Page 5 - Annual Report 2010

table of contents

INTRODUCTION 5

Foreword by the Chairman of the Board 6 Foreword by the Chief Executive 7 Strategic statement 8 The European market environment 9 Overview of activity 12 Overview of financial performance 13

EQUITY 15

General overview 16 Total portfolio 19 EIB Group resources 22 Case study: A one-stop shop 23 European Commission resources 24 Case study: A gate to energy in Estonia 25 Overview of joint ventures and funds-of-funds 26 Case study: Bringing life to future technologies 28 Outstanding equity portfolio 29

GUARANTEES & CREDIT ENHANCEMENT 31

General overview 32 Total portfolio 33 Case study: Finance on a plate 35 European Commission resources 36 Case study: Bridging financing gaps for start-ups 37 Credit enhancement and securitisation 38 New guarantee products 39 Case study: Tailor-made financing in Romania 40 Outstanding guarantee portfolio 41

MICROFINANCE 43

General overview 44 Resources for Microfinance 45 Case study: Finance for socially vulnerable groups 47

REGIONAL BUSINESS DEVELOPMENT 49

General overview 50 JEREMIE Holding Funds under management 51

GOVERNING BODIES & KEY STAFF 53

Capital and shareholders 54 Board of Directors 55 Management and key staff 56 Audit Board 57 Audit and controls 58 Risk management and legal 59 Compliance and Operational Risk 60

FINANCIAL STATEMENTS 2010 (IFRS) 63

Independent Auditor’s Report 64 Statement by the Audit Board 65 Statement of financial position 66 Statement of comprehensive income 67 Statement of changes in equity 68 Cash flow statement 69 Notes to the financial statements 70

CONTACTS AND REFERENCES 115

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