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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 10/19/22 Council of Europe Dev Bank 18-K/A 12/31/21 2:524K Toppan Merrill/FA |
Document/Exhibit Description Pages Size
1: 18-K/A Amendment to Annual Report by a Foreign Government HTML 39K
or Political Subdivision
2: EX-5 Opinion of Counsel re: Legality HTML 430K
| Page | (sequential) | (alphabetic) | ↑Top | ||
|---|---|---|---|---|---|
| 1 | 1st Page – Filing Submission | ||||
| " | Explanatory Note | ||||
| " | Capitalization and Indebtedness | ||||
| " | Signature | ||||
| " | Exhibit Index | ||||
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 18-K/A
For Foreign Governments and Political Subdivisions Thereof
AMENDMENT NO. 1
to
ANNUAL REPORT
of
COUNCIL OF EUROPE DEVELOPMENT BANK
(Name of registrant)
Date of end of last fiscal year: December 31, 2021
SECURITIES REGISTERED*
(As of the close of the fiscal year)
| Titles of Issue |
Amount as to Which Registration is Effective |
Names of Exchanges on Which Registered | ||
| N/A | N/A | N/A |
Name and address of person authorized to receive notices
and communications from the Securities and Exchange Commission:
Krystian Czerniecki
Sullivan & Cromwell LLP
Neue Mainzer Strasse 52
60311 Frankfurt am Main
Germany
| * | The registrant files annual reports on Form 18-K on a voluntary basis. |
C:
| Page | ||
| EXPLANATORY NOTE | 3 | |
| CAPITALIZATION AND INDEBTEDNESS | 4 | |
| SIGNATURE | 5 | |
| EXHIBIT INDEX | 6 | |
| EXHIBIT 5 | HALF-YEAR REPORT: CONDENSED INTERIM FINANCIAL STATEMENTS AS AT 30 JUNE 2022 |
C:
- C: 2-
This Amendment No. 1 to the annual report on Form 18-K for the fiscal year ended December 31, 2021 (the “Annual Report”) is filed by Council of Europe Development Bank (“CEB” or the “Bank”), a multilateral development bank with a social vocation governed by the Third Protocol to the General Agreement on Privileges and Immunities of the Council of Europe of March 6, 1959 (the “Protocol”), by its Articles of Agreement as amended (the “Articles”) and by regulations issued pursuant to the Articles. This amendment to the Annual Report on Form 18-K, including any future amendments, is intended to be incorporated by reference into CEB’s prospectus dated October 30, 2020 and any future prospectus filed by CEB with the Securities and Exchange Commission to the extent such prospectus indicates that it intends this report to be incorporated by reference.
In this Annual Report, references to “€”, “euro” and “EUR” are to the single European currency of the member States of the European Union participating in the euro. References to “U.S. dollars”, “$” or “USD” are to United States dollars.
The Annual Report is hereby amended as follows:
| 1. | Exhibit 3 is hereby amended by replacing the text in the “Capitalization and Indebtedness” section with the text under the caption “Capitalization and Indebtedness” on page 4 hereof; and | |
| 2. | Exhibit 5 hereto, entitled “Half-Year Report: Condensed Interim Financial Statements as at 30 June 2022”, is added to the Annual Report. |
C:
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CAPITALIZATION AND INDEBTEDNESS
The following table sets forth the CEB’s actual capitalization and indebtedness as of June 30, 2022. It does not otherwise give effect to any transaction since that date. Since June 30, 2022, there has been no material change in the capitalization of CEB except for the following issuances:
| · | Under the CEB’s Euro Medium Term Note Program: GBP 75 million (approximately EUR 86 million based on the exchange rate at the time of the issuance) 0.375% notes due 2025 in September 2022, EUR 100 million 1.000% Social Inclusion Bonds due 2029 in September 2022, EUR 125 million 0.125% notes due 2027 in October 2022 and EUR 150 million 0.375% notes due 2026 in October 2022. On October 13, 2022, the CEB priced EUR 100 million 0.375% notes due 2026 under its Euro Medium Term Note Program. The pending transaction is expected to close on October 20, 2022. | |
| · | Under the CEB’s Euro Commercial Paper Program: approximately EUR 2,866 million (based on the exchange rate as at October 17, 2022) issued since June 30, 2022 and outstanding as of October 17, 2022. |
| As of June 30, 2022 |
|||
(unaudited) (in thousands of euros) |
|||
| Short-term Debt(1) | 7,226,166 | ||
| Long-term Debt(2) | 22,701,413 | ||
| Equity | |||
| Capital(3) | |||
| Subscribed | 5,477,144 | ||
| Uncalled | (4,864,180) | ||
| Called | 612,964 | ||
| General Reserve(4) | 2,722,679 | ||
| Gains or losses recognized directly in equity | (32,820) | ||
| Net profit | 48,245 | ||
| Total Equity | 3,351,068 | ||
| Total Capitalization(5) | 26,052,481 |
| (1) | See “Financial Review—Balance Sheet—Funding” in the Annual Report. Consists of current portion of long-term debt plus existing debt securities with a maturity of less than one year as of the issue date, excluding accrued interest and value adjustment of debt securities hedged by derivatives. |
| (2) | See “Financial Review—Balance Sheet—Funding” in the Annual Report. Consists of non-current portion of debt securities with a maturity of more than one year as of the issue date, excluding accrued interest and value adjustment of debt securities hedged by derivatives. None of the CEB’s debt is guaranteed by other parties or secured. |
| (3) | See “Capital Structure—Subscribed, Called and Uncalled Capital” in the Annual Report. |
| (4) | The CEB’s general reserve represents retained earnings and a portion of the contributions paid in by new Member States upon accession. See “Capital Structure—Reserves” in the Annual Report. |
| (5) | Total capitalization consists of long-term debt and total equity. |
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Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this amendment to be signed on its behalf by the undersigned, thereunto duly authorized, in Paris, France on October 19, 2022.
| COUNCIL OF EUROPE DEVELOPMENT BANK | |||
| By: |
/s/ Jan De Bel | ||
| Name: | Jan De Bel | ||
| Title: | General Counsel | ||
| By: |
/s/ Rafael Ruisanchez Capelastegui | ||
| Name: | Rafael Ruisanchez Capelastegui | ||
| Title: | Chief Risk Officer | ||
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| Exhibit Number | Description | |
| 5. | HALF-YEAR REPORT: CONDENSED INTERIM FINANCIAL STATEMENTS AS AT 30 JUNE 2022 |
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| This ‘18-K/A’ Filing | Date | Other Filings | ||
|---|---|---|---|---|
 | ||||
| 10/20/22 | ||||
| Filed on: | 10/19/22 | |||
| 10/17/22 | ||||
| 10/13/22 | ||||
| 6/30/22 | ||||
| For Period end: | 12/31/21 | 18-K | ||
| 10/30/20 | EFFECT | |||
| List all Filings | ||||
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 1/23/23 Council of Europe Dev Bank 424B5 1:515K Toppan Merrill/FA |