1 jeremie: joint european resources for micro to medium enterprises “train the trainers”...
TRANSCRIPT
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JEREMIE:
Joint European Resources for Micro to Medium Enterprises
“Train the trainers”European Commission seminar for managing
and certifying authorities Brussels, 9 June 2009
Georges Kolivas - DG REGIO, Financial Engineering
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Contents of the presentation
• Introduction – SMEs access to finance and new business creation in the EU
• JEREMIE: objectives and phases• Legal framework of JEREMIE• JEREMIE evaluations and JEREMIE in
operation• JEREMIE networking platform
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JEREMIE
Introduction SMEs access to finance and
new business creation in the EU
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SME ACCESS TO FINANCE IN THE EU
SOURCE: EUROSTAT - FLASH EUROBAROMETER 174
• SMEs basically use banks for their financing (8 SMEs out of 10)
• Venture capital is envisaged only by about 14% of SMEs
• 50% of SMEs seem to make use of leasing, renting, overdrafts
• 70% of SMEs surveyed think that banks do not want to take any risk
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Key factors for new business successSource: EUROSTAT survey, 29/2006• Experience of a new entrepreneur in the branch helps, but is not essential
• “Administrative problems” and “relations with customers” are considered to be the main start up problems
• Age and education of the entrepreneur play a key role in launching new business
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Observatory of European SMEs (April 2007)
• .
EU SMEs barriers to innovation: EU SMEs barriers to innovation:
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Observatory of European SMEs (April 2007)
Main European SMEs’ business constraints: purchasing power of customers (46%), administrative regulations (36%), lack (35%)
and costs (33%) of human resources, infrastructure problems (23%), limited access to finance(21%) smaller enterprises ~> more likely to have funding difficulties:
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JEREMIE: objectives and phases
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JEREMIE• JEREMIE stands for:
‘Joint European REsources for MIcro to medium Enterprises’
• JEREMIE is a joint initiative of the Commission and the EIF/EIB for the period 2007-2013 of the Structural Funds
• JEREMIE targets market failures to finance SMEs expansion and to support new business creation in the regions of the EU
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JEREMIE PHASES Phase 1 : Preparation • Evaluation studies (mainly in 2007-2008)• Operational programmes of the SFPhase 2: Setting up Systems• Managing authority selects Holding Fund• MA contributes to Holding Fund• HF selects Financial Intermediaries• HF supports /takes participations in
financial intermediaries
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JEREMIE PHASES Phase 3: Implementation• Financial intermediaries support:- SME - micro-credit beneficiaries • Closing OPs in 2015, or earlier for partial
closure• Recycling OP resources invested and
returned, in favor of SMEs
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JEREMIE FLOW CHARTOperational Operational ProgrammeProgramme
SMEsSMEsFINANCIALINTERMEDIARIES
FINANCIALINTERMEDIARIESHOLDING FUNDHOLDING FUND
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JEREMIE Legal framework
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LEGAL FRAMEWORK - 1
• Legislation for the Structural Funds- specific provisions for financial engineering:
1. General Regulation 1083/2006, Art 44, Art 78(6) and 78(7)
2. Commission Regulation 1828/2006 for the implementation of the Structural Funds, Articles 43 to 46
• All other relevant provisions of the regulations for the Structural Funds
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Recovery package Revision of legal framework in
2009
• Revision-simplification of Articles 44 and 56(2) of the General Regulation 1083/2006, adopted in April 2009
• Revision of Article 7 of ERDF Regulation adopted in May 2009 – energy efficiency and renewable energy in the housing sector eligible in all MS
• Revision–simplification of COM Regulation, Articles 43-46, on going
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LEGAL FRAMEWORK - 2
• Guidance Note COCOF I on financial engineering, July 2007
• Guidance Note COCOF II, September 2008
• The two COCOF notes will be reviewed after the completion of the revision of the SF regulations in 2009
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LEGAL FRAMEWORK - 3
•EU legislation on- Public procurement- State Aid
•Applicable national legislation
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• JEREMIE evaluations • JEREMIE in operation
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JEREMIE EVALUATIONS-1
• Evaluation studies about:1. Supply – demand gaps in Member States
or regions for SMEs access to finance2. Proposed action to take to fill the gaps• Studies are co-financed : -85% by the Commission – DG REGIO -15% by the EIF• Studies are carried out by the EIF
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JEREMIE EVALUATIONS
• National evaluation reports: GR, RO, BU, PL,LT, EE, LV, SE, DN, SK, CZ, MT, CY, HU, Pt
• Regional evaluation reports: regions of UK, FR, ES, IT, DE
• Overall 55 national or regional reports were completed by the end of 2008
• Executive summaries published now in INFOREGIO – JEREMIE page
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JEREMIE IN OPERATION-1• 85 OPs foresee JEREMIE type action• EIF: THE KEY ACTOR FOR JEREMIE• GR signed a funding agreement with EIF
in 2007, RO signed early 2008• LV, Lt, Languedoc Roussillon in FR,
Campania in IT, SK, CY, BU have signed so far agreements with the EIF
• Hungary and Wales-UK implement now JEREMIE with national fin. institutions
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JEREMIE IN OPERATION-2
• Andalusia signed in 2009 a funding agreement with the public bank IDEA
• More Regions in Poland, France, UK, Spain, Italy, expected to implement JEREMIE
• More than 20 MS expected to implement or to be inspired by JEREMIE for the period 2007-2013
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JEREMIE IN OPERATION EARLY 2009
EIF as Holding Fund
EIF/National institution(s)
National institution(s)
GreeceRomaniaLatviaLithuaniaLanguedoc-Roussillon (FR)Campania (Italy)Cyprus
SlovakiaBulgaria
HungaryWales (+loan from EIB to the holding fund)Andalusia
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JEREMIE IN OPERATION-3
• Perspectives are excellent• Hard work needed• REGIO - EIF – MS are the key players• EIF expected to assume the holding
fund challenge in about 15 MS • The financial crisis of 2008-09 makes
JEREMIE more useful for SMEs access to finance
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JEREMIE NETWORKING PLATFORM
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JEREMIE NETWORKING PLATFORM - OBJECTIVES
• Exchanging know-how and good practices about JEREMIE
• Increasing the knowledge about financial engineering instruments in the field of SME financing
• Monitoring the implementation of the initiative in Member States and regions
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JNP- Initiator and Members
• Launched by the Commission- DG REGIO
• Participants:1. EIF and other Commission services2. Managing Authorities of Operational
Programmes implementing or to implement JEREMIE,
3. Open to other interested stakeholders
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JNP- SPECIFIC TOPICS• JEREMIE and SMEs: new business creation, types
and demand for specific JEREMIE products, monitoring and adjusting the JEREMIE product mix;
• JEREMIE in operation in the context of the current financial and economic crisis;
• The role, leverage effect and best practices of JEREMIE holding funds;
• The response, efficiency and leverage effect of financial intermediaries implementing JEREMIE;
• JEREMIE and EU legislation, in particular state aid and public procurement.
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JEREMIEPERSPECTIVES
Very good perspectives for the benefit of SMEs
Good luck JEREMIE
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Thank you for your attention
• For further Information
Website:http://jeremie.europa.eu
Email:[email protected]
DG REGIO – Unit D3 –Financial Engineering