Why JEREMIE? - Ekonomiaspoleczna.pl

Implementation
of the
JEREMIE initiative
in Poland
Prague, 8 November 2011
Poland - main beneficiary of EU structural
funds - 20% of allocation within cohesion
policy (EUR 67 bln)
Over EUR 10 bln of NSRF committed to the
enterprise sector
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Urząd Marszałkowski Województwa
Wielkopolskiego w Poznaniu
2012-05-10
NSRF resources committed to the enterprise sector (EUR)
Operational
Programme
Whole allocation of
each OP (2007-2013)
Resources
committed to the
enterprise sector
under each OP
Per cent of the allocation
committed
to the enterprise sector
under each OP
All ROPs
(16 regions)
EUR 16,6 bln
EUR 3,99 bln
24%
OP
Innovative
Economy
EUR 8,25 bln
EUR 5,81 bln
70%
OP
Development of
Eastern Poland
EUR 2,27 bln
EUR 447,61mln
20%
OP
Infrastructure
and
Environment
EUR 27,91 bln
EUR 225 mln
0,8%
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Urząd Marszałkowski Województwa
Wielkopolskiego w Poznaniu
2012-05-10
NSRF resources committed to Financial
Engineering Instruments (EUR)
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Regional Operational Programmes
828,6 mln
Operational Programme Innovative Economy
153,0 mln
Operational Programme Development
of Eastern Poland
20,0 mln
Total
EUR 1 001,6 mln
Urząd Marszałkowski Województwa
Wielkopolskiego w Poznaniu
2012-05-10
Why JEREMIE?
(motives and objectives)
Grants
•
•
•
•
•
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Less effective
(limited population
of supported SMEs)
Interfere with market mechanisms
Mainly short-term effects
Relatively small-scale impact
compared to large administrative
involvement
Relatively low net effect
Urząd Marszałkowski Województwa
Wielkopolskiego w Poznaniu
Financial Instruments
•
•
•
•
•
Revolving nature (+multiplier)
Bigger number of supported SMEs
Flexibility and focus on the actual
market demand
Introducing new financial
instruments supporting SMEs
Strengthening „regional market” of
financial intermediaries
2012-05-10
JEREMIE in Poland is being
implemented at:
national level
or
regional level
with the use of a Holding Fund system
or
without a Holding Fund system
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Urząd Marszałkowski Województwa
Wielkopolskiego w Poznaniu
2012-05-10
JEREMIE in Poland
At national level (EUR 173 mln):
Operational Programme Innovative Economy
(venture capital)
Operational Programme Development of
Eastern Europe (reguarantee)
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Urząd Marszałkowski Województwa
Wielkopolskiego w Poznaniu
2012-05-10
JEREMIE in Poland
At regional level (EUR 828,6 mln):
Without a Holding Fund
(12 regions)
Operational
Programme (MA)
With a Holding Fund
(6 regions)
Operational
Programme (MA)
Holding Fund
Financial
Intermediaries
Entrepreneurs
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Urząd Marszałkowski Województwa
Wielkopolskiego w Poznaniu
Financial
Intermediaries
Entrepreneurs
2012-05-10
Financial instruments
regional Holding Fund System
Financial products available within JEREMIE initiative
Loan instruments
Guarantee instruments
• global loan,
• re-guarantee,
• financial line,
• wallet guarantee,
Capital instruments
• capital support of
technology transfer
funds,
• capital support
of mezzanine funds;
Target group: banks and parabanking institutions
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Urząd Marszałkowski Województwa
Wielkopolskiego w Poznaniu
2012-05-10
Agreements within JEREMIE initiative (PLN mln)
•
Budget of 6 Holding Funds – PLN 1 702,9 mln ≈ EUR 405,5 mln
•
Holding Fund and financial intermediaries - 27 agreements for the amount of PLN 356,99 mln ≈ EUR 85,00 mln
•
Financial intermediaries SMEs - 2288 agreements for the amount of PLN 179,1 mln ≈ EUR 42,65 mln
Holding Fund Managers
Agreements with final
recipients signed by financial
intermediaries
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Urząd Marszałkowski Województwa
Wielkopolskiego w Poznaniu
2012-05-10
How are we doing it?
• Products
• Promotion, information and assistance for
SMEs
• Close cooperation of the Managing
Authority with the Manager of the Holding
Fund and financial intermediaries
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Urząd Marszałkowski Województwa
Wielkopolskiego w Poznaniu
2012-05-10
Procucts
(reguarantee in Wielkopolska Region – case study)
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Urząd Marszałkowski Województwa
Wielkopolskiego w Poznaniu
2012-05-10
SWOT analysis
Strengths
-
leverage of public resources
complementary to a grant system
focus on the market gaps
use of specialist knowledge
innovative and pilot initiative
Weaknesses
- regulatory framework taking into account specificity of
returnable instruments both at national (i.a. equity
instruments) and EU level (state aid, exit policy,
monitoring system, selection of a HF manager in the
new financial perspective);
- complicated structure
JEREMIE
in Poland
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Opportunities
Threats
-
- SMEs attitude (lack of interest in repayable instruments
as beneficiaries have become accustomed to grants)
- weak commitment of financial intermediaries
- Information and promotion
- market dependence (financial crisis)
- complicated cooperation and involvement at
institutional level (MA, HF, FI and final beneficiaries)
wider use of revolving instruments
private capital involvement
wider project portfolio for SMEs
bonuses for good results
sustainable mechanism of SMEs support
prepares for the new programming period
Urząd Marszałkowski Województwa
Wielkopolskiego w Poznaniu
2012-05-10
Next steps
(plans and modifications)
• adjusting implemented products to current market
requirements (financial intermediaries and SMEs – lower
own contribution and product fees)
• diversification of products (new products i.e. mezzanine)
• improvement of the procedures, systems and institutions
involved,
• assessment as the basis – market failures and investment
needs identification prepared for the whole system not only
for financial instruments sector,
• promotion and information campaigns of financial
instruments as a continuous source of resources.
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Urząd Marszałkowski Województwa
Wielkopolskiego w Poznaniu
2012-05-10
Thank you
for your attention
Radosław Krawczykowski
Marshal Office of the Wielkopolska Region
e-mail: [email protected]
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Urząd Marszałkowski Województwa
Wielkopolskiego w Poznaniu
2012-05-10