Page 24 - Annual Report 2010

ANNUAL REPORT 2010

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to the increasing funding needs of SMEs and is invested in hybrid debt/equity funds throughout Europe.

In 2010, commitments under RCM, MFG and EIF resources totalled EUR 626.9m. In terms of cash flow, disbursements for the year reached EUR 335.2m, with reflows of EUR 216.8m (capital repay-ments of EUR 149.8m and revenue re-payments of EUR 67m).

At the end of 2010, the EIB Board of Directors decided to increase the Risk Capital Mandate by EUR 1bn, thereby bringing it to a revolving amount of EUR 5bn.

Since inception, total disbursements have amounted to nearly EUR 3.2bn with total reflows of EUR 1.3bn (capi-tal repayments of EUR 1.1bn and revenue repayments of EUR 223.9m).

EIB Group resources

EIF has been managing EIB resources for equity (venture and growth capital) in Europe since 2000 through the Risk Capi tal Mandate (RCM). The Mandate’s core objective is to sup-port technology and industrial innova-tion through early stage, expansion and lower mid market capital, with an emphasis on specialist funds investing in the EU and generalist funds in an en-larged Europe (EU 27, EU Candidate and potential Candidate Countries, EFTA countries). EIF’s venture capital operations are conducted through this evergreen facility, and are comple-

mented by EU Competitiveness and Innovation Frame-work Programme 2007-2013 (CIP) and EIF own resource co-investments.

EIF also manages the Mezzanine Facility for Growth (MFG) on behalf of the EIB. MFG is deployed to respond

EURm RCM, MFG +

EIF own resources 2006 2007 2008 2009 2010 Total since

inception

Commitments 682.2 450.1 206.8 565.2 626.9 5 057.4 Disbursements 349.9 371.0 324.6 205.5 335.2 3 261.0 Capital repayments 208.2 203.0 160.0 63.8 149.8 1 097.0 Revenue repayments 29.9 58.3 33.9 7.7 67.0 223.9

Increase of RCM by

EUR 1bn