EIB Forum
Dr. Matthias Kollatz-Ahnen
Vice-President
European Investment Bank
26 November 2010
European Investment Bank
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Meeting the priority objectives in Europe
2010 target lending activity
Highlighted
Highlighted Activity
Activity
ƒƒ EUR
EUR 61bn
61bn total
total lending
lending
ƒƒ Continued
Continued support
support of
of EU
EU Recovery
Recovery Plan:
Plan:
11
¾
¾ SME,
SME, Mid-Caps
Mid-Caps && Mezzanine
Mezzanine –– EUR1bn
EUR1bn
Mezzanine
Facility
Mezzanine Facility
4
¾
¾ Energy
Energy and
and Climate
Climate Change
Change
46
¾
¾ Convergence
Convergence lending
lending
ƒƒ Intensified
Intensified cooperation
cooperation with
with European
European
Commission
&
IFIs
Commission & IFIs
ƒƒ In
In addition
addition EUR
EUR 4.5bn
4.5bn outside
outside Europe
Europe
EU‐12 (EUR bn)
Pre‐Accession Countries (EUR bn)
EU‐15 Countries (EUR bn)
European Investment Bank
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EIB Lending Activities
Lending volume:
• 2009: EUR 79bn
(full year anti-crisis activities)
• 2008: EUR 58bn
(last quarter with anti-crisis activities)
• 2007: EUR 48bn
(pre-crisis level)
EIB Lending in 2009 (in EUR)
European Investment Bank
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EIB Lending in 2010 and beyond
European Investment Bank
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Blending EU Structural Funds and EIB resources
EIB cooperates with the EC to promote the better
use, absorption and leverage of the EU Structural
Funds and continues to be involved in the
discussion of future regional policy.
Total volume of loans signed in 2007-2009 for
operations involving EU Structural Funds in
Convergence countries amounts to EUR 16bn.
Structural Programme Loans (SPL) co-financing
projects with EU Funds signed in 2007-2013
period amount to EUR 16bn, of which EUR 10.8bn
in New Member States.
SPL operations alone complemented EU funds of
EUR 93.4bn.
European Investment Bank
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Structural Funds / Operational Programmes
Share of Structural Funds allocated in the
Operational Programmes (2007-2013 financial
perspective) to:
Transport (including urban):
EUR 82bn (out of EUR 347bn) i.e. 23.7%
Energy –
EUR 10.8bn (out of 347bn) i.e. 3.1%
European Investment Bank
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EU co-financed Framework Loans approved in 2007-2010
Country
Bulgaria
Project
cost
m EUR
Approved
EIB loans
m EUR
Signed
m EUR
8,358
805
805
816
200
200
10,231
1,989
1,830
Estonia
4,331
550
550
Germany
3,444
514
514
Greece
21,747
2,050
2,050
Hungary
33,523
2,960
1,905
Italy
13,768
2,395
2,105
Latvia
5,834
750
750
Lithuania
9,564
1,132
1,132
Poland
22,205
3,132
2,856
Portugal
23,147
1,500
0
Romania
11,705
1,000
1,000
Slovakia
13,846
1,300
0
1,788
600
390
184,306
20,877
16,087
Croatia
Czech Rep.
Spain
Total
European Investment Bank
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EIB Signed Loans in Energy and Infrastructure Sector in 2006-2010
for New EU-12 Member States in m EUR
Sector
Energy
Transport
Telecommunications
Water, sewerage, waste
management
Urban & composite
infrastructure
Total
2006
2007
2008
2009
2010 (Nov 10/2010)
Total
43
2748
315
1.1%
72.7%
8.3%
187
2090
500
5.3%
59.2%
14.2%
354
2961
375
6.5%
54.5%
6.9%
1229
3770
17.2%
52.6%
1317
2083
390
26.7%
42.3%
7.9%
3130
13652
1580
12.6%
55.0%
6.4%
644
17.0%
642
18.2%
746
13.7%
889
12.4%
303
6.2%
3225
13.0%
29
0.8%
112
3.2%
995
18.3%
1273
17.8%
832
16.9%
3241
13.1%
3780 100.0%
3532
100.0%
5430 100.0%
7161
100.0%
4924
100.0%
24827
100.0%
European Investment Bank
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EIB Signed Loans in Energy and Infrastructure Sector in 2006-2010
for New EU-12 Member States
Total 24.8
billion EUR
Energy
12.6 %
Urban & com posite infrastructure
13.1 %
Transports
55.0 %
Water, sew erage, w aste m anagem ent
13.0 %
Telecom m unications
6.4 %
European Investment Bank
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Climate Action Indicator – Signature (EUR M)
CLIMATE ACTION INDICATOR – SIGNATURES (EUR M)
Sustainable
transport
RE/EE
RD&I
Other
Total Climate
Action
Climate Action as
% of
total lending
Total lending
2008
5,124
3,305
1,342
0
9,771
17%
57,625
2009
- 52%
- 34%
- 14%
0%
100%
5,522
6,173
4,740
481
16,916
21%
79,102
European Investment Bank
- 33%
- 36%
- 28%
- 3%
100%
End October
2010
5,755 - 43%
4,687 - 35%
3,044 - 22%
0
- 0%
13,486 100%
26%
51,647 (10/2010)
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Energy Efficiency lending in the EU
Drivers
Recent EU policy decisions to give a high priority to improving CEE
New Technical Assistance facility (ELENA) and new financing
instruments (incl. JESSICA)
In countries with a deteriorated building stock after years of neglect,
ELENA potential is large
EIB expertise in this area
Constraints
Small market size at present in the EU
Long time leads to develop projects
Some pioneering operations imply investing substantial resources to
be developed
European Investment Bank
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Renewable Energy lending in the EU
Drivers
EU and Member States‘ RE objectives
Competitiveness of EIB products and limited
capacity for co-financing by commercial banks
EIB expertise in this area
Constraints
EIB overall maximum lending volumes, including EIB
exposure limits
European Investment Bank
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Development of Motorways and Railways
While ready accessibility for goods and passengers may be an important
factor in shaping a region’s ability to compete, this does not mean that
regions with a high GDP necessarily have a high density of motorways in all
cases. While a high regional accessibility is generally a prerequisite for a
region’s economic performance, this can also be achieved by other modes
of transport such as air and rail
In general, the network-to-area ratio for railway lines at national level is high
in central Europe (including the Benelux countries, Germany, the Czech
Republic and Poland) and lower in the peripheral countries (including
Scandinavia, the Iberian peninsula, western France, the Baltic Member
States, Turkey and Bulgaria). The highest network density can be found in
the Czech Republic, Belgium, Luxembourg and Germany (all above 100
km/1 000 km2). These nations are followed by Hungary, Austria, Poland,
the United Kingdom, the Netherlands and Slovakia (with 65–80 km/1 000
km2). At the lower end of the range are Norway, Finland, Turkey, Greece
and the Baltic Member States, with values of 20 km/1 000 km2 or below.
While the significant differences in population density between the countries
account for most of the differences observed, the relatively high values for
the Czech Republic, Slovakia, Hungary and Poland exemplify the still
strong relevance of their socialist-era heritage for Europe’s infrastructure
landscape today.
European Investment Bank
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European Investment Bank
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The intensity of Transport Infrastructure Investments in EU12/CEEC, measured as a %age of GDP shows
upwards trend since mid-1990s.
2007 average: 1.75% of GDP, almost double than the DE/FR/UK/ES average
European Investment Bank
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EU12/CEEC are catching up, the rate of network developement is about double the rate within the EU15,
albeit with large differences among the CEEC
European Investment Bank
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Motorway PPP in CEEC
Various failures in the 1990s, low user willingness or ability
to pay tolls
Successul PPP in the 2000s, typically availability based.
Important driver: off-balace sheet treatment of PPP
investments
More recently cancellation or failure of some „mega-PPP“
(Slovakia, Poland): doubts about value for money, postcrisis financing cost, affordability
Availability payments may create heavy future budget
constraints
A possible future for PPP in CEEC: smaller scale, stricter
value for money considerations, blending with EU grants
European Investment Bank
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Motorway PPP in CEEC
Focus is on rehabilitation and upgrading of the existing network, EIB
often co-finances measures hand-in-hand with EU grants
Time is probably not ripe for High Speed Rail on dedicated new lines
Track access charges are often higher than in EU15, influencing the
modal competitiveness vs. road transport
Typically, the cross-subsidisation from the freight to the passenger
transport arms of (national) railway companies is no longer sustainable
The responsibility for the provision and funding of local/regional
passenger services has often been transferred to regional
administrations
EIB is active not only in financing the track infrastructure, but also in the
financing of passenger rolling stock in CEEC
The Russian broad gauge is used in the Baltic countries – restricting
interoperability with the EU, but interoperability with the Russian rail
system generates significant rail freight flows to the Baltic ports
European Investment Bank
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Unit Cost for Recent Motorway PPP contracts
2008 prices
D1 SLOVAKIA
AVERAGE POLAND
AVERAGE HUNGARY
AVERAGE FRANCE
AVERAGE IRELAND
AVERAGE SPAIN
AVERAGE PORTUGAL
m EUR / Km
33.59
14.96
7.96
6.89
6.71
8.20
4.73
European Investment Bank
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European Investment Bank
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