About the EIF

Capital and Shareholders (At 31.12.2020)

The EIF has an authorised capital of EUR 4,500m, divided into 4,500 shares, all issued and fully subscribed, with a nominal value of EUR 1m each. On 31 December 2020, the EIB held 58.8% (2,647) of the issued shares, the EU represented by the EC held 29.7% (1,337 shares) and 38 financial institutions held 11.5% (516 shares). The EIF was pleased to welcome four financial institutions as new members in 2020:

  • IFD – Instituição Financeira de Desenvolvimento S.A. acquired one share, effective 13 February 2020. Effective 3 November 2020, IFD was merged with and incorporated into Banco Português de Fomento, S.A. (BPF), with BPF succeeding IFD as EIF shareholder.
  • Bürgschaftsbank Baden-Württemberg GmbH acquired three shares, effective 6 March 2020.
  • Strategic Banking Corporation of Ireland Designated Activity Company acquired eight shares, effective 5 November 2020.
  • Invest-NL N.V. acquired five shares, effective 8 December 2020.

Furthermore, as concerns shareholder movements, the existing EIF shareholder Intesa Sanpaolo S.p.A. transferred the ownership of thirty shares back to the EIB effective 1 January 2020, resulting in its current shareholding of five shares.

Country Financial Institutions

Numbers of shares

Austria - 18

Raiffeisen Bank International AG - 7

Erste Group Bank AG - 5

UniCredit Bank Austria AG - 5

Austria Wirtschaftsservice Gesellschaft mbH (aws) - 1

Bulgaria - 3

Bulgarian Development Bank AD (BDB) - 3

Croatia- 8

Croatian Bank for Reconstruction and Development (HBOR) - 8

Czech Republic - 3

Czech-Moravian Guarantee and Development Bank (ČMZRB) - 3

Denmark - 5

Vækstfonden - 5

France - 107

Bpifrance Participations - 102

BPCE - 5

Germany - 157

KfW Bankengruppe - 102


LfA Förderbank Bayern - 11

Sächsische Aufbaubank - Förderbank (SAB) - 10

Landeskreditbank Baden-Württemberg Förderbank (L-Bank) - 8

ProCredit Holding AG & Co. KGaA - 3

Bürgschaftsbank Baden-Württemberg GmbH - 3

Greece - 3

National Bank of Greece S.A. (NBG) - 3

Hungary - 5

Hungarian Development Bank Ltd (MFB) - 5

Italy- 55

Cassa Depositi e Prestiti S.p.A. (CDP) - 50

Intesa Sanpaolo S.p.A. - 5

Ireland - 8

Strategic Banking Corporation of Ireland Designated Activity Company (SBCI) - 8

Luxembourg - 8

Banque et Caisse d'Epargne de l'Etat Luxembourg (BCEE) - 8

Malta - 24

Bank of Valletta p.l.c. - 24

Poland - 5

Bank Gospodarstwa Krajowego (BGK) - 5

Portugal - 9

Caixa Geral de Depósitos S.A. - 5

Banco BPI S.A. - 3

Banco Português de Fomento, S.A. - 1

Slovenia - 15

SID banka, d.d., Ljubljana - 15

Spain - 57

Instituto de Crédito Oficial (ICO) -30

Banco Santander, S.A. - 20

Agencia de Innovación y Desarrollode Andalucía (IDEA) - 4

Nuevo MicroBank, S.A.U. - 3

The Netherlands - 5

Invest-NL N.V. - 5

Turkey - 11

Industrial Development Bank of Turkey (TSKB) - 8

Technology Development Foundation of Turkey (TTGV) - 3

United Kingdom - 10

Barclays Funds Investments Limited (BFIL) - 5

Scottish Enterprise - 5

Total - 516

Board of Directors (At 31.12.2020)

Chairman Dario SCANNAPIECO Vice-President, European Investment Bank, Luxembourg.



Deputy Director General for European Economic and Financial Affairs General Secretariat of the Treasury and International Financing, Ministry of Economy and Business, Spain.

Marc DESCHEEMAECKER Chairman of the boards of Brussels Airport Company and of De Lijn, Belgium.

Ambroise FAYOLLE

Vice-President, European Investment Bank, Luxembourg.


Director for SME Policy and the COSME Programme, Directorate-General for Internal Market, Industry, Entrepreneurship and SMEs (GROW), European Commission, Belgium.


Principal Adviser, Directorate-General for Economic and Financial Affairs (ECFIN), European Commission, Belgium.


Senior Vice President, Head of Customised Finance & Public Clients in Germany, KfW, Germany.

Alternates Armands EBERHARDS

Deputy State Secretary, Ministry of Finance, Latvia.

Eila KREIVI Director and Head of the Capital Markets Department, European Investment Bank, Luxembourg.

Jean-Christophe LALOUX

Director General, Head of Operations, European Investment Bank, Luxembourg.

Jean-David MALO

Director, Open Innovation and Open Science, Directorate-General for Research and Innovation, European Commission, Belgium.

Marinela PETROVA Deputy Minister of Finance, Ministry of Finance, Bulgaria.

Mark SCICLUNA BARTOLI Executive, EU & Institutional Affairs, Bank of Valletta, Malta.

EIF Management

Executive management

Alain Godard

Chief Executive.


Deputy Chief Executive.



Secretary General.


Head of Mandate Management.


Chief Risk Officer.

Alessandro TAPPI

Chief Investment Officer.

Martine LEPERT

Head of Human and Resources Management.


Chief Operating Officer.

Audit Board


Georgiana VAN ROMPUY

Internal Auditor, Internal Audit Service of the European Commission, Belgium.


Jacek DOMINIK General Counsel, Ministry of Finance, Poland.


Head of Funding and Treasury, Instituto de Crédito Oficial (ICO), Spain.

Alternate member


Director-General for Corporate Resources, ICO, Spain.

Audit and Controls

The EIF is characterised by a multi-layered control environment embedded in the EU institutional framework and aligned with the financial sector's principles and best practices.

The EIF's first layer of control is exercised through internal processes and procedures developed and implemented by the Executive Management by means of financial and operational controls designed to enable effective and efficient day-to-day operations, ensure reliable financial reporting, compliance with applicable rules and policies and achieve the EIF's objectives.

In this context, the EIF's procedural and organisational framework sets out the competences, authorities and reporting lines within the EIF, with a view to ensuring segregation of duties both horizontally, through the interaction between front office, middle office and back office services and vertically, through central control by the Board of Directors of the decision-making process in relation to all business activities.

The second layer of control consists of independent risk and compliance functions which implement an ex-ante risk assessment and reporting framework for each transaction proposed for approval, complemented by ex-post risk monitoring where relevant (see sections on Risk Management and Legal Service).

The EIF maintains an Internal Control Framework (ICF) and produces an ICF report annually. The ICF relies in particular on a risk control matrix outlining the main risks to which the EIF is exposed. Through the ICF, the Executive Management is in a position to obtain the necessary comfort that key risks related to the EIF's business activities are properly identified, that control objectives are defined, that significant risks are mitigated and that the controls designed to achieve these objectives are in place and are operating effectively.

Each year the ICF is complemented with an independent opinion from an external audit firm on the design and effectiveness of the key controls of the mandate-related processes throughout the year, in line with the internationally recognised ISAE-3402 standard (type 2 report).

The ICF and the ISAE-3402 reports form the basis for the confirmation by the Chief Executive to the Audit Board that the main risks have been identified and mitigated throughout the reporting period.

The risks, control objectives and agreed improvements described in the ICF are reviewed by Internal Audit, which, on the basis of the audits and the follow-up on agreed action plans performed, expresses an opinion on the achievement of the control objectives in the audited areas and on the design and effectiveness of the related internal controls.

The third layer includes both internal and external audit activities that are coordinated by the Audit Board. The Audit Board, as an oversight and controlling body, conducts its activity in accordance with the standards of the audit profession and relies on both internal and external audit assurances in order to confirm annually that, to the best of its knowledge and judgement, the operations of the EIF have been carried out in compliance with the Statutes and the Rules of Procedure and that the financial statements give a true and fair view of the financial position of the EIF as regards its assets and liabilities and of the results of its operations for the financial year under review. This information is included in the annual report submitted by the Board of Directors to the EIF's Annual General Meeting.

In order to discharge its duty in relation to the financial statements, the Audit Board may have recourse to external auditors. The audit of the financial statements of the EIF for the year ending 31 December 2020 was carried out by KPMG Luxembourg, as external auditor.

KPMG performs its audits in accordance with the International Standards on Auditing (ISA) and is committed to informing the EIF Executive Management and the Audit Board of any material weaknesses in the design or implementation of internal controls over financial information that come to its attention during the audit of the financial statements. While performing the audit of the annual accounts, KPMG is acting independently, fulfilling the duty imposed on it by the Code of Professional Ethics adopted in Luxembourg by the Commission de Surveillance du Secteur Financier (CSSF).

Internal Audit (which is outsourced to EIB Internal Audit) examines and evaluates, on an independent and objective basis, the relevance, design and effectiveness of the internal control systems and procedures within the EIF.

To that end, a yearly audit plan covering all key processes of the EIF, including those to be assessed at EIB Group level, is established, on the basis of a risk-assessment methodology, in alignment with the ICF. The plan is discussed with the Executive Management and the external auditor prior to being submitted to the Audit Board for approval. In line with the Internal Audit Charter, Internal Audit examines the EIF's activities in order to support the Executive Management's statement on the design and effectiveness of internal controls, risk management and administration. Internal Audit reports on its findings by means of recommendations and agreed action plans to improve the EIF's control and working procedures.

The Head of Internal Audit reports regularly on the execution of the internal audit programme to the Executive Management, the Audit Board and the Chairman of the Board of Directors. Internal Audit adheres to the professional and ethical guidance issued by the Institute of Internal Auditors and the Information Systems Audit and Control Association and is subject to a regular quality assurance and improvement programme that covers all aspects of the internal audit activity. Moreover, Internal Audit shall comply with the internal policy statements governing their actions.

In addition to the maintenance of an internal control environment in line with the highest standards of the financial and banking sector, the EIF is subject to periodic reviews by independent control bodies such as the European Court of Auditors (ECA), the Internal Audit Service of the EC and national or regional authorities entrusted with the task of monitoring the correct utilisation of funds under the relevant rules and within their respective remits.

Risk Management

The EIF's mission is supported through a robust and coherent approach to risk management which seeks to ensure the highest quality standards for its operations and the best corporate rating from the major rating agencies. Risk Management is based on the so-called "three-lines-of-defence" model, which permeates all areas of the EIF's business functions and processes. These are first line – front office; second line – independent risk management and compliance; and third line – internal and external audit. In 2020, the COVID-19 pandemic has severely affected the global economic outlook and the economic damage resulting from the lockdown measures is unprecedented. The continuous high level of growth of the EIF's transaction volumes in the light of the pandemic considerably challenged the capital and limit management in place with the purpose of ensuring the EIF's capital sustainability in line with the applicable Group policies. Risk Management has further reinforced its efforts in the ex-ante analysis of transactions, as well as ex-post monitoring and reporting. Moreover, stress-testing activity has been further developed in order to adequately assess the expected impact of the COVID 19 crisis at individual and Group level. Once again, the EIF underwent its annual ICAAP and ILAAP, which contributed to the relevant Group capital and liquidity management processes. During 2020, the alignment between the EIF and the EIB on Group risk management was further intensified with the establishment of the new Group Chief Risk Officer in September within the EIB. Joint projects between the EIB and the EIF advanced further, in particular on compliance with Best Banking Practices (BBP) and, more specifically, the data aggregation standards under BCBS 239. In this context, the EIF rolled out the Best Market Practices framework and the relevant process to identify and monitor Best Practices compliance.


The EIF's compliance risk assessment strives to protect the institution notably against risks that could have an adverse effect on its reputation. Under the terms of its Compliance Charter, the Compliance team assesses - in line with best market practices and in line with the EIB Group's policy framework – the (i) institutional, (ii) transactional and (iii) ethical aspects of the EIF's compliance risk.

The principles of permanence and independence are included in the EIF Compliance Charter and materialise through the unrestricted direct access of the Chief Compliance Officer to the Chief Executive, the Deputy Chief Executive, the Board of Directors and the Audit Board.

The compliance risk assessment in the transactional area follows a risk-based approach and is reflected in the independent compliance opinion provided to the EIF decision-making bodies. It is implemented through compliance risk scorings provided in the compliance opinions, in particular on the risk of the EIF being involved (or used) in (i) money laundering and terrorism financing cases and (ii) tax avoidance schemes.

In 2020 EIF's transaction volumes increased again, not least in the light of the EU-wide efforts to mitigate the economic fallout of the pandemic. EIF Compliance was reinforced with a view to maintain its standards of quality in the identification and assessment of the risks associated to transactions. As such, the COVID-19-related Money Laundering and Terrorist Financing Risks and Policy Responses published in May 2020 by the Financial Action Task Force were integrated into the EIF processes and controls.

In line with applicable best banking practices, the EIF continues to pursue a number of compliance initiatives across the EIB Group for the purpose of establishing a modern and robust governance framework for risk consolidation, taking into account the interests and specificities of the EIB, the EIF and at Group level.

Data protection

In order to ensure compliance with the data protection regulation for EU institutions and bodies (Regulation EU 2018/1725), the Data Protection Officer (DPO) took a number of initiatives, including but not limited to:

  • giving regular training to staff and senior management;
  • providing ongoing support to the EIF Services;
  • issuing new procedures concerning data protection impact assessment, data breach notification and the exercise of data subjects' rights;
  • supporting the publication of relevant privacy statements and the regular update of the Records of Processing Activities (RoPA);
  • carrying out a tailor-made surveillance programme aimed at verifying EIF ongoing compliance with the data protection regulation;
  • promoting the adoption of the "EIB Group Personal Data Protection Policy" and the "Data Protection Rules Implementing Regulation (EU) 2018/1725";
  • ensuring effective cooperation with the European Data Protection Supervisor.

Legal Services

The EIF is supported by a strong in-house legal team whose remit, within its area of responsibility, is to pursue the strategic goals and protect and preserve the legal integrity of the Fund. This is achieved through the provision of legal advice based on the expertise and specialist knowledge of the team throughout the lifecycle of all the EIF’s transactional activities and in connection with institutional, strategic and policy-related matters, objectives that are reflected in the legal team’s internal structure.

With regard to transactions, in order to address increasing business volumes and the strategic goal of achieving performance gains through specialisation, the transactions team is split into two divisions, one focused on debt transactions and the other on equity transactions.

The Legal Service’s transaction teams work on all stages of transaction implementation, including (i) structuring and product development, (ii) review of proposals to the Investment and Risk Committee and the EIF’s Board of Directors, (iii) contractual negotiations and (iv) active portfolio management, in each case in close collaboration with other EIF services.

In terms of institutional and corporate matters, the legal service supports the implementation of good corporate governance, coordinates and advises on contractual arrangements at institutional level. The legal service aims to ensure that the EIF conducts its activities in accordance with its Statutes, mission and values, applicable law and relevant contractual obligations.

It further aims to ensure smooth functioning of the EIF’s corporate bodies, under the coordination of the EIF’s Secretary General.

As a European Union body, a member of the EIB Group and a financial institution, institutional matters concerning the EIF cover a wide range of areas and at times necessitate cooperation with the EIF’s shareholders, as well as specific and proactive attention to the development of EU policy and legislative and governance frameworks.

In addition, the legal service is called upon to advise on numerous structuring, corporate, governance and regulatory matters relating to third party mandates, including external structures (funds-of-funds), for which the EIF acts as manager and/or adviser. In order to create the necessary interface between the EIF’s institutional role, its mandate management activity and transaction delivery, the activities of the transactions and the corporate and institutional teams are closely coordinated, with the aim of providing seamless advice and expertise across the EIF’s business.

Contact and References

European Investment Fund

37b, avenue J. F Kennedy

L-2968 Luxembourg

Phone +352 2485-1 | Fax +352 2485 81200



EIF also has offices in Athens, Bucharest, Istanbul, Madrid, Rome, Sofia.

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Freephone: 00 800 67 89 10 11

Additional information is also available on the internet:



Numbers in the EIF Annual Report are correct as at 31 December 2020 and any references to figures throughout the text apply to the same period unless otherwise stated.

EIF’s 2020 figures related to SME outreach and employment including the estimated numbers and sustained jobs are indicative only and are based on reports received from financial intermediaries between 1 October 2019 and 30 September 2020. EIF assumes no liability for the accuracy thereof.

The EIF shall not be held responsible for the use that might be made with the information contained herein. Reproduction is authorised provided the source is acknowledged.

For any use or reproduction of photos or other material that is not under the EIF’s copyright, permission must be sought directly from the copyright holders.

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