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Bonds issued in euro by the European Investment Bank:The default probabilities and fundamental spreads for financial corporate bonds issued in euro are applicable to these bonds.  The relevant factor to the LTAS for these bonds is 35%. For the purpose of calculating the matching adjustment, the European Investment Bank is not treated like a central government or a central bank. Bonds issued in pound sterling by the European Investment Bank:The default probabilities and fundamental spreads for financial corporate bonds issued in pound sterling are applicable to these bonds.  As above, the relevant factor to the LTAS for these bonds is 35%. Bonds issued in euro by the French and German governments:The fundamental spread for these bonds is 30% of the long-term average spread for FR and DE respectively. Corporate bonds issued in pound sterling by a company based in Australia or France:The default probabilities and fundamental spreads for GBP are relevant for these bonds, irrespective of the location of the issuer.