European Investment Bank: the EU’s hidden giant | Financial Times
15 July 2019,
Safely hidden in the woods of Luxembourg sits one of the world’s biggest and most peculiar banks.
It issues more bonds than JPMorgan but is not supervised by any external regulator. As an EU institution, it spearheaded a €500bn plan to boost investment yet managed to shrink its loan book at the same time.
Created with a mission to lend in the public interest — to go where private banks do not care or dare — it rarely loses a cent on its bets. Only in 2006, after almost half a century of operations, did it write off a loan. Even today the bank will spend more on staff in a single year than it expects to lose on its entire €455bn loan book.
Source: European Investment Bank: the EU’s hidden giant | Financial Times