AECM Annual Event -Istanbul 2014

1. AECM Seminar:
“Breaking down barriers: Guarantees, an international perspective”
Istanbul - 17 October 2014
Pedro Pisonero Pérez
Managing Director. IBERAVAL SGR (Spain)
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2. 1.- Guarantee Systems in the World
2.- Formats of Guarantee Systems
3.- Spanish System.
4.- Guarantee Schemes in Latin America
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3.  The Guarantee Systems are globally implanted
 Great diversity of systems:
◦ Historical moments
◦ Economic and social environments
◦ Public policy
◦ Role of the private sector
 Different levels of safety, quality, efficacy, impact and
relevance
 Widely use in developed countries
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4. Guarantee Funds; Guarantee programs; Guarantee Societies: mutualist and
cooperative (Corporation and Foundation))
Guidelines for classifying the guarantees systems
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Concept Society of Guarantee Guarantee Program
Law field Private Public
Legal personality
Corporations: specific mutual or
corporate
Public banks or development
agencies, companies / entities of
public law, state agencies ;
Foundations, regulated institutions
Resources
Mixed, predominantly private or
public
Publics
Capitalization Social Capital
Autonomous liquid resource: Fund or
guarantee trusts
Administration and
responsibility of risk
The guarantee operator assumes
the risk on their assets. The owner
of the resource and the
administrator are the same
The guarantee operator doesn´t
assume the risk on their assets. It's
only resource manager . The owner
of the resource and the administrator
are not the same
Duration / timing Permanent Temporal
Social object
Exclusive to grant guarantees for
SMEs
Provide guarantees to SMEs shared
with other activities of the operator /
manager (except for specific cases of
public law entities, exclusively )
Creation and origin of
guarantee agencies
Social agreement
Administrative or Government
decision

5. 5
Legal personality
Partners
Public Guarantee Funds
SBA, NAFIN,
SEBRAE,
FOGAPE-
BANESTADO,
ecc.
CGC’s Japaneses,
FNG of Colombia,
SA, FOGABA
(Argentina),
FOGAPI (Peru),
ecc
Private and
mixed
-- --
SGR = SCM=
SGS=SGM
Bürgschaftsbanken GmbH ;
ETC.
Guarantee
Funds
Garantee
Programs
Guarantee
Societies

6.  Limited liability companies, with variable capital
 Provide guarantees for loans and financial advisory
services
 Partners: SMEs
 For the business operations
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7. SGR
Regions Other institutions
CERSA, SA
( Counter Guarantee
System)
Non Financial
InstitutionsSMEs
Financial
Institution
UE – EIF Spanish
State
Counter guarantee Capital
Capital / Counter guarantee /
Other contributions
Capital
Counter guarantee
Capital
Guarantee Fee
ContractsFinancing
Recognized guaranteeQualified guarantee
LEGISLATION / REGULATORY AND SUPERVISION : BANK OF SPAIN
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8. 8
Associated companies 113,950 SMEs
Jobs 713,896 employees
Induced investment 34,587 million €
Guarantees granted 29,229 million €
Outstanding risk 4,704 million €
Guarantees provided in the exercise 837 million €
TermFinancing 94% long term(+3 years)
Size beneficiary companies 94% less than 50 employees
Economicandsocial impacts 2013/12/31

9. Antecedents
 The Spanish law 1/94 and the Portuguese of 1995 have influenced in
the development of systems of Mutual Guarantee Societies in a
remarkable way in Latin America.
 The Guarantee Systems in the Latin American environment have
evolved, especially in the context of new legislation on Mutual
Guarantee Societies (SGR), influenced by the Spanish law reform of
1994, which had influence on the development of systems like
Portugal (1995), Argentina (1995), Venezuela (1999), Brazil (since
1999) -more intensively in recent years, Uruguay (2000), El Salvador
(2001) , Chile (2007), Nicaragua (2008), Honduras (2011) and Peru
(2012), as well as the first legislative impulses that are taking place in
Guatemala or Dominican Republic.
 However there are some differentiated schemes.
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10. 10

11.  The Ibero American network of guarantees (REGAR), was
born in the International Symposium of Valladolid and
Burgos (Spain) in 1998, organized by IBERAVAL SGR, for the
mutual knowledge, identification of best practices and
exchange of experiences among the Ibero American systems
and entities of guarantees.
 The annual Ibero American Forum of Guarantee Systems and
Financing for Micro and SMEs has been celebrated for 19
years.
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12. 12

13. 13

14. 14
(2012)

15.  According to the figures there is a high expectation
of growth of these systems/schemes of guarantee
and their support from development banks and
governments for the next years. It´s expected to
continue banking more micro and small – sized
businesses.
 They require more efficient and developed regulatory
frameworks, as well as national and supranational
strengthening schemes that are starting their
development.
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16.  REGAR Red Iberoamericana de Garantías
www.redegarantias.com
 IBERAVAL SGR www.iberaval.es
 CESGAR Confederación Española de Sociedades
de Garantía Recíproca http://www.cesgar.es
 ALIGA Asociación Latinoamericana de
Instituciones de Garantía http://www.aligalat.org
 Presentations of Pablo Pombo- International
Consultant Expert in System of Guarantees
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17. AECM Seminar:
“Breaking down barriers: Guarantees, an international perspective”
Istanbul - 17 October 2014
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