The EU budget and SMEs

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "The EU budget and SMEs"

Transcription

1 Briefing The EU budget and SMEs Background information for the BUDG Committee Public Hearing on "The EU budget and SMEs" on 15 July 2015 in the European Parliament in Brussels Introduction Small and medium-sized enterprises (SMEs) play a central role in the EU economy, especially in southern euro-area countries. They provide more than two-thirds of private sector jobs, accounting for more than 98 % of all enterprises and almost 60 % of added value. However, SMEs frequently have difficulties in obtaining capital or credit, particularly in the early start-up phase. Most SMEs perceive access to finance as the most pressing problem together with difficulties in attracting customers. The prolonged economic crisis has amplified this challenge, preventing SMEs from getting the sufficient finance they need to operate. For their external funding SMEs depend almost exclusively on banks, because of the relative high transaction costs owing to the lack of scale and disclosure practices, which makes SMEs relatively unattractive counterparts for other financiers. Reduced bank lending volumes to SMEs are partly due to the low demand for credit. But, they are also the result of banks restricting the supply of credit as they deleverage, build capital and repair balance sheets. Moreover, as banks become more risk-averse, they ask for higher risk margins and offer more demanding conditions. Given the importance of bank financing for SMEs, the EU has been especially helpful in supporting private-sector lending to SMEs. EU financing programmes are generally not provided as direct funding. Aid is channelled through local, regional, or national authorities, or through financial intermediaries such as banks and venture capital organisations that provide funding through financial instruments. The financial instruments in current EU programmes include Horizon 2020, the European Structural and Investment Funds (ESIF), and the programme for the Competitiveness of Enterprises and Small and Medium-sized Enterprises (COSME). The complete list of budget lines providing financial support for SMEs can be found in the annex. The European Parliament has committed several studies and other analyses on the subject of the EU budget supporting the SMEs, which are listed below. Policy Department D - Budgetary Affairs Authors: Rita CALATOZZOLO and Jenna Karoliina KIVIMAKI European Parliament PE EN

2 Policy Department D: Budgetary Affairs The Competitiveness and Innovation Framework Programme (CIP) Peer Review. March 2013 (Policy Department on Budgetary Affairs) JOIN_ET(2013)490672_EN.pdf The study on The Competitiveness and Innovation Framework Programme (CIP) ( ) summarises the results, and highlights the conclusions and recommendations of the programme. According to statistics, the main type of beneficiaries targeted with financial instruments comprises SMEs with fewer than 10 employees and less than annual turnover. The sector most frequently reached is the manufacturing sector. SME beneficiaries are mainly males. The study recommendations point out that the support to SMEs should be better structured according to SME size distribution, industrial sector, level of innovation and in-house research capacities, age, geographical position and lifecycle stage in line with measurable, defined overall objectives. The study concludes several problems on EU support for SMEs. First, support instruments concentrate on high-growth companies and do not acknowledge other forms of innovation; second, the heterogeneity of SMEs is not sufficiently in focus when support actions are prepared; and third, entrepreneurs with ideas are reluctant to use repayable loans rather than direct funding. Funding schemes and financial instruments would have much more impact by taking into account differences in the lifecycle as well as the degree of use of innovation and the associated needs and challenges. Also, it is not clear-cut if the reason for the financing obstacles faced by SMEs primarily stem from their poor economic performance or from major limitations to credit supply. Weak profitability and financing obstacles could reinforce each other: inadequate access to finance reduces profitability, thereby increasing non-performing loans and contributing to deterioration of banks balance sheets, which in turn reduces the banks ability to supply credit. When evaluating the CIP, it was noted that there should be improved coordination between the DGs involved in implementation of the CIP and the European Commission DG for Regional Policy. There are funds available through Cohesion Policy Funds for supporting innovation activities. These resources are managed by the DG for Regional Policy, national and regional authorities. For example, Cohesion Policy Funds could provide the resources for regions to build up research and innovation capacity, enabling them to take part in the CIP; while the CIP initiatives could help regions implement more effective regional innovation policies. Also, lessons emerging from the CIP activities are likely to be relevant to the improved utilisation of the Cohesion Policy resources and vice versa. The countries benefiting most from the Cohesion Policy Funds may choose to participate less in CIP activities and hence the potential for lessons from the CIP activities to reach those at the national and regional levels in these countries may be low. At the same time there is a danger of overlaps and/or learning in parallel that could be associated with inefficiencies. Last, the monitoring indicators should be developed to allow better ex-post evaluation of programme effectiveness. The indicators being introduced should also provide the basis for monitoring and evaluating the programme as a whole. Page 2 of 7

3 The EU budget and SMEs Success stories in the field of competitiveness, education, R&D, innovation and SMEs, and social policy agenda. April 2014 (Policy Department on Budgetary Affairs) %20Policy/SS_Competitiveness_09_04_2014.pdf The note summarizes the results achieved from EU budget resources devoted to policies in the field of Competitiveness, Education, R&D, Innovation and SMEs as well as the Social Policy agenda. It represents the achievements reached by The Competitiveness and Innovation Programme (CIP) in the field of supporting SMEs during period Some of the achievements the CIP programme had: Over EUR 14 billion of loans mobilised and EUR 2.3 billion of venture capital for SMEs across Europe. More than SMEs have been helped to access loans; the estimated number of jobs created is more than Contact with more than 2 million SMEs per year; for partnership services the impact on turnover was on average EUR ; the total impact on sales growth is estimated at EUR 625 million; between jobs have been created by firms under partnership agreement. Support for market application of more than 200 eco innovation projects; 1 euro of public investment is estimated to lead to a gross revenue leverage factor of x 20,2 years after project end; the average net employment is around 8 persons per project (full-time); 1 euro of public investment has generated 10 euros in environmental benefits; the monetised benefit (damage and avoidance costs) for projects worth 86,6 million in EU funding is estimated at EUR 833 million (after two years). The average time for start-up of a private limited company was reduced from 12 to 5,4 days between 2007 and 2012 and the costs were reduced from EUR 485 to EUR 372 over the same period, partly due to best practice exchanges and benchmarking projects. State Aid to Banks and Credit for SMEs: Is There a Need for Conditionality? February 2015 (Policy Department on Economic and Scientific Policies) pdf The study assesses whether the system of banks receiving State aid to provide additional access to finance small and medium-sized enterprises is legally justified and economically beneficial. The relevant cases have been examined and the link to SME lending has been analysed in a qualitative and a quantitative way. The State aid granted to European banks during the crises can be divided across four broad types: recapitalisation, asset relief measures, guarantees and other liquidity measures. The granting of guarantees for lending to SMEs is the most immediate form of support to foster bank lending to SMEs. In contrast to the recapitalisation, asset relief and the liability measures, the guarantees on SME loans are mostly granted to the SMEs themselves rather than to the bank. Page 3 of 7

4 Policy Department D: Budgetary Affairs Overall, the findings of the study suggest that conditionality to State aid linked to SME lending does not necessarily result in more lending activity, at least not during the first years after the aid. Therefore, continued close monitoring of their activities is needed. Finance Access of SMEs, Monetary Dialogue. July 2013 (Policy Department on Economic and Scientific Policies) ECON_NT(2013)507469_EN.pdf The current fragmentation in financial markets is largely the result of severe market failures in the allocation of key inputs, including finance. High unemployment and externalities would argue in favour of public intervention for a greater and easier access to finance for SMEs. However, past experiences have shown that without repairing bank balance sheets and resuming economic growth, targeted initiatives to help SME financing - particularly in distress EU countries - will have limited success. Ultimately, it is the improvement in financial markets and the return of trust that will make the difference. In the monetary dialogue, the topic of finance access of SMEs is approached from different point of views from different authors. First, it was noted in the study that previous European initiatives were able to support only a tiny fraction of Europe s SMEs, and merely stepping-up these programmes is unlikely to result in a breakthrough. Banking system soundness is seen as the key to more SME financing. Of the possible initiatives for fostering SME access to finance, a properly designed scheme for targeted central bank lending seems to be the best complement to the banking clean-up, but other options, such as increased European Investment Bank lending and the promotion of securitisation of SME loans, should also be explored. There are arguments in favour of stepping-up all three main options: lending by development banks, public support for securitisation, and central bank liquidity provision. However, more lending by development banks has limitations. Public support for securitisation could either leave most of the risk with the banks, or might transfer substantial risk to public accounts, which could be undesirable and could limit the scope for such support. And securitisation does not address the problem of high bank funding costs in southern Europe, and there are questions over the risk/return/liquidity characteristics of such securities. Cheap long-term liquidity provision by central banks, especially if it is fully conditional on expanding lending to SMEs, can be an effective tool to alleviate problem of high bank funding costs. Only central banks can provide such funding on a massive scale. Since central bank funding is provided against collateral, the increase in the risk exposure of the central bank would be limited. However, the main conclusion is that without repairing bank balance sheets and resuming economic growth, targeted initiatives to help SMEs gain access to finance will have limited success. Next in the study, the SME finance problems are viewed from the point of view of the ECB. The ECB can take some actions to address the weak supply of credit for SMEs such as reducing the haircuts on credit claims and purchasing securities backed by loans to SMEs. However, overall, it is unlikely that ECB-related policy initiatives will have much impact on the supply of credit to small firms. Tailored policy measures to address the SME sector s credit needs are unlikely to have a major impact. He points out that Europe needs to sort out the deep structural problems with its banking sector. While the various policy initiatives, such as the single supervisor, the upcoming asset quality review and stress tests followed by recapitalisations and bail-ins are welcome, the process is occurring at a very slow pace and is likely to be years away from the European banking sector Page 4 of 7

5 The EU budget and SMEs playing its vital role in funding the economy. All in all, every attempt should be made to complete the process of banking union and bank restructuring as soon as possible. SMEs are more handicapped in accessing bank finance than large companies, but they have alternative ways of finding finance notably by delaying payments of bills. It is argued that the financial difficulties of small businesses are caused by the austerity policies pursued in most Member States, which destroy financial wealth. SMEs are handicapped by their corporate structure to get a fair share in a shrinking pie of available finance. It is suggested that SME finance should be seen in the larger context of macroeconomic lending conditions. A flow of fund framework is used to analyse the impact of monetary, fiscal and structural reform policies on lending conditions in the euro area and it is shown under what conditions these policies may stimulate access to finance for the non-financial corporate sector and crowd in investment. It is then argued that the particular character of SMEs, which are collateral constrained and dependent on relational finance, requires improved transparency to overcome their handicap relative to larger corporations. A purpose-made Transparency Index reveals that at least in 14 EU Member States lack of transparency is a problem. The combined effects of a strong bank deleveraging to comply with higher capital requirements, an increased risk aversion in a context of reduced activity and a severely impaired monetary transmission mechanism have resulted in large financing disparities across euro-area frontiers. Some policy measures are presented to address the design and implementation of SME financing in the short and medium term, concluding that enhancing equity and debt financing of SMEs should be a real alternative to bank financing and a step in the right direction. Conversely, a fullfledged level plain field for the financing of euro area SMEs can only be achieved with the completion of the banking union. Finally, feasible options to improve finance access of SMEs, available to EU institutions as well as to the ECB in the context of its price stability mandate are assessed. Because of non-negligible moral hazard issues, a stronger involvement of the ECB in the (indirect) financing of SMEs through the securitisation of banks' loans or their use as collateral for monetary policy operations is assessed sceptically. The paper concludes with some proposals for extending finance access of SMEs, including through mutual guarantee institutions along the lines. Page 5 of 7

6 Policy Department D: Budgetary Affairs Annex: Budget lines providing for support to SMEs in 2015 Budget and 2016 Draft Budget BudgLine Title MFF 2015 Budget 2016 Draft Budget Difference (DB-Bud) cat Commitments Payments Commitments Payments Commitments Payments Completion of programmes in the field of small and middle-sized 1.1 p.m p.m enterprises (SMEs) (prior to 2014) Expenditure related to officials and temporary staff in the Internal market, Industry, Entrepreneurship and SMEs policy area Expenditure related to information and communication technology equipment and services of the Internal market, Industry, Entrepreneurship and SMEs policy area Executive Agency for Small and Medium-sized Enterprises Contribution from Competitiveness of enterprises and small and medium-sized enterprises (COSME) * Improving access to finance for small and middle-sized enterprises (SMEs) in the form of equity and debt Pilot project Rapid and efficient enforcement of outstanding claims by small and medium-sized 3 p.m. p.m. p.m. p.m. 0 0 enterprises (SMEs) operating across borders Pilot project Business Transfers to employees and Cooperative Model: ensuring the Sustainability of SMEs p.m Page 6 of 7

7 The EU budget and SMEs Support to organisations representing small and middlesized enterprises (SMEs) and societal stakeholders in standardisation activities Increasing innovation in small and medium-sized enterprises (SMEs) Executive Agency for Small and Medium-sized Enterprises Contribution from LIFE Executive Agency for Small and Medium-sized Enterprises Contribution from Horizon 2020 Increasing innovation in small and medium-sized enterprises (SMEs) Strengthening the financial capacity of SMEs and organisations in the European cultural and creative sectors, and fostering policy development and new business models Pilot project Training for SMEs on consumer rights in the digital age p.m (*)The programme for the Competitiveness of Enterprises and Small and Medium-sized Enterprises (COSME) is improving access to finance for SMEs through two financial instruments: 1) The Loan Guarantee Facility (LGF) Part of the COSME budget funds guarantees and counter-guarantees for financial intermediaries to help them provide more loan and lease finance to SMEs. This facility also includes the securitisation of SME debt-finance portfolios. 2) The Equity Facility for Growth (EFG) Part of the COSME budget is dedicated to investments in risk-capital funds that provide venture capital and mezzanine finance to expansion and growth-stage SMEs, in particular those operating across borders. Page 7 of 7 Disclaimer The content of this document is the sole responsibility of the author and any opinions expressed therein do not necessarily represent the official position of the European Parliament. It is addressed to the Members and staff of the EP for their parliamentary work. Reproduction and translation for non-commercial purposes are authorised, provided the source is acknowledged and the European Parliament is given prior notice and sent a copy. Contact: Manuscript completed in July 2015.

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

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

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

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

Position Paper. April 2012

Position Paper. April 2012 Position Paper April 2012 On draft Regulation of the European Parliament and of the Council establishing a Programme for the Competitiveness of Enterprises and small and medium-sized enterprises (2014-2020)

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

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

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

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

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

CONSULTATION DOCUMENT REVIEW OF THE EUROPEAN VENTURE CAPITAL FUNDS (EUVECA) AND EUROPEAN SOCIAL ENTREPRENEURSHIP FUNDS (EUSEF) REGULATIONS

CONSULTATION DOCUMENT REVIEW OF THE EUROPEAN VENTURE CAPITAL FUNDS (EUVECA) AND EUROPEAN SOCIAL ENTREPRENEURSHIP FUNDS (EUSEF) REGULATIONS EUROPEAN COMMISSION Directorate-General for Financial Stability, Financial Services and Capital Markets Union FINANCIAL MARKETS Asset management CONSULTATION DOCUMENT REVIEW OF THE EUROPEAN VENTURE CAPITAL

More information

Preparation of the Informal Ministerial Meeting of Ministers responsible for Cohesion Policy, Milan 10 October 2014

Preparation of the Informal Ministerial Meeting of Ministers responsible for Cohesion Policy, Milan 10 October 2014 Preparation of the Informal Ministerial Meeting of Ministers responsible for Cohesion Policy, Milan 10 October 2014 Cohesion Policy and economic governance: complementing each other Background paper September

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

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

Annotated Agenda of the Sherpa meeting. Main features of Contractual Arrangements and Associated Solidarity Mechanisms

Annotated Agenda of the Sherpa meeting. Main features of Contractual Arrangements and Associated Solidarity Mechanisms Annotated Agenda of the Sherpa meeting 21-11-2013 Main features of Contractual Arrangements and Associated Solidarity Mechanisms At their meeting on 26 November the Sherpas are invited to discuss: General

More information

Key initiatives to unlock bank lending to the European corporate sector

Key initiatives to unlock bank lending to the European corporate sector Key initiatives to unlock bank lending to the European corporate sector Philippe de FONTAINE VIVE Vice President European Investment Bank In the wake of the crisis, the capacity of many banks to lend to

More information

Delegations will find attached the draft Council conclusions on a Capital Markets Union, as prepared by the Economic and Financial Committee.

Delegations will find attached the draft Council conclusions on a Capital Markets Union, as prepared by the Economic and Financial Committee. Council of the European Union Brussels, 16 June 2015 (OR. en) 9852/15 EF 110 ECOFIN 473 SURE 14 UEM 223 NOTE From: To: Subject: General Secretariat of the Council Permanenet Representatives Committee (Part

More information

Recommendation for a COUNCIL RECOMMENDATION. on the 2015 National Reform Programme of Portugal

Recommendation for a COUNCIL RECOMMENDATION. on the 2015 National Reform Programme of Portugal EUROPEAN COMMISSION Brussels, 13.5.2015 COM(2015) 271 final Recommendation for a COUNCIL RECOMMENDATION on the 2015 National Reform Programme of Portugal and delivering a Council opinion on the 2015 Stability

More information

Public consultation on Building a Capital Markets Union

Public consultation on Building a Capital Markets Union Case Id: 6793f8c7-c6ef-45dd-8987-665fe5775337 Date: 13/05/2015 23:30:38 Public consultation on Building a Capital Markets Union Fields marked with * are mandatory. Introduction The purpose of the Green

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

Salvatore Zecchini Chairman OECD Working Party on SMEs and Entrepreneurship

Salvatore Zecchini Chairman OECD Working Party on SMEs and Entrepreneurship FOSTERING SMEs AND ENTREPRENEURSHIP FINANCING AFTER THE CRISIS Confindustria - OECD MiSE - Roma 7th July 2014 Salvatore Zecchini Chairman OECD Working Party on SMEs and Entrepreneurship 1 Six years after

More information

COMMISSION OF THE EUROPEAN COMMUNITIES

COMMISSION OF THE EUROPEAN COMMUNITIES COMMISSION OF THE EUROPEAN COMMUNITIES Brussels, 29.6.2006 COM(2006) 349 final COMMUNICATION FROM THE COMMISSION TO THE COUNCIL, THE EUROPEAN PARLIAMENT, THE EUROPEAN ECONOMIC AND SOCIAL COMMITTEE AND

More information

SECTOR ASSESSMENT (SUMMARY): FINANCE 1. 1. Sector Performance, Problems, and Opportunities

SECTOR ASSESSMENT (SUMMARY): FINANCE 1. 1. Sector Performance, Problems, and Opportunities Country Partnership Strategy: Bangladesh, 2011 2015 SECTOR ASSESSMENT (SUMMARY): FINANCE 1 Sector Road Map 1. Sector Performance, Problems, and Opportunities 1. The finance sector in Bangladesh is diverse,

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

discussion Paper 2014: Finance for jobs, growth and infrastructure in the EU

discussion Paper 2014: Finance for jobs, growth and infrastructure in the EU The Anglo-Italian Financial Services Dialogue discussion Paper 2014: Finance for jobs, growth and infrastructure in the EU ROME, 24 OCTOBER 2014 contents 1. Introduction 3 2. Policy Summary 4 3. Ensuring

More information

Ministerie van Toerisme, Economische Zaken, Verkeer en Telecommunicatie Ministry of Tourism, Economic Affairs, Transport and Telecommunication

Ministerie van Toerisme, Economische Zaken, Verkeer en Telecommunicatie Ministry of Tourism, Economic Affairs, Transport and Telecommunication SME Policy Framework for St. Maarten May, 2014 Department of Economic Affairs, Transportation & P. 1 of 16 TABLE OF CONTENTS 1. Introduction 2. SME Developments in St. Maarten 2.1 Definition 2.2 Government

More information

AMENDING LETTER No 1 TO THE DRAFT GENERAL BUDGET 2012. [STATEMENT OF EXPENDITURE BY SECTION Section III - Commission

AMENDING LETTER No 1 TO THE DRAFT GENERAL BUDGET 2012. [STATEMENT OF EXPENDITURE BY SECTION Section III - Commission EUROPEAN COMMISSION Brussels, 17.6.2011 COM(2011) 372 final AMENDING LETTER No 1 TO THE DRAFT GENERAL BUDGET 2012 [STATEMENT OF EXPENDITURE BY SECTION Section III - Commission AMENDING LETTER No 1 TO THE

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

Keynote Speech, EIB/IMF Meeting, 23 October, Brussels

Keynote Speech, EIB/IMF Meeting, 23 October, Brussels Keynote Speech, EIB/IMF Meeting, 23 October, Brussels Governor Carlos Costa Six years since the onset of the financial crisis in 2008, output levels in the EU are below those observed before the crisis.

More information

On Corporate Debt Restructuring *

On Corporate Debt Restructuring * On Corporate Debt Restructuring * Asian Bankers Association 1. One of the major consequences of the current financial crisis is the corporate debt problem being faced by several economies in the region.

More information

What you always wanted to know, and never dare to ask about European Funding!

What you always wanted to know, and never dare to ask about European Funding! What you always wanted to know, and never dare to ask about European Funding! WBII Women Business Initiative International Carlton Hotel, Den Haag 26 th June 2014 Severina Scarnecchia - EU Government Affairs

More information

DG ENLARGEMENT SECTOR BUDGET SUPPORT GUIDELINES

DG ENLARGEMENT SECTOR BUDGET SUPPORT GUIDELINES Ref. Ares(2014)571140-04/03/2014 DG ENLARGEMENT SECTOR BUDGET SUPPORT GUIDELINES EXECUTIVE SUMMARY January 2014 TABLE OF CONTENTS Introduction 1. RATIONALE FOR BUDGET SUPPORT 1.1 What is Budget Support?

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

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

Council Conclusions on Finance for Growth and the Long-term Financing of the European Economy. ECOFIN Council meeting Brussels, 9 December 2014

Council Conclusions on Finance for Growth and the Long-term Financing of the European Economy. ECOFIN Council meeting Brussels, 9 December 2014 Council of the European Union PRESS EN COUNCIL CONCLUSIONS Brussels, 9 December 2014 Council Conclusions on Finance for Growth and the Long-term Financing of the European Economy ECOFIN Council meeting

More information

Promoting investment. On-going initiatives and the role of Ecofin

Promoting investment. On-going initiatives and the role of Ecofin Promoting investment On-going initiatives and the role of Ecofin (Informal Ecofin Breakfast meeting, Milan, 13 September 2014) 1. Promoting investment as a driver for growth and jobs Economic performance

More information

European Union SME policies. Ulla Hudina

European Union SME policies. Ulla Hudina European Union SME policies Ulla Hudina EU Finance Day for SMEs, Athens, 20th January 2009 Supporting SMEs SMEs backbone of EU economy: important players in all value chains; 23 million SMEs (99 % of all

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

Ministry of Finance Finansinspektionen Sveriges Riksbank

Ministry of Finance Finansinspektionen Sveriges Riksbank Ministry of Finance Financial Markets Department Dnr: Fi2015/04660/FMA/B Banking Dnr: 15-13707 Financial Stability Department Dnr: 2015-00579 European Commission DG Financial Stability Financial Services

More information

General guidelines for the completion of the bank lending survey questionnaire

General guidelines for the completion of the bank lending survey questionnaire General guidelines for the completion of the bank lending survey questionnaire This document includes the general guidelines for the completion of the questionnaire and the terminology used in the survey.

More information

Understanding Financial Consolidation

Understanding Financial Consolidation Keynote Address Roger W. Ferguson, Jr. Understanding Financial Consolidation I t is my pleasure to speak with you today, and I thank Bill McDonough and the Federal Reserve Bank of New York for inviting

More information

Preliminary Financial Results of Alpha Bank Cyprus Ltd for the year 2015 Please find attached the relevant announcement.

Preliminary Financial Results of Alpha Bank Cyprus Ltd for the year 2015 Please find attached the relevant announcement. 0114/00014990/en Indicative Results Alpha Bank Ltd Preliminary Financial Results of Alpha Bank Cyprus Ltd for the year 2015 Please find attached the relevant announcement. ABCY Attachment: 1. Preliminary

More information

Final Assessment 1 of Spain's eligibility for an EFSF/ESM loan to recapitalize certain financial institutions

Final Assessment 1 of Spain's eligibility for an EFSF/ESM loan to recapitalize certain financial institutions Final Assessment 1 of Spain's eligibility for an EFSF/ESM loan to recapitalize certain financial institutions Background On 25 June 2012, the Spanish Government applied for external financial assistance

More information

International Monetary and Financial Committee

International Monetary and Financial Committee International Monetary and Financial Committee Twenty-Seventh Meeting April 20, 2013 Statement by Koen Geens, Minister of Finance, Ministere des Finances, Belgium On behalf of Armenia, Belgium, Bosnia

More information

ELEFTHO : Supporting Business Incubators & technology parks.

ELEFTHO : Supporting Business Incubators & technology parks. ELEFTHO : Supporting Business Incubators & technology parks. Region of Central Macedonia Task Page 1 of 14 Contents Description of policy... 3 Name of the policy... 3 Responsible body... 3 Implementation

More information

Access to Finance Guide: 1. Bank Finance Options

Access to Finance Guide: 1. Bank Finance Options Access to Finance Guide: 1. Bank Finance Options Overdrafts An overdraft is a flexible way for you to manage short-term borrowing requirements. Business overdrafts are traditionally easy to arrange and

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

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

THE EURO AREA BANK LENDING SURVEY 1ST QUARTER OF 2014

THE EURO AREA BANK LENDING SURVEY 1ST QUARTER OF 2014 THE EURO AREA BANK LENDING SURVEY 1ST QUARTER OF 214 APRIL 214 European Central Bank, 214 Address Kaiserstrasse 29, 6311 Frankfurt am Main, Germany Postal address Postfach 16 3 19, 666 Frankfurt am Main,

More information

ECB-PUBLIC. OPINION OF THE EUROPEAN CENTRAL BANK of 14 December 2012 on asset management companies (CON/2012/108)

ECB-PUBLIC. OPINION OF THE EUROPEAN CENTRAL BANK of 14 December 2012 on asset management companies (CON/2012/108) EN ECB-PUBLIC OPINION OF THE EUROPEAN CENTRAL BANK of 14 December 2012 on asset management companies (CON/2012/108) Introduction and legal basis On 14 November 2012, the European Central Bank (ECB) received

More information

COMMUNICATION FROM THE COMMISSION. replacing the Communication from the Commission on

COMMUNICATION FROM THE COMMISSION. replacing the Communication from the Commission on EUROPEAN COMMISSION Brussels, 28.10.2014 COM(2014) 675 final COMMUNICATION FROM THE COMMISSION replacing the Communication from the Commission on Harmonized framework for draft budgetary plans and debt

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

Loan funds Europe s alternative source of business funding

Loan funds Europe s alternative source of business funding Loan funds Europe s alternative source of business funding Niamh Geraghty Director Audit Deloitte Matthew Foley Director Audit Deloitte Aisling Costello Senior Manager Audit Deloitte The financial crisis

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

Commonwealth Caribbean Regional Conference. Investing in Youth Exploring Strategies for Sustainable Employment. Financing and Financial Mechanisms

Commonwealth Caribbean Regional Conference. Investing in Youth Exploring Strategies for Sustainable Employment. Financing and Financial Mechanisms Commonwealth Caribbean Regional Conference Investing in Youth Exploring Strategies for Sustainable Employment Financing and Financial Mechanisms Presented by Ian Chinapoo May 25 th, 2011 Outline: Background

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

Accrual accounting: a key step toward better public finances

Accrual accounting: a key step toward better public finances Accrual accounting: a key step toward better public finances BRIEFING PAPER PUBLIC SECTOR APRIL 2016 HIGHLIGHTS How can accounting help governments take the right financial decisions? Complete and reliable

More information

How to improve financial stability and resilience of systemically important financial institutions after the crisis?

How to improve financial stability and resilience of systemically important financial institutions after the crisis? How to improve financial stability and resilience of systemically important financial institutions after the crisis? EBA Policy Research Workshop How to regulate and resolve systemically important banks

More information

EXPRESSION OF INTEREST

EXPRESSION OF INTEREST To: European Investment Fund COSME Guarantee 37B, avenue J.F. Kennedy L - 2968 Luxembourg EXPRESSION OF INTEREST For the (Counter-)Guarantee for debt financing / Guarantee for securitised portfolio in

More information

9210/16 ADB/SBC/mz 1 DG B 3A - DG G 1A

9210/16 ADB/SBC/mz 1 DG B 3A - DG G 1A Council of the European Union Brussels, 13 June 2016 (OR. en) 9210/16 NOTE From: To: No. Cion doc.: General Secretariat of the Council ECOFIN 455 UEM 202 SOC 319 EMPL 216 COMPET 289 V 335 EDUC 190 RECH

More information

Cultural and creative industries: policy and COSME Programme

Cultural and creative industries: policy and COSME Programme Cultural and creative industries: policy and COSME Programme Carlo Corazza Head of Unit Tourism, Emerging and Creative Industries DG Internal Market, Industry, Entrepreneurship and SMEs Cultural and creative

More information

List of legislative acts

List of legislative acts List of legislative acts BRRd : d irective 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment

More information

OPINION OF THE EUROPEAN CENTRAL BANK

OPINION OF THE EUROPEAN CENTRAL BANK EN ECB-PUBLIC OPINION OF THE EUROPEAN CENTRAL BANK of 24 January 2012 on a guarantee scheme for the liabilities of Italian banks and on the exchange of lira banknotes (CON/2012/4) Introduction and legal

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

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

Recommendation for a COUNCIL RECOMMENDATION. on the 2015 National Reform Programme of Slovenia

Recommendation for a COUNCIL RECOMMENDATION. on the 2015 National Reform Programme of Slovenia EUROPEAN COMMISSION Brussels, 13.5.2015 COM(2015) 273 final Recommendation for a COUNCIL RECOMMENDATION on the 2015 National Reform Programme of Slovenia and delivering a Council opinion on the 2015 Stability

More information

The Impact of Bank Capital Regulation on Financing the Economy

The Impact of Bank Capital Regulation on Financing the Economy IW policy paper 27/2015 Contributions to the political debate by the Cologne Institute for Economic Research The Impact of Bank Capital Regulation on Financing the Economy Comments on the Public Consultation

More information

COSME: il nuovo programma a supporto della competitività delle PMI

COSME: il nuovo programma a supporto della competitività delle PMI COSME: il nuovo programma a supporto della competitività delle PMI 14 January 2014 Joanna Drake Director, SMEs & Entrepreneurship Directorate General for Enterprise and Industry 1 COSME: Programme for

More information

28.10.2013. The recovery of the Spanish economy XVI Congreso Nacional de la Empresa Familiar/Instituto de la Empresa Familiar Luis M.

28.10.2013. The recovery of the Spanish economy XVI Congreso Nacional de la Empresa Familiar/Instituto de la Empresa Familiar Luis M. 28.10.2013 The recovery of the Spanish economy XVI Congreso Nacional de la Empresa Familiar/Instituto de la Empresa Familiar Luis M. Linde Governor Let me begin by thanking you for inviting me to take

More information

Discussion. 1. Warren Mundy and Mark Bryant

Discussion. 1. Warren Mundy and Mark Bryant Discussion 1. Warren Mundy and Mark Bryant This paper by Professor Gregory Udell provides an assessment of the existing academic literature on the issue of small to medium-sized enterprise (SME) access

More information

COMMISSION STAFF WORKING DOCUMENT EXECUTIVE SUMMARY OF THE IMPACT ASSESSMENT. Accompanying the document. Proposal for a COUNCIL REGULATION

COMMISSION STAFF WORKING DOCUMENT EXECUTIVE SUMMARY OF THE IMPACT ASSESSMENT. Accompanying the document. Proposal for a COUNCIL REGULATION EUROPEAN COMMISSION Brussels, 10.7.2013 SWD(2013) 258 final COMMISSION STAFF WORKING DOCUMENT EXECUTIVE SUMMARY OF THE IMPACT ASSESSMENT Accompanying the document Proposal for a COUNCIL REGULATION on the

More information

THE EURO AREA BANK LENDING SURVEY 3RD QUARTER OF 2014

THE EURO AREA BANK LENDING SURVEY 3RD QUARTER OF 2014 THE EURO AREA BANK LENDING SURVEY 3RD QUARTER OF 214 OCTOBER 214 European Central Bank, 214 Address Kaiserstrasse 29, 6311 Frankfurt am Main, Germany Postal address Postfach 16 3 19, 666 Frankfurt am Main,

More information

EU economic. governance. Strong economic rules to manage the euro and economic and monetary union. istockphoto/jon Schulte.

EU economic. governance. Strong economic rules to manage the euro and economic and monetary union. istockphoto/jon Schulte. EU economic governance Strong economic rules to manage the euro and economic and monetary union Economic and istockphoto/jon Schulte Responding to the sovereign debt crisis important reforms of EU economic

More information

Wednesday 23/1/2013. Check against Delivery. Madame Chairman, Vice-Chairs and members of the ITRE Parliamentary Committee,

Wednesday 23/1/2013. Check against Delivery. Madame Chairman, Vice-Chairs and members of the ITRE Parliamentary Committee, Presentation by Mr Richard Bruton, Minister of Jobs, Enterprise and Innovation to the Industry Research and Energy Committee of the European Parliament, Brussels Wednesday 23/1/2013 Check against Delivery

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

Recent measures for refinancing and restructuring Spain s corporate debt: Opportunities and impact on the banking sector

Recent measures for refinancing and restructuring Spain s corporate debt: Opportunities and impact on the banking sector Recent measures for refinancing and restructuring Spain s corporate debt: Opportunities and impact on the banking sector María Romero and Itziar Sola 1 The high level of Spain s private debt, particularly

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

A full report of our recent meeting will be distributed to all the delegations. Let me briefly summarize some of the most salient conclusions.

A full report of our recent meeting will be distributed to all the delegations. Let me briefly summarize some of the most salient conclusions. Statement by the Executive Secretary of the Economic Commission for Latin America and the Caribbean, ECLAC, Dr. José Antonio Ocampo, in the name of Regional Commissions of the United Nations It is a great

More information

CASE STORY ON GENDER DIMENSION OF AID FOR TRADE. Banking on Women Pays Off: Creating Opportunities for Women Entrepreneurs

CASE STORY ON GENDER DIMENSION OF AID FOR TRADE. Banking on Women Pays Off: Creating Opportunities for Women Entrepreneurs CASE STORY ON GENDER DIMENSION OF AID FOR TRADE Banking on Women Pays Off: Creating Opportunities for Women Entrepreneurs Banking on Women Pays Off Creating Opportunities for Women Entrepreneurs International

More information

Recommendation for a COUNCIL RECOMMENDATION. on the Netherlands 2012 national reform programme

Recommendation for a COUNCIL RECOMMENDATION. on the Netherlands 2012 national reform programme EUROPEAN COMMISSION Brussels, XXX COM(2012) 322 PROVISIONAL VERSION Recommendation for a COUNCIL RECOMMENDATION on the Netherlands 2012 national reform programme and delivering a Council opinion on the

More information

LONDON S ROLE IN IMPLEMENTING EUROPEAN CAPITAL MARKETS UNION

LONDON S ROLE IN IMPLEMENTING EUROPEAN CAPITAL MARKETS UNION LONDON S ROLE IN IMPLEMENTING EUROPEAN CAPITAL MARKETS UNION Text of Speech by Mark Boleat, Policy Chairman, City of London Corporation, at Conference on Building a Capital Markets Union: Challenges and

More information

Impact Investing Lab Financing innovation: the role of Angel Investing

Impact Investing Lab Financing innovation: the role of Angel Investing Impact Investing Lab Financing innovation: the role of Angel Investing December 3rd, 2014 www.iban.it Entrepreneurship: a definition

More information

TURNAROUND OF SMALL AND MEDIUM SIZED ENTERPRISES

TURNAROUND OF SMALL AND MEDIUM SIZED ENTERPRISES TURNAROUND OF SMALL AND MEDIUM SIZED ENTERPRISES Definition of a Small and Medium Sized Enterprise (SME) Turnover Not more than Balance Sheet Not more than Employees Not more than Small 6.5 million 3.26

More information

E-Commerce and European SMEs. The integration of SMEs in digital value chains. Digital Entrepreneurship

E-Commerce and European SMEs. The integration of SMEs in digital value chains. Digital Entrepreneurship E-Commerce and European SMEs From The integration of SMEs in digital value chains Towards Digital Entrepreneurship Michel Catinat Head of Unit DG Enterprise and Industry Key enabling technologies and Digital

More information

EUROPEAN CHARTER FOR SMALL ENTERPRISES

EUROPEAN CHARTER FOR SMALL ENTERPRISES EUROPEAN CHARTER FOR SMALL ENTERPRISES Small enterprises are the backbone of the European economy. They are a key source of jobs and a breeding ground for business ideas. Europe s efforts to usher in the

More information

COMMISSION OPINION. of XXX. on the Draft Budgetary Plan of ITALY

COMMISSION OPINION. of XXX. on the Draft Budgetary Plan of ITALY EUROPEAN COMMISSION Brussels, XXX [ ](2013) XXX draft COMMISSION OPINION of XXX on the Draft Budgetary Plan of ITALY EN EN COMMISSION OPINION of XXX on the Draft Budgetary Plan of ITALY GENERAL CONSIDERATIONS

More information

EUROPEAN SEMESTER THEMATIC FICHE ACCESS TO FINANCE

EUROPEAN SEMESTER THEMATIC FICHE ACCESS TO FINANCE EUROPEAN SEMESTER THEMATIC FICHE ACCESS TO FINANCE Access to finance is key to business development. Investment and innovation are not possible without adequate financing. A difficulty in getting finance

More information

TIME FOR A LEVEL PLAYING FIELD BETWEEN DEBT AND EQUITY

TIME FOR A LEVEL PLAYING FIELD BETWEEN DEBT AND EQUITY TIME FOR A LEVEL PLAYING FIELD BETWEEN DEBT AND EQUITY One of the important goals of the EU2020 Strategy and the Single Market Act is to improve access to finance for Small and Medium sized Enterprises

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

INVESTOR CONFERENCE CALL EUROPEAN STABILITY MECHANISM TUESDAY 25 TH SEPTEMBER 11AM

INVESTOR CONFERENCE CALL EUROPEAN STABILITY MECHANISM TUESDAY 25 TH SEPTEMBER 11AM INVESTOR CONFERENCE CALL EUROPEAN STABILITY MECHANISM TUESDAY 25 TH SEPTEMBER 11AM Introduction by Klaus Regling First I d like to say that this is a good moment for our call. A number of important things

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

Recommendation for a COUNCIL RECOMMENDATION. on the 2016 national reform programme of France

Recommendation for a COUNCIL RECOMMENDATION. on the 2016 national reform programme of France EUROPEAN COMMISSION Brussels, 18.5.2016 COM(2016) 330 final Recommendation for a COUNCIL RECOMMENDATION on the 2016 national reform programme of France and delivering a Council opinion on the 2016 stability

More information

5. Funding Available for IP-Rich Businesses

5. Funding Available for IP-Rich Businesses 20 IP Finance Toolkit 5. Funding Available for IP-Rich Businesses Introduction As the Banking on IP? report notes; SMEs first port of call for finance is often a bank. Figures quoted in the report show

More information

FACTORS AFFECTING THE LOAN SUPPLY OF BANKS

FACTORS AFFECTING THE LOAN SUPPLY OF BANKS FACTORS AFFECTING THE LOAN SUPPLY OF BANKS Funding resources The liabilities of banks operating in Estonia mainly consist of non-financial sector deposits, which totalled almost 11 billion euros as at

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

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

Reporting of credit risks arising from investments and accounts receivable. Supervision of Financial Reporting

Reporting of credit risks arising from investments and accounts receivable. Supervision of Financial Reporting Reporting of credit risks arising from investments and accounts receivable Supervision of Financial Reporting October 2013 Contents 1 Management summary 4 2 Rationale, objectives and population 7 3 Key

More information

Euro Summit. Brussels, 12 July 2015 SN 4070/15 EUROSUMMIT. Euro Summit Statement

Euro Summit. Brussels, 12 July 2015 SN 4070/15 EUROSUMMIT. Euro Summit Statement Euro Summit Brussels, 12 July 2015 SN 4070/15 EUROSUMMIT Subject: Euro Summit Statement Brussels, 12 July 2015 The Euro Summit stresses the crucial need to rebuild trust with the Greek authorities as a

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

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