Page 108 - Annual Report 2010

ANNUAL REPORT 2010

106

EUR 31.12.2010 31.12.2009

Subscribed and paid in (20%) 600 000 000 588 000 000 Subscribed but not yet called (80%) 2 400 000 000 2 352 000 000

3 000 000 000 2 940 000 000

Number of shares 31.12.2010 31.12.2009

European Investment Bank 1 835 1 826 European Commission 900 861 Financial Institutions 265 253

3 000 2 940

The subscribed share capital is detailed as follows:

The capital is subscribed as follows:

5.6 Statutory reserve and retained earnings

Under the terms of Article 27 of its Statutes, the Fund is required to appropriate to a statutory reserve at least 20% of its annual net profit until the aggregate reserve amounts to 10 % of subscribed capital. Such reserve is not available for distribution.

A minimum amount of EUR 1 446 411 is required to be appropriated in 2011 with respect to the financial year ended 31 December, 2010.

There was no dividend distributed in 2010 relating to the year 2009 (2009: EUR 14 044 432). Dividends are distrib-uted in line with Article 27 of the Fund’s statutes.

Further details of the Fund’s capital management requirements are explained in note 3.2 and note 3.5.2.B.

5.7 Fair value reserve

The fair value reserve includes the following:

The fair value reserve contains fair value changes related to EIF treasury and private equity portfolios.

EUR 31.12.2010 31.12.2009

Fair value reserve on debt securities and other fixed income securities (42 709 617) 7 607 165 Fair value reserve on shares and other variable income securities 15 159 194 5 316 884

(27 550 423) 12 924 049