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

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "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"

Transcription

1 EUROPEAN INVESTMENT BANK SB/04/15 26 October 2015 Document FOR DECISION 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 EFSI Multiplier Methodology Calculation Joint proposal by EC and EIB

2 Questions concerning this note should be referred to EFSI Secretariat: tel: ;

3 EFSI Multiplier Methodology Calculation One of the Key Performance Indicators of EFSI will be the investment impact. The overall target of investment mobilised through the EFSI is EUR 315bn to be delivered on the basis of an overall EFSI contribution of the EU and the EIB of EUR 21bn. This represents a target global multiplier effect of 15x. Based on current assumptions, this would be expected to result in EUR 61bn of new EIB/EIF financing (EIB: 49bn; EIF: 12bn), with reference to the baseline reference scenario as indicated in the EIB Corporate Operational Plan While, the actual global multiplier for EFSI can only be measured on portfolio level at the end of the investment period, it is expected that EIB estimates and monitors also transaction specific multiplier factors on an ex-ante basis 2. In order to achieve this, it is proposed to establish clear rules and coherent assumptions for the monitoring of the EFSI multiplier over time. The proposed EIB multiplier methodology will provide a framework linking the underlying EFSI guarantee 3 available with (a) the amount of EIB financing and (b) the amount of total investment that is expected to be generated by such financing. The proposed methodology has also been discussed with the EIF (in view of its fund and guarantee investments under the SME Window (SMEW)). While the main principles are coherent, the EIF methodology, which is in line with EIF s mandate of supporting SMEs in general rather than financing projects as EIB does, is set out in a different document. The multipliers referred to in this document will be established and their final outcome value calculated in line with the processing of Key Performance Indicators and Key Monitoring Indicators foreseen under Schedule II, section A, paragraph 3 of the EFSI Agreement Ex-ante estimation and monitoring by the EIB should not be interpreted as an exclusion criterion for individual projects which do not meet the 15x global multiplier effect, 3 Under the EIB Infrastructure and Innovation Window, the EFSI guarantee takes the form of a First Loss Piece (FLP) for the debt window and corresponds to the actual amount of EIB financing under the equity/equity-type window. 1

4 KEY ELEMENTS FOR DECISION The EIB multiplier methodology is comprised of 2 independent factors as outlined below: Global Multiplier (GM) = Internal Multiplier (IM) x External Multiplier (EM) Relation between EIB Loan / Equity amount and EFSI Contribution Relation between Total Investment and EIB Loan / Equity amount Relation between Total Investment and EFSI Contribution (A) IM = (EFSI Financing Volume) / (EFSI guarantee) For Investment Loans 4 : (B) EM = (Project Investment Cost) / (EFSI Financing Volume) For Intermediated Operations: (C) EM = (Catalytic Effect; CE) x EM* (D) EM* = (Project Investment Cost) / (Financing Amount from Intermediary) (E) CE = (Financing Amount from Intermediary) / (EFSI Financing Volume) 1. Internal Multiplier (IM) The IM represents the relationship between the EFSI guarantee and EIB s financing. At portfolio level, it can only be measured at the end of the investment period (signature by 30 June 2020). The EFSI guarantee takes the form of a First Loss Piece (FLP) for the debt window and corresponds to the actual amount of EIB financing under the equity/equity-type window. Under the debt window, the FLP is expected to be 25% at the end of the investment period enabling that every of EFSI guarantee leads on average to 4 of EIB financing. Therefore, the ex-ante IM on project level is set at 4x for all debt operations. Under the equity/equity-type window, the IM is set at 1x External Multiplier (EM) 4 For the purpose of this document, the category of Investment Loans includes also direct guarantees and credit enhancement provided to investment projects. 5 While EFSI foresees a 50/50 risk sharing for any EIB investment in this category, the Bank s contribution to such financing is considered to be included in the EUR 21bn EFSI capital commitment. 2

5 The EM captures the relationship between EFSI Financing Volume and Project Investment Cost. To calculate it, two broad cases have to be differentiated, Investment Loans and Direct Equity/Equity-Type Operations on the one hand and Intermediated Operations on the other External Multiplier (EM) Investment loans and Direct Equity/Equity-Type Formula (B) EM = (Project Investment Cost) / (EFSI Financing Volume) The EM relationship between EFSI Financing Volume and Project Investment Cost is illustrated in the diagram below. EFSI Financing Volume: In the case of EFSI (as well as in other EU/EIB schemes), the applied figure for the Bank s financing volume shall include only EFSI financing and not financing tranches provided from other EIB financing schemes. Project Investment Cost (PIC) is measured in the first instance as the total project cost defined in the EIB loan agreement according to EIB normal methodology. A baseline external multiplier is calculated by dividing the PIC by the EFSI financing volume as specified in formula (B) above. That baseline multiplier is subjected to an economic feasibility check by the Projects Directorate of the EIB and, if warranted, it is adjusted following the principles below. In general, the external multiplier varies across different financial products. Equity-type financing is more effective in crowding in additional finance, followed by junior debt and senior debt. A multiplier of 3 can be considered as a benchmark for senior debt, both based on past experience of the EIB and on the observation that financing at least one-third of any project is bound to be critical for the project to happen. Put differently, should the EIB not finance at least that one-third of the project, its realisation would in all likelihood be questionable. Similar reasoning applies to junior debt and equity-type, where the corresponding reasonable benchmarks can be set at 5 and 15, respectively. The table below summarises the benchmark external multipliers for the three product categories. Should the calculation in formula (B) result in a multiplier value that is sufficiently close to those shown, then that external multiplier value can be considered as economically feasible. Sufficiently close is interpreted as not deviating by more than about one-third from the benchmark. 3

6 Direct Financing: Transaction Type Benchmark External Multiplier Equity/Equit y-type (direct) 15 Junior Debt/ Credit Enhanceme nt 5 Senior Debt 3 However, should the obtained benchmark external multiplier fall outside these ranges, a review and possible adjustment by the Projects Directorate of the EIB is warranted. If the external multiplier deviates from the respective range mentioned above but if the EIB financing is associated with the entire project, the CA report should include a narrative supporting the multiplier calculation. If the EIB/EFSI financing is associated with only one part of the project then the investment cost should equal to that part of the project with which the financing is associated, together with a supporting narrative in the Board report. There are some other special circumstances where the Project Investment Cost needs to be adjusted: a. EU co-financing: If EU grant-financing, EU financial instruments or ESIF grants or financial instruments (including related national public co-financing from Managing Authorities) are used to co-finance the proposed project, this amount shall be deducted from the Project Investment Cost for the calculation of EM. b. More than one EIB/EFSI operation for one project: the PIC of the first operation should be judged according to the methodology described above. Should there be subsequent EFSI operations after the first one, their EM would be considered to be 0x. Only if a subsequent operation will support new EFSI eligible investments not considered for the first operation (e.g. in the case of an expansion) the EM for any subsequent operation would be calculated as follows: EM (subsequent EFSI financing) = (Additional PIC) / (subsequent EFSI financing amount) c. Non-EFSI eligible components: Should a project include components that are not EFSIeligible (e.g. investments outside the EFSI Regulation scope), the EM will consider only the EFSI-eligible part, as the EUR 315bn should only include EFSI-eligible investment. d. Framework Loans (FL): In the case of FLs (one counterpart, multiple small projects to be included in the future), it is not known at the time of approval/signature what exact PIC amounts will be supported under the FL. In order not to overstate the EM, the EM would be considered to be 3x. 4

7 2.2. External Multiplier (EM) Intermediated Operations Formula (C) Formula (D) Formula (E) EM = (Catalytic Effect; CE) x EM* EM* = (Project Investment Cost) / (Financing Amount from Intermediary) CE = (Financing amount from Intermediary) / (EFSI Financing Volume) In intermediated operations, the EM as described above is enhanced through co-financing on the level of the financial intermediary (e.g. investment fund, investment platform, bank, leasing company). This additional factor is called the Catalytic Effect (CE), which is to be multiplied with the EM on project level (EM*). The chart below provides an illustration of this relationship The Catalytic Effect (CE) The CE is calculated in different ways depending on the type of intermediary (see also above for the respective formulas): a. Investment Fund/Platform: the notion of catalytic effect is captured by identifying the part of the targeted size of the fund which would be available for investments 6 and which would be generated following the first closing in which EIB participates 7 and that target EFSI related investments based on its investment policies. To calculate CE, this EFSI related part of the targeted size of the fund available for investments would be divided by the proposed EIB/EFSI investment (i.e. share in the fund/platform of the EIB investment with EFSI support; amount based on first closing in which EIB participates) net of any other EU financing provided to the fund. The benchmark for the CE is 5x; values above that will be explicitly justified. The benchmark for the total EM for intermediated equity financing is 25x. 6 The targeted size of the fund available for investments would be net of fees covering fund management costs and other costs associated to the establishment, operation and closing of the fund. 7 It is typically the case that an early EIB/EFSI participation will unlock significant investments from other investors, thus being instrumental in facilitating the subsequent closings of a fund. 5

8 This approach will represent the expected CE at the moment of the approval of the EIB/EFSI investment. The expected CE will be updated, where needed, at the time of signature of EIB/EFSI participation in the relevant closing(s) and at the fund's final closing. The realised CE will be calculated at the end of the fund's investment period based on actual investments made by the fund. The diagram below provides an illustration of the calculation of the CE in case of an investment fund operation. Example: EIB invests EUR 30m under EFSI in a second closing (EUR 150m) in an infrastructure fund with a target fund size or EUR 250m. According to investment policies, the fund invests 20% in projects outside the EU and 80% inside the EU. Therefore, the targeted size of the Fund available for EFSI investment would be EUR 120m. The fund normally provides ca. 50% of the equity in any infrastructure project (the typical equity ratio of the targeted project is 20%). Fund Level Closing 1 Closing 2 EUR 150m EUR 100m 20% outside the EU CE = 120m / 30m = 4x EFSI Inv. 30m EUR 250m Project Level PIC = 120m x 2 (=1/50%) * 5 (=1/20%) = EUR 1.2bn EU Investment (eligible for EFSI) EUR 1.2bn EM* = 1200m / 120m = 10x EM = CE x EM* = 10 x 4 = 40x EUR 1.5bn b. Bank (Loan for SMEs & Mid-Caps/Risk Sharing): In risk-sharing operations, CE is calculated on the basis of the guarantee amount covered by the EIB (e.g. if the EIB guarantees up to 25% of the Financing amount from the Intermediary 8, the CE is considered to be 4x). In funding operations (e.g. Loans for SMEs), it is assumed that EIB provides 50% of the Financing amount from the Intermediary (CE = 2x) The Project Level External Multiplier (EM*) In addition to the CE, intermediated operations also foresee a project level multiplier (EM*). This additional factor is calculated in different ways depending on the type of intermediary: a. Investment Fund/Platform: EM* is calculated by dividing (i) the total PIC (expected to be eligible for EFSI) by (ii) the share of the targeted size of the fund available for investments that is foreseen to support EFSI eligible projects. Past closings on fund level are not considered for this calculation (see above). In the case of corporate investments, EM* is calculated as follows: EM* Equity: 1 / (Investment Fund s assumption on the average share of equity in corporates 8 In case of EIB operations supported through different risk sharing instruments or partners, an appropriate methodology will be developed. 6

9 total capital defined as equity + debt) EM* Debt: 1 / (Investment Fund s assumption on the average share of debt in corporates total capital defined as equity + debt) b. Bank (Global Loan/Risk Sharing): In this case, EM* is calculated assuming that the intermediary bank finances always 70% of the PIC. This is based on an average EU equity ratio of SMEs and Mid-Caps of 30%. Hence, EM* in these type of operations is assumed to be 1.4x (flat). 3. Reporting The EIB will also report on: a. Annually aggregated multipliers for Financial Products (average, volume weighted). For example, the list of Financial Products could include Investment Loans, Guarantees (and Credit enhancing) Direct Equity/Equity-Type and Intermediated Operations (Investment Fund/Platform and Bank Global Loans/Risk Sharing. This list is indicative and could be adjusted as appropriate; b. Annually aggregated multipliers for the different sectors (average, volume weighted) as per Article 9.2 of the EFSI regulation within the Infrastructure and Innovation Window; c. For each project, separately the amount of public and private finance mobilised as well as the project-specific ex-ante global multiplier (when and as submitted to the Investment Committee). These amounts will be annexed to the report prepared in the context of the bi-annual operational report referred to in Schedule II, Section B, paragraph 3 of the EFSI Agreement. d. For each project, if EIB own risk financing is used to co-finance EFSI financed projects, the EIB will also report a separate multiplier using the methodologies as described in section 1 and 2, but also including an additional project cost adjustment as per section 2.1 for EIB own risk financing. This separate multiplier will be annexed to the report prepared in the context of the bi-annual operational report referred to in Schedule II, Section B, paragraph 3 of the EFSI Agreement. For the avoidance of doubt, for the calculation of EFSI Key Performance/Monitoring Indicators, only the estimated ex-ante Global Multiplier and the unadjusted PIC will be used as a basis for calculation (Schedule II, Section A, paragraph 3 of the EFSI Agreement). 7

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

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 EUROPEAN INVESTMENT BANK SB/06/15 4 December 2015 Document 13-2015 FOR DECISION 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- EFSI MULTIPLIER CALCULATION

More information

Joint SME Initiative. European Commission, July 2013

Joint SME Initiative. European Commission, July 2013 Joint SME Initiative European Commission, July 2013 1 Table of content 1. Background 2. Commission's proposal 3. Opinion of the HLG 4. Commission's priorities 2 1. Background EU / Commission long history

More information

EIB and the Energy Sector: Potential Synergies with the MED Programme to Support Energy Efficiency Investments

EIB and the Energy Sector: Potential Synergies with the MED Programme to Support Energy Efficiency Investments EIB and the Energy Sector: Potential Synergies with the MED Programme to Support Energy Efficiency Investments Marina Galindo Energy Efficiency and Small Energies Division Projects Directorate EUROPEAN

More information

Recent policy approaches to SME finance

Recent policy approaches to SME finance Recent policy approaches to SME finance Dr. Helmut Kraemer-Eis Head of Research & Market Analysis European Investment Fund 07 July 2014 Rome The European Investment Fund (EIF) at a glance 1994 founded

More information

Support for Research, Development and Innovation

Support for Research, Development and Innovation Support for Research, Development and Innovation Introduction: «Financial instruments for SMEs and larger companies provided by the European Union and the European Investment Bank» Seminar on «Financial

More information

EU Social Investment Financial instruments in support of social entrepreneurship and impact investment

EU Social Investment Financial instruments in support of social entrepreneurship and impact investment EU Social Investment Financial instruments in support of social entrepreneurship and impact investment Serge PATOU, Policy Officer DG ECFIN, Financing for Innovation, Competitiveness and Employment European

More information

European Investment Fund Activity

European Investment Fund Activity European Investment Fund Activity Annual commitments 2006-2009 3540 3040 2540 2040 1540 1040 540 40 Equity Guarantees The EIF is Europe s leading developer of risk financing for entrepreneurship and innovation.

More information

Overview of the EIB Group Financial Instruments for SMEs

Overview of the EIB Group Financial Instruments for SMEs Overview of the EIB Group Financial Instruments for SMEs Lublin, 22 June 2015 Tomasz Kozlowski Head of Innovation & Alternative Financing Programmes European Investment Fund European Investment Bank Group

More information

Access to finance for. SMEs. István NÉMETH European Commission DG for Internal Market, Industry, Entrepreneurship and SMEs

Access to finance for. SMEs. István NÉMETH European Commission DG for Internal Market, Industry, Entrepreneurship and SMEs Access to finance for SMEs István NÉMETH European Commission DG for Internal Market, Industry, Entrepreneurship and SMEs Why EU intervention needed? EU financial instruments for SMEs Building on success

More information

Supporting Innovation in Ireland. Dublin, 23 rd October 2015

Supporting Innovation in Ireland. Dublin, 23 rd October 2015 Supporting Innovation in Ireland Dublin, 23 rd October 2015 Overview of the EIB Group financing options Anita Fürstenberg-Lucius Director, Western Europe Department, EIB The EIB Group provides finance

More information

Innovation and PPP financing: The European Investment Fund

Innovation and PPP financing: The European Investment Fund Innovation and PPP financing: The European Investment Fund Dr. Helmut Kraemer-Eis Head of Research & Market Analysis European Investment Fund UNECE - 12 February 2014 Geneva What is the EIF? As part of

More information

COSME Financial Instruments for SMEs

COSME Financial Instruments for SMEs COSME Financial Instruments for SMEs Stockholm, 4 February 2015 Directorate-General for Internal Market, Industry, Entrepreneurship and SMEs (DG GROW) Unit F3: SME Access to Finance Astrid Bartels (Policy

More information

Supporting small and medium-sized enterprises in 2012. A joint report of the European Commission. and the European Investment Bank Group

Supporting small and medium-sized enterprises in 2012. A joint report of the European Commission. and the European Investment Bank Group Supporting small and medium-sized enterprises in 2012 A joint report of the European Commission and the European Investment Bank Group Date: 02/05/2013 Foreword The European Commission and the European

More information

EIB Financing tools for e-health and other ICT based innovation

EIB Financing tools for e-health and other ICT based innovation EIB Financing tools for e-health and other ICT based innovation Harald Gruber Conference on Accelerating Uptake of Innovation for active and healthy ageing across Europe Brussels, 9-10 December 2015 European

More information

COSME Loan Guarantee Facility. -FREQUENTLY ASKED QUESTIONSpublished

COSME Loan Guarantee Facility. -FREQUENTLY ASKED QUESTIONSpublished COSME Loan Guarantee Facility DISCLAIMER This document provides some information on the terms of the COSME Loan Guarantee Facility and its related documentation. This document is not, and should not be

More information

EIB France Stratégie Workshop. 11 March 2016. Summary Slides

EIB France Stratégie Workshop. 11 March 2016. Summary Slides Fact Finding on Investment and the Investment Gap in France and in Europe EIB France Stratégie Workshop 11 March 2016 Summary Slides Those slides are a selective subset of the material presented by various

More information

22 November 2012, Madrid

22 November 2012, Madrid 22 November 2012, Madrid 1. Introduction on EIF Introduction on EIF 2 / 21 Introduction on EIF EIF at a Glance 1. Introduction on EIF EU specialised institution for SMEs, risk financing Venture Capital

More information

30 November 2010. Latest developments of EIF JEREMIE Activities. Hubert Cottogni. Head of Regional Business Development

30 November 2010. Latest developments of EIF JEREMIE Activities. Hubert Cottogni. Head of Regional Business Development Hubert Cottogni Head of Regional Business Development 30 November 2010 Latest developments of EIF JEREMIE Activities This presentation was prepared by EIF. The information included in this presentation

More information

European and National Financing for Innovative and Growth Companies in the Netherlands. The Hague, 8 th October 2014

European and National Financing for Innovative and Growth Companies in the Netherlands. The Hague, 8 th October 2014 European and National Financing for Innovative and Growth Companies in the Netherlands The Hague, 8 th October 2014 Welcome address and introductory remarks Pim van Ballekom Vice-President, European Investment

More information

Smarter Business Guide to the European Investment Bank

Smarter Business Guide to the European Investment Bank Smarter Business Guide to the European Investment Bank Ireland s membership of the European Union (EU) has been a key factor in its recent development. Our membership will play a vital role in helping

More information

EU Finance for Innovators and Growth Companies in Poland. Warsaw, Thursday 6 November 2014

EU Finance for Innovators and Growth Companies in Poland. Warsaw, Thursday 6 November 2014 EU Finance for Innovators and Growth Companies in Poland Warsaw, Thursday 6 November 2014 Welcome addresses László Baranyay, Vice-President, EIB Krzysztof Pietraszkiewicz, President, Polish Bank Association,

More information

InnovFin SME Guarantee & COSME Loan Guarantee. Workshop Warsaw, 6 November 2014

InnovFin SME Guarantee & COSME Loan Guarantee. Workshop Warsaw, 6 November 2014 InnovFin SME Guarantee & COSME Loan Guarantee Workshop Warsaw, 6 November 2014 EIF at a Glance EU specialised institution for SMEs risk financing Debt - Structuring and Guaranteeing portfolios of SME loans/leases

More information

Financial Instruments for RDI and Growth 2014-2020 (specific focus on COSME and Horizon 2020)

Financial Instruments for RDI and Growth 2014-2020 (specific focus on COSME and Horizon 2020) Financial Instruments for RDI and Growth 2014-2020 (specific focus on COSME and Horizon 2020) Jean-David MALO European Commission - DG Research and Innovation Head of Unit RTD C-03 Financial Engineering

More information

Supporting Innovation in Spain. Bilbao, 6 November 2015

Supporting Innovation in Spain. Bilbao, 6 November 2015 Supporting Innovation in Spain Bilbao, 6 November 2015 Welcome address: Iñigo Urkullu Renteria Lehendakari, Basque Government Overview of the EIB Group and RDI financing options Birthe Bruhn-Léon Director

More information

EU Finance for Innovators in the Nordics. Oslo, Thursday 11 December 2014

EU Finance for Innovators in the Nordics. Oslo, Thursday 11 December 2014 EU Finance for Innovators in the Nordics Oslo, Thursday 11 December 2014 Welcome addresses Dilek Ayhan State Secretary, Norwegian Ministry of Trade, Industry and Fisheries Helen Campbell EU Ambassador

More information

MONITORING COMMITTEE Operational Programme I. JEREMIE Criteria

MONITORING COMMITTEE Operational Programme I. JEREMIE Criteria MONITORING COMMITTEE Operational Programme I Investing in Competitiveness for a Better Quality of Life JEREMIE Criteria 20 th May 2010 Background JEREMIE is a joint initiative between, the EC, EIB and

More information

Investment Plan for Europe

Investment Plan for Europe The Investment Plan for Europe aims to drive investment in strategic projects across the EU. The Plan will unlock investment of at least EUR 315bn up to 2018. Tackling the investment gap The global economic

More information

Supporting Innovation in Turkey. Istanbul, 16 April 2015

Supporting Innovation in Turkey. Istanbul, 16 April 2015 Supporting Innovation in Turkey Istanbul, 16 April 2015 Welcome addresses: Cansen Basaran Symes President, Turkish Industry and Business Association (TÜSİAD) Pim van Ballekom Vice-President, European Investment

More information

Financial instruments - opportunities offered by the 2014-2020 framework. Key novelties and Commission guidance Bratislava, 2 October 2015

Financial instruments - opportunities offered by the 2014-2020 framework. Key novelties and Commission guidance Bratislava, 2 October 2015 Financial instruments - opportunities offered by the 2014-2020 framework Key novelties and Commission guidance Bratislava, 2 October 2015 2014-2020 framework Ø Performance oriented legal framework to promote

More information

Supporting Innovation in Portugal. Lisbon, 27 February 2015

Supporting Innovation in Portugal. Lisbon, 27 February 2015 Supporting Innovation in Portugal Lisbon, 27 February 2015 Welcome addresses: Birthe Bruhn-Léon Director for Lending in Iberia, EIB José Carlos Caldeira President, National Agency of Innovation (ANI) João

More information

-> Difficulties with access to finance -> the inherent complexity the innovation process -> and administrative / regulatory burdens.

-> Difficulties with access to finance -> the inherent complexity the innovation process -> and administrative / regulatory burdens. 1 Entrepreneurship is about two things. It means, of course, fostering the creation of new start-ups. But entrepreneurship refers also to a mindset, that should be stimulated at each stage of a company

More information

COMMISSION STAFF WORKING DOCUMENT. Ex-ante assessment of the EU SME Initiative

COMMISSION STAFF WORKING DOCUMENT. Ex-ante assessment of the EU SME Initiative EUROPEAN COMMISSION Brussels, 5.12.2013 SWD(2013) 517 final PART 1/2 COMMISSION STAFF WORKING DOCUMENT Ex-ante assessment of the EU SME Initiative EN EN Ex-ante assessment of the EU SME Initiative EXECUTIVE

More information

COSME 2014-2020. Vilmos Budavari European Commission DG Enterprise and Industry, Unit D.3 Financing SMEs

COSME 2014-2020. Vilmos Budavari European Commission DG Enterprise and Industry, Unit D.3 Financing SMEs COSME 2014-2020 SEMINARIO FINANCIACIÓN INTELIGENTE PARA PYMES: INSTRUMENTOS NACIONALES Y FONDOS EUROPEOS EN EL NUEVO MARCO 2014-2020 Gran Canaria, 24 de Marzo 2014 Vilmos Budavari European Commission DG

More information

Investment and Investment Finance in Croatia, how can the EIB contribute? Dario Scannapieco and Debora Revoltella European Investment Bank

Investment and Investment Finance in Croatia, how can the EIB contribute? Dario Scannapieco and Debora Revoltella European Investment Bank Investment and Investment Finance in Croatia, how can the EIB contribute? Dario Scannapieco and Debora Revoltella European Investment Bank 24 March 2014 Outline EU and Croatia key challenges The Investment

More information

"Recent facts on finance for innovation and how EU-financial instruments help innovative SMEs".

Recent facts on finance for innovation and how EU-financial instruments help innovative SMEs. "Recent facts on finance for innovation and how EU-financial instruments help innovative SMEs". Jean-Noël Durvy, Director for Innovation Policy Geneva, 29 September 2009, Promoting Innovation-based Entrepreneurial

More information

Supporting Innovation in Slovenia. Ljubljana, 12 June 2015

Supporting Innovation in Slovenia. Ljubljana, 12 June 2015 Supporting Innovation in Slovenia Ljubljana, 12 June 2015 Welcome addresses: Sabina Koleša Director General, Ministry of Economic Development and Technology Sibil Svilan President and Member of the Management

More information

Advisory Services MANUFACTURE 2015, Luxembourg

Advisory Services MANUFACTURE 2015, Luxembourg Leveraging R&D investments through smart funding approaches Innovative Financial Shiva Dustdar Instruments and Head of Innovation Finance Advisory Advisory Services MANUFACTURE 2015, Luxembourg Shiva Dustdar

More information

Increasing lending to the economy: implementing the EIB capital increase and joint Commission-EIB initiatives

Increasing lending to the economy: implementing the EIB capital increase and joint Commission-EIB initiatives Increasing lending to the economy: implementing the EIB capital increase and joint Commission-EIB initiatives Joint Commission-EIB report to the European Council, 27-28 June 2013 Increasing lending to

More information

European Investment Fund

European Investment Fund EPMF: European actions to promote social entrepreneurship European Investment Fund Palma de Mallorca 22 April 2013 This presentation was prepared by EIF. The information included in this presentation is

More information

Assessment of access-to-finance conditions for projects supporting Circular Economy

Assessment of access-to-finance conditions for projects supporting Circular Economy Assessment of access-to-finance conditions for projects supporting Circular Economy Executive Summary Prepared for: DG Research and Innovation European Commission By: InnovFin Advisory European Investment

More information

The Role of the European Investment Bank: Funded Case Studies

The Role of the European Investment Bank: Funded Case Studies The Role of the European Investment Bank: Funded Case Studies Harald Gruber European Investment Bank Contribution to Workshop Building the European Digital Infrastructure Brussels, 20 June 2012 EIB Broadband

More information

PROGRAMME FOR COMPETITIVENESS OF ENTERPRISES AND SMALL AND MEDIUM SIZED ENTERPRISES Loan Guarantee Facility

PROGRAMME FOR COMPETITIVENESS OF ENTERPRISES AND SMALL AND MEDIUM SIZED ENTERPRISES Loan Guarantee Facility PROGRAMME FOR COMPETITIVENESS OF ENTERPRISES AND SMALL AND MEDIUM SIZED ENTERPRISES Loan Guarantee Facility Single EU Debt Financial instrument for Union enterprises growth and research and innovation

More information

Horizon 2020. Work Programme 2016-2017. 6. Access to Risk Finance

Horizon 2020. Work Programme 2016-2017. 6. 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 are

More information

Supporting Innovation in Israel. Tel Aviv, 7 th June 2016

Supporting Innovation in Israel. Tel Aviv, 7 th June 2016 Supporting Innovation in Israel Tel Aviv, 7 th June 2016 1 1 Welcome addresses: Dario Scannapieco Vice-President, European Investment Bank (EIB) 2 Welcome addresses: Dan Catarivas Director, Foreign Trade

More information

EIB GROUP 2015 RESULTS PRESS CONFERENCE 14 JANUARY 2016

EIB GROUP 2015 RESULTS PRESS CONFERENCE 14 JANUARY 2016 EIB GROUP 2015 RESULTS PRESS CONFERENCE 14 JANUARY 2016 WE DELIVER IMPACT WHERE IT S NEEDED JOBS HEALTH EDUCATION WATER 4.1m jobs in small businesses 9.8m people with access to improved health services

More information

- Enhancing a successful pilot initiative. InnovFin SME Guarantee Oslo, 11 December 2014

- Enhancing a successful pilot initiative. InnovFin SME Guarantee Oslo, 11 December 2014 - Enhancing a successful pilot initiative InnovFin SME Guarantee Oslo, 11 December 2014 EIF at a Glance EU specialised institution for SMEs risk financing Debt - Structuring and Guaranteeing portfolios

More information

Financial Statements and Ratios: Notes

Financial Statements and Ratios: Notes Financial Statements and Ratios: Notes 1. Uses of the income statement for evaluation Investors use the income statement to help judge their return on investment and creditors (lenders) use it to help

More information

Promoting Economic and Social Cohesion in Europe

Promoting Economic and Social Cohesion in Europe Promoting Economic and Social Cohesion in Europe The EIB helps to deliver growth, jobs and cohesion in Europe by supporting the implementation of EU regional policy. Through a mixture of loans and advisory

More information

Note of the Commission services on Financial Engineering in the 2007-2013 programming period DOC COCOF/07/0018/01-EN FINAL

Note of the Commission services on Financial Engineering in the 2007-2013 programming period DOC COCOF/07/0018/01-EN FINAL 1 Note of the Commission services on Financial Engineering in the 2007-2013 programming period DOC COCOF/07/0018/01-EN FINAL 16 July 2007 Final version Note of the Commission services on Financial Engineering

More information

Factsheet: Rules under Horizon 2020

Factsheet: Rules under Horizon 2020 23 October 2013 Factsheet: Rules under Horizon 2020 The Horizon 2020 Framework Programme represents a radically new and comprehensive approach to the EU's research and innovation funding policies. The

More information

MEMORANDUM OF UNDERSTANDING THE EUROPEAN COMMISSION, THE EUROPEAN INVESTMENT BANK together with the EUROPEAN INVESTMENT FUND,

MEMORANDUM OF UNDERSTANDING THE EUROPEAN COMMISSION, THE EUROPEAN INVESTMENT BANK together with the EUROPEAN INVESTMENT FUND, MEMORANDUM OF UNDERSTANDING between THE EUROPEAN COMMISSION, THE EUROPEAN INVESTMENT BANK together with the EUROPEAN INVESTMENT FUND, and THE EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT in respect

More information

I benefici socio-economici della banda ultra-larga e il Piano Juncker

I benefici socio-economici della banda ultra-larga e il Piano Juncker I benefici socio-economici della banda ultra-larga e il Piano Juncker Bari, 18 settembre 2015 Filippo Munisteri Economic Analyst DG CONNECT Filippo.munisteri@ec.europa.eu Una politica europea di banda

More information

Improving access to finance for small and medium-sized enterprises

Improving access to finance for small and medium-sized enterprises Report by the Comptroller and Auditor General Department for Business, Innovation & Skills and HM Treasury Improving access to finance for small and medium-sized enterprises HC 734 SesSIon 2013-14 1 November

More information

Rules of Procedure for the EFSI Investment Committee

Rules of Procedure for the EFSI Investment Committee Rules of Procedure for the EFSI Investment Committee RULES OF PROCEDURE FOR THE EFSI INVESTMENT COMMITTEE Updated September 2016 THE INVESTMENT COMMITTEE FOR EFSI, Having regard to the EFSI Agreement,

More information

Horizon 2020 : A quick overview on SMEs support & Financial Instruments

Horizon 2020 : A quick overview on SMEs support & Financial Instruments Horizon 2020 : A quick overview on SMEs support & Financial Instruments "Investing in Excellence" Networking Event for IMI SMEs Brussels, Hôtel Le Méridien, 18 th February 2014 Jean-David MALO DG Research

More information

Supporting Innovation in Scotland. Glasgow, 22 nd February 2016

Supporting Innovation in Scotland. Glasgow, 22 nd February 2016 Supporting Innovation in Scotland Glasgow, 22 nd February 2016 1 Welcome addresses: Professor Sir James McDonald Principal, University of Strathclyde 2 Welcome addresses: Jonathan Taylor Vice-President,

More information

ENGLAND EUROPEAN REGIONAL DEVELOPMENT FUND OPERATIONAL PROGRAMME GUIDANCE ON REVENUE GENERATING PROJECTS

ENGLAND EUROPEAN REGIONAL DEVELOPMENT FUND OPERATIONAL PROGRAMME GUIDANCE ON REVENUE GENERATING PROJECTS ENGLAND EUROPEAN REGIONAL DEVELOPMENT FUND OPERATIONAL PROGRAMME 2014-20 GUIDANCE ON REVENUE GENERATING PROJECTS September 2015 Guidance on Revenue Generating Projects Contents Background Purpose of the

More information

FRAMEWORK PARTNERSHIP AGREEMENT ON THE EUROPEAN INVESTMENT ADVISORY HUB. between the EUROPEAN UNION. and the EUROPEAN INVESTMENT BANK

FRAMEWORK PARTNERSHIP AGREEMENT ON THE EUROPEAN INVESTMENT ADVISORY HUB. between the EUROPEAN UNION. and the EUROPEAN INVESTMENT BANK I European investment Bank ^ ^, I i FRAMEWORK PARTNERSHIP AGREEMENT ON THE EUROPEAN INVESTMENT ADVISORY HUB between the EUROPEAN UNION and the EUROPEAN INVESTMENT BANK Brussels, 22 July 2015 This Agreement

More information

Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL

Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL EUROPEAN COMMISSION Strasbourg, 13.1.2015 COM(2015) 10 final 2015/0009 (COD) Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on the European Fund for Strategic Investments and amending

More information

EIB S Loans for SMEs and/or MidCaps

EIB S Loans for SMEs and/or MidCaps EIB S Loans for SMEs and/or MidCaps MULTIPLE BENEFICIARY INTERMEDIATED LOANS (MBIL) Warsaw, 6 November 2014 06/11/2014 1 Main EIB Financing Facilities Direct Loans Large-scale investments (min. EUR 25m,

More information

Inaugural conference #Invest4Future "THE JUNCKER PLAN" Keynote Speech

Inaugural conference #Invest4Future THE JUNCKER PLAN Keynote Speech Inaugural conference #Invest4Future "THE JUNCKER PLAN" BRUSSELS EUROPEAN PARLIAMENT MONDAY 13 APRIL 2015 Keynote Speech by Franco Bassanini President of Cassa depositi e prestiti (CDP) President Astrid

More information

The European Fund for Strategic Investments (EFSI)

The European Fund for Strategic Investments (EFSI) The European Fund for Strategic Investments (EFSI) Europaforum Norra Sverige Monica Peña Sastre, Policy Adviser 09.10.2015 European Investment Bank Group 1 EIB: The EU Bank Natural financing partner for

More information

Horizon 2020: Finanzierungsinstrumente für Investitionen in Forschung, Entwicklung und Innovation

Horizon 2020: Finanzierungsinstrumente für Investitionen in Forschung, Entwicklung und Innovation EU Access to Finance Day Berlin, 18 June 2014 Horizon 2020: Finanzierungsinstrumente für Investitionen in Forschung, Entwicklung und Martin KOCH, Policy Officer DG Research and, Unit B3 "SMEs, Financial

More information

2. Eligible Financial Intermediaries This Open Call for Expression of Interest is addressed and restricted to:

2. Eligible Financial Intermediaries This Open Call for Expression of Interest is addressed and restricted to: THE GUARANTEE AND COUNTER-GUARANTEE FACILITY UNDER HORIZON 2020 FRAMEWORK PROGRAMME WITH RESPECT TO RESEARCH & INNOVATION DRIVEN SMES AND SMALL MID-CAPS OPEN CALL FOR EXPRESSION OF INTEREST TO SELECT FINANCIAL

More information

December 2008 EIF CORPORATE OPERATIONAL PLAN 2009-2011

December 2008 EIF CORPORATE OPERATIONAL PLAN 2009-2011 December 2008 EIF CORPORATE OPERATIONAL PLAN 2009-2011 Table of Contents 1 Introduction... 2 2 Positioning and Vision for EIF... 3 3 The Transformational Role of EIF... 3 4 Business Development, Strategic

More information

It is always EaSIer said than done Per-Erik Eriksson, Head of Microfinance Investments

It is always EaSIer said than done Per-Erik Eriksson, Head of Microfinance Investments It is always EaSIer said than done Per-Erik Eriksson, Head of Microfinance Investments Technical workshop on the new EaSI guarantee Brussels on 21 April 2015 Old EPMF G:tee Basic product features Cover

More information

Financial Instruments supported by the European Structural and Investment (ESI) Funds in 2014-2020. MADRID, 7 November 2013

Financial Instruments supported by the European Structural and Investment (ESI) Funds in 2014-2020. MADRID, 7 November 2013 Financial Instruments supported by the European Structural and Investment (ESI) Funds in 2014-2020 MADRID, 7 November 2013 Financial instruments and IFI Relations Directorate-General for and Urban 1 Contents

More information

Table of Contents. List of Acronyms...ii Executive Summary...iii Table of recommendations...v 1. Introduction...1

Table of Contents. List of Acronyms...ii Executive Summary...iii Table of recommendations...v 1. Introduction...1 Table of Contents List of Acronyms...ii Executive Summary...iii Table of recommendations...v 1. Introduction...1 1.1. Purpose... 1 1.2. Scope... 1 1.3. The mandates... 1 1.4. The European venture capital

More information

New Financial Instruments for Sustainable Investment

New Financial Instruments for Sustainable Investment New Financial Instruments for Sustainable Investment Gianni CARBONARO Bilateral Advisory - Decentralised Financial Instruments, Advisory Services Department European Investment Bank CELSIUS Smart Cities

More information

Leveraging EU Funds with the Market Financing Instruments for Energy Efficiency at EU / National Level

Leveraging EU Funds with the Market Financing Instruments for Energy Efficiency at EU / National Level Leveraging EU Funds with the Market Financing Instruments for Energy Efficiency at EU / National Level Johannes Feist, KfW European Parliament, Brussels, 4 October 2011 Leveraging EU Funds with the Market

More information

CP FOR DRAFT RTS ON RWS/LGDS ARTICLES 124 AND 164 CRR EBA/CP/2015/12. 6 July 2015. Consultation Paper

CP FOR DRAFT RTS ON RWS/LGDS ARTICLES 124 AND 164 CRR EBA/CP/2015/12. 6 July 2015. Consultation Paper EBA/CP/2015/12 6 July 2015 Consultation Paper Draft Regulatory Technical Standards on the conditions that competent authorities shall take into account when determining higher risk-weights, in particular

More information

ERASMUS+ MASTER LOAN GUARANTEE FACILITY

ERASMUS+ MASTER LOAN GUARANTEE FACILITY ERASMUS+ MASTER LOAN GUARANTEE FACILITY OPEN CALL FOR EXPRESSION OF INTEREST TO SELECT FINANCIAL INTERMEDIARIES UNDER THE ERASMUS+ MASTER LOAN GUARANTEE FACILITY (Published on 13 February 2015) The objective

More information

Financing Urban Sustainable Development

Financing Urban Sustainable Development Financing Urban Sustainable Development Policies and Instruments for Financing Urban Sustainability: an Italian perspective Andrea Martinez Deputy Managing Director - Sinloc SpA andrea.martinez@sinloc.com

More information

INNOVFIN SME GUARANTEE FACILITY

INNOVFIN 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 on10 December

More information

LP Information 52/14. Cost recommendation 2013

LP Information 52/14. Cost recommendation 2013 LP Information 52/14 Cost recommendation 2013 20.11.2013 Summary: We hereby send you an updated version of the cost recommendation of the. The recommendation was adopted by Board of Directors of the on

More information

European Investment Bank Group. Operational Plan 2015-2017

European Investment Bank Group. Operational Plan 2015-2017 European Investment Bank Group Operational Plan 2015-2017 T H E E I B G R O U P O P E R A T I O N A L P L A N 2015-2 0 1 7 Important notices: The Operational Plan 2015-2017 was discussed and approved

More information

"Restarting the SME credit market in Europe: what role for securitisation and the capital markets?

Restarting the SME credit market in Europe: what role for securitisation and the capital markets? "Restarting the SME credit market in Europe: what role for securitisation and the capital markets? 9 April 2013 Welcome Speech Othmar Karas, MEP Roundtable Moderated by Othmar Karas and Corien Wortmann-Kool,

More information

ENDING THE GREEK CRISIS Debt Management and Investment- led Growth

ENDING THE GREEK CRISIS Debt Management and Investment- led Growth NON- PAPER ENDING THE GREEK CRISIS Debt Management and Investment- led Growth SUMMARY The Greek government has recently presented the institutions with its comprehensive reform proposals for completing

More information

The Future Economy organized by the

The Future Economy organized by the The Future Economy organized by the New Club of Paris and Austria Wirtschafts Service/aws 29th February, 2012 Dr. Emanuel Maravic Director European Investment Bank Ms. Marika Levena Analyst European Investment

More information

Recommendation for a COUNCIL DECISION. abrogating Decision 2009/589/EC on the existence of an excessive deficit in Poland

Recommendation for a COUNCIL DECISION. abrogating Decision 2009/589/EC on the existence of an excessive deficit in Poland EUROPEAN COMMISSION Brussels, 13.5.2015 COM(2015) 243 final Recommendation for a COUNCIL DECISION abrogating Decision 2009/589/EC on the existence of an excessive deficit in Poland EN EN Recommendation

More information

RULES AND REGULATIONS FOR FINANCING PROJECTS AND COMMERCIAL ACTIVITIES

RULES AND REGULATIONS FOR FINANCING PROJECTS AND COMMERCIAL ACTIVITIES Page 1 of 8 Section 1. Purpose These Rules and Regulations are adopted by the Board of Governors pursuant to Article 13.3. of the Agreement Establishing the Black Sea Trade and Development Bank (Establishing

More information

Annual Press Conference

Annual Press Conference Annual Press Conference Exceptional response for exceptional times Werner Hoyer EIB Group President - 28 February 2013-28/02/2013 European Investment Bank Group 1 Capital increase Exceptional response

More information

European Association of Public Banks

European Association of Public Banks Brussels, 29 April 2005 EAPB Position on the CEBS Consultation Paper on the New Solvency Ratio: Towards a Common Reporting Framework (CP04) The European Association of Public Banks (EAPB) represents the

More information

Frequently Asked Questions

Frequently Asked Questions SME Instrument Frequently Asked Questions Contents FOR APPLICANTS A. Eligibility and type of SMEs targeted... 2 B. Preparing your application and submitting your proposal... 4 C. Evaluation of your proposal...

More information

Annex 2: Rules and Procedures for the Swiss-Polish Cooperation Programme

Annex 2: Rules and Procedures for the Swiss-Polish Cooperation Programme Annex 2: Rules and Procedures for the Swiss-Polish Cooperation Programme Annex 2 is an integral part of the Framework Agreement between the Swiss Federal Council and the Government of the Republic of Poland

More information

Sincrotrone Trieste S.C.p.A. Paola Bembich Accounting Department

Sincrotrone Trieste S.C.p.A. Paola Bembich Accounting Department Sincrotrone Trieste S.C.p.A. Paola Bembich Accounting Department FIRST EIB LOAN Signed 24/11/04 60 M Interest rate 3,77 Fixed (15M 15/06/05 and 25M 15/06/06) Interest rate 4,46 Fixed (last tranche 20M

More information

Financing Energy Infrastructure Energy Efficiency Financing Case Studies from the EU. Fiona Tutty MSc BSc Director

Financing Energy Infrastructure Energy Efficiency Financing Case Studies from the EU. Fiona Tutty MSc BSc Director Financing Energy Infrastructure Energy Efficiency Financing Case Studies from the EU Fiona Tutty MSc BSc Director Agenda Context Summary of Financial Instruments 4 Case studies on Financed Energy Efficiency

More information

Linha BPI/FEI Inovação II

Linha BPI/FEI Inovação II SUPPORTING SMES VIA LOCAL BANKS BPI s experience with InnovFIn SME Guarantee Facility Linha BPI/FEI Inovação II EIB Innovation Finance Conference Lisbon, 27 th February 2015 Contents Application and Approval

More information

Introduction. What is AIF Securitisation? Analysts. Press. www.scoperatings.com

Introduction. What is AIF Securitisation? Analysts. Press. www.scoperatings.com October, 2014 Securitisation of Alternative Investment Funds s www.scoperatings.com Introduction Alternative Investment Fund ("AIF") 1 managers are looking to respond to investors search for yield in a

More information

JASPERS Networking Platform. Training on general State Aid issues in infrastructure projects CASE STUDY

JASPERS Networking Platform. Training on general State Aid issues in infrastructure projects CASE STUDY JASPERS Networking Platform Training on general State Aid issues in infrastructure projects CASE STUDY The national authorities of an EU Member State are designing four investment programmes which will

More information

BVI s position on the Consultative Document of the Basel Committee on Banking Supervision: Capital requirements for banks equity investments in funds

BVI s position on the Consultative Document of the Basel Committee on Banking Supervision: Capital requirements for banks equity investments in funds Frankfurt am Main, 4 October 2014 BVI s position on the Consultative Document of the Basel Committee on Banking Supervision: Capital requirements for banks equity investments in funds BVI 1 gladly takes

More information

ACCESS TO FINANCE. of SMEs in the euro area, European Commission and European Central Bank (ECB), November 2013.

ACCESS TO FINANCE. of SMEs in the euro area, European Commission and European Central Bank (ECB), November 2013. ACCESS TO FINANCE Improving access to finance is essential to restoring growth and enhancing competitiveness. Investment and innovation are not possible without adequate financing. Difficulties in accessing

More information

Richard Pelly is Chief Executive and Helmut Krämer-Eis is Head of Research & Market Analysis of the European Investment Fund. This article is based

Richard Pelly is Chief Executive and Helmut Krämer-Eis is Head of Research & Market Analysis of the European Investment Fund. This article is based * * Richard Pelly is Chief Executive and Helmut Krämer-Eis is Head of Research & Market Analysis of the European Investment Fund. This article is based on a keynote speech delivered by Richard Pelly at

More information

For further information UBI Banca Investor Relations Tel.+ 39 0353922217 Email: investor.relations@ubibanca.it UBI Banca Press relations Tel.

For further information UBI Banca Investor Relations Tel.+ 39 0353922217 Email: investor.relations@ubibanca.it UBI Banca Press relations Tel. - - - For further information UBI Banca Investor Relations Tel.+ 39 0353922217 Email: investor.relations@ubibanca.it UBI Banca Press relations Tel.+ 39 0302433591 +39 3358268310 Email: relesterne@ubibanca.it

More information

Ex-ante contributions to the Single Resolution Fund - reporting form for the 2016 contribution period Read me

Ex-ante contributions to the Single Resolution Fund - reporting form for the 2016 contribution period Read me Read me A. Objective and structure of the reporting form The objective of the reporting form is to collect the information necessary for the calculation of the individual ex ante contribution to the Single

More information

Financial Instruments provided by the European Investment Bank (including Risk Sharing Finance Facility)

Financial Instruments provided by the European Investment Bank (including Risk Sharing Finance Facility) Financial Instruments provided by the European Investment Bank (including Risk Sharing Finance Facility) M. D hooge Financial instruments for Innovations, Research and Development 30 November 2009, Prague

More information

Brussels, 29.10.2014 C(2014) 8044 final ANNEX 1 ANNEX

Brussels, 29.10.2014 C(2014) 8044 final ANNEX 1 ANNEX EUROPEAN COMMISSION Brussels, 29.10.2014 C(2014) 8044 final ANNEX 1 ANNEX to the Commission Implementing Decision concerning the adoption of the work programme for 2015 and the financing for the implementation

More information

COMMUNICATION FROM THE COMMISSION. Guidelines on State aid to promote risk finance investments {SWD(2014) 6} {SWD(2014) 7}

COMMUNICATION FROM THE COMMISSION. Guidelines on State aid to promote risk finance investments {SWD(2014) 6} {SWD(2014) 7} EUROPEAN COMMISSION Brussels, XXX C(2014) 34 /2 COMMUNICATION FROM THE COMMISSION Guidelines on State aid to promote risk finance investments {SWD(2014) 6} {SWD(2014) 7} EN EN COMMUNICATION FROM THE COMMISSION

More information

Annex 4 PROPOSED AMENDMENTS TO BANKING (DISCLOSURE) RULES ( BDR )

Annex 4 PROPOSED AMENDMENTS TO BANKING (DISCLOSURE) RULES ( BDR ) Annex 4 PROPOSED AMENDMENTS TO BANKING (DISCLOSURE) RULES ( BDR ) New disclosure requirements Amendments in the Basel II enhancements Guiding Principles of Pillar 3 (paragraph 809) The purpose of Pillar

More information

IFRS IN PRACTICE. Accounting for convertible notes

IFRS IN PRACTICE. Accounting for convertible notes IFRS IN PRACTICE Accounting for convertible notes 2 IFRS IN PRACTICE - ACCOUNTING FOR CONVERTIBLE NOTES TABLE OF CONTENTS Introduction 3 The basic requirements of IFRSs 4 Example 1 Convertible note in

More information