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Table of contents
Introduction
3
Foreword of the Chairman of the Board
4
Foreword of the Chief Executive
5
Strategy and achievements in 2011
6
Business year 2011
9
European market environment
10
Equity
13
General overview
13
Portfolio
14
Activity
14
Equity resources and mandates
16
Funds-of-funds
17
Equity signatures 2011
19
Guarantees and credit enhancement
20
General overview
20
Portfolio
20
New products
21
Guarantees resources and mandates
21
Guarantee signatures 2011
24
Microfinance
25
General overview
25
Portfolio
25
Microfinance resources and mandates
26
Microfinance signatures 2011
27
Regional business development
28
General overview
28
EIF’s regional business development activities
28
New initiatives
31
Governance
33
Capital and shareholders
34
Board of Directors
35
Management team and key staff
36
Audit Board
37
Audit and controls
38
Risk management and legal
39
Compliance and operational risk
40
Financial statements 2011
41
Independent Auditor´s Report
42
Statement by the Audit Board
43
Statement of financial position
44
Statement of comprehensive income
45
Statement of Changes in Equity
46
Cash Flow Statement
47
Notes to the financial statements
48
Contacts and references
95