The Presidents and top officials of 16 European long-term financial institutions, meeting in Paris today, have launched the European Association of Long-Term Investors (ELTI), joining forces to foster more sustainable, smart and inclusive European growth, notably for the youth.

In line with the European Union agenda, ELTI has been created following the European Council meeting on 27-28 June, which reviewed the implementation of the Growth and Jobs Pact adopted a year ago by the Heads of State and Government. The initiative is being launched at a time when the European Commission is analysing the results of its consultation on the Green Paper on the long-term financing of the European economy.

As an international non-profit association, ELTI will be officially listed in the transparency registers of the European institutions and thereby clearly identified as a key player in the European debate on long-term investment. In close association, ELTI will develop at EU level the same agenda as the global Club of Long Term Investors’ (LTIC), which includes some of the same large members.

With a combined balance sheet of €1.5 trillion, ELTI’s goal is to promote long-term investment in close alignment with the objectives and initiatives developed by the European Union to foster sustainable and smart growth and job creation. Its tasks will include representing the shared interests of its members vis-à-vis the EU institutions, exchanging experiences and information, developing business synergies among themselves and promoting academic research.

While respecting their separate freedom of expression, ELTI also intends to play the role of spokesperson for its members in dealings with EU institutions and bodies, particularly as regards the implementation in the next Multiannual Financial Framework (2014-2020) of the new financial instruments designed to channel capital into investment in infrastructure, SMEs, innovation and energy projects.

ELTI aims to include at least one member per EU Member State and is open to association with all financial institutions in EU or Candidate Countries providing long-term finance which fulfils the terms and conditions of it Statutes. The Association’s headquarters are in Brussels at 37 Square de Meeûs.

Werner Hoyer, EIB President commented: “The launch of the “European Association of Long Term Investors, ELTI” is an important milestone following the European Council. It crystallises the willingness of EIB and our peer institutions to strengthen cooperation and financial instruments in support of EU policy goals. What we bring is a European platform for a joint effort at the level of EU policy driven banks to support long term quality investment in the real economy. This is our way to look at “banking”: to serve people and invest for future generations."

Founder members of ELTI (assets in brackets):

Bulgaria: Bulgarian Development Bank “BDB” (€ 0.850 bn)

Croatia: Hrvatska banka za obnovu i razvitak “HBOR” (€ 3.4 bn)

Czech Republic: Ceskomoravska zarucni a rozvojova banka “CMZRB” (€ 4.4 bn)

France: Caisse des Dépôts “CDC” (€ 287 bn)

Greece: National Bank of Greece “NBG” (€ 140 bn)

Hungary: MFB Hungarian Development Bank “MFB” (€ 4.7 bn)

Italy: Cassa Depositi e Prestiti “CDP” (€ 305 bn)

Latvia: Mortgage and Land Bank of Latvia “Mortgage Bank” (€ 0.97 bn)

Malta: Bank of Valletta “BOV” (€ 7 bn)

Poland: Bank Gospodarstwa Krajowego “BGK” (€ 11.5 bn)

Portugal: Banco BPI (“BPI)“ (€ 43 bn)

Slovenia: Slovenska izvozna in razvojna banka “SID” (€ 4.1 bn)

Spain: Instituto de Crédito Oficial “ICO” (€ 115 bn)

Sweden: Swedish Export Credit Corporation AB Svensk Exportkredit “SEK” (€ 36 bn)

Turkey: Turkije Sinai Kalkinma Bankasi A.S. “TSKB” (€ 4.3 bn)

Multilateral institution: European Investment Bank “EIB” (€ 508 bn)