Guarantee Instruments. Paul Samsonoff Portfolio Guarantees, EIF
|
|
- Mildred Manning
- 6 years ago
- Views:
Transcription
1 Guarantee Instruments Paul Samsonoff Portfolio Guarantees, EIF
2 EIF at a Glance EU specialised institution for SMEs risk financing Debt - Structuring and Guaranteeing portfolios of SME loans/ leases and microcredit Equity - Venture Capital and Mezzanine (fund of funds) Geographic Focus: EU 28, EFTA, Candidate Countries Distribution through Banks and Funds (Full delegation) Founded in 1994 & started providing VC to businesses in 1997 Multilateral Development Bank (MDB) status Basel II 0% risk weighting Aaa/AAA/AAA ratings (Moody s/ S&P/Fitch) Shareholding Structure: EIB: 63.7%, EIB shareholders: 28 EU Member States European Commission: 24.3% 24 European Financial Institutions: 12 % 2
3 3 Guarantee Instruments Development Product Portfolio Tranche Form Leverage SME Guarantee Facility Risk Transfer First Loss Direct guarantee Counter - guarantee FLPG* First Loss + Second Loss Direct guarantee = 5 to 7 Credit Enhancement Second Loss (mezzanine) Direct guarantee = 6 to 8 InnovFin Blended (uncapped) Direct guarantee Counter-guarantee ABS wrap Funding Senior Direct guarantee = 2 to 3 = 20 =10 (on EC FLPG) * First Loss Portfolio Guarantee Expected Loss Expected Loss Expected Loss Expected Loss Expected Loss SME GF (First Loss) FLPG (First + 2 nd Loss) Credit Enhancement (Second Loss) InnovFin (uncapped/pari passu) ABS wrap (Senior)
4 1- InnovFin SME Guarantee Overview
5 InnovFin Product Overview 5
6 InnovFin SME Guarantee This guarantee instrument covers the risk related to losses of a portfolio Up to 50% loss coverage (Principal + Interest 90D) Full Delega<on to Financial Intermediaries Automa<c Coverage/Inclusion ABrac<ve Guarantee Terms Favourable Capital Treatment Guarantee and Counter- Guarantee 6
7 What Transactions can be supported? Purpose of Financing: Loans, Credit Lines, Leases and Bonds Tangible & Intangible Assets Working Capital Business Transfers n Loan amount: min EUR 25k max EUR 7.5m (only Senior Debt) n Loan maturity: min 1 year max 10 years n Currency: EUR and local currency n Max Portfolio: EUR 400m per intermediary EUR 1bn per intermediary group 7
8 Key Guarantee Terms Guarantee Fee: SME 0.50% p.a. Guarantee Fee: Small Mid- Cap 0.80% p.a. Financial Intermediary Financial Intermediary Guarantee from EIF 50% Guarantee Guarantee Fee Innova?ve SMEs / Small Mid- caps n Financial Intermediaries are required to transfer the Financial Benefit to SMEs & Small Mid-caps n Financial Intermediaries are selected on a first come, first processed basis 8
9 Transfer of Benefit (indicative example) Without InnovFin Financing at 4% With InnovFin Financing at 3.5% Total = 4% Total = 3% Indicative pricing model components Cost of Risk Margin Fixed Costs 1.5% 1.5% 0.5% Reduction of Cost of Risk with InnovFin 0.5% 1.5% 0.5% Cost of the guarantee : 0.5% (or 0.8% for small midcap) Funding Costs 0.5% 0.5% 50% of financing 50% of financing 9
10 Appendix I InnovFin Innovation Eligibility Criteria InnovFin Innovation Eligibility Criteria (at least one to be met) I will invest the money in producing or developing new or substantially improved products, processes or services that are innovative, where there is a risk of technological or industrial failure as evidenced by an external evaluation I am a fast-growing enterprise. That is: I ve been operating in a market for less than 12 years following the first commercial sale and turnover or staff has endogenously grown on average 20% a year over a three-year period (with at least 10 employees at the beginning of the reference period) I have been operating in a market for less than 7 years following the first commercial sale and R&I costs represent at least 5% of the total operating costs in at least one of past three years (or in the current one in case of a start-up enterprise) To be met at signing date of the loan/lease agreement with: Appropriate evidence of: (i) declaration of intent and (ii) business plan where such risks of failure are evidenced. Appropriate evidence of: (i) enterprise s business plan being significantly based on carrying out R&D and/or innovation activities, (ii) growth rate and (iii) employees at beginning of observation period. Appropriate evidence of such information provided by the certified accountant(s) The enterprise shall have a significant innovation potential and/or be an R&D and/or innovation-driven enterprise, satisfying at least one of the following elements: Our latest certified accounts confirm that we are already spending at least 20% of the sum I want to borrow on R&I and our business plan indicates an increase of R&I expenses at least equal to that amount At least 80% of the sum I want to borrow will be spent on R&I activities as shown in my business plan and the remainder on costs necessary to enable such activities I have been awarded grants, loans or guarantees from European R&I support schemes or regional, national research or innovation support schemes over the last 36 months, and the amount I want to borrow now will not cover the same expense Appropriate evidence of such information provided by the certified accountant(s) Appropriate evidence of: (i) undertaking and (ii) business plan where such expenditures are evidenced. Appropriate evidence of award dated less than 36 months before I have been awarded over the last 24 months an R&D or Innovation prize by an EU institution or an EU body Appropriate evidence of an innovation prize delivered less than 24 months before In the past 24 months I have registered at least one technology right (e.g. patent, utility model, design right) and the money that I will borrow intend to enable the use of this technology right I am an SME and in the past 24 months I have received an investment from a venture capital investor or from a business angel being a member of a business angels network; or they are today a shareholder in the company As per my business plan I intend to enter a new product or geographical market, and the required investment is higher than 50% of the average annual turnover of the past 5 years; Our R&I costs represent at least 10% of the total operating costs in at least one of the past 3 years (or in the current one in the case of a start-up enterprise) Appropriate evidence of technology right registration dated less than 24 months before Appropriate evidence of the investment Appropriate evidence of enterprise s business plan Appropriate evidence of such information provided by the certified accountant(s) 10
11 Appendix II Beneficiary Eligibility Criteria Beneficiary Eligibility Criteria (all to be met) The Beneficiary shall be an unlisted SME or an unlisted Small Mid-cap without prejudice to the possibility for such companies to be quoted on an alternative trading platform, as defined in Article 4(1)(15) of Directive 2004/39/EC, where the majority of the financial instruments admitted to trading are issued by SMEs or Small Mid-caps; To be met at signing date of the loan/lease agreement with: Appropriate evidence of criteria being met and information source. SME relates to micro, small or medium-sized enterprises as defined in the Commission Recommendation 2003/361/EC, as amended, restated, supplemented and/or substituted from time to time or Small Mid-caps (defined as enterprises which has up to 499 employees, that is not an SME); The Beneficiary shall not be a firm in difficulty within the meaning of the General Block Exemption Regulation (Commission Regulation (EU) No C(2014) 3292/3 of 21 May 2014 declaring certain categories of aid compatible with the internal market); Shall not have a substantial focus on one or more EIF Restricted Sectors (which determination shall be made by the intermediary in its discretion based, without limitation, on the proportionate importance of such sector on revenues, turnover or client base of the relevant enterprise); Shall be established and operating in at least one Participating Country (an EU Member State and/or Associated Country to the Horizon 2020 Regulation); The Beneficiary shall not perform any R&I activities, which are related to: illegal activities according to the applicable legislation of the Beneficiary s country, including any applicable EU legislation. Any additional eligibility criteria as may be specified in the relevant guarantee agreement. Appropriate evidence of criteria being met and information source. Appropriate evidence of Restricted Sectors, criteria used to assess the focus and information source. Appropriate evidence of information source. Appropriate evidence of information source. Appropriate evidence of criteria being met and information source. 11
12 2- COSME Loan Guarantee Overview
13 COSME LGF Loan Guarantee Facility Successor of the CIP SME Guarantee Facility as part of the Europe 2020 strategy EC facility enhancing access to finance for European SMEs Call launched in August 2014 with an estimated budget of EUR 690m ( ) COSME LGF provides: Free of charge capped portfolio guarantees and counter-guarantees for additional SME risktaking A securitisation option on mezzanine tranches of SME debt portfolios subject to additional lending to SMEs COSME LGF is implemented through Financial Intermediaries like guarantee schemes, banks and leasing companies Thanks to COSME LGF, Financial Intermediaries go beyond their current lending or guarantee practice or increase lending volumes 13
14 COSME LGF Capped (Counter-) Guarantee Structure Financial Intermediary s Portfolio of Higher Risk Transactions to SMEs COSME LGF s capped (counter-) guarantee proposed features Guarantee Rate on a loan by loan basis 50% maximum Structured in the form of guarantees or counter-guarantees Risk retained by the Financial Intermediary 20% minimum* of the original portfolio Expected Loss Guarantee Cap Rate (Counter-) Guarantee rate typically set at maximum 50% Pari-Passu ranking (Counter-) Guarantee cap rate fixed at the level of Expected Losses (max 20%) COSME guarantee has 10 year maturity Eligible loans min 12 months maturity * The minimum 20% level is based on the consideration that financial intermediaries could combine additional credit risk protection financial instruments alongside with the proposed COSME (counter-)guarantees Retained exposure of the Financial Intermediary to the SME transactions needs to be min 20%* 14
15 Conditionality under COSME Mechanics Option 1 Unconditional Guarantee Option 2 Conditional Guarantee Guarantee rate (GR) 45 50% Guarantee cap rate (GCR) 20 % Expected Loss Cap amount Guarantee rate (GR) 50% Guarantee cap rate (GCR) % Expected Loss Cap amount MaxPV trigger MinPV trigger RPV trigger GUARA N-TEE COVER GUARA N-TEE COVER Portfolio Volume Indicator Pre-set Value Trigger calculation formula MaxPV* 200 MaxPV*GR*GC R MinPV** 130 MinPV*GR*GC R Trigger Value * MaxPV ( maximum Portfolio Volume); MinPV (Minimum Portfolio Volume); RPV (Reference Portfolio Volume) RPV*** 100 RPV*GR*GCR
16 COSME LGF What are Higher Credit Risk Transactions? COSME LGF covers Higher Credit Risk Transactions to SMEs of two types: Option 1 Target Higher Risk Profile clients/products through: - New product set up for Start-ups; OR - Extension in maturities and/or reduction in collateral; OR - New products or existing products offered to previously excluded client sectors Ground up COSME cover Unconditional guarantee Option 2 Increase in volumes of (guarantees of) loans to SMEs related to - most risky 25% of current portfolio by internal rating; OR - full portfolio in case of guarantee institutions and promotional banks COSME cover is conditional on the Intermediary realising certain volumes of activities as defined within the Guarantee Agreement Conditional guarantee 16
17 COSME LGF Eligibility Criteria Final Recipient Transactions: Amount: up to a maximum of EUR 150,000 larger transactions can be included provided that the Final Recipient does not fulfil any of the 12 InnovFin Innovation Eligibility Criteria Maturity: minimum 12 months Purpose: - Working capital (including revolving credit lines maximum maturity of 5 years and overdrafts; excluding factoring and credits or loans resulting from utilisation of credit card limits) - Investments Final Recipients: SMEs as defined in Commission Recommendation 2003/361/EC (OJ L124, , p. 36) Established in one of the COSME programme countries They should not be undertakings in difficulty as defined in General block exemption regulation (Commission regulation (EU) No C(2014) 651/2014, ) 17
- Enhancing a successful pilot initiative
- Enhancing a successful pilot initiative Ljubljana, 12 June 2015 Stefano Bragoli, Structured Finance Manager, EIF EIF at a Glance EU specialised institution for SMEs risk financing Debt - Structuring
More informationAccess to Finance EIF Guarantee & Equity Instruments. APRE Workshop Brussels, 14 th May 2014
Access to Finance 2014-2020 EIF Guarantee & Equity Instruments APRE Workshop Brussels, 14 th May 2014 Introduction to the EIF Section One 2 EIF at a Glance Geographic Focus /Intermediaries EU 28, EFTA,
More informationPaul Samsonoff - Portfolio Guarantees. June 9 th 2016
Paul Samsonoff - Portfolio Guarantees June 9 th 016 EIF at Glance EU specialised institution for Companys risk financing Debt - Structuring and Guaranteeing portfolios of Company loans/leases and microcredit
More informationThe role of COSME in promoting access to finance for SMEs Policy objectives and design of the debt instrument
The role of COSME in promoting access to finance for SMEs Policy objectives and design of the debt instrument Operational training Session (OTS) on "Innovations in Credit Guarantee Schemes: A way to Success"
More informationInnovFin SME Guarantee Facility: Information note to Financial Intermediaries
InnovFin SME Guarantee Facility: Information note to Financial Intermediaries Ref: The Guarantee and Counter-Guarantee Facility under Horizon 2020 Framework Programme with respect to Research and Innovation
More informationWorkshop on applications under new debt programmes. EU Access to Finance Day Brussels, 23 September 2014
Workshop on applications under new debt programmes EU Access to Finance Day Brussels, 23 September 2014 EIF at a Glance EU specialised institution for SMEs risk financing Debt - Structuring and Guaranteeing
More informationCOSME Financial Instruments for SMEs
COSME Financial Instruments for SMEs Helsinki, 5 February 2015 Directorate-General for Internal Market, Industry, Entrepreneurship and SMEs (DG GROW) Unit F3: SME Access to Finance Astrid Bartels (Policy
More information19 Foro Iberoamericano. Madrid, 19 September European Investment Fund
19 Foro Iberoamericano Madrid, 19 September 2014 European Investment Fund EIF support of SMEs Structure of presentation 1. EIF at a Glance 2. The SME Guarantee Facility 3. Cooperation with Guarantee Schemes
More informationInstruments in favour of SME Financing. International conference on guarantees Budapest 3-4 October 2013
Instruments in favour of SME Financing International conference on guarantees Budapest 3-4 October 2013 1 Helping businesses at every stage Public Stock Markets Portfolio Guarantees & Credit Enhancement
More informationFacilitating European SMEs' Access to Finance
Facilitating European SMEs' Access to Finance 3 October 2013 Directorate General for Enterprise and Industry of the European Commission Unit D3: SME Access to Finance Astrid Bartels (Policy Officer) 1
More informationCOSME Financial Instruments for SMEs
COSME Financial Instruments for SMEs 5 February 2014 George Lemonidis (Deputy Head of Unit) Unit D3: SME Access to Finance Directorate General for Enterprise and Industry 1 COSME financial Instruments
More informationAccess to Risk Finance
Access to Risk Finance 2018-2020 Ignacio Puente Policy Officer Access to Finance and SMEs DG Research & Unit B.3 - SMEs, Financial Instruments and State Aid" NCP Academy Webinar - 06/11/2017 Financial
More informationThe SME Initiative. A joint Commission presentation. SME Initiative workshop Brussels, 23 April 2015
The SME Initiative A joint Commission presentation SME Initiative workshop Brussels, 23 April 2015 SMEs are the backbone of EU economy SMEs employ 2/3 of private sector workforce and create 58% of gross
More informationEuropean Investment Fund
European Investment Fund Thementag Verbriefung 11. Juni 2013 - Wiesbaden 1 EIF - Overview European Investment Fund (EIF) is part of EIB Group and serves as: Europe's leading developer of risk financing
More informationCOSME financial instruments
COSME financial instruments What is COSME? COSME is an EU programme for the Competitiveness of Small and Medium-sized Enterprises (SMEs). A significant part of the COSME programme is dedicated towards
More informationFunding science, research & innovation
Funding science, research & innovation HORIZON 2020 and EFSI: expanding possibilities WORKSHOP ON R&I AND EFSI HELSINKI, 8.12.15 Steve Rogers DG RTD, European Commission Horizon 2020's financial instruments
More information- Enhancing a successful pilot initiative. InnovFin SME Guarantee
- Enhancing a successful pilot initiative InnovFin SME Guarantee EIF at a Glance EU specialised institution for SMEs risk financing Debt - Structuring and Guaranteeing portfolios of SME loans/leases and
More informationGuarantee scheme -InnovFin SME Guarantee Facility of the European Investment Fund (EIF)
Guarantee scheme -InnovFin SME Guarantee Facility of the European Investment Fund (EIF) Zagrebačka banka d.d. EU Funds and Special Banking Arrangements Zagreb, July 2018 General information about the InnovFin
More informationEU Financial Instruments for SMEs
EU Financial Instruments for SMEs AECM Annual Event Porto, 21-25 June 2016 Jean-David MALO Head of Unit "SMEs, Financial Instruments and State Aids" European Commission DG Research and Innovation EU financial
More informationAccess to Risk Finance in Horizon 2020
Access to Risk Finance in Horizon 2020 Ignacio Puente DG Research & Unit B.3 - "SMEs, Financial Instruments and State Aid" InnovFin - Financial Instruments under H2020 Europe 17/06/2016 New EU Framework
More informationFinancial Instruments under EU Programmes (COSME, H2020) TAIEX Workshop- Belgrade, March 2016
Financial Instruments under EU Programmes (COSME, H2020) TAIEX Workshop- Belgrade, March 2016 EIF at a Glance EU specialised institution for SMEs risk financing Debt - Structuring and Guaranteeing portfolios
More informationDeep and Comprehensive Free Trade Area (DCFTA) Initiative East
Deep and Comprehensive Free Trade Area (DCFTA) Initiative East Chisinau 4 July 2017 European Investment Bank European Investment Fund 1 DCFTA Initiative East Deep and Comprehensive Free Trade Area (DCFTA)
More informationupdated on 15 June 2016
THE GUARANTEE AND COUNTER-GUARANTEE FACILITY UNDER HORIZON 2020 FRAMEWORK PROGRAMME WITH RESPECT TO RESEARCH & INNOVATION DRIVEN SMEs AND SMALL MID-CAPS DISCLAIMER This document provides some information
More informationAECM European Association of Mutual Guarantee Societies
AECM European Association of Mutual Guarantee Societies Infoday Horizon 2020 EU Financial Instruments for Research and Innovation Lisbon, 19th February 2014 José Fernando Figueiredo Chairman AECM Content
More informationWhat is InnovFin Equity?
What is InnovFin Equity? InnovFin Equity is managed by the European Investment Fund (EIF), where EIF provides equity investments and coinvestments to or alongside funds focusing in the areas of early stage
More informationEU level and "Off-the-shelf" Financial Instruments
EU level and "Off-the-shelf" Financial Instruments MADRID, 8 November 2013 Financial instruments and IFI Relations Directorate-General for and Urban 1 Contents Overview on EU level Instruments Overview
More informationINNOVFIN SME GUARANTEE FACILITY
Annex II to the Open Call for Expression of Interest to select Financial Intermediaries under INNOVFIN SME GUARANTEE FACILITY Important Disclaimer INDICATIVE GUARANTEE TERM SHEET (updated on 9 August 2017)
More informationFinancial Instruments supported by the European Structural and Investment (ESI) Funds in
Financial Instruments supported by the European Structural and Investment (ESI) Funds in 2014-2020 EU Finance Day for SMEs, 5 February 2014, Dublin Dr. Wolfgang Streitenberger, Conseiller-Adviser, DG Regional
More information15-16 May 2008 Bratislava
Alessandro Tappi Head of Guarantees & Securitisation EIF s instruments to support SME Securitisation 15-16 May 2008 Bratislava SME Asset-Backed Financing This presentation was prepared by EIF. The information
More informationFinancial Instruments for SMEs developed by the EIB Group. 12 March 2015, Bucharest Hubert Cottogni
Financial Instruments for SMEs developed by the EIB Group 12 March 2015, Bucharest Hubert Cottogni Agenda SME financing in Romania EIF within the EIB Group, and what we do for SME financing EU-EIF financial
More informationCombination of EAFRD resources with EFSI and other sources of finance: opportunities offered by the EIB Group
Combination of EAFRD resources with EFSI and other sources of finance: opportunities offered by the EIB Group Mr Hubert Cottogni, Director of Mandate Management, European Investment Fund #ficompass 1 Combination
More informationAccess to Risk Finance in Horizon 2020
Access to Risk Finance in Horizon 2020 Ignacio Puente DG Research & Unit B.3 - "SMEs, Financial Instruments and State Aid" InnovFin - Financial Instruments under H2020 Brussels 26/05/2016 New EU Framework
More informationSupporting Innovation in the UK. London, 22 nd October 2015
Supporting Innovation in the UK London, 22 nd October 2015 Overview of the EIB Group financing options Anita Fürstenberg-Lucius Director, Western Europe Department, EIB The EIB Group provides finance and
More informationInvestment and investment finance the Austrian case OeNB EIB workshop in Vienna,
Investment and investment finance the Austrian case OeNB EIB workshop in Vienna, 20.03.2017 Road ahead how to enhance investment in Austria The EIB in Austria Flavia Palanza, Director EIB Operations Directorate
More informationScoping Paper for Access to Risk Finance Work-Programme
Scoping Paper for Access to Risk Finance Work-Programme 2018-2020 1. Context This scoping paper draws on the report 1 of the 'Access to Risk Finance' Advisory Group; discussions at the Latvian, Luxembourg
More informationTHE UNCAPPED GUARANTEE AND COUNTER-GUARANTEE INSTRUMENT UNDER THE SME INITIATIVE IN SPAIN
THE UNCAPPED GUARANTEE AND COUNTER-GUARANTEE INSTRUMENT UNDER THE SME INITIATIVE IN SPAIN OPEN CALL FOR EXPRESSION OF INTEREST TO SELECT FINANCIAL INTERMEDIARIES (Published on 14 th October 2015) The objective
More informationTHE INVESTMENT PLAN FOR EUROPE
FIEC information workshop, Brussels 21 January 2016 THE INVESTMENT PLAN FOR EUROPE EUROPEAN FUND FOR STRATEGIC INVESTMENTS (EFSI) SME WINDOW Dražen Budimir COSME Financial Instruments European Commission
More informationCOSME Loan Guarantee Facility
COSME Loan Guarantee Facility Gunnar Mai Head of Division, EU Guarantee Facilities Tirana, 22 November 2017 The material in this presentation has been prepared by EIF and is general background information,
More informationAnnex IV to the Open Call for Expression of Interest to select Financial Intermediaries under the Silesia EIF Fund of Funds
ANNEX IV: Indicative Terms and Conditions of the First Loss Portfolio Guarantee (FLPG) Important Disclaimer This summary term sheet is for information purposes only. This document is an outline of the
More informationFinancial Instruments for Innovation
European Commission Economic and Financial Affairs DG - Luxembourg, Unit L2 Jim Mc Ging - Head of Unit and Roger Havenith - Deputy Head of Unit Financial Instruments for Innovation Bruxelles, 14 November
More informationWhat is InnovFin Equity?
What is InnovFin Equity? InnovFin Equity managed by EIF is part of InnovFin EU Finance for Innovators, an initiative launched by the European Commission and the EIB Group in the framework of Horizon 2020.
More informationAccess to Finance Horizon 2020 Space Information Day Brussels, 9-10 November 2015
Access to Finance Brussels, 9-10 November 2015 Vygandas JANKŪNAS, Policy Officer, Unit B.3 SMEs, Financial Instruments & State Aid, DG Research & Innovation, European Commission Content Rationale & Basics
More informationThe new Deadline for the submission of Expressions of Interest is 11 October 2010 (postponed from 6 October 2010)
Clarifications on the Call for Expression of Interest No. JER-002/3 ( the Call ) to select Financial Intermediaries that will receive resources from the European Investment Fund acting through the JEREMIE
More informationInvestment Plan for Europe
Investment Plan for Europe Delivering on the European Fund for Strategic Investments (EFSI) Roger HAVENITH Deputy Chief Executive at EIF October 2017 1 Why an Investment Plan for Europe? Issues: Investment
More informationInnovFin SME Guarantee
InnovFin SME Guarantee Implementation Update Reporting date: 30/09/2017 Disclaimer This presentation contains general information about the implementation results of InnovFin SME Guarantee, a facility
More informationBucharest, 12 November 2009
Hubert Cottogni Head of Regional Business Development Bucharest, 12 November 2009 JEREMIE Initiative in Central Europe This presentation was prepared by EIF. The information included in this presentation
More informationAccess to finance for SMEs and General Block Exemption Regulation. Regulation (EU) No 651/2014 Entry into force:
Access to finance for SMEs and General Block Exemption Regulation Regulation (EU) No 651/2014 Entry into force: 1.7.2014 Content of the presentation 1. Market-conform access to finance measures = no State
More informationInnovFin Equity managed by EIF is part of InnovFin EU Finance for Innovators, an initiative launched by the European Commission and the EIB Group in
What is InnovFin Equity? InnovFin Equity managed by EIF is part of InnovFin EU Finance for Innovators, an initiative launched by the European Commission and the EIB Group in the framework of Horizon 2020.
More informationHorizon 2020 Financial Instruments
Horizon 2020 Financial Instruments @ TAIEX Workshop on EU Access to Finance day and COSME Programme 2014-2020 Belgrade, Republic of Serbia 8 March 2016 Martine Diss, Deputy Head of Unit and Drazen Budimir,
More informationEIF EUR 500m Increase of the SME Window
EUROPEAN INVESTMENT FUND SB/16/16 7 September 2016 Document 22-2016 E U R O P E A N F U N D F O R S T R A T E G I C I N V E S T M E N T S S T E E R I N G B O A R D EIF EUR 500m Increase of the SME Window
More informationInnovative Financial Instruments supporting the delivery of the policy objectives of the Cork 2.0 Declaration
Innovative Financial Instruments supporting the delivery of the policy objectives of the Cork 2.0 Declaration 03/05/2017 European Investment Bank Group 1 EIB the EU bank at a glance EU Institution EU s
More informationLuxembourg Launch Event. 8 July 2014
Luxembourg Launch Event 8 July 2014 The new generation of Horizon 2020 financial instruments New EU Framework Programme for R&I (2014-20) 1) A core part of Europe 2020, Innovation Union & European Research
More informationANNEX 2 to the Call for Expression of Interest No JER-011/1. Part I: Description of the Financial Instrument (Guarantee)
ANNEX 2 to the Call for Expression of Interest No JER-011/1 First Loss Portfolio Guarantee Financial Instrument: Description and Selection Criteria Part I: Description of the Financial Instrument (Guarantee)
More informationFinancial instruments - Commission guidance notes. Paris, 22 March 2016
Financial instruments - Commission guidance notes Paris, 22 March 2016 FIs life cycle - guidance private co-investor Ex-ante assessment grant Managing Authority Funding agreement Fund of Fund (FoF) Funding
More informationAn Investment Plan for Europe
An Investment Plan for Europe The "virtuous triangle" INVESTMENT STRUCTURAL REFORMS FISCAL RESPONSIBILITY 1 An Investment Plan for Europe MOBILISING FINANCE FOR INVESTMENT MAKING FINANCE REACH THE REAL
More informationEIB Financing for SMEs in Europe
EIB Financing for SMEs in Europe Mark Pevsner Head of SME Policy, Directorate for Lending in Europe Annual Convention of the European Leasing & Automotive Rental Industry 11th October 2012 Cannes 19/10/2012
More information%202020/Pages/Programming-Period aspx. 1
SME INITIATIVE IN MALTA: UNCAPPED GUARANTEE INSTRUMENT OPEN CALL FOR EXPRESSION OF INTEREST TO SELECT FINANCIAL INTERMEDIARIES (Published on 15.07.2015) The objective of this Open Call for Expression of
More informationANNEX 2 to the Call for Expression of Interest No JER-00. Part I: Description of the Financial F
Investícia do Vašej budúcnosti ANNEX 2 to the Call for Expression of Interest No JER-00 First Loss Portfolio Guarantee Financial Instrument: Description and Selection Criteria Part I: Description of the
More informationHorizon 2020 Kick off meeting Athens, 10 th January 2014
Horizon 2020 Kick off meeting Athens, 10 th January 2014 SMEs: the New tools/opportunities for access to finance introduced by Horizon 2020 (i.e. Horizon 2020 Financial Instruments) Jean-David MALO DG
More informationEvaluation questions are shown in blue and will be deleted once we upload the questionnaires
COSME Evaluation Survey questionnaire -----For internal use----- Code SO Target group SO10005 SO1 Other organisations Evaluation questions are shown in blue and will be deleted once we upload the questionnaires
More informationSME INITIATIVE BULGARIA: THE UNCAPPED GUARANTEE INSTRUMENT OPEN CALL FOR EXPRESSION OF INTEREST TO SELECT FINANCIAL INTERMEDIARIES
SME INITIATIVE BULGARIA: THE UNCAPPED GUARANTEE INSTRUMENT OPEN CALL FOR EXPRESSION OF INTEREST TO SELECT FINANCIAL INTERMEDIARIES (Published on 17 th May 2016) The objective of this Open Call for Expression
More informationExperience with financial instruments in the period of and the new framework for the period of
Experience with financial instruments in the period of 2007 2013 and the new framework for the period of 2014 2020 Workshop 22 January 2015, Stefan Appel, DG and Urban European Commission Financial engineering
More informationThe Role of RSFF (Risk Sharing Finance Facility) in Financing RDI Investments
The Role of RSFF (Risk Sharing Finance Facility) in Financing RDI Investments 1 EIB EIB Profile The European Investment Bank is the European Union s long-term financing institution. The Bank acts as an
More information1.Financial Instruments under ESIF Synergies between ESIF and EFSI (Juncker Plan) 3. Commission Guidance on Financial Instruments
1.Financial Instruments under ESIF 2014-2020 2. Synergies between ESIF and EFSI (Juncker Plan) 3. Commission Guidance on Financial Instruments NIKOSIA, 14 APRIL 2016 Overview:all Financial instruments
More informationSupporting Innovation Taftie Academy. Strasbourg, 22nd September 2016
Supporting Innovation Taftie Academy Strasbourg, 22nd September 2016 1 InnovFin Product Overview 2 InnovFin SME Guarantee This guarantee instrument covers the risk related to losses of a portfolio 3 Key
More informationAnnex II to the Open Call for Expression of Interest to select Financial Intermediaries under the COSME Loan Guarantee Facility
Capped Direct Guarantee under the Indicative Term Sheet Important Disclaimer This summary term sheet is for information purposes only. This document is an outline of the principal terms and conditions
More informationReport on EIB operations Inside the EU With the three pillar Assessment methodology. SMEs. Employment and growth
Report on EIB operations Inside the EU 2015 With the three pillar Assessment methodology SMEs Employment and growth 1 SMEs and Midcaps finance SMEs and Midcaps are vital to the wellbeing of Europe s economy.
More informationHow does an equity scheme work? Miglena Dobreva, EIB, Financial Instruments Advisor
How does an equity scheme work? Miglena Dobreva, EIB, Financial Instruments Advisor How does it work? 2 Possible scope and relation to the CPR Thematic Objectives for ESIF Equity can support undertakings
More informationRisk-Sharing Finance Facility and future EU Financial Instruments for RDI
Not legally binding Risk-Sharing Finance Facility and future EU Financial Instruments for RDI Instrumentos financieros para apoyar la investigación, el desarrollo y la innovación en un contexto regional
More informationFinancial instruments - Commission guidance notes (and new off the shelf instruments) Warsaw, 8 March 2016
Financial instruments - Commission guidance notes (and new off the shelf instruments) Warsaw, 8 March 2016 Hanna Dudka, Robert Pernetta European Commission, DG REGIO FIs life cycle - guidance private co-investor
More informationImplementing options and selection of financial intermediaries. Eugenio Saba European Investment Bank
Implementing options and selection of financial intermediaries Eugenio Saba European Investment Bank What are the implementing and governance options? 2 Central management EaSI Erasmus+ Innovfin COSME
More informationEuropean Structural and Investment FUNDS and European Fund for Strategic Investments complementarities
European Structural and Investment FUNDS and European Fund for Strategic Investments complementarities ENSURING COORDINATION, SYNERGIES AND COMPLEMENTARITY FEBRUARY 2016 Cover illustration: istockphoto
More informationACTIVITIES OF INVEGA
ACTIVITIES OF INVEGA 19-10-2015 1 About INVEGA 2 INVEGA Registered on 29 Nobember 2001 Established by GoV, owner MoE Cooperation with MoE, MoF, MoSA and Ministry of Environment Since 2001 issuance of individual
More informationSupporting SMEs for Growth, Innovation and Jobs
Supporting SMEs for Growth, Innovation and Jobs The EIB Group (EIB and EIF) is making sustained efforts to help European small and medium-sized enterprises (SMEs), by providing them with continued access
More informationEIF - Impact Investing Tools. 5 September Social Impact Challenges and Opportunities for Latvia
EIF - Impact Investing Tools 5 September 2017 - Social Impact Challenges and Opportunities for Latvia Impact Investing: Mainstream Activity at EIF Public Stock Markets Portfolio Guarantees & Credit Enhancement
More informationThe implementation of EFSI: a national example. NCP Academy Meet & Exchange Workshop on Access to risk finance - 9th June 2016, Brussels
The implementation of EFSI: a national example NCP Academy Meet & Exchange Workshop on Access to risk finance - 9th June 2016, Brussels 01. Bpifrance in short 02. NCP/EFSI /NPBs Bpifrance s InnovFin 03.
More informationEFSI's financing for RDI-related projects
EFSI's financing for RDI-related projects 30 th Plenary meeting of ERAC Brussels, 22 April 2016 Jean-David MALO Head of Unit "SMES, Financial Instruments & State Aids" EU ECONOMIC CONTEXT The European
More informationThe investment shall be newly originated (not a refinancing). The investments shall be expected to be financially viable.
Financial Instrument Envisaged state aid regime Investment focus Investment range Eligible investees Expansion Capital Fund Envisaged to be Article 21 of General Block Exemption Regulation 1 (GBER) or
More informationEU Access to finance schemes for Research, Development and Innovation, including for Space-related projects / bodies
EU Access to finance schemes for Research, Development and Innovation, including for Space-related projects / bodies Fostering the European Space Economy: Market conditions for the space industry Workshop
More informationESIF Financial Instruments: State aid considerations
ESIF Financial Instruments: State aid considerations Egle Striungyte, European Commission Gabriela Tschirkova, European Commission Hanna Dudka, European Commission Vasiliki Avgoustidou, European Commission
More informationPART III: HORIZONTAL RULES. State aid to promote risk finance investments 1 CONSOLIDATED VERSION*
Page 1 PART III: HORIZONTAL RULES State aid to promote risk finance investments 1 CONSOLIDATED VERSION* 1. INTRODUCTION (1) On the basis of Article 61(3)(c) of the European Economic Area Agreement ( EEA
More informationEUROPEAN COMMISSION. Brussels, COM(2011) 870 final
EUROPEAN COMMISSION Brussels, 7.12.2011 COM(2011) 870 final COMMUNICATION FROM THE COMMISSION TO THE COUNCIL, TO THE EUROPEAN PARLIAMENT, TO THE COMMITTEE OF THE REGIONS, AND TO THE EUROPEAN AND SOCIAL
More informationRené Saliba Chairman MDB Working Group. EIB CBM Conference 31 October 2017
René Saliba Chairman MDB Working Group EIB CBM Conference 31 October 2017 Objectives of Malta Development Bank Background to establishment of MDB Vision and purpose of MDB Strategic direction Governance
More informationCOSME Equity Facility For Growth Investment Guidelines
COSME Equity Facility For Growth Investment Guidelines Important Disclaimer This document is for information purposes only. This document is an outline of the principal operational guidelines for the product
More informationImplementing EU financial instruments in a national context
Implementing EU financial instruments in a national context David Denzer-Speck Head of the KfW Liaison Office, Brussels European Parliament, 19 June 2017 Bank aus Verantwortung Agenda 1 KfW at a glance
More informationHow to better connect SMEs already supported in RDI phases to EU supported later stages debt financing Bpifrance
How to better connect SMEs already supported in RDI phases to EU supported later stages debt financing Bpifrance Titre de la présentation 118 LEARNING FROM PRACTICE: CASE STUDIES Bpifrance s experience
More informationEU Financial Instruments for Stimulating R&I and Growth
EU Financial Instruments for Stimulating R&I and Growth Preparations for 2014-2020 Steve Rogers European Commission DG Research & Innovation Financial Engineering Team Nordic-European Public Investor Workshop
More informationEIF - Impact Investing Tools. 28 September 2017 EBAN Impact Webinar
EIF - Impact Investing Tools 28 September 2017 EBAN Impact Webinar Impact Investing: Mainstream Activity at EIF Public Stock Markets Portfolio Guarantees & Credit Enhancement Impact Accelerator (SIA) 243m
More informationHorizon Work Programme Access to Risk Finance
EN Horizon 2020 Work Programme 2016-2017 6. Important notice on the second Horizon 2020 Work Programme This Work Programme covers 2016 and 2017. The parts of the Work Programme that relate to 2017 (topics,
More informationANNEX 2 to the Call for Expression of Interest No JER-009/1 Financial Instrument: Description and Selection Criteria
ANNEX 2 to the Call for Expression of Interest No JER-009/1 Financial Instrument: Description and Selection Criteria Capitalised expressions utilised herein shall have the meaning attributed to them in
More informationFinancial Instruments DG Regional and Urban Policy Budapest 24th April 2015
Financial Instruments DG and Urban Policy Budapest 24th April 2015 ESIF and the Investment Plan Investment Plan for Europe 1. Mobilise finance for investment 2. Make finance reach the real economy European
More informationSME Initiative Republic of Malta UNCAPPED PORTFOLIO GUARANTEE AGREEMENT BLUEPRINT
SME Initiative Republic of Malta UNCAPPED PORTFOLIO GUARANTEE AGREEMENT BLUEPRINT 21 December 2015 DISCLAIMER This document is a brief summary of the main provisions of the standard SME Initiative Guarantee
More information1 December 2016, Rome Christos Pouris, EIB
1 December 2016, Rome Christos Pouris, EIB What is EFSI? EFSI is an EU initiative launched jointly by the European Commission and the EIB Group and forms an integral part of the Investment Plan for Europe
More informationANNEX III: TO CALL FOR EXPRESSION OF INTEREST TO SELECT FINANCIAL INTERMEDIARIES UNDER DCFTA INITIATIVE EAST GUARANTEE FACILITY
Indicative Terms and Conditions of the Counter-Guarantee Important Disclaimer This summary term sheet is for information purposes only. This document is an outline of the principal terms and conditions
More informationHow to set up an Investment Platform?
How to set up an Investment Platform? CDP experience as National Promotional Institution Martina Colombo, CDP Business Development Brussels, November 21 st 2017 The role of CDP as National Promotional
More informationEU financial instruments under the multiannual financial framework (MFF) 2021 to 2027:
EU financial instruments under the multiannual financial framework (MFF) 2021 to 2027: Comments of UEAPME and AECM on the proposal of the European Commission for a regulation establishing the InvestEU
More informationInnovFin for Turkey Horizon Massimo d Eufemia Head of EIB Representation for Turkey İstanbul, 19th July 2017
InnovFin for Turkey Horizon 2020 Massimo d Eufemia Head of EIB Representation for Turkey İstanbul, 19th July 2017 1 Video HIGHER RISK LOWER RISK 2 The EIB Group Providing finance and expertise for sound
More informationANNEX 2 to the Call for Expression of Interest No JER-004/6. First Loss Portfolio Guarantee Financial Instrument: Description and Selection Criteria
. ANNEX 2 to the Call for Expression of Interest No JER-004/6 First Loss Portfolio Guarantee Financial Instrument: Description and Selection Criteria Part I: Description of the Financial Instrument Capitalised
More informationCapital split between compartments
Financial Instrument Capital split between compartments Accelerator & Seed Capital Fund(s) The Acceleration compartment (or window ) provides initial financing to emerging entrepreneurs to research, assess
More informationEuropean Progress Microfinance Facility for employment and social inclusion - MICROCREDIT COUNTER-GUARANTEES -
European Progress Microfinance Facility for employment and social inclusion - MICROCREDIT COUNTER-GUARANTEES - FORM OF APPLICATION FOR GUARANTEE INSTITUTIONS Introduction Decision 283/2010/EU of the European
More information