Page 67 - Annual Report 2010

65

Financial Statements

Statement by the Audit Board

The Audit Board, set up pursuant to article 22 of the Stat-utes of the European Investment Fund (ElF),

„„ acting in accordance with the customary standards of the audit profession,

„„ having designated KPMG Audit S.à r.l. Réviseur d’Entreprises as external auditor of the ElF pursuant to Art. 19 of the Rules of Procedure,

„„ having studied the financial statements and such documents which it deemed necessary to examine in the discharge of its duties,

„„ having examined and discussed the report dated 9 March 2011 drawn up by KPMG Audit S.à r.l. Réviseur d’Entreprises,

„„ noting that this report gives an unqualified opinion on the financial statements of ElF for the financial year ending 31 December 2010,

„„ having examined and discussed reports and opinions issued by the EIF’s Internal Audit, Risk Management and Compliance and Operational Risk functions,

„„ having received assurance from the Chief Executive in particular concerning the effectiveness of the in-ternal control systems, risk management and internal administration,

considering Articles 17, 18 and 19 of the Rules of Pro-cedure,

hereby confirms that to the best of its knowledge and judgement,

„„ the operations of the Fund have been carried out in compliance with the formalities and procedures laid down in the Statutes and the Rules of Procedure;

„„ the financial statements, comprising the statement of financial position, statement of comprehensive income, statement of changes in equity, cash flow statement, and notes to the financial statements of the European Investment Fund give a true and fair view of the financial position of the Fund as regards its assets and liabilities, and of the results of its op-erations for the financial year under review.

Luxembourg, 9 March 2011

THE AUDIT BOARD

Ortwin KLAPPER Bernard MAGENHANN Helmut STERMANN