natgillin/translations-raw huggingface dataset:
De supranationale organisationer repræsenterede 8% af de samlede emissioner, me­dens restbeløbet var fordelt på statslige og lokale emittenter.
Suprana­tional agencies accounted for 8% of the overall amount issued and sovereign and local bor­rowers, the remainder.
Det betydelige fald i obligati­onsafkastene udløste fornyet interesse for produkter med høje afkast, såsom euroobli­gationer, udstedt af emittenter med lavere kreditværdighed eller euroobligationer, udstedt på nye delmarkeder i valutaer med betydeligt afkast (SAR, CZK og taiwanske dollar).
Declining bond yields rekindled investor interest in high-yielding pa­per, such as Eurobonds issued either by lower-rated borrowers or on emerging markets in high-yielding currencies (SAR, CZK and Taiwan dollar).
Antallet af verdensomspændende emissioner steg fra 80 i 1 994 til 1 24 i 1995 og lød over­vejende på USD. Den samlede middeltilvejebringelse i form af verdensomspændende obli­gationsemissioner repræsenterede over 10% af den samlede låntagning på det internatio­nale obligationsmarked.
The number of global bond issues progressed from 80 in 1 994 to 1 24 in 1 995, for the most part denominated in US dollars, with the aggregate amount raised through such issues rep­resenting over 10% of total borrowings on the international bond market.
Visse emissioner er imidlertid ikke reelt verdensomspændende, dvs. let omsættelige døgnet rundt overalt i verden.
However, certain issues were not genuinely "global" bonds in that they were not freely negotiable worldwide around the clock.
Disse emissioners gennemsnitlige størrelse har været faldende, siden de første verdensomspændende emissioner blev emitteret.
The average amount of issues has been contracting steadily since the first global bonds were launched.
De variabelt forrentede emissioner aftog i forhold til 1994, medens det kom til et genopsving i dels papi­rer, der er knyttet til aktiver, dels dobbeltvalutaemissioneme.
The volume of new floating-rate paper fell compared to 1994 levels whereas there was an upturn in asset-backed securities and dual-currency issues.
Effektiv bruttorente af tiårige statsobligationer lutaer end OECD-landenes gøre det muligt for EIB at rejse midler i f.eks. hongkongdol­lar og sydafrikanske rand.
In adopting an appropriate resource-raising policy, the EIB pursued a strategy of ensur- ing that its treasury remained highly liquid while minimising borrowing costs.
For at kunne tilvejebringe tilstrækkelige mid­ler fastholdt EIB sin politik for sikring af en betydelig likviditet og minimering af emissionsomkostningerne.
sues denominated in non-OECD currencies should make it possible for the EIB to contract borrowings in currencies such as the Hong Kong dollar or South African rand.
For sammenligningens skyld er renteberegningerne foretaget på årsbasis.
For ease of comparison all yields are expressed on an annual basis ν f >
Desuden indgik EIB aftaler om programmer for mellemfristede notes, der gør det muligt for den at emittere mindre beløb på gunsti­gere vilkår end gennem klassiske emissioner inden for rammerne af en forudfastsat doku­mentation; i 1995 blev der indgået eller for­beredt aftaler om sådanne programmer i ITL, BEF og ESP.
A variety of techniques made it possible to limit the Bank's exposure to interest-rate fluctua­tions; this increased the ElB's flexibility in adapting to financial market supply condi­tions, whilst accommodating loan disburse­ment requests.
Behovet for at rejse stadig større beløb, især i de valutaer, hvor EIB repræsenterer en be­tydelig del af markedet, nødvendiggjorde anvendelse af såvel rente- som valutaswaps.
The need to raise an ever-increasing volume of funds, especially in those currencies for which the EIB already accounted for a sig­nificant share of the market, led the Bank to resort to interest-rate and currency swap operations.
Disse forretningers samlede pålydende blev på 3,5 mia mod 4,3 mia i 1994.
The total notional amount of such operations was 3.5 billion in 1995 compared with 4.3 billion in 1994.
En betyde­lig del af disse swapforretninger, hvori ind­går midler, som Banken har tilvejebragt på markederne, blev gennemført med henblik på tilvejebringelse af variabelt forrentede midler (3 156 mio mod 3 498 mio i 1994).
They were designed largely to transform fixedrate bond issues into floating-rate funds (3 156 million compared with 3 498 million in 1994).
Denne diversificering af middeltilvejebrin­gelsen angik først og fremmest valutaerne og emissionsstedeme.
Diversification was primarily apparent in terms of currencies and placement areas.
EIB bestræbte sig så­ledes for at emittere lån på de nye medlems­landes markeder, hvorved den foretog sin første private placering i FIM blandt de fin­ske investorer.
The EIB sought to undertake operations on the markets of the new European Union Member States, as in the case of the FIM with a maiden private placement with Finnish in­vestors.
Ud over de tredjelandes valu­taer, som EIB traditionelt anvender ved sin låntagning (USD, JPY og CHF), optog den desuden for første gang i lange tider lån i AUD.
Moreover, the EIB added the AUD, which it had not tapped for a long period, to the ranks of the usual non-Community cur­rencies borrowed (USD, JPY and CHF).
Endelig vil bestyrelsens bemyndigelse af november 1 995 til at emittere i andre va­
Lastly, the authorisation given in November 1 995 by its Board of Directors to launch is- ƒ
- TILVEJEBRAGTE
EIB 1995
MIDLER
- RESOURCES
BANOUE EUROPEENNE D'INVESTISSEMENT retninger kun en forsvindende andel. Af effektivitetsgrunde anvender Banken aktiv-/pas-sivforvaltningen til at globalisere afdæknin­gen på længere sigt.
BANQUE EUROPEENNE D'INVESTISSEMENT order to add to the effectiveness of hedging, asset/liability management was practised to ensure overall hedging cover in the longer term.
EIB fastholdt sin forsigtige politik, idet den styrkede kontrollen med risiciene i forbin­delse med derivaterne.
Nonetheless, the EIB did not waver from a policy of prudence, redoubling efforts to contain derivatives risks.
Desuden opblødte den sin politik for swapaftaler, der nu også kan indgås mellem EU-valutaer.
It also adapted its approach to swap operations which may henceforth involve swaps between EU currencies.
Kreditlini­erne forhøjedes, ligesom Banken nu vil ac­ceptere ad hoc-foretagender (special pur­pose vehicles) som deltagere.
Credit lines have also been in­creased and special­purpose vehicles are to be accepted as counterparties.
Endelig fortsatte EIB sin politik fra 1994 for afbrydelse af sammenhængen mellem tids­punktet for middeltilvejebringelsen og tids­punktet for udbetalingen.
The EIB also continued with its policy, first implemented in 1994, of scheduling the launch of issues separately from immediate disbursement requirements.
I overensstem­melse med sin målsætning om at holde sine omkostninger under LIBOR og dermed klart under niveauet for klassiske emissioner, selv om de varierer i forhold til løbetiderne og valutaerne, indgik EIB aftaler om lån, når omkostningerne svarede til denne målsæt­ning, hvorved den efter behov ombyttede nettoprovenuet med variabelt forrentede midler.
In conjunction with targets expressed as sub­LIBOR costs, well below those that can be obtained through conventional issues and different depending on the maturities and currencies concerned, the EIB contracted borrowings whenever costs were in line with its targets, even if, where necessary, this involved swapping lhe net proceeds against floating­rate funds.
Herved blev der i 1 995 tilvejebragt 1 500 mio med omkostninger, der opfyldte denne målsætning, overvejende i form af de allerede nævnte strukturerede forretninger.
In 1995, all such operations, to­talling some 1 500 million at a cost below target, were undertaken chiefly via the aforementioned structured issues.
EIB fortsatte sin afdækningspolifik for at sikre sig mod renterisikoen.
The EIB pursued its strategy of hedging interest­rate risks.
De samlede afdækningsforretninger beløb sig i 1995 til nominelt 3 121 mio, der omfattede 47% af de tilvejebragte midler med fast rente.
Hedging operations in 1995 totalled a notional amount of 3 121 million, covering 47% of aggregate resources raised at fixed rates.
Som hidtil havde denne afdækning form af enten indgåelse af aftaler om opsat rentefastsæt­telse med den ledende bank eller interne for­anstaltninger i form af erhvervelse af en obligationsportefølje, der afhændes på ny i takt med behovet for udbetalinger.
As in the past, this hedging was undertaken either through deferred rate­setting contracts con­cluded with lead managers at the time of issue or through an internal hedging facility whereby the EIB acquired a portfolio of bonds to be resold in line with disbursement needs.
Tilvejebragte valutaer efter swaps
Breakdown of currencies raised after swaps
Italienske lire: 3 343 mio ECU 7 200 mia ITL vate italienske eller institutionelle investorer, for hvem Bankens emissioner udgør et sup­plement og alternativ til den italienske stats emissioner.
Italian lira : ECU 3 343 million ITL 7 200 billion significant proportion of its borrowings placed with Italian retail or institutional investors who regard EIB issues as a comple­mentary alternative to Italian government bonds.
Middelfilvejebringelsen fandt sted i form af 14 emissioner, det være sig in­dividuelle eller inden for rammerne af et emissionsprogram (debt issuance prog­ramme) på 3 000 mia ITL, der indledtes med succes i årets løb.
Resources were raised through four­teen public issues, concluded either individually or under a debt issuance pro­gramme worth ITL 3 000 billion successfully launched during the year.
Som den førende EU-lånevaluta udbyggede ITL sin andel med 47% i forhold til 1994.
The ITL, the principal Community currency borrowed, recorded a 47% increase over 1994.
EIB er dermed fortsat den største emittent på markedet for eurolire, om end en betydelig del af låntagningen placeredes blandt pri­
The EIB remained the leading bor­rower on the Eurolira market, with a not in­
Tabel 14: Tilvejebragte midler 1991-1995
Table 14 : Pattern of resources raised
Offentlige lån Private lån Mellemfristede notes
Public issues Private borrowings Medium­term notes
Kortfristede forretninger Virksomhedscertifikater scertifikater
Short­term operations ­ Commercial paper
Tre toneangi­ vende emissioner med løbetider på fem, syv og ti år udgjorde hovedparten af låntagnin­gen.
Three benchmarks with maturities of five, seven and ten years respectively accounted for the bulk of resources.
Ordningen for prissondering, der blev anvendt to gange, gjorde det muligt at opnå bedre vilkår end de øvrige store internatio­nale låntagere.
The price discovery system, used on two occasions, made it possible to obtain more advantageous conditions than other major international borrowers.
Tabel 15: Tilvejebragte midler i 1995
Table 15 : Resources raised in 1995
Fast forrentede lån EU­valutaer
Fixedrate borrowings European Union
­ TILVEJEBRAGTE
- RESOURCES
Udvikling i værdien af henholdsvis en dollar og 100 yen over for ecuen
A very long­dated issue for 22 years, which had not been con­sidered by other issuers, was launched by the EIB and was well received by British in­vestors.
EIB's strategi i GBP var at tilbyde markedet et supplement til investeringer i statsobliga­tioner ved at emittere lån med samme løbe­tid, hvilket gjorde det muligt for Banken både på det primære og det sekundære marked at opnå spænd i forhold til statslån, der var langt gunstigere end de øvrige emit­tenters med samme kreditværdighed.
Brisk demand for disbursements in ESP prompted a highly proactive borrowing policy both on the "Matador" market for non­resident issuers as well as through cur­rency and also interest­rate swaps. In addi­tion to its strong presence on the "Matador" market where it accounted for over half of aggregate borrowings, the EIB diversified its resources by lengthening the maturity of its issues and undertaking structured opera­tions.
Endvi­dere emitterede EIB en emission med en me­get lang løbetid, 22 år, som ingen andre emittenter havde planlagt, og den blev vel modtaget af de britiske investorer.
Despite having to raise sizeable sums on a tight market, the EIB lowered its yield relative to Spanish government bonds.
Middeltilvejebringelsen i ecuer steg noget i forhold til året før (300 mio). Den fandt sted via en enkelt forretning. Den betydelige po­sitive cashflow i denne valuta gjorde det ikke nødvendigt for EIB at tappe markederne.
The amount raised in ECU rose slightly over 1994 (300 million) and was tapped via a single issue.
En svagere efterspørgsel efter udbetalinger end året før og betydelige førtidige indfriel­ser af udlån var grunden til den faldende middeltilvejebringelse i FRF, der fandt sted i form af to emissioner på eurofrancmarkedet, heraf en i form af en struktureret forret­ning.
Weaker demand for disbursements than in the previous year and considerable prepay­ments on loans explain the reduced level of borrowings in FRF, raised through two public issues on the Eurofranc market, one of which took the form of a structured opera­tion.
Låntagningen i PTE tiltog på ny og fandt ho­vedsagelig sted med variabel rente med henblik på dækning af investorernes og lån­tagernes efterspørgsel.
The Bank continued to increase the volume of its PTE borrowings, which were con­tracted mainly at floating rates to meet de­mand from investors and the ElB's clients.
Da der kun kan teg­nes forholdsvis begrænsede beløb ad gan­gen, etablerede Banken toneangivende emis­sioner gennem tilføjelse af fungible trancher til et oprindeligt lån. Der blev således op­bygget en emission på 60 mia PTE, hvilket er et af de største lån efter den portugisiske stats.
In view of the fairly limited amount to which it was possible to subscribe under each opera­tion, the EIB created benchmarks by adding fungible tranches to an initial borrowing : an issue worth PTE 60 billion was thus cre­ated, making it one of the biggest borrow­ings after government paper.
På Caravelamarkedet udbød EIB i øv­rigt den hidtil største emission, der forinden var blevet præsenteret for investorerne i Lis­sabon.
The EIB also launched its largest issue to date on the "caravela" market, in the wake of a prelimi­nary presentation to investors in Lisbon.
Der blev udbudt en enkelt emission på det nederlandske marked.
A single issue was floated on the Dutch market.
På det luxembourgske marked rejste Banken 7 500 mio LUF med henblik på udbetalinger og 5 000 mio LUF, der blev ombyttet til SEK og ESP.
In addition to the LUF 7 500 million raised on the Luxembourg market to cover dis­bursements, LUF 5 000 million were swapped against SEK and ESP.
Banken arrangerede fem forretninger inden for rammerne af et emissionsprogram (debt issuance programme), der gør det muligt at emittere mindre beløb og derved sikrer Ban­ken den nødvendige smidighed med hensyn til udbetalinger på udlån.
Five operations were undertaken as part of a debt issuance programme, enabling the EIB to raise small amounts providing it with maximum flexibility in its loan disburse­ments.
Finmark: 18 mio ECU 100 mio FIM
Finnish markka : ECU 18 million FIM 100 million
Banken emitterede en variabelt forrentet emission med renteloft på 20 mia GRD på Marathonmarkedet i første kvartal, der se­nere forhøjedes til 45 mia.
Following a presentation to the Finnish financial community at mid­year, the EIB concluded a private placement with institu­tional investors at the end of the year.
Efter at have præsenteret sig selv for den fin­ske finansverden sidst i første halvår udbød EIB sidst på året et privat lån, der blev place­ret blandt institutionelle investorer.
A first capped floating­rate issue ­ for GRD 20 billion ­ was launched on the "marathon" market in the first quarter; it was subsequently increased by a further tranche of GRD 25 billion.
Middeltilvejebringelsen fandt sted i form af to emissioner og nogle private pla­ceringer.
Resources were raised via two public offerings and through private placements.
Yderligere midler rejstes i form af swaps.
Additional funds were obtained by means of swaps.
EIB tappede kapitalmarkedet i JPY, når vil­kårene var særlig fordelagtige.
The EIB made calls on the JPY capital market whenever conditions were particularly favourable.
Den første emission, der sigtede på de japanske institu­tionelle investorer, anvendtes til førtidige ind­frielser af optagne lån. Fire private placerin­ger indgik i valutaswaps eller opbevaredes i JPY som et led i aktiv­/passivforvaltningen.
The first issue, aimed at Japa­nese institutional investors, financed early redemptions.
For første gang i ni år gik Banken i oktober ind på Samuraimarkedet med en dobbeltva­lutaemission (100 mia JPY) i to trancher, der var forbeholdt private japanske investorer, og som i sin helhed indgik i swaps.
Moreover, for the first time in nine years, the EIB reapproached the "samurai" market in October with a dual­currency issue (JPY 100 billion) in two tranches tar­geted at Japanese retail investors; the entire proceeds of this issue were swapped.
EIB udbød fire forretninger, der anvendtes til udbetalinger på lån, finansiering af førtidige indfrielser af optagne lån og indgåelse af swapforretninger.
Resources raised in CAD (150 million; ECU 81 million) and AUD (100 million; ECU 57 million) were swapped.
Efterspørgslen efter udbetalinger i USD var begrænset og arbitragemulighederne mid­
Given limited demand for disbursements in USD and little scope for arbitrage, the level
■ TILVEJEBRAGTE
­ RESOURCES
LIKVIDITETSFÖRVALTNING timo 1995 var hovedparten heraf placeret i førsteklasses produkter og resten i let om­sættelige monetære instrumenter.
LIQUIDITY MANAGEMENT maturities. At end-1995, most of this trea­sury was placed in first-class products, the rest being invested in marketable short-term instruments.
De likvide midler beløb sig den 31. decem­ber 1995 til ca. 8 292 mio ECU, fordelt på 20 valutaer, herunder ecuer.
Liquid funds, at 31 December 1995, totalled some 8 292 million, held in 20 currencies, including the ECU.
De havde føl­gende sammensætning:
The breakdown was as follows :
- Investeringsporteføljen udgør anden likviditetslinie (2 374 mio).
- The investment portfolio represents the second line of liquidity (2 374 million).
Den består af obliga­tioner, udstedt af OECD-stater og førsteklas­ses offentlige institutioner.
It consists of bonds issued by OECD Member States and first-class public institutions.
- Den operationelle likviditet repræsenterer hovedparten (5 252 mio).
- The operational treasury constitutes the bulk of liquid funds (5 252 million).
Den består over­vejende af en monetær kortfristet likviditet og en operationel obligationsportefølje.
It largely comprises a short-term money-market treasury and an operational bond portfolio.
Den kortfristede operationelle likviditet be­står overvejende af provenuet af optagne lån og den positive cashflow.
The short-term operational treasury consists chiefly of borrowing proceeds and surplus cash flow.
Disse midler, der skal kunne dække de fremtidige udbe­talinger, repræsenterede ultimo 1995 3,7 gan­ge det gennemsnitlige månedlige udbeta- lingsbeløb.
Designed to cover future dis­bursements, this treasury's holdings cor­responded to 3.7 times the average monthly amount disbursed as at end-1 995.
- Afdækningsporteføljen [665 mio) anven­des til fuld eller delvis afdækning af visse nye obligationsemissioner fra Bankens side gennem køb af obligationer.
- The hedging portfolio [665 million) is intended to hedge, through bond purchases, all or part of certain new EIB bond issues.
Denne ordning gør det muligt at opbevare provenuet af emissioner, der udbydes i perioder med særlig gunstige markedsvilkår, i likviditetsforvaltningen uafhængigt af udbetalingsbehovene.
This instrument enables the EIB to hold in its treasury the proceeds of issues launched with a view to taking advantage of particu­larly favourable developments on the mar­ket, irrespective of disbursement needs.
RESULTAT AF
RESULTS
Efter den ekstreme flygtighed i 1994 kom det i 1 995 til et markant fald i afkastene på obligations- og pengemarkederne.
In the aftermath of extreme volatility in 1994, bond and money markets experi­enced a steep drop in yields in 1 995.
Den kortfristede operationelle likviditet gav et renteafkast på 31 8 mio af en gennemsnit­lig investeret kapital på 5 243 mio.
Investments in the short-term operational treasury yielded interest of 318 million on average holdings of 5 243 million.
På denne baggrund gav likviditetsförvaltnin­gen et resultat på 593 mio, svarende til et samlet regnskabsmæssigt afkast på 7,8% mod henholdsvis 200 mio og 2,8% i 1994.
Against this background, liquidity manage­ment generated income of 593 million, cor­responding to an overall book return of 7.8%, as against 200 million and 2.8%, re­spectively, in 1994.
Samlet indtægt (mio ECU) Gennemsnitlig kapital (mio ECU) Gennemsnitligt afkast (%)
7 078 2.8% of which short-term operational treasury
Samlet indtægt (mio ECU) Gennemsnitlig kapital (mio ECU) Gennemsnitligt afkast (%) Løbetid
Total income Average holdings Average return Duration
Den gennemsnitlige løbetid afkortedes fra 5,4 år ultimo 1994 til 3,8 år den 31. december 1995.
Average holdings Average return Duration
STYRELSESRÅDET jelser samt udnævner medlemmerne af be styrelsen, direktionen og revisionsudvalget.
BOARD OF GOVERNORS rectors, the Management Audit Committee.
Gerrit ZALM varetog formandskabet for sty­relsesrådet indtil årsmødet i juni 1995, hvor­efter han efterfulgtes af styrelsesrådsmedlemmet for Østrig, Andreas STARIBACHER, ifølge den årlige rotationsordning.
Mr Gerrit ZALM held the office of Chairman of the Board of Governors until the Annual Meeting in June 1 995. In accordance with the system of annual rotation, he was suc­ceeded by Mr Andreas STARIBACHER, Gover­nor for Austria.
Styrelsesrådet består af ministre udpeget af medlemsstaterne, sædvanligvis finansmi nistrene.
/ fie Board of Governors consists of Ministers designated by each of the Member States, usually Finance Ministers.
De repræsenterer medlemsstaterne i disses egenskab af Bankens kapitalindsky dere.
They re present the Member States as shareholders in the Bank.
Siden januar 1995, hvor traktaten om Østrigs, Finlands og Sveriges tiltrædelse af Den Europæiske Union trådte i kraft, har sty relsesrådet bestået af 15 medlemmer.
With entry into force in January 1995 of the Treaty of Accession of the Republic of Austria, the Republic of Finland and the Kingdom of Sweden to the Euro pean Union, the Board of Governors has been increased to 15 members.
Da Andreas STARIBACHER blev afløst af Viktor KLIMA som styrelsesrådsmedlem for Østrig, overtog sidstnævnte formandskabet for sty­relsesrådet fra den 3. januar 1 996.
Mr Viktor KLIMA has since replaced Mr An­dreas STARIBACHER as Governor for Austria and consequently took over the latter's duties as Chairman of the Board of Gover­nors as from 3 January 1 996.
Styrelsesrådet fastlægger de generelle ret ningslinier for kreditpolitikken, godkender balancen, resultatopgørelsen og årsberet ningen, træffer beslutning om kapitalforhø
The Board of Governors lays down general directives on credit policy, approves the bal ance sheet, profit and loss account and an nual report, decides on capital increases and appoints members of the Board of Di
Desuden har Ger­hardt RAMBOW efterfulgt Rudolf MORAWITZ, der døde den 22. maj 1995, og hvis minde Banken ærede i Årsberetningen 1 994.
REINESCH have taken over as Directors from Messrs Luigi ARCUTI, Richard BRANTNER, Mario DRAGHI, Winfried HECK, Philippe JURGENSEN and Yves MERSCH respectively; Mr Gerhardt RAMBOW has succeeded Mr Rudolf MORAWITZ, who died on 22 May 1995 and to whom tribute was paid in the last Annual Report.
En­delig er Francesco GAVAZZI blevet efterfulgt af Vittorio GRILLI som bestyrelsessuppleant. Da Vittorio GRILLI blev udnævnt til bestyrel­sesmedlem, blev han efterfulgt af Giuseppe
Mr Francesco GAVAZZI was succeeded as Alternate by Mr Vittorio GRILLI who, following his appointment as Di­rector, has been replaced by Mr Giuseppe
Desfyrelsen påser, at Banken ledes i over ensstemmelse med traktaten og vedtægterne såvel som med de generelle retningslinier, som styrelsesrådet har fastlagt.
/ ne Board of Directors ensures that the Bank is managed in keeping with the provi sions of the Treaty and the Statute and with the general directives laid down by the Gov ernors.