The target final beneficiaries shall potentially be legal entities of all sizes that can borrow and repay money and, in particular, SMEs with the potential to carry out innovation and grow rapidly; mid-caps and large firms; universities and research institutions; research infrastructures and innovation infrastructures; public-private partnerships; and special-purpose vehicles or projects.

The second item in the report says the committee heard that the current regime introduced enhanced disclosure requirements on anticipated borrowing and planned uses of funds.

With this transaction, EIB’s funding programme has raised over EUR 63.4bn this year, or 84% of the up to EUR 75bn authorized total, of which 47% have been in EUR (EUR 30 bn).

In cases where an investment firm providing portfolio management services is required to provide to retail clients or potential retail clients information on the types of financial instruments that may be included in the client portfolio and the types of transactions that may be carried out in such instruments, such information should state separately whether the investment firm will be mandated to invest in financial instruments not admitted to trading on a regulated market, in derivatives, or in illiquid or highly volatile instruments; or to undertake short sales, purchases with borrowed funds ...[+++], securities financing transactions, or any transactions involving margin payments, deposit of collateral or foreign exchange risk.

The issue, which is for four years and carries an interest rate of 7 1/2 %, is intended to refinance a previous, more expensive borrowing and reflects the Commission's concern to manage borrowed capital rigorously by adjusting the terms of its financing to developments on the various capital markets, to the benefit of the recipients of Community loans.

3. Help finance SMEs which create new jobs. Tax discrimination between debt and equity should be reduced and eventually eliminated.