Page 115 - Annual Report 2010

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Financial Statements

8.2 European Commission

Related party transactions with the European Commission mainly concern the management by the Fund of private equity and guarantee activities as described in the notes 6. In addition, the Commission manages the EC programmes treasury on behalf of the Fund. The amounts included in the financial statements and relating to the Commission of the European Communities are disclosed as follows:

EUR 31.12.2010 31.12.2009

ASSETS

Other assets 4 143 848 5 504 720 LIABILITIES AND EQUITY

Other liabilities and provisions 16 051 69 033 Share capital 180 000 000 172 200 000 INCOME

Commission income 6 335 436 2 743 795 EXPENSES

General administrative expenses 131 953 139 220 OFF BALANCE SHEET

Guarantees Drawn 8 990 672 110 8 025 814 964 Guarantees undrawn 2 704 562 598 2 675 088 511 Assets held for third parties 334 287 507 473 050 857 Net disbursed in private equity 245 410 387 200 200 515 Investments undrawn in private equity 204 955 912 209 944 263

9. Taxation

The Protocol on the Privileges and Immunities of the European Communities, appended to the Treaty of 29 Octo-ber 2004 establishing a Constitution for Europe, applies to the Fund, which means that the assets, revenues and other property of the Fund are exempt from all direct and indirect taxes.