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Steering Committee seminar on 27 March 2014: Comparing national long-term investment finance-valuation systems between France and Germany.

A Working Group meeting on accounting and reporting standards, held on 18 March 2014 in Brussels, was opened by Philippe Maystadt, special advisor to Michel Barnier, the EU Commissioner for Internal Market and Services, with a presentation on the accounting environment 'Should IFRS standards be more European?'. Nadia Calviño (DG MARKT) was replaced by Mr. Didier Millerot (DG MARKT) who followed up on the European Commission's Long-Term Investment Green Paper.

Internal presentations of new WG members ensued before discussions reopened on the EFRAG Research Paper 'The role of the business model in financial reporting' in preparation for ELTI's WG response, involving an exchange of views, work allocation, and a calendar proposal. Other concluding topics included a study to be ordered by the Commission aiming to take stock and assess the effects of using international financial reporting standards (IFRSs) in the EU. Those results are expected by September 2014.

In February 2014, the LTIC Steering Committee (SC) met in Madrid to review its achievements in 2013 and plan its strategy and work for 2014. Mr. Dominique de Crayencour was appointed as LTIC Secretary-General and the LTIC budget for 2014 was approved.

Talks centred on a mapping exercise to be conducted on the long-term financing of Infrastructure and SMEs, on the financial regulation and on market instruments. Mr. Mikhaïl Gorst (VEB), President of the LTIC Scientific Committee, reported on its work and progress and talks ended with a group discussion on the LTIC Working Groups.

The first ELTI General Assembly (GA) took place on 14 November 2013 in the presence of almost all ELTI Members. Beyond internal procedures regarding internal rules, budget and guidelines for future membership, the meeting focussed on the Action Plan for 2014. President Werner Hoyer (EIB) closed the meeting expressing thanks to Mr Macka, chairman of the board of CMZRB, for offering to host the next annual General Assembly in the Czech Republic.


The European Long-Term Investors Association was launched on 5 July 2013. The 16 founding members were ALTUM (then known as the mortgage bank of Latvia), Banco BPI, BGK, BOV, BDB, CDC, CDP, CMZRB, EIB, HBOR, ICO, MFB, NBG, SID, SEK, and TSKB launched ELTI stating they are:

'Conscious of the fundamental need to promote and finance long-term quality investment in the real economy in order to produce sustainable, resource efficient and innovative growth and employment helping the recovery from the current crisis and ensuring the well-being of future generations' 


European Long-Term Investors a.i.s.b.l.
Rue Montoyer 51
B - 1000 Brussels