REPORT FROM THE COMMISSION TO THE COUNCIL AND THE EUROPEAN PARLIAMENT ON THE RATE OF UTILIZATION OF THE NEW COMMUNITY INSTRUMENT (NCI) - (half-year from 1/01/96 to 30/06/1996)
COMMISSION OF THE EUROPEAN COMMUNITIES Brussels, 09. 12. 1996 COM(96) 644 final REPORT FROM THE COMMISSION TO THE COUNCIL AND THE EUROPEAN PARLIAMENT ON THE RATE OF UTILIZATION OF THE NEW COMMUNITY INSTRUMENT (NCI) (half-year from 1/01/96 to 30/06/1996) REPORT FROM THE COMMISSION TO THE COUNCIL AW THE E U R O P E^ FIRMAMENT on the rate of utilization of the New Community Instrument (NCI) (half-year from 1. 01. 1996 to 30. 06. 1996) 1. Introduction Council Decisions 83/200/EEC (Article 6) and 87/182/EEC (Article 8) on the financing of the NCI require the Commission to draw up a six-monthly report on the rate of utilization of the tranches of NCI HI and IV. The present report covers the period from 1. 01. 1996 to 30. 06. 1996. Overall situation at 30. 06. 1996 The different legal bases determine the method of assessing the amount of loans signed in relation to the maximum authorized borrowing: (i) for NCI IE, the volume of loans is lower than that of borrowings in order to take account of the currencies borrowed and the associated costs and expenses; (ii) for NCI IV, the ceiling applies to the loans signed minus loans cancelled. At the end of the first half of 1996 the situation regarding the use of the tranches for which a six-monthly report has to be drawn up was as follows: Use of NCI: situation at 30. 06. 1996 (ECU million) Ceiling Amounts used Balance Nam NCI IV 3,000 750 2,862 669 138 n 81 (*) The special borrowing of ECU lOOmillion for European innovation projects has notyetbeen authorized by the Council. The borrowing operations carried out in the six months under review with a view to financing NCI activities are shown in Annex 2(B). 3. Breakdown of loans by country and sector The table below provides an overall view of loans signed, converted into "borrowing equivalents" at 30. 06. 1996. The loans in the various currencies have been converted into ecus at the exchange rate in force on the last working day of the quarter preceding the signing of the contract. % 0. 4 8. 6 4. 9 3. 0 19. 5 6. 8 49. 5 0. 1 0. 6 6. 6 Distribution of loans signed by country at 30. 06. 1996 1 (ECU million) Country NCI 1 Nan Nam NO IV NCI Reconstr. Total Belgium Denmark Greece Spain France Ireland Italy Netherlands Portugal UK Total 66. 8 70. 0 239. 0 479. 9 134. 9 990. 5 23. 6 63. 2 1 i a2 72. 3 303. 0 111. 2 69. 2 938. 7 68. 4 80. 0 23. 6 533. 5 306. 1 187. 4 1,206. 0 424. 0 1,228. 5 285. 7 598. 7 3,066. 3 100. 6 114. 9 125. 0 116. 6 473. 4 3. 2 29. 9 67. 1 109. 3 9. 9 95. 8 3. 2 39. 8 407. 1 997. 5 2,861. 6 668. 8 678. 7 6,197. 1 100. 0 SECTOR Productive sector Infrastructure NCI III NCI IV 52. 8 % 100. 0% 26. 5% Energy 20. 7 % 100. 0% 100. 0% NIC IV is of interest because of its special features, such as the options of converting loans into risk capital, using loans to finance the purchase of intangible assets and deferring interest payments. However, as resource depletion now allows only limited operations, which are difficult to finance on the international market under the strained conditions already described, no loan transaction has been carried out during this half year period. NCI IV LOANS C E I U N G: ECU 750 M I L U ON (1) - (Situation at 30. 06. 1996) Breakdown by country (2) Annex 1 UK Ref. Project description I. LOANS SIGNED Date of contract ECU million (2) FIH(SmallBushess)PO-VI/A FIH(SmaHBusiness)PG-VI/B BNL-PMIV/A BNL-PMIV/B I M I - P M I V /A I M I - P M I V /B 64/87 64/87 68/87 68/87 69/87 69/87 70/87 MEDIOCR CBNTR - PMIIV/A 70/87 MEDIOCR CBNTR - PMI I V/B 70/87 MBDIOCR CBNTR - PMI IV/C 70/87 MBDIOCR CENTO. - PMI IV/D 70/87 MEDIOCR CBNTR - PMI I V/B 7 V87 7 V87 73/87 105/87 105/87 106/87 107/87 107/87 108/87 108/87 110/87 BV87 148/87 M8/87 M8/87 M8/87 206/87 206/87 207/87 207/87 23V87 64/8 8 INTBRBANCA - PMI I V/A INTBRBANCA - PMI I V/B B P I - P OV CBNTROBANCA - PMI I V/A CBNTROBANCA - PMI I V/B SAN PAOLO Agrohdustria II CREDI OP - PMI I/A CRBDIOP - PMI I/B BANCO DI NAPOLI - PMI A BANCO DI NAPOLI - PMI B B'DBSANTANDBR-PYMB B°DE BILBAO-PYMB BFIBANCA - PMI I V/A BFIBANCA - PMI I V/B BFIBANCA - PMI I V/C BFIBANCA • PMI IV/D B°DBVIZCAYA-PYMBA B'DBVIZCAYA-PYMBB B'BSPÀNOLDBCRBDITO-PYMB B°BSPANOLDE CRBDITO-PYMB CREDITNATIONAL-PMIIII INVBSTORS IN INDUSTRY - GROUPED LOAN V BFIBANCA-PMI V/A 10V88 BFIBANCA - PMI V/B 10 V88 BFIBANCA - PMI V/C BV88 10 V88 BFIBANCA - PMI V/D B3/88 MBDI OCR LOMB ARDO - PMI A 103/88 MEDI OCR LOMB ARDO - PMI B 103/88 MBDIOCR LOMB ARDO -PMI C 103/88 MBDIOCR LOMBARDO - PMI D 109/88 128/88 128/88 135/88 135/88 185/88 185/88 199/88 237/88 237/88 237/88 237/88 175/89 119/90 119/90 48/91 BARCLAYSBANKIIOL CBNTROBANCA - PMI V/A CBNTROBANCA - PMI V/B CRBDIOP -PMI II/A CRBDIOP-PMI II/B BANCO DI SI CILIA -PMI II/A BANCO DISICILIA-PMI II/B CREDIT INDUSTRIEL ET COMML I M I - P M I V I /A I M I - P M I V I /B I M I - P M I V I /C I M I - P M I V I /D BARCLAYSBANKIII/A KREDIETBANKN. V. -GL KRBDIETBANKN. V. -GL B'BSPANOLDB CRBDITO PGPY 15. 09. 87 24. 05. 88 12. 10. 87 12. ». 87 3L07. 87 3L07. 87 15. 09. 87 10. 12. 87 03. 02. 88 16. 03. 88 23. 06. 88 07. 10. 87 07. B. 87 22. 07. 87 11. 12. 87 1112. 87 05. 1L87 18. 12. 87 18. 12. 87 18. E. 87 18. 12. 87 24. 07. 87 23. 07. 87 17. 12. 87 17. 12. 87 24. 06. 88 24. 06. 88 17. 12. 87 30. 1188 18. 12. 87 18. 1188 05. 02. 88 28. 12. 88 05. 10. 88 05. 10. 88 16. 01. 89 16. 0189 10. 10. 88 10. 10. 88 06. 02. 89 06. 02. 89 21. 12. 88 19. 12. 88 19. 12. 88 09. 12. 88 09. 12. 88 25. 05. 89 25. 05. 89 29. 1188 19. 12. 88 19. 12. 88 06. 02. 89 06. 02. 89 30. 1189 20. 12. 90 20. 12. 90 28. 05. 91 31. 80 3143 18. 68 8. 01 37. 29 15. 98 6. 19 5. 88 4. 81 3. 27 18. 98 9. 34 4. 00 9. 91 9. 34 4. 00 13. 34 4. 67 2. 00 4. 60 197 20. 19 3164 4. 67 2. 00 4. 55 195 9. 37 8. 60 12. 04 10. 94 20. 00 20. 90 4. 53 194 4. 57 196 6. 79 2. 91 9. 14 3. 92 45. 55 B. 23 5. 67 4. 53 194 4. 58 196 52. 32 9. 06 3. 88 B. 72 5. 88 29. 38 18. 04 5. 54 25. 44 DK 3180 3143 20. 19 3164 9. 37 8. 60 12. 04 10. 94 18. 04 5. 54 25. 44 9. 91 18. 68 8. 01 37. 29 15. 98 6. 19 5. 88 4. 81 3. 27 18. 98 9. 34 4. 00 9. 34 4. 00 13. 34 4. 67 2. 00 4. 60 197 4. 67 2. 00 4. 55 195 20. 00 20. 90 4. 53 194 4. 57 196 6. 79 2. 91 9. 14 3. 92 13. 23 5. 67 4. 53 194 4. 58 196 9. 06 3. 88 13. 72 5. 88 52. 32 45. 55 29. 38 TOTAL I II. LOANS APPROVED, AWAITING SIGNATURB BALANCE CEIUNG 668. 82 23. 58 63. 23 118. 22 72. 32 285. 73 9. 91 95. 83 6. 80 74. 38 750. 00 (1) JO V. 271 of 14. 03. 1987 Go an» oeiling). (2) Conversion rates are those obtained onthe test working day of the quarter preeeding the signing of eaohloaa NCI BORROWING^ BY CURRENCY Annex 2 A. -Debt outstanding at 30. 06. 1996 (1) || Currency (million) Equivalent in ECU miHion(2) ECU BFR DM FF HFL LFR LIT PTA UKL CAD SFR USD YEN Total 900 404. 3 2,100. 0 328. 6 1000. 0 12. 0 100. 0 50. 0 -_ - 90. 0 211. 1 3242 153. 0 25. 4 14. 8 63. 5 39. 8 921£ B. - New operations: 1. 01. 1996 - 30. 06. 1996 | Date of issue - Duration (years) - Coupon (%) - Currency (million) - Fresh capital (1) Re financings - Equivalent in MECU (3) (1) Excluding refinancing opérations,designed to reduced Ihe costofservicing existing debtinilially contracted athigher interest rates. (2) Exchange rates as at30. 06. 1996. (3) Exchange rates atsignature. ISSN 0254-1475 COM(96) 644 final DOCUMENTS EN 01 09 Catalogue number : CB-CO-96-647-EN-C ISBN 92-78-13075-3 Office for Official Publications of the European Communities L-2985 Luxembourg