Nordic Investment Bank – Annual Report 2010
- This is NIB
- Mandate, Mission and Impact
- Lending
- Treasury
- Corporate Governance
- Financial Report
- Report of the Board of Directors
- Proposal by the Board of Directors to the Board of Governors
- Statement of comprehensive income
- Statement of financial position
- Changes in equity
- Cash flow statement
- Notes to the financial statements
- 1. Segment information
- 2. Interest income and interest expense
- 3. Commission income and fees received
- 4. Net profit/loss on financial operations
- 5. General administrative expenses
- 6. Impairment of loans
- 7. Financial placements
- 8. Loans outstanding and guarantee commitments
- 9. Intangible assets, tangible assets (property and equipment)
- 10. Depreciation
- 11. Other assets
- 12. Debts evidenced by certificates and swaps
- 13. Other liabilities
- 14. Authorised capital—paid-in capital
- 15. Statutory reserve and credit risk funds
- 16. Collateral and commitments
- 17. Fair value of financial instruments
- 18. Maturity profile
- 19. Interest rate risk
- 20. Currency risk
- 21. Average statement of financial position
- 22. Related party disclosures
- 23. Cash flow statement
- 24. Exchange rates
- 25. Post-balance sheet events
- Auditors’ reports
Material bank
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Other sectors
Financial intermediaries
A way to reach customers that the Bank cannot approach directly, primarily smaller enterprises and projects, is to provide financing through loan programmes mediated by financial institutions. As long as the funds are held by the financial intermediary and the sub-loans to the end borrowers have not been identified, NIB classifies the loan as a financial intermediary transaction. When the purpose of a sub-loan becomes known, the corresponding amount is transferred to the respective sector, for example, the environment.
Seven of the loan programmes agreed with financial intermediaries in 2010 were wholly or partly unallocated, with sub-loans waiting to be assigned to projects fulfilling NIB's criteria. The total amount remaining in this category is EUR 308 million, equivalent to 17% of all loans agreed.
One new loan programme was concluded with another IFI. This is in line with NIB's aim to enhance cooperation with other IFIs and reach out to projects in countries where NIB is not directly active. Loan programmes were also established with four non-member country and four member country financial institutions.
Manufacturing and mining
This sector continues to play an important part in NIB's lending. Industrial investments are of vital importance in safeguarding and enhancing the competitiveness of member country enterprises. Although many loans to manufacturing and mining enterprises are, fully or in part, classified as environment, energy or innovation sector loans, there is also a substantial portion that does not relate to the focus sectors.
In 2010, loans totalling EUR 115 million, or 7% of all loans agreed, were concluded for projects in manufacturing and mining. The projects include corporate acquisitions as well as investments in production facilities in order to increase capacity or improve manufacturing processes.
Services and other business sectors
Another sector, similar in its rationale to the manufacturing and mining sector, is categorised as "services and other", encompassing such activities that do not fall into any of the other categories. In 2010, one loan was agreed for a PPP hospital project amounting to EUR 142 million, or 8% of the new loans.
