State aid case N 182/10 Italy National method to calculate the aid element in guarantees for SMEs
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1 EUROPEAN COMMISSION Brussels, C(2010) PUBLIC VERSION WORKING LANGUAGE This document is made available for information purposes only. Subject: State aid case N 182/10 Italy National method to calculate the aid element in guarantees for SMEs Sir, 1. PROCEDURE (1) On 9 February 2010 (A/2343) the Italian authorities pre-notified the above mentioned method. A pre-notification meeting took place on 24 February By letter of 3 March 2010 (D/5942) the Commission services forwarded to the Italian authorities the minutes of the meeting, including requests for clarifications. The Italian authorities replied on 12 April 2010 (A/6093). The Commission services sent a letter on 3 May 2010 (D/6962) closing the pre-notification phase. (2) By electronic notification of 14 May 2010, registered at the Commission on the same day (SANI/4440), the Italian authorities notified the method to calculate the aid element in State guarantees for SMEs. S.E. On. Franco Frattini Ministro degli Affari esteri P.le della Farnesina Roma RM Italia Commission européenne, B-1049 Bruxelles/ European Commission, B-1049 Brussels-Belgium Telephone: (0)
2 2. DESCRIPTION OF THE METHOD 2.1. Scope of the method (3) The methodology notified by Italian authorities aims at calculating the aid element in State guarantees (hereinafter: "method", "calculation method" or "methodology") as indicated in Article 5(1)(c)(i) of Commission Regulation (EC) No 800/2008 of 6 August declaring certain categories of aid compatible with the common market in application of Articles 87 and 88 of the Treaty (General block exemption Regulation) (hereinafter: the "GBER"). (4) Pursuant to Article 5(1)(c)(i) of the GBER, aid comprised in guarantee schemes can be considered as transparent if the methodology to calculate the gross grant equivalent has been accepted following notification of this methodology to the Commission, and the approved methodology explicitly addresses the type of guarantee and the type of underlying transaction at stake. (5) The Italian authorities declare that the method will be applicable exclusively to schemes which: - are reserved exclusively for small or medium-sized enterprises ("SMEs") which are not enterprises in difficulty within the meaning of Article 1(7) of the GBER; - have guaranteed amounts which do not exceed EUR 2.5 million per beneficiary enterprise and a maximum cover which does not exceed 80% of each underlying loan. (6) The Italian authorities intend to use the calculation method also for guarantees provided under Regulation (EC) 1998/06 concerning de minimis aid 2 (hereinafter: the "de minimis Regulation"). Article 2(4)(d) of the de minimis Regulation allows Member States to apply a methodology to establish whether the aid content of a guarantee is within the de minimis ceiling if this methodology was accepted by the Commission following notification of such a methodology on the basis of a Commission Regulation in the State aid area and if the approved methodology explicitly addresses the type of guarantees and the type of underlying transactions at stake Guarantee institutions (7) The method relies on parameters (risk factor and administrative costs) empirically established using historical data of the Central Guarantee Fund for SMEs (Fondo di Garanzia per le PMI, hereafter also referred to as the "Fund"), since these data are considered to be representative of the whole panorama of Italian SMEs which are potential beneficiaries of public guarantee schemes, including schemes other than the Fund itself as, for example, guarantee schemes managed by the Regions. 1 OJ L 214, , p Commission Regulation (EC) No 1998/2006 of 15 December 2006 on the application of Articles 87 and 88 of the Treaty to de minimis aid (OJ L 379, , p. 5). 2
3 (8) The Central Guarantee Fund for SMEs is entirely funded by the State and managed by MedioCredito Centrale ("MCC") 3 on behalf of the Ministry for Economic Development through a dedicated structure 4. The fund became operational in December 1999 and has operated since then more than 90,000 guarantee interventions in favour of SMEs; it operates on the whole territory of Italy; it provides guarantees, counter-guarantees and co-guarantees to SMEs from almost every sector of activity, both for investment loans and for working capital loans. (9) The Italian authorities explained that due to the central role of the Fund and the relatively low rates of loss experienced by the Fund s operations over the years, its risk assessment procedures have become widely adopted by other guarantors operating even at local level. Therefore, historical data related to the risk factor are considered to be relevant also for other institutions providing public guarantees. (10) It results that the proposed method will be applicable by the various Italian authorities that manage guarantee schemes for SMEs. In addition to the Ministry for Economic Development (which is responsible for the Central Guarantee Fund for SMEs) the authorities concerned are mainly the Regions. The methodology could also apply to guarantee schemes that might conceivably be set up by other Ministries, within the scope of their competences in respect of aid to enterprises, or by other local authorities (e.g. Provinces or Municipalities), within the scope of their competences or by delegation from the regional authorities. (11) The Italian authorities declare that if the competent public authorities (Ministries, Region, other public authorities) decide to operate the above schemes via public or private financial institutions (development agencies, regional financial institutions, banks, confidi 5, and others), the latter will also be required to apply the methodology for the purpose of calculating the aid element of public guarantees to individual enterprises. (12) The Ministry for Economic Development is the authority in charge of ensuring the coherent application of the method by the various institutions. 3 MedioCredito Centrale was established in the early 1950s as a public bank for development, on the initiative of the Ministry of the Treasury. The Bank was given the task of managing State subsidy disbursement programmes and providing support services to enterprises. In 1994, the institution was transformed into a joint-stock company, but remained wholly publicly owned. In 1999, MedioCredito Centrale was acquired by Banca di Roma S.p.A. A few years later, it was renamed MCC S.p.A. and became part of the new banking group Capitalia. In 2007, subsequent to the merger of Capitalia and UniCredit, the Bank became part of the new Banking Group. Since August 2008, the Bank has been named UniCredit MedioCredito Centrale. 4 The Fund Manager s activity is governed by the legislation on the Guarantee Fund and by an agreement signed by the Ministry for Economic Development and MCC, which regulates the relations between the two parties. The institution s main activities are: managing the Fund s financial resources, reviewing guarantee applications and settling the loss claims. Decisions on guarantee applications and on loss claims are made by an ad hoc technical body, the Fund Management Committee, which acts on the basis of written reports on such operations prepared by the Fund Manager. MCC manages the Guarantee Fund, as required by the Fund s legislation, through separate management that is entirely distinct from all the Bank s other activities. 5 The confidi, or mutual guarantee institutions, are bodies offering collective guarantees on a mutual basis. These mutual guarantee institutions are particularly active in Italy and operate to facilitate access to credit for their associated SMEs. 3
4 2.3. Type of guarantee and underlying transactions (13) The method will be applied to guarantees, counter-guarantees and co-guarantees provided for initial investment loans and, under de minimis rules, also to guarantees given for working capital loans. (14) Direct guarantees are awarded directly to banks and financial institutions providing loans to SMEs. The Italian authorities confirm that the direct guarantee complies with the requirements set out in the Basel II Accord for personal guarantees as it is on first request, explicit, unconditional and irrevocable and, within the limits of the maximum amount guaranteed, it covers the amount of the lenders exposure in respect of SMEs. (15) Counter-guarantees are given on guarantee operations awarded by other private guarantee funds. Under the counter-guarantee operating method, the public guarantor thus acts by guaranteeing the other guarantee fund cover for the amount the latter gives as a first-level guarantee to the lender for the latter s exposure to the SME. A counter-guarantee can be on first demand if the other guarantee fund awards guarantees on first request ; or "subsidiary if the other guarantee fund awards subsidiary guarantees. (16) Co-guarantees are awarded directly to lenders and jointly to another (private) guarantee fund. Under a co-guarantee therefore the public guarantor directly guarantees the lender (as with a direct guarantee ) but does so pro quota, together with another guarantee fund Beneficiaries (17) In application of the method, the beneficiaries of the guarantee can only be undertakings qualifying as SMEs within the meaning of the applicable Commission Recommendation 6. (18) The method is not applicable to firms in difficulty within the meaning of Article 1(7) of the GBER Maximum amount of the guarantee (19) Under the method, the maximum amount of guarantee that can be undertaken in respect of a single debtor is EUR 2.5 million Percentage cover of the underlying transaction (20) The maximum coverage of the guarantee to be issued in application of the method shall not exceed 80 % of each underlying financial transaction Duration of the guarantees (21) The duration of the guarantee is limited to the duration of the underlying transaction. The Italian authorities confirmed also that the duration of the 6 OJ L 124, , p
5 guarantees to which this method will apply should as a general rule not exceed 30 years The logic of the method (22) The calculation method notified by the Italian authorities is based on the use of a single premium as laid down in point 4.5 of the Commission Notice on the application of Articles 87 and 88 of the EC Treaty to State aid in the form of guarantees (hereafter the "Guarantee Notice") 7 which allows, in view of the more limited distortion of competition that may be caused by public guarantees to SMEs not exceeding EUR 2.5 million per beneficiary, the use of a single risk factor irrespective of the risk class. (23) The method relies on establishing a theoretical market premium and compares this with the premium actually charged to establish the grant equivalent of the guarantee. The theoretical market premium is determined so that it covers the probability of losses net of recovery 8, the (adequate) remuneration of capital and administrative costs. (24) The gross grant equivalent is the aggregated amount of the yearly differences between this theoretical market premium and the actually paid premium that are discounted to the date of granting the guarantee. (25) The theoretical market premium of the guarantee is determined as follows: [1] I = D * Z * (F R + C + R) where: I = theoretical market premium of the guarantee; D = amount of outstanding loan assisted by the guarantee; Z = percentage of outstanding loan D covered by the guarantee 9 ; F R = risk factor of the scheme (percentage value) 10 ; C = administrative costs (percentage value) 11 ; R = remuneration of public resources invested under the guarantee scheme (percentage value). 7 OJ C 155, , p The recuperation of the debt from the securities given by the borrower reduces the losses borne by the lender and the guarantor. 9 In case of private co-financing of the guarantee scheme, only the guaranteed amount by public funds is considered to be relevant. 10 As defined in point 4.5 of Guarantee Notice. It is expressed as the ratio in value terms between losses net of recoveries and guaranteed total, differentiated into investment operations or working capital operations. 11 In case the scheme is co-financed with private funds only administrative costs related to public financing are considered. 5
6 (26) Consequently, in case of a guarantee duration of less than one year, the gross grant equivalent (GGE) of the guarantees provided by schemes applying the notified methodology is: [2] GGE = D * Z * [(F R + C + R) G] where G = premium actually paid by the beneficiary for admission to the guarantee scheme (in percentage terms). (27) In case of a guarantee duration exceeding 12 months, the differences between the theoretical market premium and the premium actually paid at the end of each period are discounted to their present value using the reference rate as provided by Communication from the Commission on the revision of the method for setting the reference and discount rates (the "Reference rates Communication") 12. In this case, the gross grant equivalent is: [3] GGE = Σ (I t - G t)(1 t +i) -t where: i = reference rate as provided by the Reference rates Communication. I t = theoretical yearly market premium of the guarantee for the year t, determined according to formula [1], where D is the outstanding debt at year t of the guaranteed loan, calculated conventionally by supposing an amortization rate with annual instalments consistent with rate i G t = yearly premium actually paid by the beneficiary for admission to the guarantee scheme at year t (28) Finally, if the duration of a guarantee exceeds 12 months, but the actual premium required for the guarantee is paid by the applicant as a one-off sum at the time the guarantee is granted, then the formula to be applied for determining the GGE shall be: [4] GGE = [Σ I t (1 + i) -t ] P u where: P u = (D*Z*G) = one-off premium paid at the time the guarantee is granted Determination and updating of the methodology's risk factor (29) The risk factor is the probability of loss net of recovery of a transaction, which is determined on the basis of historical data of the Central Guarantee Fund for SMEs. (30) Loss is an operation clearly already in a state of default in respect of which the guaranteed party has called in the guarantee, to cover the loss incurred. The loss that can be compensated, within the maximum limit of the guarantee, consists 12 OJ C 14, , p. 6 6
7 of the amount of defaulted loan repayments inclusive of contractual interest plus interest on arrears. However, when such a default occurs and the guarantee is called, the payment by the guarantor to the lender usually does not amount to the full amount of the guarantee. Indeed, in case of default, the loss for the lender and the guarantor is generally reduced due to various elements. For instance creditors will try to recover money by seizing and selling the securities which were given as collateral for the loan. Furthermore, the creditors may recover some amounts from the sale of the other assets of the defaulted firm. It is therefore appropriate to take into account the recovery rate, which indicates to which extent the loss suffered by the guarantor is reduced in case of a default. (31) In order to determine the method's risk factor, the Italian authorities provided the following data of the Central Guarantee Fund for SMEs on losses (net of recoveries) to total guaranteed amount, expressed in value terms per type of underlying transaction (investment or non-investment operation), updated to March 2010: Guarantees on investment loans Non-investment guarantees Losses (EUR) Total guaranteed amount (EUR) Ratio of losses to total guaranteed amount 15,682, ,765,439, % 40,613, ,211,027, % Total 56,295, ,976,466, % Source: MedioCredito Centrale S.p.A. Banking Group Unicredit (Manager of the Guarantee Fund for SMEs) (32) Therefore, the parameter F R of the proposed formula [1] would be equal to the following risk (or loss) factors (data of March 2010): 0.57%, for guarantees on investment loans; 0.65%, for guarantees on working capital loans. (33) The result shows a higher risk factor (loss rate) for guarantees on working capital loans compared to those on investment loans, since investment loans are usually assisted by other collateral guarantees, making recovery more likely compared to working capital loans. (34) These data will be updated on an annual basis, in order to take account of natural developments in the risk factor over time. Furthermore, in order to allow all Italian authorities to have the data needed for calculating the hypothetical market premium and in particular the updated data on the risk factor, the Ministry of Economic Development shall be responsible, with the help of the manager of the Central Guarantee Fund for SMEs, for periodically publishing the data on the hypothetical market premium, based on the data from the Fund s interventions and for periodically updating the historic data forming the basis of the proposed method. These updates shall be made available by the Ministry of Economic Development by publishing them in a dedicated section of its own Internet site and the Fund manager s Internet site. 7
8 2.10. Determination of administrative costs (35) In line with the Guarantee Notice, administrative costs include the cost of the assessment activity relating to the admissibility of the guarantee request, the cost for determining the related risk, the costs of monitoring and managing the risk associated with the granting and of the administration of the guarantee issued. (36) The parameter is quantified on the basis of the experience of the Guarantee Fund for SMEs, whose administrative costs are determined from all the costs incurred by the Ministry of Economic Development for payments made to the managing party and represented by: management fees paid to the financial institution managing the Guarantee Fund; expenses of the Fund's technical Committee in charge of the admissibility of guarantees and the payment of losses; and general expenses, included legal expenses for debt collection. (37) On the basis of updated figures at 31 December 2008, administrative costs of the Central Guarantee Fund for SMEs are 0.60% of the guaranteed amount. (38) The Italian authorities confirm that the above indicated parameter, quantified as 0.60% of the guaranteed amount, may not be quantified below this figure, irrespective of the institution or authority that applies the method to calculate the GGE Remuneration of capital (39) As regards the (adequate) remuneration of capital, in line with point 3.4 of the Guarantee Notice, the Italian authorities indicate that it will be determined by applying a risk premium of 400 basis points to the invested capital. The invested capital corresponds to 8% of the guaranteed amount. Therefore, the remuneration of the capital invested to be considered for the purpose of calculating the gross grant equivalent for guarantees issued within the scheme is 0.32% (8% x 4%). 3. ASSESSMENT (40) The notification concerns a calculation method to be used by the Italian authorities to establish the aid element in guarantees for SMEs, where the guaranteed amount does not exceed a threshold of EUR 2.5 million per company. (41) This method is based on the use of single premiums in guarantee schemes for SMEs, as laid down in point 4.5 of the Guarantee Notice. The assessment contained in this decision concerns exclusively this method. (42) Therefore, in light of recital (21) of Regulation (EC) No 800/2008, the assessment of the calculation method by the Commission will be carried out on the basis of the Guarantee Notice. (43) Point 4.1 of the Guarantee Notice indicates that: (i) As a matter of principle, the State aid element will be deemed to be the difference between the appropriate market price of the guarantee provided individually or through a scheme and the actual price paid for that measure. 8
9 (ii) The resulting yearly cash grant equivalents should be discounted to their present value using the reference rate, then added up to obtain the total grant equivalent. (iii) When calculating the aid element in a guarantee, the Commission will devote special attention to the following elements: whether in case of guarantee schemes, the eligibility criteria of the scheme provide for exclusion of undertakings in financial difficulty; whether the extent of each guarantee can be properly measured when it is granted; whether the guarantee covers more than 80% of each outstanding loan or other financial obligation; whether the specific characteristics of the guarantee and loan (or other financial obligation) have been taken into account when determining the market premium of the guarantee, from which the aid element is calculated by comparing it with the premium actually paid. (44) The Commission considers that the relevant conditions listed in point 4.1 of the Guarantee Notice are fulfilled, in particular the yearly grant equivalents are discounted to their present value using the reference rate (cf. paragraph (27) supra), beneficiaries of the guarantee can only be undertakings qualifying as SMEs (cf. paragraphs (5 and 17) supra), enterprises in financial difficulty are excluded (cf. paragraphs (5 and 18) supra), the guarantee is linked to a specific transaction, for a fixed amount and is limited in time (cf. paragraphs (5, 19 and 21) supra), the guarantee only covers a maximum of 80% of the underlying transaction (cf. paragraphs (5 and 20) supra); the risk factor is determined on the basis of the loan purpose (investment loan or working capital loan, cf. paragraphs (31-33) supra). (45) The Commission considers positively that the risk of default by the borrower is established on the basis of empirically determined default probabilities, based on a significant database covering more than ten years of operations for the whole territory of Italy. Moreover, the calculation method takes into account that in case a default occurs and the guarantee is called, the payment of the guarantor to the lender usually does not amount to the full amount of the guarantee as a certain share can normally be recovered through the securities given as collateral for the loan. The loss rates in value terms will be regularly updated by the Italian authorities. (46) The method is consistent with point 4.4 of the Guarantee Notice, since it is based on the difference between a theoretical premium that should be charged in an equivalent non-aid scheme and the premium effectively charged. The theoretical premium covers the normal risks associated with the guarantee as well as administrative and capital costs. (47) Administrative and capital costs to be taken into account are defined in accordance with point 3.4(f) of the Guarantee Notice. In particular, the calculated administrative costs include the specific initial risk assessment as well as the risk monitoring and risk management costs linked to the granting and administration of the guarantee. The capital to be remunerated corresponds to 8% of the outstanding 9
10 guarantees. The risk premium included in the guarantee premium amounts to 400 basis points. (48) The methodology clearly differentiates the risk depending on the underlying type of transaction, identifying the different loss rates for guarantees covering investment loans and loss rates for guarantees covering working capital loans. Therefore, the methodology addresses also the characteristics of guarantees given under de minimis rules which might include guarantees for working capital loans. Conclusion (49) The Commission concludes that the calculation method allows an appropriate risk appraisal of the transactions supported by the State and of the aid element in guarantees. The Commission takes the view that the calculation method is in line with the Guarantee Notice. 4. DECISION (50) The Commission therefore accepts that the method used by the Italian authorities for guarantee schemes for SMEs to establish the aid element of a loan guarantee where the underlying loan is intended for initial investment purposes is in accordance with Commission Regulation (EC) No 800/2008. These guarantee schemes can therefore be considered as transparent in the meaning of Article 5(1)(c)(i) of Commission Regulation (EC) No 800/2008. Furthermore, the Commission accepts that the method may be used by the Italian authorities for guarantee schemes for SMEs to establish the aid element of a loan guarantee granted under Commission Regulation (EC) No 1998/2006. If this letter contains confidential information which should not be disclosed to third parties, please inform the Commission within fifteen working days of the date of receipt. If the Commission does not receive a reasoned request by that deadline, you will be deemed to agree to the disclosure to third parties and to the publication of the full text of the letter in the authentic language on the Internet site: Your request should be sent by registered letter or fax to: European Commission Directorate-General for Competition State Aid Registry B-1049 Brussels Fax No: Yours faithfully, For the Commission 10
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