hvorigennem den som oftest anbringer kort- og mellemfristede midler, men som den af og til også henvender sig til med henblik på dækning af kort- og mellemfristede likviditetsbehov.
The Bank may make use of funds on hand for which it has no immediate need by placing these on the money markets, purchasing or selling securities (other than company shareholdings), issued either by itself or by its borrowers, and generally by mounting any kind of financial operation consistent with its function.
Banken opnåede allerede i 1975 overførselsmuligheder mellem de to systemer i det mindste under ihændehaverhovedobligationens løbetid.
(b) at the negotiating stage, the Bank has in particular stepped in to align settlement procedures and to coordinate the activities of securities-clearing systems.
Der er gradvis blevet opbygget en portefølje af værdipapirer, hvori en del af overskudslikviditeten anbringes, afhængig især af de vedtægtsmæssige reservers omfang.
A large proportion of its liquid funds consists of long-term borrowings, resources which are usually amassed in large unit amounts and retained for as short a time as possible in the Bank's treasury pending their redeployment as loan disbursements, once contracts are signed and as progress on projects financed by the Bank dictates.
De papirer, som indgår i denne portefølje, skal være ud stedt af førsteklasses institutioner og have et betydeligt eftermarked, hvorpå de til enhver tid kan omsættes.
It was In 1969 that the Bank first availed itself of the 'global bearer bond', a special bond issued for the entire amount raised at the time when the loan issue itself is concluded, and surrendered some weeks later against final certificates. ficates.
B. Lån til projekter uden for Fællesskabet til den anden
B. Loans for projects outside the Community
Oversigt over løbende udlån fordelt på de vigtigste garantier herfor den 31. december 1977 *
Breakdown of loans outstanding at 31 December 1977 by principal form of guarantee*
A. Lån til projekter i Fællesskabet (og lignende lån**)
A. Loans for projects within the Community related loans**)
Lån til eller garanteret af signatarstaterne 77 962 481 RE
Loans granted States which Convention to, or guaranteed by. were signatories to the 77 962 481 u.a.
Lån til eller garanteret af medlemsstaterne 4 219 658 868 RE
Loans granted to, or guaranteed by, Member States 4 219 658 868 u.a.
Lån til eller garanteret af AVS-stater
Loans granted to, or guaranteed by, the ACP States
Andre lån til projekter uden for Fællesskabet
Other loans granted outside the Community
Lån garanteret af medlemsstaterne
Loans guaranteed by Member States
Lån garanteret af Fællesskabet
Loans guaranteed by the EEC
Lån garanteret af selskaber (finansieringsinstitutioner undtaget), som for over halvdelens vedkommende kontrolleres af med lemsstaterne eller af offentlige 'institutioner i Fællesskabet 295 495 156 RE
Loans guaranteed by companies outside the financial sector under majority control of Member States or public institutions in the Community 295 495 1 56 u.a.
Lån til eller garanteret af stater, der har indgået særlige aftaler med Fællesskabet 14462518 RE
Loans granted to, or guaranteed by. States which have concluded particular agreements with the EEC 14 462 518 u.a.
Lån garanteret af privatretlige selskaber (banker undtaget) 123 520 209 RE
Loans guaranteed by non-bank companies in the private sector 123 520 209 u.a.
Lån mod pant i andre formuegenstande og mod anden sikkerhed
Loans secured by fixed charge on assets other than real estate or other security
(·) Nogle lån er dækket af flere former for garanti eller sikkerhed. (") Lån i henhold til vedtægternes artikel 13, stk. 1. andet afsnit (til projekter i den norske del af fastlandssokfen og i Østrig), f") Medlemsstaternes garanti, der dækker enhver risiko i forbindelse med disse finansielle forpligtelser, udgør: 24 430 695 RE for lån i henhold til den anden Yaoundekonvention og 32 541 000 RE for lån i henhold til Lomekonventionen.
Operations concerning projects on the Norwegian continental shelf and in Austria authorised under the provisions of the second paragraph of Article 18 (1 ) of the Statute. "" The amounts of guarantees provided by Member States to cover any risk attaching to these financial commitments are as follows: 24 430 695 u.a. for loans granted under the second Yaoundé Convention ; 32 541 000 u.a. for loans granted under the Lomé Convention.
Såfremt garantiforpligtelsen kræves opfyldt, beregnes garanternes forpligte/ser på grundlag af de kurser for omregning mel/em regningsenheden og de til låntager udbetalte valutaer, der var gældende på udbetalingstidspunktet.
In the event of these guarantees being invoked, the guarantors' obligations will be determined on the basis of the rates of conversion between the unit of account and the currencies disbursed to borrowers as at the disbursement dates.
re blevet udvidet til andre tredjelandes valutaer, der anvendes af Banken.
This gives borrowers scope at the outset for having a say in the choice of currencies for inclusion in the cocktail, after assessing what might be an acceptable exchange risk in regard to the rate obtaining for each currency;
Den 31. december 1977 var disse papirer optaget på statusopgørelsen til en samlet regnskabsmæssig værdi af 241,7 mio RE.
A portfolio of securities has gradually been built up for investing part of the Bank's liquid funds, mainly to answer the needs of the statutory reserve.
Rentesatser d) Endvidere kan Banken gennemføre direkte forretninger, hvorved rentefoden svarer til summen af Bankens rentemarginal og omkostningerne i forbindelse med de lån, der optages specielt med henblik på gennemførelsen af disse forretninger.
Acquisitions for the Bank's portfolio are limited to securities carrying a first-rate signature and enjoying access to a large secondary market on which they may be placed or dealt in at any time.
Bankens lån udbetales sædvanligvis i flere valutaer (medlemsstaternes og tredjelandes, særlig US-$).
(c) single-currency loans: a format introduced originally for loans denominated in United States dollars requested for co-financing major projects, especially In the energy sector, this option was subsequently extended to other non-Community currencies used by the Bank;
Banken vælger de udbetalte valutaer ud fra sine disponible midler og på grundlag af låntagers ønsker.
At 31 December 1977, the overall book value of the portfolio entered on the Bank's balance sheet was 241 -7 million u.a.
Da Banken ikke sigter på fortjeneste, svarer dens udlånsrente tilnærmelsesvis til dens udgifter ved tilvejebringelsen af midlerne på markederne.
The Bank selects currencies of disbursement In the light of its own holdings after consulting prospective borrowers as to their currency preferences. erences.
Udlånsrenten fastsættes periodisk af Bestyrelsen for Banken i forhold til udviklingen i renten på de tilvejebragte midler.
The Bank operates on a non-profit-making basis and its interest rates are close to the cost of the resources it raises on the financial markets.
Udlånsrenten er uafhængig af projektets art, stedet for dets gennemførelse og låntagers status.
Lending rates are fixed periodically by the Board of Directors in relation to trends in the cost of resources and are in no way determined by the type of project financed, its location or the status of the borrower.
Udlånsrenten for et bestemt lån er sædvanligvis den, som var gældende på datoen for låneaftalens ind gåelse, og den tages ikke senere op til revision.
The rate charged on each loan is generally that in force on the date when the contract is concluded and is not subject to revision.
Indtil midt i 70erne anvendte Banken én bestemt rentefod uanset sammensætningen af den udbetalte cocktail af valutaer, og den fastlagdes først på udbetalingstidspunktet.
Until the mid-1970s there was a single interest rate, re gardless of any differences in the currency mix of disbursements.
Undertiden anvendtes dog to eller tre standardsatser afhængig af lånenes løbetid.
Rates were fixed only at the date of disbursement, and at certain times two or even three standard rates were being offered, according to term of loan.
De forskellige udviklinger i rentesatserne og kursrisikoen fra valuta til valuta har imidlertid gjort det nødvendigt for Banken at differentiere sine rentesatser efter udbetalte valutaer og løbetider.
Divergent trends in interest rates and exchange risks have since then compelled the Bank to diversify its range of interest rates, again according to currencies of disbursement and term of loan.
Derfor er hver af de valutaer, som Banken anvender, i dag forbundet med en bestemt rentesats for hver af de tilbudte løbetider, der kan udgøre fra 5 til 20 år.
This means that each of the currencies used by the Bank is now given a specific rate for each of the loan terms offered, which may range from 5 to 20 years.
Rentefoden for lån, der udbetales i en cocktail af valutaer, svarer til gennemsnit tet af rentesatserne for de pågældende valutaer, vægtet i forhold til deres respektive andele I lånet (1).
The rate of interest applied to a loan disbursed in a cocktail of currencies is equal to the average rate for each currency, weighted to take account of its importance within the cocktail (1).
I til og med 5 år over 10 og til og med 1 5 år over 1 5 år over 5 og til og med 10 år
D up to and including 5 years over 10 years and up to 1 5 years inclusive
(1) De gældende rentesatser og Bankens øvrige udlânsvilkár fremgår af brochuren »Lån og garantier i Det europæiske okonomiske Fællesskabs medlemsstater«, der kan rekvireres fra Banken
(') A table of the Bank's interest rates, together wilh full details of its lending terms and conditions, is presented in the brochure 'Loans and Guarantees in the Member Countries of the European Economic Community', available on request.
Banken har altid bestræbt sig for at tilpasse sin aktivitet efter udviklingen i behovet for finansieringsbidrag til de pro jekter, der falder ind under dens virkefelt.
The European Investment Bank has always endeavoured to meet the rising demand for investment capital in those areas covered by its terms of reference.
Dens årlige udlånsbeløb er således i gennemsnit steget fra ca. 115 mio RE i den grundlæggende periode 1959-1968 via 425 mio RE i 1969-1972 og godt 1 000 mio RE i perioden 1973-1976 efter Fællesskabets udvidelse til 1 571,5 mio RE i 1977.
From an annual average of around 115 million u.a. during its initial period of activity, between 1959 and 1968, EIB lending rose to 425 million in 1969-72, topping the 1 000 million mark in 1973-76 following the enlargement of the Community, to reach 1571.5 million in 1977.
Skønt finansieringsbidragene uden for Fællesskabet viser stigende tendens, skyldes denne udvikling hovedsagelig udlånsvirksomheden i medlemsstaterne, der har tegnet sig for 87 0/0 af Bankens samlede finansieringsbidrag siden grund læggelsen.
Although financing operations outside the Community are expanding, the growth in Bank financing is very much a function of its activity in the Member Countries; since its inception this has accounted for 87 % of all its lending.
Der er al mulig grund til at antage, at denne udvikling vil fortsætte og endda tiltage i de kommende to til tre år.
There is every indication that this expansion will be sustained in the coming two or three years.