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Financial statements 2011
The financial statements contain no impairment in respect of sovereign and sovereign guaranteed bond holdings in
the EIF treasury portfolio, as EIF is deemed to benefit from a preferred creditor status, as supported by the statutory
documentation of EIF and the Statute of its parent institution EIB.
A breakdown of the EU sovereign bond exposure is given in the table below.
EUR
Fair value
31.12.2011
31.12.2010
Austria
30 726 130
22 337 097
Czech Republic
5 344 351
5 412 760
France
22 636 283
17 471 616
Germany
32 186 440
29 083 061
Greece
11 673 256
78 192 908
Hungary
0
4 988 681
Ireland
97 875 833
99 147 239
Italy
153 089 497
104 403 079
Luxembourg
5 570 679
5 128 349
Portugal
18 955 538
42 536 459
Slovakia
4 616 784
0
Slovenia
4 420 408
5 146 858
Spain
84 534 819
50 975 475
Netherlands
7 489 486
0
EU sovereigns
479 119 504
464 823 582
Corporate bonds and non EU sovereign
299 249 094
398 755 299
Total
778 368 598
863 578 881
As of 31 December 2011, EIF’s debt securities portfolio was spread over 16 countries. The largest individual country
exposures were Spain, Italy and Ireland, which jointly accounted for 53 % of total nominal value.
EIF did not participate in the private sector initiative (PSI) for Greece as its bond holdings were not included on the
list of eligible securities in the context of the PSI initiative. No impairment is recorded on EIF’s Greek available-for-sale
sovereign and sovereign guaranteed bond holdings.