26/08/2005 (Agence Europe) - On 23 August, the European Commission adopted a report revealing that total borrowing by the European Commission and the European Investment Bank (EIB) increased in 2004 by 18.8% to EUR 49.9 billion, compared with EUR 42.1 billion the previous year. Taking into account repayments, cancellations and exchange-rate fluctuations, total borrowing outstanding as at 31 December 2004 was EUR 216.6 billion, up 10.3% on 2003. The breakdown of borrowing by currency shows a decrease in the share of euro borrowings in 2004 from 54.9% in 2003 to 44.9% in 2004. Low interest rates and economic and financial uncertainties led the European institutions to continue to favour variable-rate loans. All borrowings were on a variable rate in 2004, against 99.3% in 2003.