Financial instruments are an efficient way for the EU to support growth, jobs, and innovation with limited public resources. They work by attracting additional private financing to pursue EU policy goals. The EU is proposing to significantly increase its use of financial instruments like equity, guarantees, and loans for SMEs and large research projects between 2014-2020. This will be done through facilities within Horizon 2020, COSME, and Structural Funds with a simplified legal framework and increased coordination between instruments. The budget for these financial instruments is expected to have a multiplier effect, generating financing well beyond the direct EU contribution.
Presentation by Carlo Michelini – F2i’s CIO and Senior Partner – at the 5th Forum “Banca & Impresa”, organised in Milan on April 9th by the 24 Ore Group.
Presentation by Carlo Michelini – F2i’s CIO and Senior Partner – at the 5th Forum “Banca & Impresa”, organised in Milan on April 9th by the 24 Ore Group.
SMEs Support & Financial Instruments in HORIZON 2020 - J.D Malo - Presentatio...ISERD Israel
Horizon 2020 Launch Event in Israel - Presentation of Jean-David Mשךםת Head of Unit SMEs, Financial- instruments and State Aid, DG Research and Innovation, European Commission
The IPSASB has created a two-part webinar on financial instruments. It was prepared and presented by Lucy Qi, the technical staff member responsible for the IPSASB’s Financial Instruments Update project.
Part A of the webinar covers the classification and measurement, as well as impairment of financial instruments.
Financial instruments for climate change: the way forward in the next long-te...AxelVolkery
A broad suite of proposals for financial instruments in the next EU budget could be used to foster climate-relevant finance. But currently there are no explicit provisions that specify the scope and scale of action in spite of the commitment to spend at least 20% of the EU budget on climate related activities. This presentation provides an overview of the stage of ply and discusses options for further policy action.
Maciej Szymanowicz, European Commission @ Frankfurt Book Fair 2015, TISP work...TISP Project
DISCLAIMER
This document provides some information on the terms of the Creative Europe- Cultural and Creative Sectors Guarantee Facility. This document is not, and should not be construed as a binding document. This document does not constitute an offer of any nature whatsoever and does not create any binding obligations on the European Commission to enter into a contract with any third party in relation to Cultural and Creative Sectors Guarantee Facility. All data are subject to an adoption of the Creative Europe work programmes and budgetary allocations available as well as the specific conditions which may be agreed by the European Commission and European Investment Fund in a relevant Delegation Agreement for Cultural and Creative Sectors Guarantee Facility.
SMEs Support & Financial Instruments in HORIZON 2020 - J.D Malo - Presentatio...ISERD Israel
Horizon 2020 Launch Event in Israel - Presentation of Jean-David Mשךםת Head of Unit SMEs, Financial- instruments and State Aid, DG Research and Innovation, European Commission
The IPSASB has created a two-part webinar on financial instruments. It was prepared and presented by Lucy Qi, the technical staff member responsible for the IPSASB’s Financial Instruments Update project.
Part A of the webinar covers the classification and measurement, as well as impairment of financial instruments.
Financial instruments for climate change: the way forward in the next long-te...AxelVolkery
A broad suite of proposals for financial instruments in the next EU budget could be used to foster climate-relevant finance. But currently there are no explicit provisions that specify the scope and scale of action in spite of the commitment to spend at least 20% of the EU budget on climate related activities. This presentation provides an overview of the stage of ply and discusses options for further policy action.
Maciej Szymanowicz, European Commission @ Frankfurt Book Fair 2015, TISP work...TISP Project
DISCLAIMER
This document provides some information on the terms of the Creative Europe- Cultural and Creative Sectors Guarantee Facility. This document is not, and should not be construed as a binding document. This document does not constitute an offer of any nature whatsoever and does not create any binding obligations on the European Commission to enter into a contract with any third party in relation to Cultural and Creative Sectors Guarantee Facility. All data are subject to an adoption of the Creative Europe work programmes and budgetary allocations available as well as the specific conditions which may be agreed by the European Commission and European Investment Fund in a relevant Delegation Agreement for Cultural and Creative Sectors Guarantee Facility.
Astrid Bartels works in the Directorate General for the Internal Market, Industry, Entrepreneurship and SMEs of the European Commission. She has been with the COSME Financial Instruments unit for the past three years where she is responsible for the co-ordination of the implementation of the COSME Financial Instruments. Prior to this position, she worked in the area of chemicals legislation where she was instrumental to the setting up of the European Chemicals Agency in Helsinki.
Before joining the European Commission she was a corporate relationship manager with Deutsche Bank for ten years and spent two years as a Management Consultant with Bain & Company. She holds an MBA from the Kenan-Flagler Business School of the University of North Carolina in Chapel Hill.
Regulatory updates from RR Donnelley December 2015Robert McNamara
December Regulatory Updates covering PRIIPs, Solvency II, European Market Infrastructure Regulation and additional reporting requirements under Irish Domiciled UCITS Funds.
OECD project on institutional investors and long term investment - Raffaele D...OECD Governance
This presentation was made by Raffaele Della Croce, OECD, at the 8th meeting of Senior Public-Private Partnerships and Infrastructure Officials held in Paris on 23-24 March 2015.
Solvency ii Association
http://www.solvency-ii-association.com
We are pleased to announce our updated Distance Learning and Online Certification programs:
1. Certified Solvency ii Professional (CSiiP) Distance Learning and Online Certification Program
http://www.solvency-ii-association.com/CSiiP_Distance_Learning_Online_Certification_Program.htm
2. Certified Solvency ii Equivalence Professional (CSiiEP) Distance Learning and Online Certification Program
http://www.solvency-ii-association.com/CSiiEP_Distance_Learning_Online_Certification_Program.htm
Register to receive Solvency II / Omnibus II related alerts, opportunities, updates, our monthly newsletter and limited time offers for our Solvency II / Omnibus II Training and Certification programs:
http://forms.aweber.com/form/28/1910009328.htm
Private sector in infrastructure funding/financing models and role of institu...OECD Governance
Presentation made by Raffaele Della Croce, Financial Affairs Division & Dejan Makovsek, Investment Division, OECD, at the 9th annual network meeting of Senior Infrastructure & PPP Officials held at the OECD, Paris, on 1 March 2016
Participant Portal - Detailed Description of H2020 Project | Peter Haertwich ...ISERD Israel
From ISERD’s INFO Day
Horizon 2020 Participants Portal System
Presented by Mr. Peter Haertwich, Deputy Head of Unit, European Commission, Brussels
Israel, October 2014
4 presentations:
1/4 Paperless Grant Management
2/4 Model Grant Agreement - Legal and Financial Issues
3/4 Validation of legal entities and financial capacity check
4/4 Detailed Description of H2020 Project
3 Videos:
Part 1 of 3: Participant Portal - Paperless Grant Management – video on YouTube: www.youtube.com/watch?v=Hr-JpOBdMXA&list=UU6c--_n765q4GN-Dknm8dEg&index=4
Part 2 of 3: Model Grant Agreement - Legal and Financial Issues – video on YouTube: www.youtube.com/watch?v=xEi1zXKag_M&list=UU6c--_n765q4GN-Dknm8dEg
Part 3 of 3: Detailed Description of H2020 Project – video on YouTube: www.youtube.com/watch?v=YqRnzE6_rCw&list=UU6c--_n765q4GN-Dknm8dEg&index=2
Participant Portal - Validation of legal entities and financial capacity chec...ISERD Israel
From ISERD’s INFO Day
Horizon 2020 Participants Portal System
Presented by Mr. Peter Haertwich, Deputy Head of Unit, European Commission, Brussels
Israel, October 2014
4 presentations:
1/4 Paperless Grant Management
2/4 Model Grant Agreement - Legal and Financial Issues
3/4 Validation of legal entities and financial capacity check
4/4 Detailed Description of H2020 Project
3 Videos:
Part 1 of 3: Participant Portal - Paperless Grant Management – video on YouTube: www.youtube.com/watch?v=Hr-JpOBdMXA&list=UU6c--_n765q4GN-Dknm8dEg&index=4
Part 2 of 3: Model Grant Agreement - Legal and Financial Issues – video on YouTube: www.youtube.com/watch?v=xEi1zXKag_M&list=UU6c--_n765q4GN-Dknm8dEg
Part 3 of 3: Detailed Description of H2020 Project – video on YouTube: www.youtube.com/watch?v=YqRnzE6_rCw&list=UU6c--_n765q4GN-Dknm8dEg&index=2
Participant Portal - Model Grant Agreement - Legal and Financial Issues | Pet...ISERD Israel
From ISERD’s INFO Day
Horizon 2020 Participants Portal System
Presented by Mr. Peter Haertwich, Deputy Head of Unit, European Commission, Brussels
Israel, October 2014
4 presentations:
1/4 Paperless Grant Management
2/4 Model Grant Agreement - Legal and Financial Issues
3/4 Validation of legal entities and financial capacity check
4/4 Detailed Description of H2020 Project
3 Videos:
Part 1 of 3: Participant Portal - Paperless Grant Management – video on YouTube: www.youtube.com/watch?v=Hr-JpOBdMXA&list=UU6c--_n765q4GN-Dknm8dEg&index=4
Part 2 of 3: Model Grant Agreement - Legal and Financial Issues – video on YouTube: www.youtube.com/watch?v=xEi1zXKag_M&list=UU6c--_n765q4GN-Dknm8dEg
Part 3 of 3: Detailed Description of H2020 Project – video on YouTube: www.youtube.com/watch?v=YqRnzE6_rCw&list=UU6c--_n765q4GN-Dknm8dEg&index=2
Participant Portal - Paperless Grant Management | presentation 1/4ISERD Israel
From ISERD’s INFO Day
Horizon 2020 Participants Portal System
Presented by Mr. Peter Haertwich, Deputy Head of Unit, European Commission, Brussels
Israel, October 2014
4 presentations:
1/4 Paperless Grant Management
2/4 Model Grant Agreement - Legal and Financial Issues
3/4 Validation of legal entities and financial capacity check
4/4 Detailed Description of H2020 Project
3 Videos:
Part 1 of 3: Participant Portal - Paperless Grant Management – video on YouTube: www.youtube.com/watch?v=Hr-JpOBdMXA&list=UU6c--_n765q4GN-Dknm8dEg&index=4
Part 2 of 3: Model Grant Agreement - Legal and Financial Issues – video on YouTube: www.youtube.com/watch?v=xEi1zXKag_M&list=UU6c--_n765q4GN-Dknm8dEg
Part 3 of 3: Detailed Description of H2020 Project – video on YouTube: www.youtube.com/watch?v=YqRnzE6_rCw&list=UU6c--_n765q4GN-Dknm8dEg&index=2
מענקים לפרויקטים של שת"פ במו"פ - בכל התחומים ISERD Israel
הושקו עתה ארבעה קולות קוראים דו-לאומיים למימון שת"פ במו"פ בין חברות מישראל לחברות מ:
אוסטריה
לפרטים:
www.iserd.org.il/?CategoryID=326&ArticleID=301
לפניות: רן ערד, 03-5118152, ran@iserd.org.il
איטליה
לפרטים:
www.iserd.org.il/?CategoryID=326&ArticleID=351
לפניות: רן ערד, 03-5118152, ran@iserd.org.il
צרפת
לפרטים:
www.iserd.org.il/?CategoryID=326&ArticleID=306
לפניות: רן ערד, 03-5118152, ran@iserd.org.il
ספרד
לפרטים:
www.iserd.org.il/?CategoryID=326&ArticleID=354
לפניות: עוזי בר-שדה, 03-5118185, uzi@iserd.org.il
HORIZON 2020 – a Strategic Element in Israel’s R&D Eco-System - Avi Hasson - ...ISERD Israel
Horizon 2020 Launch Event in Israel - Presentation of Avi Hasson, Chief Scientist of the Israeli Ministry of Economy and Chairman of ISERD's Steering Commitee
קולות קוראים לשת"פ במו"פ תעשייתי ישראל-אירופה 2013ISERD Israel
הזדמנויות רבות לשת"פ במו"פ תעשייתי דו-לאומי עם מדינות אירופה, בכל תחומי המו"פ
באמצעות כלי המימון של לשכת המדען הראשי במשרד הכלכלה.
לפרטים:
מערב וצפון אירופה - רן ערד
ran@iserd.org.il
מזרח ודרום אירופה - עוזי בר-שדה
uzi@iserd.org.il
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the what'sapp contact of my personal pi merchant to trade with
+12349014282
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the what'sapp contact of my personal pi vendor
+12349014282
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the what'sapp number of my personal pi merchant who i trade pi with.
Message: +12349014282 VIA Whatsapp.
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
The Rise of Generative AI in Finance: Reshaping the Industry with Synthetic DataChampak Jhagmag
In this presentation, we will explore the rise of generative AI in finance and its potential to reshape the industry. We will discuss how generative AI can be used to develop new products, combat fraud, and revolutionize risk management. Finally, we will address some of the ethical considerations and challenges associated with this powerful technology.
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the what'sapp number.
+12349014282
how to sell pi coins effectively (from 50 - 100k pi)
Horizon 2020 - Financial Instruments - Jean-David Malo - Israel, May 16th 2012
1. Financial Instruments
2014-2020
Doing more with less
Jean-David MALO
European Commission
DG Research and Innovation
Head of Unit RTD C-03 – Financial
Engineering
Israël, Tel-Aviv, May 2012
Joint presentation prepared by
DG ECFIN Unit L2 - Financing of competitiveness, innovation and employment policies
DG ENTR Unit E3 – Financing innovation & SMEs
DG RTD Unit C3 – Financial engineering
2. What are EU Financial Instruments?
Equity/risk capital: e.g. venture capital to SMEs with high
growth potential or risk capital to infrastructure projects
Guarantees to financial intermediaries that provide lending
to e.g. infrastructure projects, SMEs, persons at risk of social
exclusion
Other risk-sharing arrangements with financial
intermediaries in order to increase the leverage capacity of
the EU funds
or a combination of the above with other forms of EU
financial assistance
2
3. EU Financial Instruments: Why?
An appropriate tool in times of budget constrains
3 types of benefits
Multiplier effect – multiplication of scarce budgetary
resources by attracting additional finance
Policy impact – financial intermediaries pursue EU policies
Institutional know-how – EU can use the resources and
expertise of financial intermediaries
A political priority (Europe 2020 strategy, Communication
on a Budget for Europe 2020)
Effective and efficient way to support Europe 2020
objectives of smart, sustainable and inclusive growth
4. EU Financial Instruments:
Political priority for the EU
Europe 2020 Strategy (publ. 2010):
Increased mobilisation of innovative financial
instruments
Budget for Europe 2020 (publ. 2011):
Dedicated section on financial instruments for the next
MFF
Proposal for amendment of the Financial Regulation (publ.
2011)
A new dedicated title for financial instruments
5. EU Financial Instruments: When?
Guiding principles include:
• Addressing sub-optimal investment situations
Funding gaps e.g. due to general economic uncertainty, high
business/innovation risk, high transaction costs, asymmetric
information
• Ensuring EU value added
Effective targeting of policy goals
Catalytic effect on existing similar MS schemes or private
investment, no crowding out
6. Multiplier effect
Attracting private investment greater than EU contribution
6. Financial Instruments 2007-2013:
SMEs & Innovation
SME Guarantees (SMEG)
2007-2011: approx. EUR 300m of EU budget generated 9.4bn of lending
155.000 SMEs reached, volumes are increasing fast
Target of 315.000 SMEs is attainable
Equity: High Growth and Innovation (GIF)
2007-2011: so far, EUR 344m of EU resources generated EUR 1.9bn of total
investment volume, amounts growing fast.
190 SMEs covered so far
Risk-Sharing Finance Facility (RSFF):
EUR 2bn of EU and EIB resources expected to generate over EUR 10bn of
lending to RDI projects. By end 2011 approximately EUR 7.5bn of lending
already signed and EUR 5bn disbursed to final beneficiaries. Dedicated RSI
facility for SMEs.
European Progress Microfinance Facility (EPMF, est. 2010)
by 2020, the EU contribution of EUR 100m is expected to have generated EUR
500m of micro-loans.
7. Lessons learned
Need for simplified implementation modalities with streamlined
rules.
Need for a clear and dedicated legal framework.
Increased coherence and consistency between instruments is
necessary. Close coordination with Structural Funds can increase
efficiency.
More can be done to raise visibility and transparency of
instruments.
New risk-sharing arrangements could achieve higher finance
volumes.
Audits and evaluations carried out of existing innovative financial
instruments are positive regarding their output.
8. Next MFF: Simplification and
Transparency
1. Fewer financial instruments (from 13 to 6)
2. Larger financial instruments ensuring critical mass
3. Minimisation of overlap between instruments
4. Standardised contractual arrangements including
management structures, reporting, fees…
5. More transparent to stakeholders
6. Budget: No contingent liabilities
7. Dedicated regulatory framework (Title VIII of the
Financial Regulation)
9. Legal Architecture
Horizontal legal framework Sector rules
Norm Content Basic act
Contains a general authorisation the use of a
FR Title VIII Definitions, management modes, principles and
financial instrument. May define type, duration,
conditions, limitation of liability, reflows, control,
specific features or targets of the instrument
(EP/Council Regulation) reporting, etc.
envisaged.
The delegated act is expected to supplement the
Rules of Application FR in the following areas: combination of support, The basic act may identify a specific entity
rules for direct/ indirect management, rules for entrusted with the implementation of the
(delegated act) fiduciary accounts, ex ante evaluation, instrument
management fees, etc.
A standard set of rules, provisions and templates,
Operational requirements including homogeneous detailed provisions on
(equity and debt governance, monitoring, , financial parameters,
platforms): delivery modes, rules for dedicated investment
vehicles (DIV), etc.
Contractual conditions under which the
Agreements with Commission entrusts the implementation of a
entrusted entities financial instrument to a financial institution in line
with the above rules
10. Financial Instruments included in
proposals for 2014-2020 MFF
(*) Current price Centrally managed by COM Shared Management
Horizon 2020
Research, Equity and Risk Sharing Instruments
Development
Innovation EUR 4bn (*) Instruments under
Structural and Cohesion
Competitiveness & Creative Europe Funds
SME (COSME) Guarantee Facility
Growth, Jobs Equity & guarantees
EUR 210m
and Social EUR 1.4bn (*) EU level
Cohesion Erasmus for all
Social Change
& Innovation Guarantee Facility Off-the shelf instruments
Micro-finance EUR 192m EUR 881m
Tailor made instruments
Infrastructure Connecting Europe Facility (CEF)
Risk sharing (e.g. project bonds) and equity Significantly higher amounts
instruments than currently
Budget not yet decided
11. EU financial instruments
current and new
EQUITY INSTRUMENT FOR SMEs 2007-2013
High Growth and Innovative SME Facility (GIF) under the Competitiveness and
Innovation Framework Programme (CIP)
• GIF 1 – invests in seed, start-up and early-stage SMEs
• GIF 2 – invests in expansion-stage SMEs
EQUITY INSTRUMENT FOR SMEs 2014-2020
EU Equity Equity Instruments for Research and Innovation Horizon
Financial - early stage 2020
Instrument for
EU enterprises’
Equity Facility for Growth COSME
- expansion stage
growth and
RDI
12. Equity instrument for SMEs’ growth and R&I
Two complementary facilities working together to support access to
risk capital and stimulate the development of the VC industry in the
EU
combined
Equity Mainly investment Mainly Equity
Facility from in multi- from Facility
for R&I H2020 stage funds COSME for Growth
from start-up/early stage to expansion/growth
stage
may make growth investments may make early-stage investments 12
up to 20% of total EU investment
13. EU financial instruments
current and new
DEBT INSTRUMENT FOR SMEs 2007-2013
SME Guarantee Facility (SMEG) under the Competitiveness and Innovation
Framework Programme (CIP)
Risk Sharing Instrument (RSI): A dedicated compartment for SMEs under the
Risk Sharing Finance Facility, created in 2011
DEBT INSTRUMENT FOR SMEs 2014-2020
Loan Guarantee Facility COSME
Guarantees and securitisation on loans for all types of SMEs
Debt Instrument
for EU RSI-II Facility Horizon
Enterprises’ Guarantees on loans for R&I-intensive SMEs 2020
Growth and RDI Cultural and Creative Sectors Facility (new) Creative
Guarantees for loans to creative and cultural entities Europe
14. Debt instrument for SMEs’ growth and R&I
Loan Guarantee Facility (COSME)
o guarantees for loans to SMEs up to € 150 000
o securitisation of SME debt finance portfolios
SMEs & Small Midcaps Guarantee Facility (H2020)
o guarantees for loans over € 150 000 for R&I activities
14
15. EU financial instruments
current and new
DEBT INSTRUMENT FOR LARGE R&D PROJECTS 2007-2013
Risk Sharing Finance Facility (RSFF)
under FP7
provides loans and guarantees to R&D projects
DEBT INSTRUMENT FOR LARGE R&I PROJECTS 2014-2020
Loan & Guarantee Loans and guarantees to R&I (non-SMEs) Horizon 2020
Service for activities of mid-caps and large firms,
Research and universities, research institutes, research
Innovation infrastructures, etc.
16. Budget proposed
COSME – “Actions to improve SME access to finance”
o € 1 436 million in current prices
o Equity Facility for Growth: € 690 million
o Loan Guarantee Facility: € 746 million indicative
H2020 (Industrial Leadership) – “Access to risk finance”
o € 3 768 million in current prices (net of adm. Costs) for
financial facilities supporting all sizes of companies and
types of entity
o At least 1/3 (ca. € 1.25 bn) likely to be absorbed by SMEs
and small midcaps (no breakdown between equity and
16
debt)
17. EU financial instruments
current and new
COHESION POLICY 2007-2013
Currently approx. 5% of ERDF delivered through financial instruments
COHESION POLICY 2014-2020
Implementation options:
Joint instruments: CSF funds may contribute to support financial instruments set up at
Union level managed directly/indirectly by COM in line with FR. OP contribution to be
ring-fenced for investments in regions and actions covered by OP
Off-the shelf instruments: pre-defined, ready to use instruments allowing swift roll out
Tailored instruments (existing or newly created)
Clearer rules on the combination of financial instruments and other forms of support, e.g.
grants.
Cohesion Fund will for the first time be open to financial instruments
Volume of ERDF resources that could potentially be delivered through financial instruments
could increase up to three times
18. In development
Accompanying measures in H2020
Examples
Technical assistance for financial intermediaries
Investment-readiness schemes (including coaching, mentoring, etc)
Raising awareness of VC firms and business angels
Encouraging philanthropic foundations and individuals to support R&I
and growth
Fostering corporate venturing and the activities of family offices and
Business angels
18
19. Current status and next steps
2011: Commission proposals were adopted
2012: Discussions in Council and Parliament on the legal
framework (Financial Regulation, delegated act) as well as
on the basic acts for the specific instruments (H2020,
COSME)
2013: Expected adoption of legal bases by European
Parliament and Council, negotiations with IFIs,
preparations for the roll-out
2014: Roll-out, instruments are operational
20. Conclusions
Financial instruments
Well-tested, efficient and effective way of supporting growth,
jobs and innovation. That is why we will build on our
experience and use them more.
Can attract private funding for public policy objectives. This is
particularly needed in times of limited public resources.
Will play an important role in achieving the Europe 2020
objectives.
Promote best practices.
Moreover:
We are not only providing the financing – we also work on
the regulatory framework, both for within the Commission
and for financial intermediaries.
21. More information
Existing financial instruments (2007-2013)
o SMEG and GIF
http://ec.europa.eu/enterprise/policies/finance/cip-financial-
instruments/index_en.htm
o RSFF
http://www.eib.org/products/loans/special/rsff/index.htm
RSI: http://www.eif.org/what_we_do/guarantees/RSI/index.htm
Proposed (2014-2020)
o COSME http://ec.europa.eu/cip/cosme/
o Horizon 2020
http://ec.europa.eu/research/horizon2020/index_en.cfm?pg=home
General information on innovative financial instruments :
http://ec.europa.eu/economy_finance/financial_operations/investment/innovative_financial_i
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