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SME INITIATIVE IN ROMANIA BUCHAREST, 11-12 July 2017

SME INITIATIVE IN ROMANIA BUCHAREST, 11-12 July 2017. SME Initiative (1). TO 3 – enhancing the competitiveness of SMEs Investment priority 3d – supporting the capacity of SMEs to grow in regional, national and international markets, and to engage in innovation processes

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SME INITIATIVE IN ROMANIA BUCHAREST, 11-12 July 2017

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  1. SME INITIATIVE IN ROMANIA BUCHAREST, 11-12 July 2017

  2. SME Initiative (1) • TO 3 – enhancing the competitiveness of SMEs • Investment priority 3d – supporting the capacity of SMEs to grow in regional, national and international markets, and to engage in innovation processes • SO: improve SME access to finance by addressing challenges that banks face: • Covering 60% of losses for defaulted loans (with no cap at portfolio level), addresses credit risk and/or lack of collateral at the SME level • Providing capital relief to the banks due to the involvement of EIF (0% risk weighting on the guaranteed part of each loan under CRD IV), addresses regulatory capital scarcity at the banks’ level

  3. SME Initiative (2): • SMEI envisages uncapped portfolio guarantees and partial capital relief to banks building up new portfolios of SME loans. 60% of the total portfolio will be covered on a loan by loan basis.ESIF will cover the first loss piece and a fraction of the lower mezzanine tranche. • EIF will join to cover the mezzanine risk. Senior tranches will be guaranteed by EIB, while the originating bank must retain at least 20% risk. Newly originated loan portfolios Guarantor Risk tranching SME1 European Investment Fund Financial Institution 1 Uncapped guarantee on portfolio level SME2 Senior tranche EIB Risk EIF guarantee SME3 60% guarantees on a loan-by-loan basis. At least 20% risk retained by originator Member State contribution EIF, H2020 Mezzanine tranche EFRD SME1 First loss piece ESIF Risk Financial Institution N EIF guarantee SME2

  4. SME Initiative (3): • Priority axes 1 – Increasing Romanian SMEs access to financing • OP budget – 100 mil. Euro (7 mil. Euro management costs and fees) • Result indicator – proportion of credit requests approved • No of estimated beneficiaries – 2500 of SMEs • Estimated leverage(for 60% of the defaulted loans per portfolio)– min 4

  5. SME Initiative (4) • Memorandum of the Government: Participation of Romania in SME Initiative from ERDF allocation (8 July 2015) - 100 mil. Euro; • Modification of Partnership Agreement/Regional Operation Programme 2014 – 2020 in order to include the new OP; • The elaboration, negotiation and approval of SMEI OP (23.03.2016); • The signature of the Funding Agreement between Romania and EIF and of the Intercreditor Agreement between Romania, EIF, EIB and EC (20.10.2016); • First meeting of the Monitoring Committee and Investment Board (20.10.2016) • Approval of the rules of procedures • Approval the qualitative criteria for the call of expression of interest from banks • Launching the call of expression of interest to select financial intermediaries (21.10.2016) – deadline 31 March 2017

  6. SME Initiative(5) • Payments made from national funds until MA accreditation • first payment request: 74.052 mil euro (90.000 euro management costs and fees) • second payment request: 19.038 mil. euro • Designing and approval of de minimis scheme (April 2017) – applicable until 31.12.2020 • Designation process: still pending the MA accreditation • Signing of the first operational contract – 5 May 2017. • Second meeting of the Monitoring Committee and Investment Board (20.06.2016) • First AIR approval • Signature event with all the financial intermediaries selected – 21 June 2017: • Signed: Raiffeisen Bank (RON si EUR), BCR (RON si EUR), ProCredit (RON), Banca Transilvania (RON si EUR), BancPost (RON si EUR) • Pre-selected, signature pending: ING (RON si EUR), Libra Bank (RON si EUR), BRD (RON)

  7. Financial Intermediaries

  8. Issues to be clarified (1) • Decision CE 660/2014 includes formula for calculating de Gross Grant Equivalent (GGE), that allow ex-ante determination of the state aid amount (at the signature of the financing contract) • Granted state aid will be reported once, at the signature of the financing contract • Competition Council – according to Regulation 1407/2013, reporting of the state aid must be made each time the SMEs make an reimbursement to the Financial Intermediaries, based on the eligible financing contracts • In this case, the formula for GGE in the Decision 660/2014 could need to be modified in order to include a discount rate • Correspondence with DG COMP

  9. Issues to be clarified (2) • RegAS – state aid register: data on all the state aid granted in Romania to all beneficiaries • according to art. 29 from Regas Regulation, all the state aid must be reported both, when is granted and when is paid • pending issues: • the frequency of Regas reporting or other possibilities (data base interconnection) • Recovery of the illegal state aid

  10. Future activities • Successfully closure of the MA designation process • Initiating the reimbursement from the EC and payment back of the amounts borrowed from the Ministry of Public Finance • Clarifying the issues related to monitoring, reporting and recovery of the state aid • ProductLaunching – loans availability on the market (FI) • monitoring the implementation of the Operational Agreements with Financial Intermediaries ( commonly with EIF)

  11. Thank you! Ministry of Regional Development, Public Administration and European Funds The Managing Authority for the SMEI Tel: 0372 111661, Fax: 0372 111 630 email: madalina.istrate@mdrap.ro

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