Designing the future Financial Instruments:

Transcript:Designing the future Financial Instruments::
Designing the future Financial Instruments: Guarantee schemes to facilitate investments in innovation AGORADA 2016 Financial Instruments to fuel Regional Development 1 Katrin Sturm Secretary General, European Association of Guarantee Institutions (AECM) Brussels, 27 May 2016 Content: 2 Introduction: AECM and its members Rationale for running a Credit Guarantee Scheme (CGS) Use of EU Financial Instruments Content: 3 Introduction: AECM and its members Rationale for running a Credit Guarantee Scheme (CGS) Use of EU Financial Instruments AECM – The European Association of Guarantee Institutions 4 AECM: legal background Registered office in Brussels International non-profit association (AISBL) = open, democratic, independent association Membership: either full or associated Bodies: - General Assembly - Board of Directors - Technical Working Groups - Secretariat General 5 AECM’s mission 6 Provision of guarantees: who is involved in Europe 7 1) SME or 2) BANK 3) Guarantee entrepreneur Institution 4) Counter- and / or 5) European guarantee Investment instituion Fund (EIF) Example of risk sharing: the German guarantee scheme 8 80% Guarantee Bank Example of risk sharing: the Portuguese guarantee scheme 50% of each counter-guarantee with “cap rate” of 8%: 200.000.000 nominal EIF guarantee, limit of losses 32.000.000 50% of each loan (principal): 500.000.000 80% of each guarantee: 400.000.000 Credit line of: 1.000.000.000 Banks lend to SME AECM’s members: types of ownership Fully mutual, i.e. entrepreneurs e. g. SOCAMA / France, Confidis / Italy Funded by private bodies who are representing businesses or have a strong interest in SMEs e.g. VDB / Germany Fully public e.g. aws / Austria, INVEGA / Lithuania, KredEx / Estonia Mixed, i.e. private / mutual and public elements e.g. SPGM, SGM / Portugal; SGR, CERSA / Spain; MCAC / Luxembourg 10 AECM’s members: legal form Cooperative or mutual societies e.g. TESKOMB / Turkey Companies with limited liabilities e.g. Garfondas / Lithuania Foundations e.g. AVHGA – Rural Credit Guarantee Foundation / Hungary Funds e.g. FRGC – Romanian Loan Guarantee Fund / Romania Development banks, agencies, others ALTUM / Latvia; Bpifrance / France; British Business Bank / UK 11 AECM’s members: banking supervision Some are subject to banking supervision 60 larger Confidis / Italy Some are not subject to banking supervision aws / Austria 12 AECM’s members: distribution Banking partners = all members Direct guarantees = offered in addition by some members e.g. SIAGI / France, HAMAG-BICRO / Croatia, SGM / Portugal Via other partners than banks offered i. a. by the British Business