2. ISMEA
ISMEA => supervision of Ministry of Agriculture
Agricultural markets prices data collection
Venture capital, credit and guarantee instruments for agriculture
Insurance services
Technical assistance to central and local administrations
Credit rating models
2
3. ISMEA FI ACTIVITIES
SGFA
(100% ISMEA)
State Counterguarantee
Subsidiary
guarantee
(1961)
First call
guarantee
(2008)
Portfolio
guarantees
(2013)
Venture
capital
fund
(2013)
Credit
fund
(2015)
3
4. CONFERENCE (OCTOBER 2010)
• AECM and ISMEA
presentationOn behalf of
AECM
• Basle II
• State aid guarantee scheme
The legal
framework
• Direct
• Subsidiary
• Counterguarantee
Different
guarantee
models
4
5. CONFERENCE (OCTOBER 2010)
• …the risk…
• …the loss
Sharing..
• Germany
• PortugalTwo european
models
• How to manage the moral hazard
• The role of the State
counterguarantee
Main focus
5