"Experience of INVEGA with the use of financial engineering instruments in Lithuania 20 May 2011 JEREMIE NWP, Brussels Audrius Zabotka Deputy Director.

Slides:

Advertisements

Similar presentations

Regional Policy EUROPEAN COMMISSION Danuta Hübner Roadmap to recovery: the cohesion package Danuta Hübner Commissioner for Regional Policy Brussels, 27.

Advertisements

Ministry of Economy of the Slovak Republic and supporting of innovation development in enterprises 24th June 2013.

Operational Programme Administrative Capacity Competent, Modern, Transparent Bulgarian Administration Bilyana Raeva Director Management of Projects and.

Planning and use of funding instruments

State aid and Structural Funds Carlos Tenreiro DG Competition Brussels 9 April 2003 DG Competition.

1 European Investment Bank EUROPEAN INVESTMENT BANK Promoting European objectives Open Days 2010 Workshop on JEREMIE, JESSICA, JASPERS Brussels, 5 October.

European Investment Bank

Best Practise Projects – The experience of Agencia IDEA in funding SMEs with the support of the ERDF and EIF. Juan Callejón Brussels,

EU Programmes in Finland EU Commission DG Regio/ERDF DG Employment/ESF DG Agri/EAGGF, FIFG Ministry of the Interior ERDF Objective.

1 Structural Funds in Service of Regional Innovation Open Days – 12 October 2006, Brussels Barbara Kocowska Office for European Funds Management.

Combination of repayable financial instruments with grants Interest rate subsidies and guarantee fees subsidies Grants in combination with repayable.

Structuring and Implementing Schemes to Improve Energy Efficiency in the Residential Building Sector The Experiences of KfW Gudrun Gumb Senior Project.

Financial Partner of the Brussels-based SMEs Innovating through EU Regional Policy 12 th June 2006 Mobilising & Sustaining Private Investment Serge Vilain.

SME Invest Credit Lines Description and Results Jeremie Networking Platform Workshop II – Combination of repayable FEI with subsidies Brussels, 20 May.

1 Conclusions of Workshop 2: Combination of repayable financial instruments with grants Interest rate subsidies and guarantee fees subsidies Grants in.

European Commission Regional Policy Conclusions Workshop 2 Sustainable communities, entrepreneurship and micro-credit.

JEREMIE Joint European Resources for Micro to Medium Enterprises.

Pilot exercise on result indicators Operational Programme "Entrepreneurship and Innovation" DG REGIO Evaluation Network Meeting Brussels, 22 June 2012.

Maria Nowak, Co-founder and President of Adie (France) and of

Annual meeting with the MA of the ETC programmes April 2013 Financial management Juan Lopez Lledo, Budget and Financial mangement, Unit REGIO.A.3.

ABCDE The role of micro-credit in promoting entrepreneurship and its effects on social inclusion Rainer Irmen Member of the Board Sächsische.

1 JESSICA snapshot - an introduction Bjorn Gabriel, Policy Analyst, DG Regional Policy, D3 - Financial Engineering and Major Projects Conference on JEREMIE.

JEREMIE Programs in Hungary László Kállay Head of Department Department for Enterprise Finance Ministry for National Development and Economy Brussels,

OPEN DAYS 2006 European Week of Regions and Cities Agencies and sectors for technology and innovation Brussels, 9-12 Octuber 2006.

NBFSE Financial instruments and mechanisms of fund allocation to social economy Common meeting 5-6 th December, Milano.

© Richard A. Medeiros 2004 x y Function Machine Function Machine next.

Improving the EU policy environment for micro-enterprises and microfinance 4th European Microfinance Conference Berlin, 27 April 2007 Cindy Fökehrer Enterprise.

BULGARIAN DEVELOPMENT BANK. Microfinance program  Target groups – micro and small enterprises including startups companies operating in the industrial,

Access to finance by SMEs and EU financial instruments

GREATER ANATOLIA GUARANTEE FACILITY Presentation by the European Investment Bank Group 18 May 2011, Ankara This project is co-financed by the European.

Social economy at Ministry of Labour and Social Affairs Support of the SE co-funded from EU funds 26 th June, 2012 Brussels Marek Jetmar, Linda Maršíková.

GOVERNMENT DEBT MANAGEMENT IN LITHUANIA

NBFSE Financial instruments and mechanisms of fund allocation to social economy Common meeting 5-6 th December, Milano.

January 2006, Budapest Lithuanian Rural Credit Guarantee Fund Danguole Čukauskienė Director, Lithuanian Rural Credit Guarantee Fund.

Supporting SMEs’ access to finance Vilmos Budavari European Commission, DG Enteprise und Industry.

Financing Growth and Cohesion in the enlarged EU 24 November 2005 Financing urban actions and sustainable communities Financing urban actions and sustainable.

Evaluation of the Economic Development Operative Programme Jeremie programmes.

FINANCIAL AND REAL ECONOMY CRISIS AND STATE AID The case of Lithuania Jurgita Ratkeviciute Head of State Aid Division Competition Council.

1 Garantiqa Hitelgarancia Zrt. dr. Márton Vadász director „Guarantee Systems in European Countries- Searching for the Best Model” Warsaw, February 9, 2011.

Financial instruments for social economy workshop.

Regional Policy EUROPEAN COMMISSION 1 Convent of Marshals Szczecin, June 2008 JEREMIE Financial engineering ROP’s Pascal Boijmans Unit Poland Directorate.

February 1st 2011, Milan Richard Pelly Chief Executive PerMicro Launch Event.

2012 Raising the level of the innovation in Polish SMEs: challenges and achievements Dariusz Szewczyk Deputy to Chief Executive Officer of PARP Astana,

Financing Services for Finnish Business Dr. Pauli Heikkilä, Managing Director, Finnvera plc.

Regional Policy EUROPEAN COMMISSION EN JEREMIE and economic development based on innovation in Poland? Manfred Beschel Directorate General for Regional.

1 Cohesion Policy Brussels, 9 June 2009 “ Cohesion policy: response to the economic crisis” European Commission seminar for managing and certifying.

Financial Engineering Instruments 5 December, 2012.

Hungarian SME policy – Development after EU accession Tamás Leskó, Hungary.

TISE (Poland) Michał Radziwiłł. About TISE  Established in 1991 by Polish BISE Bank  Today- 100% subsidiary company of the French bank Crédit Coopératif.

AECM and the Different European Guarantee Models Berlin, 5 May 2006M. Sousa Branca.

Information on implementation process of ERDF activity “Loans for development of enterprise competitiveness” (Implementor- Mortgage and Land bank.

JEREMIE Progress of the JEREMIE implementation

Inga Balžekaitė Information and Development Department Rural Credit Guarantee Fund January 2011, Brussels.

Regional Policy EUROPEAN COMMISSION JEREMIE, by George Kolivas REGIO-B.4 – Financial Engineering JEREMIE stands for : ‘Joint European REsources for MIcro.

Enterprise and industry European Commission New Financing opportunities for Innovative SMEs Rome, 1 December 2006 Jean-Noël DURVY INSME- UNIDO International.

IMPROVING ACCESS TO FINANCING FOR SMEs JEREMIE Initiative Evgeny Angelov – Deputy Minister Economy, Energy and Tourism.

European Union European Fund for Regional Development.

Interpreneurship Promotion Instruments

Implementation of financial instruments in the EU programming periods and in Poland Patrycja Wolińska-Bartkiewicz Managing Director.

Financial engineering measure „Entrepreneurship Promotion” for start-ups in Lithuania 24 September, 2013 Vilnius.

European Week of Regions and Cities

Financial Instruments - Implementation in the EU and in Lithuania

Promoting self-employment and enterpreneurship from ESF through JEREMIE initiative LT practice ESF TWG, Bruges.

SME INITIATIVE IN ROMANIA

Digital Entrepreneurship: Focus on (Croatia)

Financial Instruments - Implementation in the EU and in Lithuania

JEREMIE SNAPSHOT: An Innovative instrument to support SMEs

Finnvera’s experience in using the counter-guarantee for micro-credit Finnvera Plc, Anneli Soppi The Role of Guarantee Funds in Microcredit, 5th.

indicators and data collection

Presentation transcript:

"Experience of INVEGA with the use of financial engineering instruments in Lithuania 20 May 2011 JEREMIE NWP, Brussels Audrius Zabotka Deputy Director General INVEGA

UAB Investicijų ir verslo garantijos (INVEGA) - Investment and Business Guarantees, Ltd. Established by the Government of Lithuania, registered on 29th November 2001 On 5 March 2004 INVEGA counter-guarantee agreement with EIF under the MAP Since 2001 issuance of individual guarantees Since 2006 administration of microcrediting programme Since 2009 administrator of Global Grant Since 2009 manager of the JEREMIE HFs (ERDF + ESF) 32 employees 2 INVEGA - Investment and Business Guarantees, Ltd.

Small credits_1 2 EUR 6 m Small credits_1 2 EUR 6 m Micro credits for SME 1 EUR 8 m Micro credits for SME 1 EUR 8 m Instrument funded by National budget Instrument funded by National budget Open credits fund 3 EUR 29 m Open credits fund 3 EUR 29 m Small credits_2 2 EUR 29 m Small credits_2 2 EUR 29 m Financial Engineering Instrument funded by ERDF Financial Engineering Instrument funded by ERDF INVEGA fund (JHF) EUR 58 m Entrepreneurship Promotion Fund (JHF) EUR 15 m Entrepreneurship Promotion 4 EUR 14,48 m Entrepreneurship Promotion 4 EUR 14,48 m Financial Engineering Instrument funded by ESF Guarantee Fund - Individual guarantees 5 EUR 37,4 m Guarantee Fund - Individual guarantees 5 EUR 37,4 m Compensation of interests EUR 30 m 6 Compensation of interests EUR 30 m 6 Individual guarantees

Small credits_1 2 EUR 6 m Small credits_1 2 EUR 6 m Micro credits for SME 1 EUR 8 m Micro credits for SME 1 EUR 8 m Instrument funded by National budget Instrument funded by National budget Open credits fund 3 EUR 29 m Open credits fund 3 EUR 29 m Small credits_2 2 EUR 29 m Small credits_2 2 EUR 29 m Financial Engineering Instrument funded by ERDF Financial Engineering Instrument funded by ERDF INVEGA fund (JHF) EUR 58 m Entrepreneurship Promotion Fund (JHF) EUR 15 m Entrepreneurship Promotion 4 EUR 14,48 m Entrepreneurship Promotion 4 EUR 14,48 m Financial Engineering Instrument funded by ESF Guarantee Fund - Individual guarantees 5 EUR 37,4 m Guarantee Fund - Individual guarantees 5 EUR 37,4 m Compensation of interests EUR 30 m 6 Compensation of interests EUR 30 m 6 Individual guarantees

ERDF since April 2009 Term up to 31 Dec 2014 Budget: EUR 29 m (no co financing from the banks) Participating 4 banks Max. Credit amount EUR 101 thousands One credit per SME per 12 months Purpose for investments and working capital for development or general business expansion State aid scheme: de minimis (restricted sectors: under de minimis rules) 5 INVEGA fund: Small credit programme-2

ERDF since April 2009 Term up to 31 Dec 2015 Budget: EUR 29 m Participating banks – 8 selected (agreements with 7 banks) Open credit fund: Co-financing of up to 75 % of the credit to SME but not more than EUR 434 thousands Two credit per SME per 12 months Credit term for SME up to 72 months Max. bank margin < 3 % Interests 3 m Vilibor % (>3; <7) Interest 3 m Euribor + 0.1% (>1; <3) Purpose for investments and working capital for development or general business expansion State aid scheme: de minimis (restricted sectors: under de minimis rules) 6 INVEGA fund: Open Credit Fund

Small credits_1 2 EUR 6 m Small credits_1 2 EUR 6 m Micro credits for SME 1 EUR 8 m Micro credits for SME 1 EUR 8 m Instrument funded by National budget Instrument funded by National budget Open credits fund 3 EUR 29 m Open credits fund 3 EUR 29 m Small credits_2 2 EUR 29 m Small credits_2 2 EUR 29 m Financial Engineering Instrument funded by ERDF Financial Engineering Instrument funded by ERDF INVEGA fund (JHF) EUR 58 m Entrepreneurship Promotion Fund (JHF) EUR 15 m Entrepreneurship Promotion 4 EUR 14,48 m Entrepreneurship Promotion 4 EUR 14,48 m Financial Engineering Instrument funded by ESF Guarantee Fund - Individual guarantees 5 EUR 37,4 m Guarantee Fund - Individual guarantees 5 EUR 37,4 m Compensation of interests EUR 30 m 6 Compensation of interests EUR 30 m 6 Individual guarantees

ERDF since August 2009 Term up to 31 Dec 2015 Budget: EUR 37.4 m INVEGA has co-operation agreements with (all commercial banks ) Guarantee fund: provides 80 % guarantee on INVEGAs individual commitments on SME loans Targets 1100 guarantees, guarantee portfolio of EUR 112 m Individual guarantee rate up to 80 % of the credit to SME but not more than EUR 1,5 m Guarantee premium 3-4 % Purpose of guaranteed loan for investment or working capital loans for the expansion and the development of SMEs general business activity State aid scheme: de minimis (restricted sectors: under de minimis rules) 8 Guarantee fund

Small credits_1 2 EUR 6 m Small credits_1 2 EUR 6 m Micro credits for SME 1 EUR 8 m Micro credits for SME 1 EUR 8 m Instrument funded by National budget Instrument funded by National budget Open credits fund 3 EUR 29 m Open credits fund 3 EUR 29 m Small credits_2 2 EUR 29 m Small credits_2 2 EUR 29 m Financial Engineering Instrument funded by ERDF Financial Engineering Instrument funded by ERDF INVEGA fund (JHF) EUR 58 m Entrepreneurship Promotion Fund (JHF) EUR 15 m Entrepreneurship Promotion 4 EUR 14,48 m Entrepreneurship Promotion 4 EUR 14,48 m Financial Engineering Instrument funded by ESF Guarantee Fund - Individual guarantees 5 EUR 37,4 m Guarantee Fund - Individual guarantees 5 EUR 37,4 m Compensation of interests EUR 30 m 6 Compensation of interests EUR 30 m 6 Individual guarantees

ESF since December 2009 Term up to 31 Dec 2015 Budget: EUR 15 m Co-operation agreements with the Consortium led by Central Credit Union (+57 Credit Unions) Entrepreneurship Promotion: Trainings for SMEs Microcredits for start-up micro companies (legal entities and individuals) < 12 months One credit per entity 10 % co-financing of the microcredit by Credit Unions State aid scheme: de minimis (restricted sectors: under de minimis rules) 10 Entrepreneurship Promotion Fund (EPF)

11 Implementation of JHF/FEI INVEGA FundGuarantee Fund Entrepreneurship Promotion Fund Small CreditsOpen Credit Fund Signature of funding agreement April 2009 August Dec 2009 Contribution to the JHF/FEI EUR 29m EUR 37.4mEUR 15m Disbursements/ commitments to SMEs as of 31 March 2011 EUR 38,3mEUR 18,1mEUR 100,1mEUR 0,7m

Small credits_1 2 EUR 6 m Small credits_1 2 EUR 6 m Micro credits for SME 1 EUR 8 m Micro credits for SME 1 EUR 8 m Instrument funded by National budget Instrument funded by National budget Open credits fund 3 EUR 29 m Open credits fund 3 EUR 29 m Small credits_2 2 EUR 29 m Small credits_2 2 EUR 29 m Financial Engineering Instrument funded by ERDF Financial Engineering Instrument funded by ERDF INVEGA fund (JHF) EUR 58 m Entrepreneurship Promotion Fund (JHF) EUR 15 m Entrepreneurship Promotion 4 EUR 14,48 m Entrepreneurship Promotion 4 EUR 14,48 m Financial Engineering Instrument funded by ESF Guarantee Fund - Individual guarantees 5 EUR 37,4 m Guarantee Fund - Individual guarantees 5 EUR 37,4 m Compensation of interests EUR 30 m 6 Compensation of interests EUR 30 m 6 Individual guarantees

A web- link to further information on each measure 1. mid= mid= mid=89http:// mid= mid=92http:// mid= mid=79http:// mid= mid=87http:// mid=

Contacts UAB Investicijų ir verslo garantijos (INVEGA) (Investment and Business Guarantees, Ltd.) Konstitucijos ave. 7 (16 th floor), LT Vilnius Tel , faks to: 14