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El Papel del
Fondo Europeo de Inversiones
Barcelona, 14 de marzo de 2014
José Cabrita
What is the EIF?
Section One
2
A few key facts about us…
3
EU specialised institution for SMEs, risk financing
Venture Capital and Mezzanine (fund of funds, business angels)
Structuring and Guaranteeing portfolios of SME and microfinance loans/leases
Authorised Capital
€ 3bn
EIB: 62.1%
EU: 30 %
Fin. institutions: 7.9 %
Geographic Focus /
Intermediaries
EU 28, EFTA,
Candidate Countries
Always working with
Financial Intermediaries
AAA rated Dual Objective
Meeting EU Policy Goals Generating a Satisfactory Return on Equity
Helping SME businesses
at every stage
4
SME Development Stages
PRE-SEED PHASE SEED PHASE START-UP PHASE EMERGING GROWTH DEVELOPMENT
HIGHER RISK LOWER RISK
Public Stock Markets
Business Angels,
Technology Transfer
Microcredit
VC Seed & Early Stage
Portfolio Guarantees & Credit Enhancement
Formal VC Funds & Mezzanine Funds
Our business partners
5
We work with a wide range of
business partners to support SMEs “ ”
micro-
enterprises,
SMEs
and small
mid-caps
Resources and
Mandators EIF own resources
European Investment
Bank
European Commission
Member States/Regions
Development Agencies
Corporates/private
Public institutions
Other third parties
Business
Partners
Fund Managers
Commercial Banks
Development &
Promotional Banks
Guarantee Institutions
Leasing Companies
Corporates
Business Angels
Microfinance Institutions
Sample EIF Transactions
Leveraging on EC Resources
Section Two
Optimising EU resources
7
We manage programmes that deploy
SME funding to promote entrepreneurship
and innovation across Europe “
” Comp. & Innovation
Programme (CIP)
Guarantee and Venture
Capital instruments aiming
at promoting
competitiveness, innovation,
entrepreneurship and access
to finance
Available budget of over
EUR 1,100m
Risk-Sharing
Instrument (RSI)
Pilot project
Launched in Dec 2011,
targeting innovative and
research-oriented
SMEs and small mid-caps
Target aggregate portfolio of
EUR 2.5bn in loans
(guarantee amount of
EUR 1.25bn)
Progress
Microfinance
Joint EIB-EC-EIF initiative
Supporting micro-enterprises
and the social economy
EUR 200m made available
jointly by the EC and the EIB
JEREMIE
Delivering financial
engineering with structural
funds
Regional / National holding
funds with greater delegation
to managing authorities
14 JEREMIE holding funds
under management for a
total of EUR 1,100m
JEREMIE: Delivering financial
engineering with Structural Funds
8
European Commission
ERDF – DG Regio
Managing Authority
Holding Fund / Holding Fund Manager
Financial intermediaries
SMEs and micro-enterprises
Regio
na
l/
/Lo
ca
l L
eve
l
Nation
al/
Regio
na
l/
Lo
ca
l L
eve
l
Nation
al
or
regio
na
l L
eve
l E
U L
eve
l Disbursement Up front
Irreversible
Local Holding Fund Greater delegation to Local Authorities
Management/administration are outsourced to
a Holding Fund Manager which is selected by
the Member State / region Holding Fund Manager
Role of the Holding Fund Manager Structure investments, select Financial
Intermediaries
Administer, monitor & report on investments
Attract a syndicate of financial intermediaries and
investors
Closely collaborate with national/regional authorities
JEREMIE Extremadura:
Portfolio Risk Sharing via Banco Santander
9
Structure
PRSL objective is to incentivize banks to extend loans and
similar debt financing to SMEs, through a portfolio credit
risk sharing. The PRSL is a loan from EIF to a Financial
Intermediary, combined with a risk sharing of the underlying
SME loans financed through the PRSL. The Financial
Intermediary tops up the EIF loan
Final Beneficiaries:
SMEs or self-employed incorporated in Extremadura
PRSL Pricing
The JEREMIE portion is priced at attractive rates that can be
as low as 0%
Financial Benefit to SMEs
Differential between market rate and PRSL interest rate plus
any intermediation cost left at the Intermediary level
Typically 50% risk coverage
JEREMIE co-financing in Extremadura: 60%
Banco
Santander
‘Borrower’
PRSL
Losses
PRSL Interest
Interest
EIF
( ‘ Lender ’ )
EIF Co financing
and risk sharing rate
SME Borrower
SME Borrower
SME Borrower
SME Borrower
Intermediary
‘ ’
EIF
‘ Lender ’
Pari - passu
Losses*
Portfolio
of SME
loans
issued by
Santander
Santander Co financing
and risk sharing rate
Innovative and Research oriented SMEs and small Mid-Caps
EIF mandated to implement the RSI Facility
Purpose - improve access to debt finance for innovative SMEs
and Small Mid-Caps (Beneficiaries)
Objective: Incentivise financial intermediaries to extend loans and
leases to SMEs and small mid-caps with significant Research,
Development and Innovation activities (loans from EUR 25k to
7.5m, up to 7y maturity)
EIF provides financial guarantees to selected Financial
Intermediaries (FIs)
Transfer of benefit
Acceptable portfolio risk profile
10
Risk-Sharing for Innovation (RSI)
In the beginning of 2013, a EUR 60m guarantee transaction was signed
with Bankinter – total loan portfolio of EUR 120m, guarantee rate 50% of
losses incurred in each loan, availability 24 months
Following the success of the transaction and its receptivity by innovative
SMEs, a change has recently been approved to increase the guarantee
amount to EUR 80m, allowing for a total loan portfolio of EUR 160m
11
RSI case study in Spain Bankinter
EIF As guarantor
Risk retained by
Guarantee Rate at 50% on a loan-by-loan basis
Risk covered by the
Portfolio of SME and mid
cap loans issued by Bankinter
CIP financial instruments managed by EIF on behalf of the EC
Purposes
Encourage the competitiveness of European enterprises
Support innovation and entrepreneurship activities
Provide better access to finance
Promote the increased use of renewable energies and energy
efficiency
Products
Guarantees: SME Guarantee Facility
Venture capital: High Growth and Innovative SME Facility
12
Competitiveness and Innovation
Programme (CIP)
13
CIP case study in Spain Counter-guaranteeing CERSA
Guarantee Rate at 35% =
Guarantee Amount of EUR 385m
Cap Amount at 7% of 35% =
EUR 26.95m
Max Portfolio Volume Benefiting from
CIP Guarantee: up to EUR 1,100m
Portfolio of counter-
guarantees issued by
Cersa
Risk retained by
CERSA
Risk covered by the
CERSA
EIF: 2013 and Beyond
Section Three
EIF in 2013 and beyond
15
The EIF is fully committed to continue the
successful implementation of European Initiatives for
the new programming period 2014-2020 “
”
COSME
Potentially the successor
initiative for the
Competitiveness and
Innovation Programme
facility
Risk-Sharing
Instrument II (RSI2)
Possibility of continuing the
collaboration with the
European Commission via
an increment of the RSI
budget (Horizon 2020?)
Progress
Microfinance
Good absorption and
receptivity of the current
Progress may lead to a top-
up of the programme
JEREMIE II
Continue the delivery of
financial engineering while
leveraging on structural
funds, in partnership with
MS/Regions
Legal basis of future funding programme currently being finalised
Discussions between the EIF and the European Commission are at present on-going
Terms and Conditions for each of the programmes under discussion
Interaction with Regions and Member States regarding the next Operational
Programme to start soon
Contact details
José Cabrita, Responsible de la oficina del FEI en España
Fondo Europeo de Inversiones
C/ José Ortega y Gasset 29, 6ª
28006 Madrid
+34 91 436 0863
16