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JEREMIE 22 November 2006

JEREMIE 22 November 2006. €. €. €. €. €. SMEs. SMEs. SMEs. JEREMIE Structure. European Commission (DG Regio). EU Level. Managing Authority. JEREMIE Investment Board (IB). JEREMIE Holding Fund (HF). HF Manager (HFM). National /or regional Level. Financial intermediaries.

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JEREMIE 22 November 2006

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  1. JEREMIE22 November 2006

  2. € € € € € SMEs SMEs SMEs JEREMIE Structure European Commission (DG Regio) EU Level Managing Authority JEREMIE Investment Board (IB) JEREMIE Holding Fund (HF) HF Manager (HFM) National /or regional Level Financial intermediaries Financial intermediaries Microfinance beneficiaries

  3. JEREMIE Advantages • Upfront immediate disbursement upon the establishment of HF (possibility of generating interest on HF), • Lack of structural issues – resources have to be used at least once until 2015, then reinvested creating an evergreen support mechanism, • Ability to shift focus with regards to both intermediaries and instruments based on market conditions leading to improved absorption rates, • Improved risk management and monitoring of financial instruments supporting SME sector provided by HF Manager, • Leverage on ERDF resources at HF and intermediary level, • Comprehensive notification process, • Management cost of HF manager capped by regulation at 2% • Possibility to engage EIF as HF manager

  4. Interim Report - Poland • Main Conclusions: • Lack of access to micro loans for start-ups • Limited access to finance for enterprises in their early stage of development (either through VC or debt) • Limited use of guarantee/counter-guarantee instruments (low leverage on public funds) • Problems with technology transfer • Plans for 2007 – 2013: • Limited share of revolving instruments • Lack of modern financial engineering products (convertible loans, mezzanine instruments)

  5. European Investment Fund Piotr STOŁOWSKI “JEREMIE” Project Manager 43, avenue J. F. Kennedy L-2968 Luxembourg Tel.: (00 352) 42 66 88 408 Fax: (00 352) 42 66 88 280 p.stolowski@eif.org www.eif.org/jeremie

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