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UNDERSTANDING
SOCIAL IMPACT BONDS
Poland, 31 May 2016
Antonella Noya, Senior Policy Analyst, OECD
Stellina Galitopoulou, Policy Analyst, OECD
1. Definition
2. Main Stakeholders & their Roles
3. SIBs Models & Structures
4. SIBs Geography & Scope
5. Opportunities
6. Challenges
7. Key Messages & Policy Recommendations
Outline
2
• An innovative financing mechanism in which
government and/or commissioners enter into
agreements with social services providers and
investors, who pay for the delivery of pre-defined
outcomes (Social Finance 2011; OECD, 2015).
• Implemented as well in developing countries as
“Development Impact Bonds (DIBs)”
• Also known as “Pay-for-Success” contracts (USA) or
“Social Benefit Bonds” (Australia)
What is a Social Impact Bond (SIB)?
3
For more information, see
www.oecd.org/greengrowth
The mechanism
4
• Government or Commissioner: Commissions the SIB (although not
exclusively) and is the ultimate outcomes payer. It may also determine the
outcomes metrics and payments terms.
• Investors: Provide funding for the intervention.
• Intermediary: May acts as a convener of all stakeholders involved in the
mechanism in order to reach an agreement on the SIB contract. May be
responsible for raising capital, structuring, managing, and/ or initiating the
deal.
• Service provider: Responsible for the delivery of the social services, the
attainment of agreed outcomes, potentially the provision of data related to
them.
• Evaluator: Assesses whether the agreed outcomes have been attained. It
could be an independent evaluator or an advisor for setting up the outcome
metrics
• Legal advisors: Provide legal advice and help to structure the SIB deal
Main Stakeholders & their Role
5
1. The SIB model
• Individual transaction SIB
• SIBs Funds (for multiple outcome payment
contracts- oftentimes around the same issue)
ex. Innovation Fund, Fair Chance Fund (UK)
2. The structures for SIBs contracts
• Direct
• Intermediated
• Managed
SIBs Models & Structures
6
1. Direct
• The delivery contract signed between the outcomes-payer and service
provider or a services provider-controlled Special Purpose Vehicle (SPV).
• Service provider is responsible for the implementation of the deal & the
performance management.
– He holds the greatest amount of responsibility.
• Intermediary is responsible for raising capital, structuring the deal and
determining its feasibility.
2. Intermediated
• The delivery contract is signed between the outcomes payer and the
investor or an investor-controlled SPV or an intermediary
• Intermediary identifies and contracts the service provider, supports the
performance management process and refines the financial model
– In some instances, the intermediary can also invest in the SIB
SIB Structures
7
3. Managed
• Delivery contract signed between the outcomes-payer and the prime
contractor (usually an intermediary) or an intermediary-controlled SPV.
• Intermediary (or its SPV) manages the entire SIB development process.
– The process is similar to the intermediated SIB, in terms of the activities
of the intermediary.
* Main difference with the intermediated structure seems to be that under the
managed structure the intermediaries have not invested in SIBs directly so far.
 Yet, these are only 3 structures. There is enormous flexibility in
the way an impact bond can be structured and wide variation
in the roles of the various stakeholders.
SIB Structures (cont.)
8
• 54 SIBs are at the implementation stage in
various countries
• 28 SIBs are at the design stage
• Policy areas:
– Homelessness, crime & recidivism, youth
unemployment & NEETs, early childhood
development, child welfare, workforce development,
foster care, refugees, reduction of drop-outs from
school, supporting single mothers at risk, family
support
SIBs Geography & Scope
9
SIBs Implemented per Country & Policy Area
10
Country SIBs
Australia 2
Austria 1
Belgium 1
Canada 1
Finland 1
Germany 1
India (DIB) 1
Ireland 1
Israel 2
Netherlands (the) 2
Portugal 1
South Korea 1
Switzerland 1
UK 25
US 12
Source: Instiglio database, 2016
54 SIBs have been implemented to
date in 15 countries
(including 1 DIB)
*At least 28 new SIBs are at the design stage
28
4
5
17
SIBs by Policy Area
Social Welfare
Criminal Justice
Education
Employment
• Finance
– Capitalise on private funds targeting social outcomes in times of
budgetary constraints (and not only).
– Transfer outcome performance risks & upfront costs to investors.
– Provision of upfront capital to social services providers and multi-year
revenue stream.
• Social Outcomes & Measurement
– Nurture a culture of monitoring & evaluation.
– Possibility to focus more on preventive interventions and not only on
remedial ones.
– Build the evidence base on what works and potentially take it to scale.
Opportunities
11
• Social Services Delivery
– Stimulate innovation in social service delivery without using
immediately the public finances.
– Shift the policy focus for social services from outputs to outcomes.
– Transparency, accountability and cost-effectiveness of public
spending for social service delivery.
– Foster collaboration among diverse stakeholders & government
levels (national, regional, local).
Opportunities (cont.)
12
• Finance
– Unexpected transaction costs
– Annual budget cycle constraints
– Wrong pockets issue (vertically, horizontally)
– Determining payment schedules & outcomes pricing
– Risk allocation & guarantees
• Social Outcomes & Measurement
– Identify measurable outcomes & target groups
– Design a rigorous measurement methodology
– Avoid perverse incentives (“cherry picking”, “cream skimming”)
Challenges
13
• Social Services Delivery
– Engagement of large social services providers quite often rather than
small ones
– Existence of enough of social services providers that are tender ready
• Regulation
– Eventual regulatory reforms may be required in terms of procurement,
taxation, investment regime.
– Capacity of social services providers to actually deliver public services
• Political considerations
– Political impetus & long-term commitment is needed regardless of
electoral cycles or government fluctuation.
– Reserve “step in rights” in order to ensure social service delivery
continuity in case of a SIB failure.
Challenges (cont.)
14
• SIBs are :
– fairly new financial instrument with limited evidence
regarding their results: further analysis is needed in order to
develop a robust evidence base
– complex instruments, involving multiple stakeholders from
different sectors. Time, technical expertise and commitment
to collaborate are indispensable
– costly instruments so far with significant transaction costs
(expected to drop ) Policy makers should evaluate carefully
the value added to implement a SIB compared to a more
traditional approach.
Key Messages & Policy Recommendations
15
• Providing a conducive ecosystem and a sound regulatory framework
are essential steps in the establishment of SIBs as they need to work
into specific national contexts.
• The level and depth of experience in payment-by-results contracts and
performance management methods by all stakeholders need to be
considered. This expertise seems to be more specific to some countries
than others.
• SIBs seem more appropriate for policy areas in which there are target
groups that can be easily identified, when there are measurable
outcomes, and when investors are familiar with non –profits, social
enterprises and social policies .
• Although there is a strong emphasis on the role that SIBs can play in
preventive interventions, it remains important for the public authorities
to address them directly as well.
Key Messages & Policy Recommendations
(cont.)
16
• SIBs may be a risky endeavour due to lack of precedent and
may entail “failures” in financial and social terms. Still, “failure”
can be a relative term.
• The government may need to step in and ensure the continuity
of social services in case of a SIB failure. Therefore, it may be
more appropriate to view SIBs as complementary rather than a
core mechanism for social services delivery.
• While SIBs have achieved interesting results in some policy
areas and triggered debates that can help reflect on how social
services are being financed and delivered, additional
knowledge and sound evidence need to be generated in order
to reduce controversies around SIBs.
Key Messages & Policy Recommendations
(cont.)
17
THANK YOU!
For more information, visit our webpage:
http://www.oecd.org/cfe/leed/sibs-poland-seminar.htm

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Understanding Social Impact Bonds- Antonella Noya/ Stellina Galitopoulou, OECD

  • 1. UNDERSTANDING SOCIAL IMPACT BONDS Poland, 31 May 2016 Antonella Noya, Senior Policy Analyst, OECD Stellina Galitopoulou, Policy Analyst, OECD
  • 2. 1. Definition 2. Main Stakeholders & their Roles 3. SIBs Models & Structures 4. SIBs Geography & Scope 5. Opportunities 6. Challenges 7. Key Messages & Policy Recommendations Outline 2
  • 3. • An innovative financing mechanism in which government and/or commissioners enter into agreements with social services providers and investors, who pay for the delivery of pre-defined outcomes (Social Finance 2011; OECD, 2015). • Implemented as well in developing countries as “Development Impact Bonds (DIBs)” • Also known as “Pay-for-Success” contracts (USA) or “Social Benefit Bonds” (Australia) What is a Social Impact Bond (SIB)? 3
  • 4. For more information, see www.oecd.org/greengrowth The mechanism 4
  • 5. • Government or Commissioner: Commissions the SIB (although not exclusively) and is the ultimate outcomes payer. It may also determine the outcomes metrics and payments terms. • Investors: Provide funding for the intervention. • Intermediary: May acts as a convener of all stakeholders involved in the mechanism in order to reach an agreement on the SIB contract. May be responsible for raising capital, structuring, managing, and/ or initiating the deal. • Service provider: Responsible for the delivery of the social services, the attainment of agreed outcomes, potentially the provision of data related to them. • Evaluator: Assesses whether the agreed outcomes have been attained. It could be an independent evaluator or an advisor for setting up the outcome metrics • Legal advisors: Provide legal advice and help to structure the SIB deal Main Stakeholders & their Role 5
  • 6. 1. The SIB model • Individual transaction SIB • SIBs Funds (for multiple outcome payment contracts- oftentimes around the same issue) ex. Innovation Fund, Fair Chance Fund (UK) 2. The structures for SIBs contracts • Direct • Intermediated • Managed SIBs Models & Structures 6
  • 7. 1. Direct • The delivery contract signed between the outcomes-payer and service provider or a services provider-controlled Special Purpose Vehicle (SPV). • Service provider is responsible for the implementation of the deal & the performance management. – He holds the greatest amount of responsibility. • Intermediary is responsible for raising capital, structuring the deal and determining its feasibility. 2. Intermediated • The delivery contract is signed between the outcomes payer and the investor or an investor-controlled SPV or an intermediary • Intermediary identifies and contracts the service provider, supports the performance management process and refines the financial model – In some instances, the intermediary can also invest in the SIB SIB Structures 7
  • 8. 3. Managed • Delivery contract signed between the outcomes-payer and the prime contractor (usually an intermediary) or an intermediary-controlled SPV. • Intermediary (or its SPV) manages the entire SIB development process. – The process is similar to the intermediated SIB, in terms of the activities of the intermediary. * Main difference with the intermediated structure seems to be that under the managed structure the intermediaries have not invested in SIBs directly so far.  Yet, these are only 3 structures. There is enormous flexibility in the way an impact bond can be structured and wide variation in the roles of the various stakeholders. SIB Structures (cont.) 8
  • 9. • 54 SIBs are at the implementation stage in various countries • 28 SIBs are at the design stage • Policy areas: – Homelessness, crime & recidivism, youth unemployment & NEETs, early childhood development, child welfare, workforce development, foster care, refugees, reduction of drop-outs from school, supporting single mothers at risk, family support SIBs Geography & Scope 9
  • 10. SIBs Implemented per Country & Policy Area 10 Country SIBs Australia 2 Austria 1 Belgium 1 Canada 1 Finland 1 Germany 1 India (DIB) 1 Ireland 1 Israel 2 Netherlands (the) 2 Portugal 1 South Korea 1 Switzerland 1 UK 25 US 12 Source: Instiglio database, 2016 54 SIBs have been implemented to date in 15 countries (including 1 DIB) *At least 28 new SIBs are at the design stage 28 4 5 17 SIBs by Policy Area Social Welfare Criminal Justice Education Employment
  • 11. • Finance – Capitalise on private funds targeting social outcomes in times of budgetary constraints (and not only). – Transfer outcome performance risks & upfront costs to investors. – Provision of upfront capital to social services providers and multi-year revenue stream. • Social Outcomes & Measurement – Nurture a culture of monitoring & evaluation. – Possibility to focus more on preventive interventions and not only on remedial ones. – Build the evidence base on what works and potentially take it to scale. Opportunities 11
  • 12. • Social Services Delivery – Stimulate innovation in social service delivery without using immediately the public finances. – Shift the policy focus for social services from outputs to outcomes. – Transparency, accountability and cost-effectiveness of public spending for social service delivery. – Foster collaboration among diverse stakeholders & government levels (national, regional, local). Opportunities (cont.) 12
  • 13. • Finance – Unexpected transaction costs – Annual budget cycle constraints – Wrong pockets issue (vertically, horizontally) – Determining payment schedules & outcomes pricing – Risk allocation & guarantees • Social Outcomes & Measurement – Identify measurable outcomes & target groups – Design a rigorous measurement methodology – Avoid perverse incentives (“cherry picking”, “cream skimming”) Challenges 13
  • 14. • Social Services Delivery – Engagement of large social services providers quite often rather than small ones – Existence of enough of social services providers that are tender ready • Regulation – Eventual regulatory reforms may be required in terms of procurement, taxation, investment regime. – Capacity of social services providers to actually deliver public services • Political considerations – Political impetus & long-term commitment is needed regardless of electoral cycles or government fluctuation. – Reserve “step in rights” in order to ensure social service delivery continuity in case of a SIB failure. Challenges (cont.) 14
  • 15. • SIBs are : – fairly new financial instrument with limited evidence regarding their results: further analysis is needed in order to develop a robust evidence base – complex instruments, involving multiple stakeholders from different sectors. Time, technical expertise and commitment to collaborate are indispensable – costly instruments so far with significant transaction costs (expected to drop ) Policy makers should evaluate carefully the value added to implement a SIB compared to a more traditional approach. Key Messages & Policy Recommendations 15
  • 16. • Providing a conducive ecosystem and a sound regulatory framework are essential steps in the establishment of SIBs as they need to work into specific national contexts. • The level and depth of experience in payment-by-results contracts and performance management methods by all stakeholders need to be considered. This expertise seems to be more specific to some countries than others. • SIBs seem more appropriate for policy areas in which there are target groups that can be easily identified, when there are measurable outcomes, and when investors are familiar with non –profits, social enterprises and social policies . • Although there is a strong emphasis on the role that SIBs can play in preventive interventions, it remains important for the public authorities to address them directly as well. Key Messages & Policy Recommendations (cont.) 16
  • 17. • SIBs may be a risky endeavour due to lack of precedent and may entail “failures” in financial and social terms. Still, “failure” can be a relative term. • The government may need to step in and ensure the continuity of social services in case of a SIB failure. Therefore, it may be more appropriate to view SIBs as complementary rather than a core mechanism for social services delivery. • While SIBs have achieved interesting results in some policy areas and triggered debates that can help reflect on how social services are being financed and delivered, additional knowledge and sound evidence need to be generated in order to reduce controversies around SIBs. Key Messages & Policy Recommendations (cont.) 17
  • 18. THANK YOU! For more information, visit our webpage: http://www.oecd.org/cfe/leed/sibs-poland-seminar.htm