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Financial statements 2011
3.4 Treasury
3.4.1 Background
Treasury management has been fully outsourced to EIB
under a treasury management agreement mandating the
responsible EIB services to perform selection, execution,
settlement and monitoring of transactions. Management
follows treasury guidelines annexed to the agreement
which define EIF intention to hold the treasury portfolio to
maturity, reflect the investment strategy, and mirror closely
the relevant sections of the EIB’s own treasury guidelines.
Quarterly meetings between the EIB and EIF take place
to review the performance of the treasury portfolio and
relevant market events.
EIF does not borrow funds.
The treasury is managed in such a way as to protect the
value of the paid-in capital, to ensure an adequate level
of liquidity to meet possible guarantee calls, PE commit-
ments, administrative expenditure, and earn a reasonable
return on assets invested with due regard to the minimisa-
tion of risk.
3.4.2 Portfolio overview
The treasury portfolio is broken down into the following
separate sub-portfolios:
■
current accounts;
■
money market instruments;
■
available for sale portfolio (made up of long-term debt
instruments, floating rate and fixed rate instruments).
EUR
31.12.2011
31.12.2010
Current accounts
55 612 129
31 183 332
Money market instruments
105 048 677
42 419 922
Available for sale portfolio
778 368 598
863 578 881
Total Treasury portfolio
939 029 404
937 182 135