indicators and data collection

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Presentation transcript:

indicators and data collection JEREMIE monitoring: indicators and data collection Jurgita Karciauskaite, MA of Lithuania JEREMIE Networking Platform, May 20, 2011

JEREMIE in Lithuania JEREMIE Holding Fund INVEGA Holding Fund GUARANTEE fund Funded risk sharing instrument (loans) Risk capital funds Business angels‘ fund Portfolio guarantees Small credits Open Credit Fund Entrepreneurship promotion fund ERDF Microcredits ESF Seed & venture capital funds Portfolio guarantees for leasing

Private resources raised JEREMIE indicators (1) Applicable to ERDF financing: number of SMEs which benefited from JEREMIE financial instruments amount of own resources paid by financial intermediaries/private investors for financing SMEs new enterprises that are still trading after 5 years from the risk capital investment into the enterprise SMEs supported Private resources raised New enterprises

New work places established Number of final recipients JEREMIE indicators (2) Applicable to ESF financing: number of individuals who started new businesses and number of employees hired for new workplaces number of individuals and enterprises, which benefited from financial engineering instrument (received a loan) number of individuals who attended (and completed) the training New work places established Number of final recipients Individuals trained

Challenges: due to flexibility of financial engineering it is difficult to predetermine in programming documents the monitoring indicators to be used and the values of them to be achieved; during the course of implementation financial engineering instruments change while indicators and their target values are not expected to.

When setting indicators… Aspects to consider *: indicators should direct towards the choice of financial instruments, which better address SME needs for financial resources; the impact of financial instruments for the development of SME business should be assessed; resources to be retained after implementation of financial engineering instruments should be taken into consideration. * proposed in the evaluation study on Lithuanian legal and financial system suitability for the implementation of JEREMIE financial instruments, which was carried out in 2010 by consortium of consultants and lawyers

Data collection: ANNUAL REPORTS managers of holding funds and guarantee fund submit annual reports by March 31 of the next year after the reporting year; information is provided on achievements of applicable indicators in these reports; financial intermediaries are requested to collect and provide necessary data to holding fund managers.

Data collection: QUATERLY REPORTS (under development) the aim is to maintain data about implementation of financial engineering operations in a single IT system together with the data of grant operations; managers of holding funds and guarantee fund are encouraged to fill the data about indicator achievements in standard reporting form of grant operations; quarterly reports would be uploaded into IT system by managers of holding funds and guarantee fund; challenges in developing form filling instructions because the reporting form is not adapted for financial engineering operations.

Single IT system: pro and con PRO: integration of financial engineering monitoring data into the national IT system is cost-effective in comparison with development of separate module dedicated solely for monitoring of financial engineering instruments, because number of financial engineering operations we have is much smaller than the volume of grant operations. CON: there are a lot of exceptions when entering data about financial engineering instruments into IT system intended for monitoring grant operations, therefore there is a need to develop step-by-step data filling instructions and also describe exceptions in relevant legal acts – and this makes the entire approach very user-unfriendly.

Thank you.