REPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND THE COUNCIL ON THE GUARANTEE FUND FOR EXTERNAL ACTION AND ITS MANAGEMENT IN 2017
1. This annual report covers the management and financial position of the Guarantee Fund for External Action (“the Fund”) which was set up in order to repay EU creditors in the event of default by beneficiaries on loans granted and guaranteed by the EU. The Fund is used to guarantee lending to non-Member States through the European Investment Bank (EIB), Macro-Financial Assistance (MFA) and Euratom.
2. The European Investment Bank (EIB) is responsible for the financial management of the Fund. The Commission is legally required to report on the annual status of the Fund and its management every year, based on data received from the EIB. This report covers the 2017 calendar year.
3. On 31 December 2017, the balance sheet value of the Fund stood at €2.56bn (£2.28bn ). This represents an increase of approximately €54.7m (£48.7m) since 31 December 2016.