natgillin/translations-raw huggingface dataset:
EIB vil derfor også fremover be­dømme de forelagte investeringer ud fra sine traditionelle kriterier, nemlig projek­ternes økonomiske, tekniske og finansi­elle bæredygtighed, og derudover fort­sat lægge vægt på, at disse investerin­ger harmonerer med Fællesskabets poli­tiske mål.
The EIB was to provide up to ECU 150 million in loans to finance investment in industry, agriculture, energy and transport. These loans carried a 3 % interest subsidy paid out of the European Community budget at a total cost of approximately ECU 30 million (Bulletin of the European Communities No. 10, 1975).
Under overholdelse af disse principper vil Banken skulle tilpasse sig og gå pragmatisk til værks, i takt med at det indre marked udvikler sig.
In September 1978 there followed a financial protocol between the Community and Portugal, in which ECU 200 million in EIB loans was foreseen, of which 150 million carried an interest subsidy of 3 % ; the cost of the interest subsidy was not to exceed ECU 30 million, again to be paid out of the Community budget (Official Journal No. L 274, 29 September 1978).
Direktionen består af Bankens formand og seks næstformænd.
The protocol covered a five year period, but by the end of 1981 the full amount had been used.
Fra den 1. august vil den således bestå af formand Ernst­Gün­ther Bröder og næstformændene Lucio Izzo, Alain Prate, Miguel A. Arnedo Orbañanos, Erling Jørgensen, Ludovicus Meulemans og Roger Lavelle.
Between 1981 and Portugal's accession to the EC on 1 January 1986, a pre-accession financial aid package offered ECU 150 million in EIB loans (Official Journal No.
■ R. Lavelle (født i 1932) er britisk statsbor­ger.
L 349, 23 December 1980).
Han blev ansat i den britiske statsadmi­nistration i 1955 og i Finansministeriet i 1957, hvor han blev udnævnt til Principal i 1961, Assistant Secretary i 1968, Under Secretary i 1975 og Deputy Secretary, Over­seas Finance, i 1985.
They were directed towards pro jects which would facilitate the integration of the Portuguese economy into that of the Community. Up to ECU 125 million was foreseen to carry a 3 % interest subsidy from Community re sources for which ECU 25 million was budgeted.
Han var privatsekretær for lordseglbevareren (Edward Heath) 1961­1963 og privatsekretær for finansministeren 1965­1968.
As it turned out the demand for EIB loans was such that, at the re quest of the Portuguese Government, the maximum of pre-accession EIB len-
Siden 1987 har han været leder af Europasekretariatet i Cabinet Office.
Since 1962, however, Greece was linked to the Community through an Association Agreement.
R. Lavelle var desuden bestyrel­sesmedlem i Den Europæiske Investeringsbank 1985­1987.
Two financial protocols, an nexed to the Agreement, involved the EIB in lending a total of some ECU 350 million.
I denne sammenhæng har man overve­jet, om Banken skulle udvide sin aktivi­tet i forhold til sit nuværende forret­ningsområde.
The first came into effect on 31 August 1962 (Official Journal No 122 of 21 November 1962; Official Journal No 26, 18 February 1963).
Tankerne gik især i retning af en søsterinstitution eller andre finan­sieringsmekanismer, der ikke kommer til udtryk i statusopgørelsen, for at undgå enhver risiko for nedjustering af Ban­kens AAA­kreditværdighed.
The EIB was to lend up to USD 125 million for investment bringing the performance of the Greek economy closer to the level of the European Community.
Herved åbnede der sig en række interessante muligheder, f.eks. sikkerhedsstillelse for bestemte lån fra Banken eller ydelse af egenkapital i egnede tilfælde.
The then six Members of the EEC paid for a 3 % interest subsidy on EIB loans from their national budgets, pro rata their subscription ot the Bank's capital.
Disse muligheder undersøges i øjeblikket i Banken og kunne gøres til genstand for bredere drøftelser som et led i forbere­delserne til den næste kapitalforhøjelse.
For up to two thirds (USD 83.3 million) of the total amount of finance foreseen, transport, energy and agricultural projects were eligible for subsidy.
Hvad den umiddelbare fremtid angår, går man dog ud fra, at der ikke sker nogen ændring af Bankens vedtægter.
Lending activities were interrupted in 1967 following the military junta's coup d'état, but were re sumed at the end of 1974 after democracy had been restored.
C. Richard Ross har været næstformand i EIB siden juli 1978. Som tak for hans frem­trædende tjeneste til gavn for Den Europæiske Investeringsbank udnævnte styrel­sesrådet C. Richard Ross til æresnæstformand. Inden han tiltrådte Bankens direktion var han Deputy Secretary i Central Policy Review Staff (»Think Tank«) i det britiske Cabinet Office 1971­1978.
L 73, 21 March 1975) it made a total of ECU 1.3 billion in grants available for the years 1975 to 1977.
tidig til forbedring af de løbende poster på dets betalingsbalance.
Interest rate subsidies were not made available for the two extensions.
jere grad er præstationsorienteret.
L 37, 10 February 1981).
Det har vi nu over et års erfaring med, og den viser, at motivationen er øget, at dialogen mellem over- og underordnede er blevet intensiveret, og at den årlige bedømmelse muliggør en bedre mobilisering af den enkeltes evner, hvorved systemets indførelse i sidste instans ikke har ført til nogen mærkbar stigning i lønsummen.
A similar decision was taken by the Council on 14 December 1981, this time benefitting the parts of Greece which were stricken by earthquakes in February and March of that year (Official Journal No. L 367, 23 December 1981).
Accepten heraf - som andre steder ofte volder vanskeligheder - og det fra hele personalets side, dvs. såvel det udførende som det ledende personale, vidner om medarbejderstabens engagement og det gode arbejdsklima i Banken.
A 3 % interest subsidy was made available for up to ECU 80 million in loans from the ElB's own resources as well as the New Community Instrument to help the reconstruction of the means of production and the economic and social infrastructure. tructure.
ste låntager og långiver i ecuer på det internationale marked. Desuden råder Banken over et program for revolverende placering af kortfristede notes på 400 mio ECU.
The amount entered in the budget to cover the discounted value of these subsidies was ECU 1 billion, divided into five annual portions of ECU 200 million.
Endelig blev der udstedt yderligere notes i ecuer på 200 mio med henblik på dækning af den stærke efterspørgsel efter eculån med variabel rente.
Loans from the ElB's own resources (1) and from the New Community Instrument (2) for infrastructure projects and programmes were eligible for a 3% in terest rate subsidy paid out of the EC budget.
EIB agter at intensivere sine anstrengelser for fremme af ecuens udvikling for dels at tjene sine kunders interesser gennem diversificering af dens anvendelse, dels at yde et større bidrag til recirkuleringen af betalingsbalanceoverskud gennem et øget ecuvolumen. men.
The objective was to contribute to resolving the main structural problems of the State(s) concerned, in particular to reducing regional imbalances and improving the employment situation.
Statusopgørelsen og driftsregnskabet i den Årsberetning for 1988, som De har fået forelagt, bekræfter Bankens solide og afbalancerede finansielle struktur.
In a separate decision of the same date, the Council designated Ireland and Italy as beneficiaries of the Regulation as they fulfilled the double condition of (a) effectively and fully participating in the mechanisms of the European Monetary System, and (b) being considered less prosperous (Official Journal No. L 200, 8 August 1979).
Reserverne udgør ca. 15% af den tegnede kapital.
Two thirds of the subsidies were destined for Italy, one third for Ireland.
På baggrund af den stadig skarpere konkurrence i bankvæsenet er denne positive holdning fra personalets side et uvurderligt aktiv.
The European Council meeting of 4 and 5 December 1978 laid the basis for the European Monetary System and, at the same occasion, decided that the EMS should include measures to strengthen the economies of the less prosperous Member States effectively and fully participating.
Jeg har med særlig til fredsstillelse taget til efterretning, at bestyrelsen på mødet i maj i år under stregede nødvendigheden af Bankens konkurrenceevne på det internationale arbejdsmarked, hvor den rekrutterer sine medarbejdere.
A series of decisions followed to implement the system : one of these was the decision of the Council of the European Communities of 3 August 1979, adopting a regulation whereby the eligible State or States would obtain ECU 5 billion in subsidised loans, in an nual portions of ECU 1 billion, over the five year period from 1979 to 1983 (Official Journal No. L 200, 8 August 1979).
Imidlertid kan der inden for et givet tidsrum ikke placeres ubegrænsede mængder kapitalmarkedsmidler.
(') Principally the proceeds of the Bank's borrowings on the capital markets.
På udlånssiden består begrænsningen især i, at de initiativtagere, der optager EIB-lån i stærke valutaer, er udsat for en valuta kursrisiko.
(2) Borrowings contracted by the Commission in the name of the EEC, within limits set by the Council, for
En mulighed for formindskelse af denne risiko er middeltilvejebringelse i ecuer, idet ecuen i sin egenskab af en kurv af forskellige valutaer hverken kan stige så kraftigt som dens stærkeste komponent eller tabe så meget i værdi som dens svageste komponent. For låntagere, hvis egne valutaer ikke befinder sig i nærheden af de to yderpunkter, er kursrisikoen ved middeltilvejebringelse i ecuer derfor tilsvarende mindre.
Following earthquakes in Greece, bringing damage to the town of Kalamata and its surroundings in September 1986, the Council decided on 7 November 1988 to stimulate reconstruction work by making a 3 % interest rate subsidy available for up to ECU 100 million in loans from the European Investment Bank (Official Journal No. L 309, 15 November 1988).
Ban ken har spillet en fremtrædende rolle til fordel for ecuens udvikling og anvendelse.
the purpose of promoting investment in the Community.
Således rejste den i 1988 knap 1 mia i ecuer, som den stillede til rådighed for sine låntagere.
The Commission decides on the eligibility of pro jects for a loan within guidelines laid down by the Council.
Bankens emissioner i ecuer har siden 1981 som årsgennemsnit repræsenteret over 10% af samtlige ecuemissioner. Dermed er EIB den stør-
The EIB examines loan applications in accordance with its customary criteria, decides on the loans and the terms and then administers them.
I øjeblikket bliver jobbeskrivelserne på en række områder gennemgået og revideret med henblik på at tilpasse dem til den teknologiske udvikling i almindelighed og de opgaver, som Banken skal løse, i særdeleshed.
In November 1980, the regions of Campania and Basilicata in Southern Italy were stricken by a heavy earthquake. On 20 January 1981 the Council of the European Communities took the decision to make 3% interest rebates avail
Bestyrelsen får lejlighed til at indlede drøftelserne heraf i andet halvår, således at der er mulighed for at nå til enighed og forberede beslutninger i god tid inden styrelsesrådets møde.
In all three cases, the rebates were chargeable to the Community budget for loans with a duration of up to twelve years.
Administrationsomkostningerne steg i 1988 kun med 4,7%, ligesom antallet af medarbejdere igen kun steg med 1% -hvorimod den samlede aktivitet tiltog med 30%.
The ElB's experience with competitive bidding procedures designed to delegate mandates to lead bankers for its bond issues is a sensitive question, which I should like to approach from a more general context than that simply of tendering techniques in the strict sense of the phrase.
Den Europæiske Investeringsbank har åbnet et kontor i Madrid for at udbygge og intensivere kontakten med offentlige myndigheder, initiativtagere og banker i Spanien.
more fundamental by the massive growth in the Bank's activity in recent years.
Endelig skal jeg meddele Dem navnet på dette års modtager af EIB-prisen.
In 1988, for instance, we advanced a total of 11.2 billion ecus in new loans in these various currencies.
Angelien Kemna har modtaget prisen for sin afhandling »Options in Real and Financial Markets«, som hun sidste år erhvervede doktorgraden for ved Erasmusuniversitetet.
This called for operations to borrow the currencies required, in general directly, with an increasing bias towards Euro- explains the diversity of the markets to which it addresses itself.
Kontoret giver Banken en permanent til stedeværelse i Spanien og ventes at blive et værdifuldt aktiv i forbindelse med udbygningen af dens finansieringsaktivitet til fremme af den spanske økonomi. nomi.
This experience is inextricably bound up with three fundamental factors that shape both the ElB's operating environment and the trend of the markets.
Dette om råde har på grund af det betydelig øgede aktivitetsomfang og de også kvalitativt stærkt stigende arbejdsmæssige krav vor særlige bevågenhed. Direktionen går ud fra, at institutionens kompakte personalestruktur i høj grad har bidraget til dens succes.
(*) This article is based on the speech delivered by Mr Marchat at the Government Borrowers' Forum meeting held in Helsinki on 15 June 1989, bringing to gether both public-sector borrowers and the finance managers of supranational development banks.
Lån til fremme af AVS-landenes industrielle udvikling
tion of how we handle competitive bid ding as such.
Denne artikel beskriver Den Europæiske Investeringsbanks finansiering af industriprojekter i de lande i Afrika, Vestindien og Stillehavet, som har undertegnet den tredje Lomekonvention, der trådte i kraft i maj 1986.
(b) the wherewithal and experience to get the best possible terms and conditions for the issue ; pean Community currencies, which in 1988 accounted for some 84% of the 7.7 billion ecus raised, a rise of some 30% over 1987.
I overensstemmelse med den opgavefordeling mellem Kommissionen for De Europæiske Fællesskaber og EIB, der fremgår af Lomekonventionen, skal ansøgninger om finansieringsbidrag til produktive projekter eller programmer inden for industri (herunder forarbejdning af landbrugsvarer), minedrift og turisme såvel som energiproduktion, transport og telekommunikation i forbindelse med disse erhvervssektorer først og fremmest forelægges og bedømmes af Banken.
(c) the capacity to guarantee that the issue will be taken into the market on the best possible conditions, to meet one of the permanent objectives of the EIB.
Den risikovillige kapital blev først anvendt inden for rammerne af den anden Yaoundekonvention og er særlig velegnet i forbindelse med långivning til industriprojekter.
The second factor is the phenomenon of the progressive liberalisation and at times considerable development experienced in most of these markets in recent years, especially in Europe, for instance France, Italy and latterly Spain.
Via samarbejdet med lokale udviklingsbanker har EIB været i stand til at fremme et stort antal mindre, hovedsagelig private initiativtagere, som den ellers ikke kunne have nået.
(d) the ability, as a market maker, to ensure that the issue is properly handled after its market launch.
I de fleste tilfælde stilles den risiko villige kapital til rådighed i form af betingede lån, hvis løbetid, rentefod og amortisation eller endda selve tilbagebetalingsprincippet afhænger af opfyldelsen af de vilkår, der blev aftalt under forhandlingerne om lånet, og som skal sikre, at projektet har overvundet indkøringsvanskelighederne.
There may be various reasons why the issuer does not enjoy a completely free hand in selecting a lead manager, with the choice more or less imposed upon him from outside.
Desuden kan den risikovillige kapital have form af underordnede lån, som først skal tilbagebetales efter de øvrige lån.
Where this is the case, a number of specific techniques may be equally to hand.
Endelig kan den risikovillige kapital anvendes til finansiering af kapitalandele, forundersøgelser og teknisk bistand.
These relate, if not to the composition of the syndicate, at least to the designation of the lead manager :
Globallån er ikke den eneste form for samarbejde mellem EIB og de finansielle formidlere ; med henblik på styrkelse af formidlernes egenkapitalgrundlag har Banken stillet 32 lån på 33,6 mio ECU til rådighed for 23 udviklingsbanker - 14 direkte og 18 via de respektive statsadministrationer. Gennem dette nære samarbejde fremmer EIB således samtidig industriprojekter og udviklingen af de finansielle institutioner i AVS-lande ne.
In this area, when choosing its lead managers and setting up bank syndicates, the EIB, depending on the market, will generally observe procedures as handed down by Governments and public agencies when borrowing on their home markets, especially within the Community, or take its cue from other supranational institutions, especially the World Bank, on various international or non-Community markets.
Som låntagerne er udviklingsbankerne og de øvrige finansielle formidlere imidlertid underlagt virkningerne af de økonomiske vanskeligheder i AVS-landene. dene.
Liberalisation has advanced to varying degrees in the markets which, coupled with the constraints and usages peculiar to certain of them, means that different procedures are still being used in contention against each other for the conferral of mandates on bond issue lead managers.
Finansiering af mindre og mellemstore virksomheder i AVS-landene i samarbejde med udviklingsbanker er en aktivitet, som har udviklet sig gradvis.
This is still the situation for the EIB on a number of domestic public mar kets, such as Germany, with Deutsche Bank, Belgium with Générale de Banque or the Netherlands, with AMRO ;
Af de 900 mio ECU, som er blevet bevilget inden for rammerne af den tredje Lomekonvention (3), afholdtes over halvdelen af egne midler.
That choice is absolutely vital, given that five tasks devolve upon the lead manager:
(') Egne midler er midler, som Banken hovedsagelig har lånt på kapitalmarkederne.
(1) preparing the prospectus and necessary documentation ;
) EUF består af budgetbidrag fra medlemsstaterne.
(2) choosing the members of the issuing syndicate : in the case of the EIB, this is deemed to be the entire responsibility of the lead banker ;
Inden for de grænser og erhvervssektorer, der er fastlagt i de forskellige aftaler, overlades udvælgelsen af de projekter, som skal finansieres, til formidleren, men EIB godkender hver tildeling på grundlag af et detaljeret dokumentationsmateriale, som forelægges af for
To be able to arrive at an objective, reasoned judgement, one has to be able to take stock of the market situation at the moment of the launch, to compare terms and conditions, in particular coupon and issue price and of course the way in which investors would have received the issue, had it been launched through some al ternative procedure.
Den Europæiske Investeringsbank kan trække på mange års erfaring med finansiering af industriinvesteringer så vel i som uden for Fællesskabet.
(5) ensuring — and this is critical for a permanent borrower like the EIB, need ing constantly to return to the markets — that the paper commands a good quotation in the secondary market.
På grund af de vanskelige økonomiske forhold i mange AVS-lande, ¡sær i Afrika, er industriinvesteringerne på det seneste stagneret eller endda faldet ; alligevel har Banken fortsat fremmet et stort antal større industriprojekter.
The ways and means whereby the placing of a mandate is decided may be numerous and varied, but in principle they have their origin in just two different philosophies: either a certain automatic order of designation is established, which must be respected by the issuer ; or there is freedom of choice, to a greater or lesser extent, for the issuer but in particular room for recourse to competitive bidding.
Den har således ydet finansieringsbidrag på i perioden frem til den 31. maj 1989.
From these tasks stem various essential criteria for the choice of a lead manager, who must in particular be able to offer :
sen af anlæg for sortering og lagring af kaffe i Burundi 1 mio, anlæg for lagring og forarbejdning af palmeolie og kakao i Papua Ny Guinea 15,5 mio og opførelsen af en palmeoliemølle i Sao Tome og Principe 2,1 mio.
tenance however is the admission of new members, whose placing capacity has grown so much as to exceed that of the old members quite appreciably, and which thus cannot be used directly by the issuer.
alt knap 460 mio ECU til industriprojekter, hvilket er over halvdelen af de 900 mio, der hidtil er blevet bevilget ¡følge den tredje Lomekonvention. Ca.
hand in choosing his lead manager.
af de typiske EIB-finansierede mindre og mellemstore virksomheder.
— is that, by definition, it denies the issuer the best possible terms for his issue.
60% havde under 50 ansatte, ligesom 40% forventede et årligt salg på under 1 mio ECU.
The stimulus of competition does not automatically come into play.
Bankens økonomer skønner, at EIB's finansieringsbidrag til mindre og mellemstore virksomheder i AVS-landene mellem 1976 og 1988 direkte har skabt ca. 30 000 arbejdspladser, men at de in direkte virkninger sandsynligvis er mange gange større.
This however is not to deny that there are cases where the issuer may still command the best possible terms a given market may be able to offer.
De individuelle lån til industriprojekter ifølge den tredje Lomekonvention er i høj grad koncentreret om minedrift, for arbejdning af landbrugsvarer og tekstiler, sidstnævnte i vid udstrækning til lokale eller regionale markeder.
— a pre-eminent position in a given market at a given point in time, making the bank in question more or less the obligatory, most natural channel of access to a market in which it would subsequently become one of the main mar ket makers ;
Over halvdelen er nye forehavender, medens der i de resterende tilfælde er tale om udvidelser af eksisterende virksomheder eller projekter for rehabilitering og modernisering.
It can, on the other hand, involve making allocations to certain banks which, unable to place them effectively, will rapidly be constrained to release them, either on the market or to other syndicate members, with or without re turn of commission.
Omkring to tredjedele af projekterne bidrager til at fortrænge import. Resten er fordelt på eksportorienterede projekter eller servicevirksomheder. heder.
Of course the re lease of bonds can take place only at the expense of the issuer, with consequences that can affect the behaviour of its bonds both in the primary market and subsequently the secondary market.
Siden den første Lomékonventions ikrafttrædelse i 1976 er der blevet stillet 2,27 mia ECU til rådighed for investeringsforehavender i AVS-landene, heraf knap en femtedel (425 mio) i form af globallån.
Because the syndicate is preestablished, the lead manager will frequently, in the pricing, make sure that he has the blessing, if not of all other members of the syndicate, then at least of the most important of them, before putting the terms and conditions of the issue to the issuer.
I alt 124 globallån til 48 finansielle formidlere er blevet bevilget i 42 af de 66 AVS-lande, herunder til fem regionale udviklingsbanker, som dækker mere end ét land. Ca.
This prior search for minimal consensus — akin to a common denominator — makes for a real risk of the coupon and the issue price both being set higher than they could have been in the event of a single proposal coming from just one bank which would be likely to take a more aggressive stance.
To tredjedele af globallånsmidlerne afholdtes af Bankens egne midler og den resterende tredjedel af den risikovillige kapital.
— designation by the issuer in consideration of a specific service rendered by the bank. Such a service might have benefited the issuer on either: