Page 89 - Annual Report 2010

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Financial Statements

The following table outlines the credit quality of the Fund’s debt securities as of 31 December 2010 and 2009, based on external ratings.

The exposures in Ba1 rating consist of EU sovereign bonds. In the course of the year 2010 the treasury port-folio suf fered unrealised losses of EUR 50.3m, which stemmed mainly from sovereign and government guaran-teed bonds downgrades.

As of 31 December 2010, EIF’s debt securities portfolio was spread over 22 countries. The largest nominal individual

AFS - Debt securities and

other fixed income securities 31.12.2010 31.12.2009

Rating Amount in EUR In percentage Amount in EUR In percentage

Aaa 352 119 579 40.8% 491 233 789 59.0% Aa1 54 509 085 6.3% 12 203 603 1.5% Aa2 96 135 522 11.1% 46 580 486 5.6% Aa3 8 982 575 1.0% 44 253 843 5.3% A1 113 486 436 13.1% 132 305 845 15.9% A2 9 414 792 1.1% 9 351 699 1.1% A3 42 536 459 4.9% 0 0.0% Baa1 103 212 844 12.0% 91 307 785 11.0% Baa2 0 0.0% 0 0.0% Baa3 4 988 681 0.6% 5 076 516 0.6% Ba1 78 192 908 9.1% 0 0.0%

Total 863 578 881 100.0% 832 313 566 100.0%

Breakdown by class of statement of financial position (EUR)

EUR Maximum exposure 2010 Maximum exposure 2009

Cash and cash equivalents 73 603 254 106 266 117 Debt securities and other fixed income securities 863 578 881 832 313 566

Total Credit Risk Exposure 937 182 135 938 579 683

country exposures were Spain, Italy and Ireland, which jointly accounted for 44.5% of total nominal commitments.

No financial assets carried at amortised cost were past due or impaired either at 31 December 2010 or 31 December 2009.