Results for financial year 2013

24 January 2014

PARIS - In 2013, the Council of Europe Development Bank (CEB) achieved its activity objectives with an overall satisfactory financial performance. A new Development Plan for the period 2014-2016 was approved allowing the Bank to pursue its social mandate in Europe efficiently and with more flexibility. Kosovo became the CEB’s 41st Member State on 4 November 2013.

Although not yet audited, the CEB’s 2013 net profit reached € 111.3 million, compared to € 120.2 million in 2012. This variation is mainly due to the negative impact of the fair value of derivative financial instruments (IAS 39) and the provision for early departures of certain staff members. Excluding these elements, the adjusted net profit for 2013 amounts to € 122.4 million compared to € 121.3 million in 2012, i.e. an increase of 1%. Equity has increased to € 2.5 billion, i.e. +8.8%.

In 2013, € 2.3 billion worth of new projects were approved (+ 26.5% compared to 2012), half of which have the objective of facilitating the creation and preservation of viable jobs in micro, small and medium sized enterprises in the CEB’s Member States. Loan disbursements amounted to €1.8 billion (i.e. +16.5%), 51% of which were disbursed in the CEB’s target countries.Key figures 2013 prov

Set up in 1956, the CEB (Council of Europe Development Bank) has 41 Member States. Twenty-two Central, Eastern and South Eastern European countries, forming the Bank's target countries, are listed among the Member States. As a major instrument of the policy of solidarity in Europe, the Bank finances social projects by making available resources raised in conditions reflecting the quality of its rating (Aaa with Moody's, outlook negative, AA+ with Standard & Poor's, outlook stable and AA+ with Fitch Ratings, outlook stable). It thus grants loans to its Member States, and to financial institutions and local authorities in its Member States for the financing of projects in the social sector, in accordance with its Articles of Agreement.