As a core component of our liquidity reserve, we maintain bilateral credit lines with the "Who's who" of the German and international world of banking. At present, Deutsche Telekom has 22 core banks providing a credit line of EUR 12.9 billion each. The credit lines have terms of two to three years and are free of limiting financial covenants, rating triggers, and material adverse change (MAC) clauses. The bank facilities therefore qualify as unrestricted liquidity reserve, including in the perception of rating agencies and analysts. As of December 31, 2017, no credit lines had been drawn.
In addition, we are maintaining an intensive business relationship with the European Investment Bank (EIB). The EIB provides Deutsche Telekom and its subsidiaries with loans, in particular to encourage innovation through investments in information and communication technology in Europe.
Deutsche Telekom also offers its institutional investors promissory notes as another long-term financing instrument.