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Brüssel 4.5.2007

KOM(2007) 235 lõplik

KOMISJONI ARUANNE NÕUKOGULE JA EUROOPA PARLAMENDILE

ettevõtteid ja ettevõtlust, eelkõige väikseid ja keskmise suurusega ettevõtjaid (VKEsid) käsitleva mitmeaastase programmi (2001–2006) rahastamisvahendite kohta (kooskõlas nõukogu 20. detsembri 2000. aasta otsuse 2000/819/EÜ, mida on muudetud Euroopa Parlamendi ja nõukogu 21. juuli 2004. aasta otsusega 593/2004/EÜ, artikli 5 lõikega 1)

SISUKORD

1. Üldine sissejuhatus 3

2. Ülevaade 3

2.1. Rakendamine 3

2.2. Kasutamine 4

3. VKEde tagatissüsteem 4

3.1. Süsteemi kirjeldus 4

3.2. Eelarveliste vahendite seis 5

3.3. Finantsvahendajad 9

3.4. Abi saavad VKEd ja tööhõive 9

4. Euroopa tehnoloogiaedendusprojekti käivitusprogramm 10

4.1. Süsteemi kirjeldus 10

4.2. Eelarveliste vahendite seis 11

4.3. Finantsvahendajad 14

4.4. Abi saavad VKEd 14

5. Stardikapital 14

5.1. Süsteemi kirjeldus 14

5.2. Eelarveliste vahendite seis 14

5.3. Finantsvahendajad 16

6. Järeldused 16

Annex 1: Geographical distribution - all financial instruments 20

Annex 2: SME Guarantee Facility– Leverage (gearing) 21

Annex 3: SME Guarantee Facility– Financial intermediaries 22

Annex 4: SME Guarantee Facility – Beneficiary SMEs 43

Annex 5: SME Guarantee Facility -Analysis of Defaulted Loans, situation as at 30 june 2005 49

Annex 6: ETF Start-up 51

Annex 7: Seed Capital Action 54

Annex 8: Financial Statements 55

Annex 9: Joint European Venture (JEV) programme 56

1. ÜLDINE SISSEJUHATUS

Käesolev on kolmas aastaaruanne ettevõtteid ja ettevõtlust, eelkõige väikseid ja keskmise suurusega ettevõtjaid (VKEsid) käsitleva mitmeaastase programmi (MAP) rahastamisvahendite kasutamisel tehtud edusammude kohta.

See on koostatud kooskõlas nõukogu 20. detsembri 2000. aasta otsuse 2000/819/EÜ [EÜT L 333, 29.12.2000, lk 84; muudetud Euroopa Parlamendi ja nõukogu 21. juuli 2004. aasta otsusega 593/2004/EÜ (EÜT L 268, 16.8.2004, lk 4)], artikli 5 lõikega 1.

Mitmeaastane programm oli algselt ette nähtud ajavahemikuks 2001–2005. Tegevuse katkemise ennetamiseks enne järgmise programmi käivitamist uue finantsperspektiivi raames pikendati MAPi siiski detsembris 2005 ühe aasta võrra, seega 2006. aasta lõpuni.

MAPi rahastamisvahendite eesmärk on parandada ettevõtjate, eelkõige VKEde finantskeskkonda. MAP tugineb 1998. aasta arengu ja tööhõive algatuse tulemustele.

Käesolev aruanne hõlmab MAPi kolme rahastamisvahendit, st VKEde tagatissüsteemi, Euroopa tehnoloogiaedendusprojekti käivitusprogrammi ja stardikapitali meedet. Aruandes antakse ülevaade tehtud edusammudest seisuga 31.12.2005 ja see sisaldab üht peatükki iga rahastamisvahendi kohta (3., 4. ja 5. ptk).

Kõiki rahastamisvahendeid haldab Euroopa Investeerimisfond (EIF) ning need mõeldud täitma teadaolevat turulünka, et parandada VKEde juurdepääsu rahastamisele.

Projektide heakskiitmine MAPi eelarvelistest vahenditest rahastamiseks algas tegelikkuses 25. märtsil 2002. Enne seda kuupäeva esitatud projektid kiideti heaks arengu ja tööhõive algatuse raames.

2. ÜLEVAADE

2.1. Rakendamine

10. detsembril 2001 võttis komisjon vastu otsuse K(2001)3973 MAPi rahastamisvahendite rakendamise kohta. Pärast seda, 18. detsembril 2001, sõlmis komisjon EIFiga Euroopa tehnoloogiaedendusprojekti käivitusprogrammi, VKEde tagatissüsteemi ja stardikapitali meetme kohta usaldus- ning halduslepingud.

Neid lepinguid muudeti 22.detsembril 2005, et võtta arvesse MAPi pikendamist.

Algselt esitati MAPi rahastamisvahendite soovituslik eelarve ajavahemikuks 2001–2005 mahus 317 miljonit eurot. Võttes arvesse MAPi pikendamist ühe aasta võrra, suurendati perioodi 2001–2006 soovituslikku eelarvet eelarvepädevate institutsioonide otsustega ja ülekandmistega teistelt eelarveridadelt 512 miljoni euroni.

Peale ELi liikmesriikide on MAPi raames abikõlblikud ka Bulgaaria, Rumeenia ja Türgi. Lisaks võimaldab EFTA/EMP riikidega sõlmitud Euroopa Majanduspiirkonna (EMP) leping MAPis osaleda ka EMP riikidel.

2.2. Kasutamine

Vastavalt EIFi ja komisjoni vahelistele usaldus- ja halduslepingutele peab EIF muu erikorra või prioriteetide puudumisel püüdma saavutada kolme MAPi rahastamisvahendi tasakaalustatud geograafilist jaotust, võttes arvesse järgmist nelja kriteeriumi:

- eesmärk saavutada kõigi kolme rahastamisvahendi peale kokku riikide tasakaalustatud hõlmatus üleilmses mastaabis;

- eesmärk võimaldada igal liikmesriigil saada kasu vähemalt ühest rahastamisvahendist;

- teatava tegevuse elujõulisuseks vajalik miinimummaht;

- eri turgude iseloom.

Osalevate riikide erinevad vajadused, turutingimused ja makromajanduslik olukord avaldavad mõju suutlikkusele eri rahastamisvahendeid vastu võtta ja kasutada. Seetõttu on ette nähtud, et vajalike kohanduste tegemiseks peab süsteem olema piisavalt paindlik, et minna näiteks vajadusel ühe rahastamisvahendi kasutamiselt üle teisele. Vahendite kasutamise kogemuste põhjal arvab komisjon, et asjakohane geograafiline jaotus tuleks saavutada kõigi rahastamisvahendite peale kokku, mitte igaühe osas eraldi.

I. lisa tabelis on esitatud MAPi kõiki kolme rahastamisvahendit hõlmav geograafiline jaotus komisjoni poolt heakskiidetud projektide põhjal seisuga 31.12.2005.

3. VKEDE TAGATISSÜSTEEM

3.1. Süsteemi kirjeldus

Selle süsteemi eesmärgid on edendada ettevõtlust, arengut ja konkurentsivõimet, parandada finantskeskkonda ning võimaldada ettevõtjatele lihtsam juurdepääs ühenduse tugiteenustele ja programmidele, toetades arenguvõimelisi ja töökohtade loomise potentsiaaliga VKEsid laenuraha kättesaadavuse suurendamisega. Süsteemi kaudu toetatakse finantsvahendajate olemasolevate tagatisetoodete raames suuremate tagatiste võimaldamist, suurema hulga väikeste ettevõtete juurdepääsu mitmekesisemate investeeringute rahastamisele ja riskantsemate laenude tagatisi. Samuti toetatakse uute tagatisskeemide loomist ja arendamist. Süsteemist kaetakse osa tagatiskahjumist eelnevalt kindlaksmääratud ulatuses (ülempiir[1]).

Süsteemi haldab Euroopa Liidu nimel EIF. EIF leiab, hindab ja valib süsteemi jaoks võimalikud finantsvahendajad kooskõlas asjakohase tagatiste võimaldamise poliitikaga.

VKEde tagatissüsteemi kohaldatakse kuni 100 töötajaga ettevõtetele. Finantsvahendajad võivad olenevalt konkreetsetest tagatise- või laenutoodetest kehtestada VKEdele rangemad kõlblikkuskriteeriumid. Igal juhul on abi saavatele VKEdele tagatiste väljastamine, nendega seotud riskide hindamine, aga ka järelevalve ja sissenõudmine täielikult väljavalitud finantsvahendajate vastutusel.

MAP laiendab süsteemi kohaldamisala uutele toodetele ja riikidele. Võrreldes arengu ja tööhõive algatusega, täiendati süsteemi kättesaadavate tagatisvahendite valiku laiendamiseks MAPi raames kolme uue võimalusega: mikrolaenud, omakapitaliinvesteeringud ja laenud infotehnoloogiaseadmete, tarkvara ning Interneti ja e-kaubanduse alase koolituse rahastamiseks.

Avatud on järgmised võimalused :

- laenutagatised: toetatakse kasvupotentsiaaliga, kuni 100 töötajaga ettevõtteid. Selle võimaluse raames väljastab EIF laenu- või tagatisportfellide katteks osalisi ja vastutagatisi;

- mikrokrediidi tagatised: toetatakse väga väikeste, kuni 10 töötajaga ettevõtete mikrolaene. Selle võimaluse raames väljastab EIF mikrolaenuportfellide katteks osalisi tagatisi;

- omakapitalitagatised: vastu- ja kaastagatised tagatisskeemidele VKEdesse tehtavate omakapitaliinvesteeringute katteks (mitte aga otsetagatised riskikapitalifondidele);

- side- ja infotehnoloogia tagatised: infotehnoloogiaseadmete, tarkvara ja Interneti ning e-kaubanduse kasutamist edendava koolituse rahastamiseks antavate laenude portfellide katteks. Eelistatakse kuni 50 töötajaga väikeettevõtteid.

3.2. Eelarveliste vahendite seis

3.2.1. Ülevaade

Seisuga 31.12.2005 oli VKEde tagatissüsteemi raames võetud eelarvevahenditest kulukohustusi summas 267,50 miljonit eurot, mis moodustab 64,3% kogu MAPi eelarve kulukohustustest kuni 2005. aasta lõpuni.

Peale selle lisatakse vastavalt nõukogu otsuse 2000/819/EÜ II lisa punktile II.G usalduskonto intressid süsteemi ressurssidele. Kogueelarve peab seega katma kõik süsteemi kulud, sealhulgas tagatiskahjumid ja kõik muud abikõlblikud kulud. Alljärgnevas tabelis on esitatud eelarve, intresside ja muude tulude ja kulude jaotus.

Tabel 1. Eelarveandmed seisuga 31.12.2005

Vahendid | (milj eurot) |

Eelarveassigneeringud | 267,01 |

Intressid ja muud tulud | 0,49 |

Vahendid kokku (1) | 267,50 |

Kasutamine |

EIF kulukohustused finantsvahendajate ees (komisjoni talituste heakskiitvate otsuste alusel) | 226,00 |

Reserv EIFi haldustasude jm abikõlblike kulude jaoks | 24,53 |

Kasutatud kokku (2) | 250,539 |

Eelarvejääk (1) – (2) | 16,96 |

3.2.2. Kulukohustused

Joonisel 1 on kujutatud EIFi tagatiskohustuste muutumine (226,0 miljonit eurot seisuga 31.12.2005) võrreldes kuni 2005. aasta lõpuni kasutada oleva eelarvega, mis moodustab 242,96 miljonit eurot (267,50 miinus 24,53 milj eurot EIFi kumulatiivse süsteemihaldustasude jm abikõlblike kulude jaoks, seisuga 31.12.2005). Komisjoni poolt heakskiidetud kulukohustused on esitatud kvartalite lõikes.

Joonis 1. EIF kulukohustused finantsvahendajate ees (kvartalite lõikes).

[pic]

Joonisel 2 on kujutatud tehingute kumulatiivne areng seisuga detsember 2005 eelarve, kulukohustuste, vahendite tegeliku kasutamise ja tagatiste sissenõuete osas.

Joonis 2. EIFi tehingute kumulatiivne areng (kvartalite lõikes). [pic]

3.2.3. Kasutamine

Kasutamine tähendab EIFi väljastatud tagatiste kogusumma ja süsteemi raames EIFi ning finantsvahendajate vahel sõlmitud lepingute mahu suhet. 31.12.2005 oli keskmine kasutamise määr laenutagatiste puhul 67%, mikrokrediidi puhul 66% ja omakapitalitagatiste puhul 65%.

Tegelik kasutamine on oodatuga täielikult kooskõlas. Tuleb meeles pidada, et tagatislepingu sõlmimisele EIFi ja finantsvahendajate vahel järgneb vahendite kättesaadavuse periood, mille jooksul finantsvahendaja võib anda tagatisi järgmistele vahendajatele või laene VKEdele ning kaasata need laenud EIFi poolt tagatud portfelli.

Nagu on näidatud 3. lisas, lõpeb vahendite kättesaadavuse periood enamiku finantsvahendajate jaoks kas 31.12.2006 või 30.06.2007, mis võimaldab sujuvat üleminekut MAPile järgnevale programmile CIP (konkurentsivõime ja uuendustegevuse raamprogramm), mis hõlmab ajavahemikku 1. jaanuarist 2007 kuni 31. detsembrini 2013.

Tulenevalt Euroopa Parlamendi ja nõukogu otsusest pikendada MAPi ühe aasta võrra, võib EIF võtta finantsvahendajate ees kohustusi kuni 2006. aasta lõpuni. Süsteem jätkab siiski toimimist ka pärast seda, kui ühendus on 2006. aastal viimase kohustuse võtnud, sest EIFi ja finantsvahendajate vaheliste lepingute kohaselt võib vahendite kättesaadavuse periood ulatuda 2006. aastast kaugemale. Peale selle võib EIFi poolt süsteemi raames väljastatud tagatiste tähtaeg olla kuni 10 aastat. See tähendab, et tagasi maksmata laenudega seotud väljamakseid tehakse veel kuni 10 aastat pärast viimase vahendite kättesaadavuse perioodi lõppu, kuid mitte mingil juhul pärast MAPi kehtivusaja lõppu 31.12.2016, ning selle aja jooksul jätkub ka süsteemis osalejate aruandlus, järelevalve ja kontrollimine.

VKEde tagatissüsteemi kasutamine MAPi raames (SMEG01) paistab toimuvat analoogiliselt nagu arengu ja tööhõive algatuse raames (SMEG98). SMEG01 süsteemi tulemused olid juba seisuga 31.12.2005 võrreldavad SMEG98 raames saavutatutega, kui arvestada tagatud laenude arvu, sõlmitud tagatislepingute mahtu, jne[2].

Suur nõudlus on olemas nii laenutagatiste kui ka mikrokrediidi võimaluse järele. Omakapitalitagatiste võimalust on seni kasutatud vähesel määral, sest olemasolevate omakapitali tagatisskeemide sihtrühm on piiratud. Lisaks on tehnilised asjaolud, sealhulgas riigiabi, seadnud selle võimaluse kasutamisele teatavad piirangud.

Side- ja infotehnoloogia tagatiste võimaluse alusel ei ole tehinguid sõlmitud. Tundub, et niisuguse sektorikeskse võimaluse järele nõudlus puudub. Side- ja infotehnoloogialaene saab tagada ka laenutagatiste võimaluse kaudu. Selle võimaluse pakkumise jätkamist tulevase programmi CIP raames ei ole ette nähtud.

3.2.4. Võimendav mõju

Tagatisskeemidel on üldiselt väga tugev võimendav mõju. Laenutagatiste võimendav mõju on suur seetõttu, et need antakse tihti vastutagatiste vormis institutsioonidele, kes omakorda annavad tagatisi teistele osalejatele, nt vahendajatele ja pankadele. Tänu riski jagamisele kõigi nende osalejate vahel on võimendus laenude mahu seisukohast väga suur (laenutagatiste võimaluse puhul 71,1). Teisest küljest peab järelevalve, aruandluse ja läbipaistvuse nõudeid järgima kogu osalejate ahel kuni lõpliku abisaajani välja.

EL15-s viidi süsteem ellu koos tagatisskeemidega. Uutes liikmesriikides aga, kus ei olnud võimalik garantiiasutustega lepinguid sõlmida (kas seepärast, et sellised skeemid veel ei toiminud või seepärast, et need ei vastanud täiendavusnõuetele), sõlmiti lepingud pankadega. Seetõttu on seal võimendav mõju väiksem: EL15-s on praegu saavutatud võimenduse tase 78,6, uutes liikmesriikides 36,0 ning ülejäänud riikides, st Norras, Rumeenias, Bulgaarias ja Türgis 23,0.

Mikrolaenude puhul on olukord tavaliselt teistsugune, sest enamik EIFi võimaldatavatest tagatistest on otsetagatised vahendajatele, kes annavad laenu vahetult lõplikele abisaajatele. Peale selle keskendutakse mikrolaenude korral kõrge riskitasemega VKEdele, mistõttu ka tagatiskahjumi katmise määrad (ülempiir) on suuremad. Suurem risk tähendab seda, et sama suurte eelarvevahenditega saab mikrolaenude tagatisi rahastada väiksemas mahus kui muid laenutagatisi ja seega on võimendus tavaliselt väiksem kui laenutagatiste korral (8,1:1).

Täpsemad andmed võimendava mõju kohta on esitatud 2. lisas.

3.2.5. Riigiabi

Erilist tähelepanu pööratakse sellele, et finantsvahendajate tagatise- või laenupakkumised oleksid kooskõlas riigiabi eeskirjadega, kui need on konkreetsetel juhtudel kohaldatavad. Iga finantsvahendaja on lepingu kohaselt kohustatud allkirjastama avalduse, et kohaldatav riigiabi kord ja asjakohased riigiabi eeskirjad on EIFi ning finantsvahendaja vahelises lepingus nimetatud.

3.2.6. Väljamaksed kahjumi korral

Seisuga 31.12.2005 oli vastavalt EIFi osale tagastamata laenude kahjumite katmisel välja makstud 17,9 miljonit eurot. Maha on arvatud sissenõutud kahjud. Täpsemalt vt 5. lisast.

Nagu näidatud eespool joonisel 2, on tagatiste sissenõuete katteks tehtud maksete kumulatiivne summa võrreldes EIFi kulukohustuste kumulatiivse mahuga siiski väga väike.

3.2.7. Raamatupidamisarvestus

Süsteemi raamatupidamisaruanne on esitatud 8. lisas.

3.3. Finantsvahendajad

3.3.1. Ülevaade

Seisuga 31.12.2005 oli sõlmitud 45 lepingut 41 finantsvahendajaga, kusjuures hõlmatud oli 23 liikmesriiki 25st ja lisaks Bulgaaria, Rumeenia, Türgi ning Norra. Lepinguid oli sõlmitud kolme võimaluse raames: laenutagatised, mikrokrediit ja omakapitalitagatised. Enamik finantsvahendajaist on tagatisasutused.

Nüüd on MAPiga hõlmatud kõik ELi liikmesriigid, v.a Luksemburg ja Küpros. 2005. aasta detsembris esitati siiski ka taotlus lepingu kinnitamiseks Küprose finantsvahendajaga (see kirjutati alla 2006. aasta I kvartalis). Luksemburgil oli kaks lepingut arengu ja tööhõive algatuse raames toiminud Euroopa tehnoloogiaedendusprojekti käivitusprogrammis.

Ülevaade tagatisvõimaluste ja riikide kaupa on esitatud 3. lisa tabelis 1. Sama lisa tabelis 2 on riikide kaupa täpsemalt kirjeldatud finantsvahendajaid, nende lepinguid ja rahastamistooteid, millele võimaldatakse tagatisi VKEde tagatissüsteemi kaudu.

3.4. Abi saavad VKEd ja tööhõive

Nagu juba mainitud, algas projektide heakskiitmine MAPi raames mais 2002. Lõplike abisaajate arv kasvas üha kiirenevas tempos ja oli 2005. aasta lõpuks ligi 140 000 (neist üle 115 000 laenutagatiste võimaluse kaudu).

Täpsem teave abi saavate VKEde kohta seisuga 30.6.2005 on esitatud 4. lisas.

Andmed tööhõive kohta lõplikest abisaajatest ettevõtetes on kättesaadavad laenu väljastamise kuupäeva seisuga. Mõned valimipõhised analüüsid on näidanud, et aasta lõpuks on tööhõive tõenäoliselt umbes 20% suurem. 2005. aastal oli sellistes ettevõtetes laenu väljastamise kuupäeval hõivatud 570 000 inimest võrrelduna 310 000ga 2004. aastal.

Täpsemad üksikasjad VKEde tagatissüsteemi investeeringute kohta 2005. aasta lõpu seisuga on esitatud tabelis 2.

Tabel 2. VKEde tagatissüsteemi investeeringute hinnanguline maht tagatisvõimaluste kaupa seisuga 31.12.2005.

Hinnanguline investeering miljonit eurot |

Laenutagatised | 15459 |

Mikrokrediit | 362 |

Omakapitalitagatised | 203 |

MAP kokku | 16024 |

2005. aasta lõpus moodustasid kuni 10 töötajaga lõplikud abisaajad 91% laenutagatisi kasutanud VKEdest, 100% mikrokrediiti kasutanutest (tuleb märkida, et selle võimaluse poliitikasuunistes ongi sihtrühmaks määratud kuni 10 töötajaga VKEd) ja 64% omakapitalitagatisi kasutanutest.

Huvitav on võrrelda süsteemis osalevate VKEde jaotust suuruse põhjal kõigi ELi VKEdega. Uusima statistika kohaselt (allikas: Eurostat) on umbes 92% VKEdest ELis mikroettevõtted (0–9 töötajat), 7% väikeettevõtted (10–49 töötajat) ja 1% keskmise suurusega ettevõtted (50–249 töötajat). See näitab üheselt, et VKEde tagatissüsteem on kindlalt keskendunud Euroopa Liidu väikeettevõtluse harta sihtrühmale.

4. EUROOPA TEHNOLOOGIAEDENDUSPROJEKTI KÄIVITUSPROGRAMM

4.1. Süsteemi kirjeldus

Euroopa tehnoloogiaedendusprojekti (ETF) käivitusprogrammi eesmärk on suurendada riskikapitali kättesaadavust innovaatilistele VKEdele nende asutamisel ja tegevuse algusjärgus.

EIF investeerib spetsialiseerunud riskikapitali fondidesse, mis on loodud nimelt selleks, et võimaldada VKEdele riskikapitali kas omakapitaliinvesteeringuna või muus vormis. Käesolevas süsteemis peetakse silmas väikseid või äsjaasutatud fonde, sealhulgas piirkondlikke fonde, teatavatele sektoritele või tehnoloogiatele spetsialiseerunud fonde ning fonde, mis rahastavad teadus- ja arendustegevust.

Investeeringud tehakse samaväärsuse põhimõttel („pari passu”) koos teiste omakapitaliinvestoritega. Euroopa tehnoloogiaedendusprojekti käivitusprogrammi juhistes on täpsustatud, et investeering peab riskikapitalifondi või äriinkubaatori kogukapitalist moodustama 10–25% või erandjuhtudel 50%, kui tegemist on näiteks uue fondiga, mis eeldatavalt kiirendab tunduvalt riskikapitaliturgude arengut teatava tehnoloogia valdkonnas või teatavas piirkonnas. Investeeringu suurus võib olla maksimaalselt 10 miljonit eurot. Erandjuhul, mis peab olema nõuetekohaselt põhjendatud, võib eraldatav summa olla suurem, kuid mitte mingil juhul ei tohi see ületada 15 miljonit eurot.

Uutes investeerimissuunistes on sätestatud ka kaasinvesteeringu võimalus riskikapitali fondidesse, mida võidakse teha koos teiste ühenduse süsteemidega, EIF omavahenditest või volituse alusel muudest vahenditest. Kaasinvesteeringud on lubatud tingimusel, et kogu investeeringusumma ei ületa 50% fondi kapitalist.

Riskikapitali fondide haldajad on kohustatud saavutama erasektori võimalikult suure osaluse. Tavaliselt eeldatakse, et vähemalt 50% kogu fondi mahust saadakse erasektorist. Fondid tegutsevad peamiselt abisaavates piirkondades (eesmärgid 1 ja 2) või kandidaatriikides, kuni 70% riiklikest vahenditest võib vajadusel eraldada riigiabi eeskirjade kohaselt.

Kui riskikapitali fondi investeerimispoliitika näeb ette investeerimist muudesse kui abikõlblikesse riikidesse, vähendatakse EIFi osalust selliste investeeringute protsendimäära võrra. Suurem osa kapitalist tuleb sellistel juhtudel siiski investeerida abikõlblikesse riikidesse.

EIF kontrollib fondi ettepanekut niisuguste kriteeriumide alusel nagu investeeringu maht, erasektori kaasatuse tase, investeerimisstrateegia, sihtturg, tehinguvoog, esitatud tingimused, oodatav tootlus, fondijuhtide pädevus ja kas ning kuivõrd võib eeldada, et EIFi investeering riskikapitali fondi kiirendab vahendite kaasamist.

Pärast seda, kui komisjon on riskikapitali fondi ettepaneku heaks kiitnud, sõlmib EIF lepingud fondijuhtide ja fondi teiste omakapitaliinvestoritega. Seejärel maksab EIF riskikapitali fondile eraldatud summad välja vastavalt fondi investeerimisvõimalustele ja asjakohastele rahastamisvajadustele.

4.2. Eelarveliste vahendite seis

4.2.1. Ülevaade

Seisuga 31.12.2005 oli Euroopa tehnoloogiaedendusprojekti käivitusprogrammi raames võetud eelarvevahenditest kulukohustusi summas 143,20 miljonit eurot, mis moodustab 34,4% kogu MAPi eelarve kulukohustustest kuni 2005. aasta lõpuni.

See kogueelarve peab katma kõik süsteemi kulud, sealhulgas investeeringud riskikapitali fondidesse ja kõik muud abikõlblikud kulud. Alljärgnevas tabelis 3 on esitatud eelarveassigneeringute, intresside ja muude tulude jaotus ning kasutamine.

Tabel 3. Eelarveandmed seisuga 31.12.2005

Vahendid | (milj eurot) |

Eelarveassigneeringud | 142,11 |

Intressid ja muud tulud | 1,09 |

Vahendid kokku (1) | 143,20 |

Kasutamine |

EIFi kulukohustused finantsvahendajate ees (komisjoni talituste heakskiitvate otsuste alusel) | 91,76 |

Reserv EIFi haldustasude jm abikõlblike kulude jaoks | 12,58 |

Kasutatud kokku (2) | 104,34 |

Eelarvejääk (1) - (2) | 38,86 |

4.2.2. Kulukohustused

Alates MAPi käivitamisest on Euroopa Komisjoni talitustele heakskiitmiseks esitatud 12 taotlust. EIF on riskikapitali fondidega sõlminud 9 lepingut. Ühe 15 miljoni euro suuruse investeeringu üle Saksamaale peetakse veel läbirääkimisi. Ülejäänud 2 taotluse osas ei ole tehingud teoks saanud. Tuleb märkida, et eespool nimetatud kümnest lepingust viis sõlmiti 2005. aastal. Peale selle ootab EIFil järge veel mitu tehingut, mis on nõuetekohase kontrollimise etapis ja mis selle eduka läbimise korral võivad teostuda 2006. aastal Üks võimalik tehing puudutab riskikapitali fondi, mis keskendub investeeringutele Bulgaariasse, Rumeeniasse, Türgisse ja Horvaatiasse.

Nagu varemgi, tegi EIF märkimisväärseid jõupingutusi, et vahendid leiaksid laialdast kasutamist. Eriti aastail 2003 ja 2004 oli aga raske kaasata erakapitali ja seda mitmel põhjusel:

- keeruline turuolukord eelkõige rahastamise pakkumiseks tegevuse algusjärgus olevatele ettevõtetele, mis on kõige suurema riskiga seotud turusegment. Euroopa tehnoloogiaedendusprojekti käivitusprogrammi raames rahastamiskõlblikud riskikapitali fondid kuuluvad nimetatud turu kõige riskantsemasse alamsegmenti (loomine ja käivitamine). Erainvestorid suhtusid riskidesse endiselt mõnevõrra tõrjuvalt ja selle tulemusena ei suutnud paljud fondid esmast rahastamistehingut lõpule viia;

- eri riikides on riskikapitaliturg erinevas arengujärgus;

- raskused seoses vähemalt 50% kapitali kaasamisega erasektorist;

- riikide maksueeskirjad.

Lisaks sellele avaldas ka väärtpaberiturgude pööramine langusele ja innovaatiliste, kiiresti kasvavate ettevõtete ümberhindamine oma mõju paljudele EIFile 2003. ja 2004. aastal esitatud uutele investeerimisettepanekutele. Olukord paranes 2005. aastal, kui Euroopa tehnoloogiaedendusprojekti käivitusprogrammi raames kirjutati alla viis uut lepingut. EIFis ootel olevate ettepanekute hulk ennustab 2006. aastaks projektide arvu järsku suurenemist, mis kinnitab, et süsteemi sihtturuks olev alustamisjärgus ettevõtete riskikapitaliturg lõikab kasu era-omakapitalituru positiivse trendi taastumisest ja headest väljavaadetest, millest teatas Euroopa Riskikapitali Assotsiatsioon (EVCA – European Private Equity & Venture Capital Association ).

Joonisel 3 on kujutatud kulukohustuste kogusumma kumulatiivne areng (mis on jõudnud 91,8 miljoni euroni) võrreldes riskikapitali fondide ees kohustuste võtmiseks kasutada oleva eelarvega (130,62 milj eurot 2005. a lõpus). Seisuga 31.12.2005 moodustasid väljamaksed riskikapitali fondidele kokku 11,68 miljonit eurot. Riskikapitali fondidelt saadud kogutulu (tagasimaksed ja dividendid) oli 153 656,25 eurot.[3]

Joonis 3. EIFi tehingute kumulatiivne areng (kvartalite lõikes)

[pic]

Aastaid 2001–2004 iseloomustas investeerimisaktiivsuse tugev langus Euroopa riskikapitaliturul võrreldes aastaga 2000. See olukord muutus 2005. aastal..

2005 oli Euroopa era-omakapitaliturgude rekordaasta. EVCA 15. juuni 2006. aasta pressiteates avaldatud arvandmed näitavad, et „kogutud vahendite summa ulatus 2005. aastal 71,8 miljardi euroni, mis on rekord kõnealuse sektori jaoks Euroopas ja ületab 2,5 korda 2004. aastal kogutud vahendite mahu, milleks oli 27,5 miljardit eurot”. Vastavalt EVCA andmetele koguti 10,9 miljardit eurot riskikapitali alustamis- ja laienemisjärgus ettevõtete jaoks. See tähendab 24%-list kasvu võrreldes 2004. aastaga.

Vahendite kaasamine kõrgtehnoloogia valdkonda kahekordistus. Eraldised alustamisjärgus kõrgtehnoloogiaettevõtete fondidesse suurenesid 1,3 miljardilt 2004. aastal 3,6 miljardi euroni 2005. aastal.

Vastavalt EVCA andmetele oli 2005. aasta „rekordaasta ka investeeringute mõttes, sest omakapitaliinvesteeringuid tehti 47 miljardi euro ulatuses”. Suurema osa (68%) investeeringutest moodustasid ettevõtete väljaostud, kusjuures riskikapitali paigutamine suurenes 10,3 miljardilt eurolt 2004. aastal 12,7 miljardi euroni 2005. aastal (+23%), mis moodustas 74,7% tehingute koguarvust. EVCA andmed näitavad, et pärast aastaid kestnud madalseisu vahendite kaasamises toimus 2005. aastal selge muutus sektori tulevikuperspektiivis ja taastus üha atraktiivsemaks muutuva riskikapitali positiivne areng.

4.2.3. Raamatupidamisarvestus

Süsteemi raamatupidamisaruanne on esitatud 8. lisas.

4.3. Finantsvahendajad

Üldreeglina tegutsevad riskikapitali fondid, kuhu EIF on investeerinud, nii rahvusvahelisel, riiklikul kui ka piirkondlikul tasandil. Peamiselt on fondid huvitatud investeerimisest alustamisjärgus ettevõtetesse kõrgtehnoloogiasektorites nagu side- ja infotehnoloogia, Internet, meditsiin ja bioteadused. See on kooskõlas Euroopa tehnoloogiaedendusprojekti käivitusprogrammi investeerimispoliitikaga.

6. lisas on esitatud nende riskikapitali fondide lühikirjeldus, millesse EIF on investeerinud.

4.4. Abi saavad VKEd

MAPi raames tehti kaks investeeringut 2002. aasta lõpus, üks 2003. aasta lõpus, üks 2004. aastal ja veel viis 2005. aastal. Riskikapitali fondid on siiski alles alustamas oma investeerimisperioode ja seetõttu ei ole veel võimalik pakkuda representatiivset teavet tööhõive kohta. Detsembriks 2005 koosnes süsteemis osalevate riskikapitali fondide investeeringuportfell 35 ettevõttest, millel oli 2005. aasta juunis aruannete kohaselt kokku 568 töötajat.

5. STARDIKAPITAL

5.1. Süsteemi kirjeldus

Stardikapitalimeetme eesmärk on stimuleerida kapitalipakkumist uuenduslike, arenguvõimeliste ja uusi töökohti luua suutvate ettevõtete asutamiseks, kaasa arvatud traditsioonilistes majandusharudes, toetades stardifonde, äriinkubaatoreid jmt.

Stardikapitali haldab Euroopa Ühenduse nimel EIF. Meetme kaudu toetatakse investeeringuhaldurite juurdepalkamist pikemaks ajaks, et suurendada riskikapitalisektori suutlikkust teenindada stardikapitaliinvesteeringuid. Stardikapitalimeetme kaudu võimaldatav toetus aitab uusi fonde ja inkubaatoreid, mis kaasavad stardikapitali oma üldisesse investeerimisprogrammi, et katta osa nende tööjõumahukate investeeringute halduskuludest. Stardikapitalimeede võimaldab toetusi, mis katavad haldamiskulusid kuni 100 000 euro ulatuses iga juurdepalgatud halduri kohta ja toetust saav ettevõte saab selle abil palgata kuni kolm uut töötajat. Toetusesaajad valitakse üksnes selliste ettevõtete hulgast, milles EIF osaleb kas omavahenditega või Euroopa Investeerimispanga (EIB) või komisjoni poolt talle volituse alusel usaldatud vahenditega.

5.2. Eelarveliste vahendite seis

5.2.1. Ülevaade

Seisuga 31.12.2005 oli stardikapitalimeetme raames võetud eelarvevahenditest kulukohustusi summas 5,6 miljonit eurot, mis moodustab 1,3% MAPi eelarve kulukohustustest kuni 2005. aasta lõpuni.

Kogueelarve katab meetme kõik kulud, sealhulgas abisaajatele makstavad toetused ja kõik muud abikõlblikud kulud. Alljärgnevas tabelis on esitatud eelarveassigneeringute jaotus ja nende kasutamine.

Tabel 4. Eelarveandmed seisuga 31.12.2005

Vahendid | (milj eurot) |

Eelarveassigneeringud | 5,60 |

Vahendid kokku (1) | 5,60 |

Kasutamine |

EIFi heakskiidetud kohustused finantsvahendajate ees | 0,80 |

EIFi maksimumtasu jm abikõlblikud kulud | 0,36 |

Kasutatud kokku (2) | 1,16 |

Eelarvejääk (1) - (2) | 4,44 |

5.2.2. Kulukohustused ja väljamaksed

Joonisel 4 on kujutatud riskikapitali fondidele antud toetuste kogusumma kumulatiivne areng (0,80 miljonit eurot seisuga 31.12.2005), millest 0,10 miljonit maksti välja 2005. aastal. See on kooskõlas toetuslepingutes sätestatud ajakava ja tingimustega, mille kohaselt tuleb toetused maksta välja kahes jaos, millest esimene makstakse kõige varem 18 kuud ja kõige hiljem 36 kuud pärast toetuslepingu sõlmimist.

Joonis 4. EIFi tehingute kumulatiivne areng (kvartalite lõikes)

[pic]

5.2.3. Raamatupidamisarvestus

Meetme raamatupidamisaruanne on esitatud 8. lisas.

5.3. Finantsvahendajad

Riskikapitali fondidel, mille toetusetaotlused stardikapitalimeetme raames heaks kiideti, on EIFiga lepingud ka Euroopa tehnoloogiaedendusprojekti käivitusprogrammi raames (MAP ja arengu ning tööhõive algatus). Seisuga 31.12.2005 oli kahe riskikapitali fondiga sõlmitud kolm toetuslepingut. Täpsemalt vt 7. lisast.

6. JÄRELDUSED

Turg on VKEde tagatissüsteemi väga hästi vastu võtnud. Eriti edukad on olnud laenutagatiste ja mikrokrediidi võimalused, mis on osalevatel finantsvahendajatel võimaldanud suurendada mahte ja võtta rohkem riske. Seisuga 31.12.2005 hõlmas VKEde tagatissüsteem 27 riiki ja 41 finantsvahendaja 45 portfelli. Hõlmatud olid peaaegu kõik liikmesriigid (v.a Küpros ja Luksemburg), lisaks ka Bulgaaria, Rumeenia, Türgi ja Norra. Küprost puudutav tehing kiideti heaks jaanuaris 2006.

Finantsvõimenduse tase on kõrge, nagu on näidanud mitmed sõltumatud hindamised. 2005. aasta lõpuks oli süsteemist arengu ja tööhõive algatuse ning MAPi raames kasu saanud üle 277 000 ettevõtte. VKEde tagatissüsteem on tähtsuselt teine ELi programm, kui arvestada lõplikest abisaajatest VKEde arvu. Sellest eespool on üksnes tõukefondid, mille eelarvevahendid on tunduvalt suuremad ja millel on ka teised sihid.

VKEde tagatissüsteem jälgib tähelepanelikult turu vajadusi ja on algusest peale loodud nii, et ta kohanduks sujuvalt iga riigi spetsiifiliste turutingimustega. Süsteem on kättesaadav liidu kõigi liikmesriikide, EMP riikide ja kandidaatriikide VKEdele. Peale selle on süsteem suunatud peamiselt kuni 100 töötajaga VKEdele, st ettevõtjate rühmale, kes on ebasoodsa majandusolukorra puhul kõige haavatavam.

Euroopa tehnoloogiaedendusprojekti käivitusprogrammi vahendite kasutamisel esines ajavahemikul 2002–2003 mõningaid raskusi, kuna ELi riskikapitaliturul oli olukord vahendite kaasamise mõttes keeruline. Tuleb rõhutada, et just nendes rasketes turutingimustes mängis Euroopa tehnoloogiaedendusprojekti käivitusprogramm üliolulist rolli kui ELi ainulaadne ja tähtis rahastamisvahend, mis edendab investeeringuid strateegilistesse sektoritesse kooskõlas Lissaboni tegevuskavaga. Tegevuse alustamise järgus olevate ettevõtete rahastamine on endiselt tähtis ja Euroopa tehnoloogiakeskused (eriti teaduskeskused ja ülikoolid) saavutavad jätkuvalt häid tulemusi kontseptsioonide ning intellektuaalomandi õiguste valdkonnas.

EVCA juunikuu pressiteatest[4] selgub, et 2005. aasta oli Euroopa era-omakapitalile eriti hea aasta nii vahendite kaasamise, investeeringute kui ka loovutuste mõttes. Riskikapitali valdkonna spetsialistid on kindlad selle varade liigi heades tulevikuväljavaadetes ja arvavad, et „positiivne impulss jätkub nii 2006. aastal, kui ka pärast seda”.

Mis puutub stardikapitalimeetmesse, siis ei ole see piiravate abikõlblikkuskriteeriumide ja keerulise olukorra tõttu riskikapitaliturul MAPi käivitusperioodil olnud nii edukas kui oodatud. Seni on sõlmitud ainult kolm toetuslepingut.

VKEdele suunatud EÜ finantsabiskeemide hindamine[5] näitas, et MAPi rahastamisvahendid on tulemuslikud ja tõhusad. Nende haldamist EIFi poolt peeti turu vajadustega arvestamise tõttu parimaks praktikaks. Hindajate arvates täidavad need vahendid turulünki (nt kõrgtehnoloogiaettevõtete rahastamine), on heas kooskõlas täiendavuspõhimõttega ja täiendavad liikmesriikide skeeme, rakendades sageli paremat rahastamismetoodikat. Nad on katalüsaatoriks VKEde rahastamise pakkumise suurendamisel kogu ELis, sealhulgas riikides, kus riiklikud rahastamisvahendid on nõrgemad. Ka hiljem korraldatud MAPi välishindamine[6] kordab finantsabiskeemide hinnangu järeldusi.

Hindamise tulemusena järeldati, et VKEde tagatissüsteem ja Euroopa tehnoloogiaedendusprojekti käivitusprogramm on andnud suure panuse ettevõtete finantskeskkonna parandamisse kui ühenduse poliitika vahendid, mille kaudu toetatakse VKEde juurdepääsu rahastamisele. Hindajate arvates on rahastamisvahendid tõhusalt rakendatud „ahela” kaudu, milleks on ettevõtluse peadirektoraat – majanduse ja rahanduse peadirektoraat – Euroopa Investeerimisfond (EIF). Aruandes kinnitatakse, et lähenemine põhimõttel „üks suurus ei sobi kõigile” on igati asjakohane: nii riskikapitali- kui ka tagatisvahendeid saab lihtsalt kohandada erinevatele ja muutuvatele turutingimustele. Peamised soovitused käesoleva MAPi kohta käsitlevad asjaolu, et ühenduse toetus peaks n-ö rohkem nähtaval olema. Tunnetatakse vajadust tutvustada MAPi kaubamärki (kõrvuti EIFi omaga) finantsvahendajatele ja riiklikele finants- ning ettevõtlusorganisatsioonidele, et ühenduse rahastamisvahendeid paremini tuntaks.

- MAPile järgneva programmi CIP (konkurentsivõime ja uuendustegevuse raamprogramm) võtsid nõukogu ja parlament vastu 24. oktoobril 2006.[7] CIPist saab vahend, mis aitab ellu viia Lissaboni tegevuskavas, Euroopa väikeettevõtluse hartas ja uutes algatustes kehtestatud poliitilisi prioriteete nagu ettevõtluse uuenduslikkus, ettevõtete konkurentsivõime ja tööstuspoliitika. Eriti oluliseks eesmärgiks saab VKEde, eelkõige suure arengupotentsiaaliga innovaatiliste ettevõtete toetamine nende tegevuse alustamise ja laiendamise järgus ning juurdepääsul sobivatele rahastamisvahenditele.

- Riskikapitalivahendite puhul säilitatakse nende turuga arvestav lähenemisviis, kuid väikeste muudatustega: CIPi kaudu võimaldatakse toetust ja tagatisi aja jooksul, mis hõlmab märkimisväärsema osa suure arengupotentsiaaliga ettevõtete elutsüklist; toetatakse algusjärgus ettevõtetesse koos investorite võrguga tehtavaid kaasinvesteeringuid; kahe vahendi (GIF1, mis keskendub investeeringutele algusjärgus ettevõtetesse, ja GIF2, mille investeeringute sihtrühm on laienevad ettevõtted) olemasolu peaks eeldatavalt mõnevõrra pehmendama makromajanduslike tsüklite mõju (Euroopa tehnoloogiaedendusprojekti käivitusprogramm ja algusjärgus ettevõtete riskikapitaliturg kannatasid majanduslanguse tõttu eriti, samas mõjutas see väljakujunenud ettevõtete riskikapitaliturgu vähem). Riskikapitali fonde, mis keskenduvad peamiselt investeeringutele ökouuenduste valdkonda, hakatakse toetama suuremate sekkumismäärade abil.

Finantstagatiste valdkonnas säilitatakse laenutagatiste ja mikrokrediidi võimalused. Süsteem hakkab pakkuma ka vahefinantseerimist. Omakapitalitagatiste võimalus säilib samuti. Peale selle on kavas uus väärtpaberistamise võimalus. Selle eesmärk on võimaldada laenuandjatel koguda vahendeid soodsatel tingimustel, vähendada nende regulatiivseid ja majanduslikke kapitalinõudeid, lihtsustada juurdepääsu kapitaliturgudele eelkõige reitinguta või madala reitinguga üksustele (nt väiksematele pankadele) ja toetada uute toodete turuletoomist (nt laenude andmine väärtpaberistamise eesmärgil), et võimaldada nendel laenuandjatel omakorda VKEsid rahastada.

Suutlikkuse arendamise kava hõlmab nii stardikapitali meedet kui ka partnerlusmeedet.

Stardikapitali meede võimaldab toetust selleks, et võtta riskikapitali fondidesse pikemaks ajaks tööle täiendavat personali, kel on investeerimise või tehnoloogia alased eriteadmised. Meetme kohaldamisala on laiem kui MAPil.

Partnerlusmeede tugineb PHARE VKEde finantseerimissüsteemile ja ettevalmistavale meetmele (2004–2006). Partnerlusmeetme kaudu hakatakse võimaldama toetust finantsvahendajatele, et katta VKEde laenutaotluste läbivaatamise korra täiustamiseks vajaliku tehnilise abi kulud. Selle meetme jaoks on abikõlblikud üksnes riigid, kus pankade vahendustegevus on nõrgalt arenenud. Suur osa meetme vahenditest kulutatakse selleks, et suurendada pankade võimet hinnata selliste projektide ärikõlblikkust, milles on oluline osa ökouuendustel.

CIP liidab sidusasse raamistikku teatavad ühenduse toetusprogrammid ja ühenduse muude programmide asjakohased osad valdkondades, mis on Euroopa ettevõtete tootlikkuse ja innovatsioonipotentsiaali ning säästva arengu soodustamise jaoks kõige olulisemad, tegeldes samas ka keskkonnaprobleemidega. See koosneb ühenduse meetmetest ettevõtluse, VKEde, tööstuse konkurentsivõime, uuenduslikkuse, side- ja infotehnoloogia väljatöötamise ning kasutamise, keskkonnatehnoloogiate ja aruka energiakasutuse valdkonnas.

Ühenduse rahastamisvahenditest toetatakse CIPi raames nii traditsioonilistes majandusharudes tegutsevaid VKEsid kui ka neid, kes investeerivad side- ja infotehnoloogiasse ning innovatsiooni, sealhulgas ökouuendustesse.

Kavakohaselt peaks CIP saama üheks peamistest ühenduse meetmetest, mis aitab kaasa konkurentsivõime suurendamisele ja toetab Lissaboni tegevuskava elluviimist.

Annex 1: Geographical distribution - all financial instruments

Table Breakdown by country of the commitments approved at the end of 2005, all three financial instruments taken together:

COUNTRY | % | COUNTRY | % |

Austria | 4.3% | Malta | 0.1% |

Belgium | 4.3% | Netherlands | 2.5% |

Cyprus | 0.0% | Poland | 1.8% |

Czech Republic | 1.6% | Portugal | 0.5% |

Denmark | 1.3% | Slovakia | 0.8% |

Estonia | 0.4% | Slovenia | 0.2% |

Finland | 1.8% | Spain | 13.3% |

France | 12.4% | Sweden | 3.7% |

Germany | 18.6% | United Kingdom | 10.0% |

Greece | 0.4% | Bulgaria | 0.8% |

Hungary | 0.8% | Romania | 1.0% |

Ireland | 0.2% | Turkey | 0.1% |

Italy | 12.9% | Iceland | 0.0% |

Latvia | 0.3% | Liechtenstein | 0.0% |

Lithuania | 0.4% | Norway | 0.7% |

Luxembourg | 4.7% | TOTAL | 100.0% |

Annex 2: SME Guarantee Facility– Leverage (gearing)

Table Leverage effect (gearing) achieved at 31.12.2005 with the Community funds in terms of:

1. estimated volume of loans,

2. guaranteed amounts.

Micro-credit window | 32.1 | 259.1 | 177.6 | 8.1 | 5.5 |

Equity guarantee window | 17.3 | 306.3 | 89.4 | 17.7 | 5.2 |

Total | 223.2 | 12,917.9 | 3,891.1 | 57.9 | 17.4 |

Figure Actual loan volume granted to SMEs and corresponding amounts that the beneficiary SMEs have declared to have invested; period: third quarter 2002, fourth quarter 2005.

[pic]

Annex 3: SME Guarantee Facility– Financial intermediaries

Table 1 - Overview of Financial Intermediaries by country and window – Approvals

[pic]1Including amounts to cover technical support (for micro-credits only), marketing costs and collection of information

Table 2 - Overview of the financing products

Country | Financial Intermediary | Financing products under MAP |

Austria | Austria Wirtschaftsservice (AWS) | Austria Wirtschaftsservice (AWS) is the result of the merger of Bürges Förderungsbank GmbH (Bürges), Innovationsagentur GmbH and Finanzierungsgarantie-Gesellschaft mbH (FGG). The Austria Wirtschaftsservice GmbH (AWS) is 100% owned by the Republic of Austria and operates the public guarantee activities in Austria. Bürges had an agreement with the EIF under the Growth and Employment programme. Under the MAP Loan Guarantee window, two guarantee programmes are counter-guaranteed by EIF: The programme for young entrepreneurs Jungunternehmer-Förderungsaktion supports start-ups and ownership transfer of small SMEs in all sectors, except agriculture and tourism. Eligible SMEs are start-ups that have a business history of up to 24 months and in the case of transfer of ownership not more than 50 employees. Guarantees cover loans for working capital and investment financing, including intangible assets. Maximum loan amount is EUR 300,000 for up to 10 years. The programme for structural development Unternehmensdynamik supports innovative SMEs, i.e. the development of new products, services or significant improvement of existing products or services in all sectors, except agriculture and tourism. Eligible SMEs are those with less than 100 employees. Guarantees cover loans for investment financing. The maximum loan amount is EUR 750,000 and the maturity is up to 10 years. The EIF guarantee has supported an increase in the loan volumes and also facilitated the access to finance as AWS is waiving the collateral requirements for amounts up to EUR 75,000. The cap amount has been increased and the availability period for the intermediary has been prolonged and will end on 30.06.2007. Since the signing of the agreement under the MAP Loan Guarantee Facility window, 2,185 loans have been guaranteed with an average loan amount of EUR 56,653 and EUR 242,733 respectively. Under the MAP Equity Guarantee window, one guarantee programme is counter-guaranteed by EIF. The equity programme was introduced in 1997 and aims at stimulating direct private equity investments in Austrian SMEs in order to improve their financial structure. The guarantee covers the invested capital only. Small investments (amounts up to EUR 20.000) of individuals are guaranteed up to 100%, higher amounts of other investors are covered up to 50%. AWS enters into a tri-partite guarantee agreement with the SME and the investor. AWS guarantees either equity participation (shares or similar) or quasi-equity (risk-capital which is subordinated to other creditors, has a minimum term of 10 years and no fixed interest, interest depending exclusively on the profit generated by the SME). Guaranteed equity must be in the form of additional cash (no substitution of already existing equity). Take-overs are excluded (guaranteed equity investments must be a minority of the voting capital). The guarantee covers the invested capital but not the return. The guarantee is callable in the event of insolvency of the investee. The maximum maturity is 10 years. The availability period for the equity agreement will end on 30.6.2007. Since the signing of the agreement under the MAP Equity Guarantee window in 2004, 52 investments have been guaranteed, with an average amount of EUR 219,047. No losses have been reported as of 30/06/2005 |

Belgium | Fonds de Participation, (FdP) | Fonds de Participation, FdP, is a public institution, operating on a national basis. It already had an agreement under the Growth and Employment programme and under the MAP it currently has two agreements, one under the Loan Guarantee window and one under the Micro-credit Guarantee window. The utilisation of the FdP programmes has been rapidly growing under the Facility. Therefore, the contract was amended under the Micro-credit Guarantee window, the volumes were increased and the availability period extended until 30.6.2007. In September 2003 a new agreement under the Loan Guarantee window was signed and the availability period was extended to 30.6.2007. FdP offers different loan products to start-ups: Prêts lancement - subordinated loans to unemployed people who wish to create a business; Prêts création - subordinated loans to entrepreneurs who have conducted their business activity for less than 4 years or who wish to establish their own business and are not unemployed; Prêts solidaires - granted to financially excluded persons such as unemployed persons without any income or immigrants waiting for a regularisation of their status, wishing to become entrepreneur; Prêts BA+ - a newly launched lending programme targeting entrepreneurs or SMEs with no access to the classic banking system and whose business has reached a critical development stage or whose companies are developing innovative technologies. Borrowers of BA+ must benefit from the support of a Business Angel. The EIF guarantee enhances the access to finance with higher guarantee cover, reduced cost of financing and start-up financing. The extension of prêts lancement and prêts création are facilitated by the financial support of MAP. The availability period for both contracts will end on 30.6.2007. |

Bulgaria | Encouragement Bank AD | Encouragement Bank AD (EB) is a state-owned bank operating nation-wide (promotional bank) based in Sofia. Its role is to provide access to long-term financing to SMEs and to stimulate export activities. EB is the only promotional institution for SMEs in Bulgaria, acting as a complement to banking financing. The contract with EB was the first in the newly eligible countries following the notification in February 2003. Thanks to the Facility EB provides enhanced access to finance by waiving partly its collateral requirements. EB has an agreement with the EIF under the Loan Guarantee window. All loans granted under the EB programmes for investment financing (without limitations in terms of tangible assets, intangible assets and/or working capital) and with a minimum maturity of 3 years are eligible for cover under the Facility. Loans are provided to finance start-up, development as well as modernisation of a company. Eligible borrowers are SMEs, including start-ups, with up to 100 employees. The availability period for the intermediary will end on 30.06.2007. |

Czech Republic | Czech Moravian Guarantee and Development Bank | The Czech–Moravian Guarantee and Development Bank (CMZR Bank) was incorporated in 1992 as a financial institution of the Czechoslovak State. It is a promotional bank, based in Prague. It has an agreement with the EIF under the Loan guarantee window. Loans for investment financing and with a minimum maturity of 3 years are eligible for cover under the Facility. Eligible borrowers are SMEs, including start-ups, with up to 100 employees. With the help of the Facility, volumes are increased. After a slow start, utilisation increased in 2005 and volumes were consequently increased. The availability period for the intermediary has been extended and will end on 30.6.2007. |

Ceska Sporitelna (CS) | CS was established in 1991 and is a private financial institution based in Prague. Erste Bank owns almost 98% of the share capital. It operates as a commercial bank offering the full range of banking services. Due to its history as a savings bank CS operates mainly as a retail and SME bank. The business segment is seen as an important source for growth for the bank over the next few years. CS is the largest retail bank in the Czech Republic with a total of 667 branches. It currently has an agreement with the EIF under the Loan Guarantee window. Eligible borrowers are SMEs, including start-ups, with up to 100 employees; the portfolio covers investment financing with a minimum maturity of 3 years. With the help of the Facility, collateral requirements are reduced and lending to start-ups is increased. The availability period for the intermediary will end on 30.6.2007 . |

Denmark | Growth Fund (Vaekstfonden) | The Growth Fund (Vaekstfonden) is a public scheme providing guarantees and venture capital in Denmark. The Growth Fund already had an agreement under the Growth and Employment initiative. It currently has an agreement with the EIF under the Loan Guarantee window. The scheme provides guarantees for various financing needs: start-ups, innovation, ownership succession, business growth, market development and job creation for the disabled. Start-ups represent the most important category, with more than one third of the total guarantee volume. Furthermore, micro enterprises (i.e. companies with up to 5 employees) represent 95% of the portfolio currently guaranteed by EIF. It is the only SME loan guarantee scheme operating in Denmark. Eligible companies are those with growth potential and up to 100 employees. The maximum loan amount is EUR 675,000 and the maturity is up to 10 years. Thanks to the Facility, the Growth Fund has been able to increase its guarantee volumes. The availability period for the intermediary will end on 30.6.2007. During the first two years, all eligible loans were guaranteed automatically, without sharing collateral with the banks. This caused heavy losses. Growth Fund therefore implemented a new strategy starting its independent risk assessment and demanding collateral to the borrowers. It also launched a marketing campaign to boost demand. Working with banking and SME experts led to an increase of activities during the last two years. |

Estonia | Estonian Credit and Export Guarantee Fund (KredEx) | KredEx was founded by the Estonian Ministry of Economic Affairs and Communications in July 2000. It is a guarantee fund which aims to support the development of SMEs as well as export and housing. KredEx is based in Tallinn. Its operations are supervised by the Ministry of Economic Affairs and Communications. KredEx is the only organisation in Estonia providing guarantees for SME loans and it has signed co-operation agreements with all commercial banks in Estonia. Eligible borrowers are SMEs, including start-ups, with up to 100 employees. Guarantees are provided for investment loans and leases with a maturity of up to 10 years. It currently has an agreement with the EIF under the Loan Guarantee window. The availability period for the intermediary will end on 30.6.2007. The maximum portfolio volume and the counter-guarantee cap have been increased in November 2005, clear signal of a very positive performance. |

Finland | Finnvera | Finnvera is a public institution providing loans and guarantees to SMEs. It already had an agreement under the Growth and Employment initiative. Under the MAP Loan Guarantee window, EIF counter-guarantees two different programmes. The two different programmes were created thanks to the Facility: “Growth and Employment Guarantee Scheme”, targeted at companies with up to 100 employees, job creation potential and an element of innovation in the products offered. “Small Enterprise Guarantee Scheme”, targeted at companies with up to 50 employees and with a specific window for entrepreneurs between 18 and 30 years. Guarantees issued for debt finance (loans, leasing and hire purchase financing) are eligible for the EIF guarantee and both existing and new companies can be supported. The guarantee volume was already increased and the availability period of the existing agreement was extended. The current availability period will end on 30.6.2007. |

France | ADIE | ADIE (Association pour le Droit à l'Initiative Economique) is a non-profit organisation. Through its activity, ADIE enables unemployed and disadvantaged people to have access to bank financing in order to set up their own business. It also provides mentoring services to SMEs through a network of more than 650 volunteers. It has an agreement with EIF under the Micro-credit Guarantee window and since the signing of the agreement in 2002 7,413 loans have been guaranteed with an average amount of EUR 3,510. The products covered are: prêts solidaires (74% of ADIE's loan portfolio) and prêts de développement (in both cases guarantees for loans extended by banks), prêts solidaires progressifs and prêts d'honneurs (both granted on ADIE's own funds). The availability period was extended and will end on 30.6.2007. The cap amount as well as the maximum portfolio volume have been increased in December 2005. This is a signal of very positive performance. |

SOCAMA | SOCAMA is a network of mutual guarantee societies in France belonging to Groupe Banques Populaires. The counter party of EIF is the Banque Fédérale des Banques Populaires which is responsible for implementing the agreement through the network of regional banks with their more than 2,000 branches in France. Under the Facility, SOCAMA was able to create a new programme that targets existing SMEs and start-ups and finances small investments without any collateral requirements. It has an agreement with the EIF under the Loan Guarantee window. The “Prêt Express SOCAMA Europe” consists of medium-term loans (2-7 years) granted to finance a wide range of investment projects. The maximum loan amount is EUR 30,000, guaranteed up to 100% by SOCAMA. SOCAMA waives all collateral requirements with the exception of the request to the borrower to subscribe a life insurance. Eligible SMEs are companies with up to 100 employees, including start-ups. A new programme supporting business transfers has been added and is covered under the Facility. Amounts were increased and the availability period was extended to 31.12.2006. |

SOFARIS | SOFARIS is a national public guarantee institution. The scheme targets mainly young SMEs or those that are developing innovative technologies, irrespective of the date of their establishment. SOFARIS cooperated already under the Loan Guarantee window with the EIF under the Growth and Employment programme. Currently, it has two agreements under MAP. One agreement has been entered into under the Loan Guarantee window, the second one has been signed under the Equity Guarantee window. For the Loan Guarantee window, the covered sub-portfolio consists of guarantees for micro enterprises issued under the SOFARIS programme Création, that supports medium and long term financing for starting up new enterprises, new enterprises established by existing enterprises for the development of new activities or investment activities of enterprises with a business history of less than 3 years. Small SMEs with up to 9 employees are eligible for the EIF guarantee. SOFARIS was able to increase its volumes thanks to the Facility. The cap amount was increased and the availability period was extended and will end on 30.6.2007. 4,580 loans were included as of 30.6.2005. The Equity scheme finances equity and quasi equity investments (shares, convertible bonds, participating loans and participation in limited partnerships) made by venture capital funds in SMEs established in France. The scheme is open to all venture capital funds. The scheme targets mainly young SMEs or those that are developing innovative technologies, irrespective of the date of their establishment. Guarantees have a maximum term of 10 years and are callable after a 9 month grace period in the case of bankruptcy or of disinvestments with a loss if the company’s equity has fallen below 50% of the original amount. Thanks to the Facility, SOFARIS was in a position to launch a new programme focusing on innovative technology and specifically designed to meet in full the objectives and requirements of the Equity Guarantee Facility. The cap amount was increased and the availability period was extended to 30.6.2007. |

Germany | Kreditanstalt für Wiederaufbau, (KfW) | At the end of December 2002, the German government decided to fully integrate Deutsche Ausgleichsbank, DtA, into Kreditanstalt für Wiederaufbau, KfW. KfW is the largest promotional bank in Germany, offering a variety of programmes for the support of companies. KfW and DtA already had agreements with the EIF under the Growth and Employment programme. Under the MAP, it has two contracts with the EIF, one under the Micro-credit guarantee window and one under the Loan Guarantee window. The micro-lending programme was the first one operating at national level and providing strong incentives to banks to enter into this segment of the market. Under the Loan programme, the bank provides slightly larger loans to starters. Taking into account the low utilisation, the contract for the micro-lending programme was amended: the volumes were reduced and the availability period extended. The Startgeld programme supports people setting up their own business and therefore job creation. Eligible SMEs are those with up to 100 employees. The maximum eligible loan amount under the Startgeld programme may not exceed EUR 50,000 with a maturity of 10 years. Due to the large number of start-ups requesting finance under the Startgeld programme, DtA decided to launch a micro-lending facility specifically designed to meet the requirements of the Micro-credit Guarantee window under MAP. In accordance with the eligibility criteria of the Micro-credit Guarantee window, SMEs with up to 10 employees are eligible for the loans provided by DtA under its micro-lending programme. The programme targets entrepreneurs setting up their own business (either for the first time or entrepreneurs who previously failed) and part-time businesses. The target group includes legal immigrants and financially excluded people. The incentive for on-lending banks to enter into this segment of the market is stronger with the EIF support, due to the risk sharing arrangements. Amounts under the Startgeld programme were increased. The availability period for the Loan Guarantee window will end on 30.12.2006, while the agreement under the Micro-credit Guarantee window is extended until 30.6.2007. |

Greece | Credit Guarantee Fund of Small and Very Small Enterprises (TEMPME) | TEMPME is a financial institution based in Athens. The initial share capital was co-financed by the European Union/ERDF 67% and the Greek state 33%. Established in 2002 and having started its activity in 2004, TEMPME is the only Greek Guarantee Scheme that provides guarantees to financial institutions covering SME loans. Its main objective is to support the establishment, growth and development of SMEs by facilitating their access to financing, especially when they cannot offer sufficient collateral. Guarantees are provided for micro-loans with a maturity of minimum 18 months and loans with a maturity of minimum 3 years. The maximum loan amount supported is capped at EUR 320,000. TEMPME covers 70% of the bank loan. Guarantees are offered to the 15 commercial banks that have already signed co-operation contracts, thus covering all the 13 regions of Greece. Eligible borrowers are SMEs, including start-ups, with up to 30 employees and with an annual turnover of up to EUR 7 million. TEMPME currently has an agreement with the EIF under the Loan Guarantee window which leads to an increased guarantee rate and provides additional incentives to the banks to use the guarantee in order to help the implementation of the guarantee scheme in Greece. The availability period for the intermediary will end on 30.6.2007. |

Hungary | CIB Bank Lt. | CIB Bank was set up by a consortium of European and Japanese banks as well as the National Bank of Hungary and it was authorised to carry out commercial business activities in December 1995. At present it is a member of BancaIntesa Group, an Italian bank. The bank and its subsidiaries (CIB group) offer universal banking services. As of 31.3.2004 it had a nation-wide network of 62 branches. As of 31.12.2004 CIB Bank ranks 4th in the country by total assets and it pays particular attention to increasing its market share in the SME sector. SME lending is a rather new activity for the bank and thanks to the MAP guarantee under the Loan Guarantee window, the bank launched a new programme to provide enhanced access to finance especially to small and micro companies. It includes reduced collateral requirements, extended loan maturities and a higher financing rate. The availability period will end on 31.12.2006 |

Hungarian Development Bank Ltd. (MFB) | The Hungarian Development Bank (MFB) is a 100% government-owned bank with the objective to develop and modernise the Hungarian economy. It is focusing on long-term financing to SMEs and on infrastructure projects. Loans have a minimum maturity of 3 years (and up to 10 years) and a grace period of up to 2 years. Eligible investments include the establishment of new premises, the extension of existing premises and the start of new activities that . Thanks to the Facility, on-lending banks only keep part of the risk and therefore lower the collateral requirements (or price). MFB had an agreement with the EIF under the Loan Guarantee window with nil utilisation. Therefore, the cooperation has not been extended and stopped on 31.12.2005. |

HVB Bank Hungary Rt. | HVB is the result of a merger between Bank Austria Creditanstalt Hungary Rt. and Hypo Vereinsbank Hungaria Rt. in September 2001. It provides the full range of financial services to corporate clients and consumers, with a particular attention to SMEs. Loans for investment financing with a minimum maturity of 3 years are eligible for cover under the Facility. Eligible borrowers are SMEs with up to 100 employees. HVB can finance up to 75% of the investment cost. Thanks to the Facility, collateral requirements were reduced. It currently has an agreement with the EIF under the Loan Guarantee window. Due to a good take up amounts have been increased. The availability period for the intermediary will end on 30.6.2007 and the maximum portfolio volume has been doubled. |

Ireland | First Step | The agreement signed with First Step Limited under the Micro-credit Guarantee window is the first deal in Ireland, since there was no agreement under the Growth and Employment initiative. First Step is a non-profit private company with charitable status. It is the only private sector organisation in Ireland providing micro-lending nation-wide with a mentoring programme. It has an agreement with the EIF under the Micro-credit Guarantee window. The programme’s main objective is to provide access to finance for start-ups with loans for investments and working capital. Borrowers must have tried, but failed, to obtain financing elsewhere. Only companies with up to 10 employees are eligible and EUR 25,000 is the maximum amount lent to the Final Beneficiary. All loans have a maturity of 3 years and First Step does not require collateral. Up to 100% of the project cost can be financed. Furthermore, First Step provides mentoring services. With the help of the Facility, First Step can substantially increase its loan activity. The availability period of the intermediary will end on 30.6.2007 and both the guarantee cap and the maximum portfolio volume have been reduced in December because of the low utilisation of the Facility. This is due to the fact that the cooperation with the two largest Irish banks did not materialise. |

Italy | Under the Growth and Employment programme the EIF signed contracts with a number of Italian mutual guarantee schemes, “Confidi”. Under the MAP some of those Confidi formed joint ventures as temporary business associations with the aim to jointly apply for the MAP Loan Guarantee window. Although those Confidi operate in different regions, they apply similar standards and it was therefore possible to group them and establish uniform cap rates. One member of each joint venture is the general co-ordinator responsible vis à vis the EIF for reporting and the management of the Facility (guarantee calls etc.). The members of these “Confidi” associations are companies, chambers of commerce and entrepreneurial associations. |

ATI Allenza di Garanzia (ALL.GAR) | ALL. GAR is a joint venture set up as a temporary association of business and consists of 7 “Confidi” (Mutual Guarantee Funds). It has an agreement with the EIF under the Loan Guarantee window. It offers collective guarantees and facilitates access to credit and bank loans, particularly for SMEs. The geographical area covered is Piemonte, Lombardia, Trentino Alto Adige, Veneto and Emilia Romagna. Under the Facility, the EIF counter-guarantees all investment loans and leasing transactions with a maturity of at least 3 years, as well as mezzanine loans and loans granted to directly support the recruitment of new staff by the borrower in connection with an investment plan. Thanks to the EIF, guarantee volumes can be increased and access to finance can be enhanced (higher guarantee cover, reduced cost of financing, start-up financing). The counter-guarantee cap and the maximum portfolio volume were revised in July 2005 and the availability period for the current contract was extended by another year until 31.12.2006. The utilisation under the Facility is very high and over 3,100 SMEs has so far benefited from a counter-guarantee. |

ATI Controgaranzia/ APEROL | ATI Controgaranzia represents three Italian mutual guarantee schemes whose main geographical area of activity is Lombardia, Emilia Romagna and Piemonte. They extend counter-guarantees to the benefit of their members, local Confidis that in turn guarantee debt finance given to SMEs through local banks. It has an agreement with the EIF under the Loan Guarantee window. By applying for the Loan Guarantee Window, the ATI members are able to provide better access to finance to artisan SMEs through local Confidis at acceptable costs since the interest rates are lowered for SMEs not having adequate collateral. SMEs with up to 100 employees are eligible for the EIF guarantee, although most companies are micro-enterprises. The counter-guarantee cap as well as the maximum portfolio volume have been increased and the availability period has been extended to 31.6.2007. |

ATI Garanzia Diretta | ATI Garanzia Diretta consists of two mutual regional guarantee schemes Artigiancredito Toscano (“ACT”) and Fidart Calabria (“FIDCAL”). It operates in the Tuscany region and in Calabria. EIF counter-guarantees all investment and start-up loans with a maturity of at least 3 years and loans granted to directly support the recruitment of new staff by the borrower linked to an investment plan. Thanks to the Facility, enhanced access to finance for SMEs (higher volumes, reduced cost of financing, start-up financing) is provided, in particular in Calabria, which is an Objective 1 region and where access to debt financing for SMEs is even more difficult. The counter-guarantee cap and the maximum portfolio volume have been increased. The availability period of the agreement signed under the Loan Guarantee Window will end on 30.6.2007. So far, 7,591 loans have been guaranteed. |

ATI Sistema Garanzia Umbria-Marche (SIS.GAR) | ATI Sistema Garanzia Umbria-Marche (SIS.GAR) represents three Italian mutual guarantee schemes and a financial institution whose main geographical areas of activity are Umbria and Marche. It has an agreement with the EIF under the Loan Guarantee window. It provides better access to finance to artisan and industrial SMEs at acceptable costs: thanks to theguarantee, companies without adequate collateral gain access to medium and long-term bank loans. SIS.GAR provides either direct or co-guarantees to financial institutions or counter-guarantees to local Confidis. The guarantees cover all investment loans with a maturity of at least 3 years and loans granted to directly support the recruitment of new staff by the borrower. SMEs with up to 100 employees are eligible, although most companies are expected to be micro-enterprises. The operation provides for increased access to finance for SMEs through higher guarantee volumes and more favourable financing conditions. The cap amount was further increased and the availability period for the intermediary was extended and will end on 30.6.2007. |

Mediocredito Centrale (MCC) | MCC is a public, national guarantee fund. MCC issues direct loan guarantees to banks and counter-guarantees to guarantee schemes for long-term investment loans with a maturity of at least 3 years. It already had an agreement under the Growth and Employment Initiative. In the context of MAP, it has an agreement with the EIF under the Loan Guarantee window. Eligible loans are long-term investment loans as well as start-up financing to SMEs with up to 100 employees. Thanks to the Facility MCC is able to increase its loan volumes: 2,293 loans have been guaranteed since the signing of the agreement . Volumes were increased and the availability period was extended until 30.6.2007. |

Latvia | Mortgage and Land Bank | The Mortgage and Land Bank of Latvia - Mortgage Bank, established in 1993, is 100% owned by the Government of Latvia and operates in practice as a national development bank. Under the Facility, the bank is providing enhanced access to finance by lowering its collateral requirements, financing a higher portion of the investment cost and by providing loans to SMEs that would otherwise not have access to bank loan finance. It was expected that the portfolio would mainly target start-ups and micro-enterprises, but during 2005, as utilisation was low, the bank decided to widen the scope of its operations under the Loan Guarantee window. Eligible borrowers are SMEs, including start-ups, with up to 100 employees, with a particular focus on start-up companies, micro-enterprises and companies proposing risky, but innovative and viable projects. The availability period has been extended and will end on 30.6.2007. |

Lithuania | INVEGA | INVEGA is a limited liability company established in November 2001, 100% owned by the Lithuanian state and based in Vilnius. The preliminary role of INVEGA is to support Lithuanian SMEs by extending guarantees on investment loans provided by banks to micro and small companies with up to 50 employees. INVEGA is the only institution with such a mission in Lithuania. Eligible borrowers are SMEs, including start-ups, with up to 50 employees. The EIF guarantees investment financing with a minimum maturity of 2 years. The average maturity of loans covered is at least 3 years. Thanks to the Facility, INVEGA can increase its guarantee volumes. It currently has an agreement with the EIF under the Loan Guarantee window. After a slow start, utilisation has picked up; it is expected that INVEGA will reach full utilisation by the end of the availability period, i.e. 30.6.2007. |

Malta | Malta Enterprise (ME) | ME was set up in January 2004 as the Maltese corporation to promote the establishment and expansion of business enterprises of Malta. It took over activities from three former government agencies. It supports a whole range of promotional activities and tailor-made assistance to SMEs. ME is the only guarantee institution in Malta issuing SME Loan Guarantees. It co-operates with all major banks in Malta. Guarantees issued by ME under the three product categories – SME loan guarantee scheme, loan guarantee scheme for new entrepreneurs and loan guarantee scheme for crafts and artisans - are eligible under the Facility, as long as they refer to loans granted by banks to SMEs with up to 100 employees for i) investment financing and ii) with a minimum maturity of 3 years. It currently has an agreement with the EIF under the Loan Guarantee window which enables ME to increase its guarantee activity. The availability period for the intermediary will end on 31.12.06. |

Netherlands | SME Credit Guarantee Scheme (“BBMKB Scheme”), | BBMKB is a public guarantee scheme, operated on a national basis and managed by the Ministry of Economic Affairs of the Netherlands on behalf of the Dutch state. It already had an agreement with the EIF under the Growth and Employment initiative. BBMKB offers three guarantee products: standard guarantees, guarantees for start-ups and special guarantees for innovative companies. The BBMKB scheme is an established national guarantee scheme for the support of SMEs and has a diversified portfolio with national coverage. The guarantees are provided with a particular attention to the job creation potential. Eligible SMEs are those with up to 100 employees. Loans between EUR 70,000 and EUR 700,000 and a maturity of less than 6 years are eligible for cover. Start-ups are defined as entrepreneurs who have operated in a business for less than 5 years. Thanks to the Facility BBMKB is able to increase the guarantee volumes. As of June 2005, 1,672 loans have been guaranteed and no losses have been reported. The availability period of the intermediary will end on 30.6.2007. Both the counter-guarantee cap and the maximum portfolio volume were increased in December 2005. |

Norway | Innovation Norway | Innovation Norway is a public organisation owned by the Ministry of Trade and Industry. It was established on 1 January 2004 by merging four institutions with the aim to create an efficient and transparent company servicing SMEs. IN is based in Oslo and has branches in all Norwegian counties. IN provides loans, guarantees and grants. Eligible borrowers are start-ups and small companies with growth potential and established small and innovative enterprises that plan to expand and present a higher risk. Eligible investments relate to the establishment, reorganisation or development of a company, as well as the introduction of new technology and the implementation of research and development results. Loans have maturities between 3 and 8 years. It currently has an agreement with the EIF under the Loan Guarantee window that helps IN to increase its volumes for those risky SMEs. The availability period for the intermediary will end on 31.12.2006. |

Cultura Bank | Cultura Sparebank is a savings bank that provides micro loans for sound projects that have a positive impact on society and added value from a social, ecological or cultural point of view. It was one of the founding members of Microinvest in 2003. Both formed in 2005 a cooperation. Since then, Cultura Bank provides loans on behalf of Microinvest that are in turn guaranteed by Microinvest. The latter offers mentoring services. The cooperation under the MAP Micro-credit Guarantee window allows the intermediary to expand its activity. The availability period for the intermediary will end on 30.6.2007. |

Poland | Bank BPH S.A. | BPH is part of the HVB banking group. It was established in December 2001. It has a nation-wide network of over 460 branches and it ranks third in Poland. BPH has a market share of 11% in the SME segment. Investment loans (standard and simplified) as well as commercial vehicles financed under the “Auto Sezam” loan programme with a minimum maturity of three years and granted to SMEs with up to 100 employees are eligible. The Facility provides enhanced access to finance through reduced collateral requirements, increased financing rates, etc. The bank currently has an agreement with the EIF under the Loan Guarantee window. The availability period for the intermediary will end on 30.6.2007. Taking into account the strong utilisation under the Facility, both the guarantee cap and the maximum portfolio volume were increased . |

Polfund SA | Polfund is a private guarantee fund supporting SMEs that due to a lack of collateral do not have access to commercial bank financing. It started its activities at the end of 2001. It operates nation-wide and is open to all banks in Poland. So far, guarantees have only been provided to its shareholder BZ WBK and to the state-owned bank BGK. The activity was limited to short term and working capital financing. Under the MAP Loan Guarantee window, the maximum guarantee maturity is extended to 7 years, the guarantee rate is increased and fees are reduced. The availability period will end on 31.12.2006. |

Portugal | Sociedade de Investimento, (SPGM) | Sociedade de Investimento SA, SPGM, was established to set up a mutual guarantee scheme for SMEs in Portugal. It is a financial institution regulated by the Portuguese bank act. SPGM manages the public guarantee fund, FCGM, that counter-guarantees the mutual guarantee societies, MGS, in Portugal. The EIF had an agreement with SPGM under the Growth and Employment initiative. All SMEs active in the manufacturing, tourism, commerce, services and construction sector can apply for a guarantee. Only medium and long-term investment loans (minimum 3 years maturity) are eligible. It currently has an agreement with the EIF under the Loan Guarantee window, which provides for higher guarantee rates. The availability period for the intermediary will end on 31.12.06. |

Romania | BRD Groupe Société Générale (BRD) | BRD is a joint stock company and the majority shareholder is Société Générale Group which holds 51% of the shares. BRD is the largest private financial institution in the country. It provides the full range of financial services to corporate clients and consumers. Particular attention is paid to SMEs. BRDintends to expand in this segment of the market. The bank has a nation-wide network of 179 branches and agencies. It currently has an agreement with the EIF under the Loan Guarantee window. Eligible borrowers are SMEs, including start-ups, with up to 100 employees. Loans cover investment financing with a minimum maturity of 3 years. Thanks to the MAP, BRD has designed a specific programme with reduced collateral requirements. Depending on the quality of the customer, loans with maturities of up to 10 years are offered. The guaranteed amounts were increased and the availability period was extended until 30.06.2007. |

Raiffeisen Bank SA (RB) | Raiffeisen Bank SA (RB) is the result of the merger between the former Bank Agricola - taken over by Raiffeisen Zentralbank Österreich AG (RZB) in April 2001 - and Raiffeisenbank Romania, the corporate subsidiary of RZB in Romania. Particular attention is paid to SMEs and RB has the intention to expand in this segment of the market. RB offers a wide range of lending products to SMEs including investment loans, working capital facilities, overdrafts and internal factoring. It currently has an agreement with the EIF under the Loan Guarantee window. The Facility supports a new RB programme specifically designed to match the objectives of the Facility (by extending loan maturities, accept start-ups, lower collateral requirements The guaranteed portfolio covers loans granted to SMEs with up to 100 employees for investment financing with a minimum maturity of 3 years.. Target SMEs include start-up companies. The availability period for the intermediary will end on 30.6.2007. |

Slovakia | Tatra Banka A.S. | Tatra Banka AS (TB) was established in 1990 as the first privately owned bank in Slovakia. The Raiffeisen group owns 86.4%. TB is the third largest bank in the Slovak Republic. TB provides the full range of corporate and retail banking services. All loans granted to SMEs with up to 100 employees for investment financing with a minimum maturity of 3 years are eligible for cover. It currently has an agreement with the EIF under the Loan Guarantee window. Additionality is achieved by extended loan maturities, lower collateral requirements and increased volumes. The availability period for the intermediary will end on 30.6.2007. The guarantee cap as well as the maximum portfolio amounts were increased in December 2005 to meet the strong. |

Slovenia | Slovene Enterprise Fund (SEF) | The Slovene Enterprise Fund (SEF) is a financial institution based in Maribor. Established in 2000, it is the legal successor to the Small Business Development Fund of the Republic of Slovenia, which was founded in 1991. It is fully owned by the government of the Republic of Slovenia. SEF is the only public financial fund promoting investment projects by SMEs in Slovenia and the sole financial institution in Slovenia that grants direct loans to start-ups. Eligible borrowers are SMEs, including start-ups, with up to 100 employees. Thanks to MAP, SEF started a new guarantee activity. Guarantees are provided for investment loans with a maturity of up to 10 years. The maximum investment amount supported is capped at EUR 130,000, with a maximum loan amount of 75%, which in turn is guaranteed by SEF at 50%. It currently has an agreement with the EIF under the Loan Guarantee window. The availability period for the intermediary will end on 30.6.2007. |

Spain | CERSA | Compañia Española de Reafianziamiento (Cersa) was created as a result of a restructuring of Spain’s national guarantee schemes. It became operational in 1994. The State holds 92% of its capital, 68% directly and 24% through Instituto de Crédito Oficial – ICO. Cersa counter-guarantees loans with a minimum maturity of three years. It already had an agreement with the EIF under the Growth and Employment initiative. It has an agreement with the EIF under the Loan Guarantee window. CERSA offers counter-guarantees and guarantees for all medium and long-term loans, including loans granted by the Ministry for Science and Technology, for new investments and start-up financing with a maturity of at least 3 years. EIF’s counter-guarantee has permitted CERSA to issue effective counter-guarantees with no loss cap. Eligible SMEs are those with up to 100 employees. Utilisation is constantly strong and the availability period will end on 31.12.2006. The counter-guarantee cap and the maximum portfolio volume were extended in July 2005. |

Instituto de Crédito Oficial (ICO) | Instituto de Crédito Oficial (ICO) is a state-owned credit institution of the Ministry of Economy. The Micro-credit programme which was established thanks to the Facility is the only one operating at national level. . ICO has an agreement with the EIF under the Micro-credit Guarantee window. The final beneficiaries are financially excluded people who want to start an independent activity, i.e. people that do not have access to finance through the banking system since they cannot offer adequate collateral. Only companies with up to 10 employees are eligible. In most cases, however, financial beneficiaries are self-employed starters. This is a new programme that was launched thanks to the MAP guarantee. The availability period ended on 31.12.05 and ICO decided not to further offer the programme. |

Sweden | ALMI Företagspartner | ALMI Företagspartner is a public development agency whose mission is to increase the number of start-ups and to support the growth of companies. It already had an agreement with the EIF under the Growth and Employment intitiative. Under the Facility, EIF covers different lending programmes. In order to meet the high demand and ensure on-going support, a contract under the MAP Loan Guarantee window was signed. ALMI offers long-term financing to SMEs that lack sufficient collateral, but have growth and job creation potential. ALMI mainly supports micro enterprises with up to 10 employees. Under the Facility, EIF covers two programmes, the” SME Loan Programme” and the Growth Loan Programme. The SME Loan Programme is covering start-ups, female entrepreneurs with less than 100 employees at all stages of the business life, young entrepreneurs and SMEs with growth potential. The Growth Loan Programme is for growing companies with a business life of more than 3 years. ALMI is able to increase the loan volumes thanks to the Facility. At the end of 2005, the cap amount as well as the maximum portfolio volume were increased, and the availability period was extended until 30.06.2007. |

Turkey | Credit Guarantee Fund, KGF. | KGF was founded as a joint stock company under private law in 1991 by a number of Turkish SME organisations; it became operational in 1994. Its mission is to provide guarantees to existing SMEs and start-ups that are unable to obtain sufficient financing due to their insufficient collateral or operational history. KGF operates nation-wide through its headquarters in Ankara and its branch office in Istanbul. The portfolio covers guarantees provided for investment loans with a minimum maturity of 36 months, granted to SMEs with up to 100 employees. Thanks to MAP, guarantee volumes can be increased and guarantee fees are lowered. KGF currently has an agreement with the EIF under the Loan Guarantee window. The availability period for the intermediary will end on 31.12.2006. |

UK | The Prince's Trust and Prince's Scottish Youth Business Trust | The Prince's Trust and Prince's Scottish Youth Business Trust is a private charity organisation in the UK. The Prince’s Trust (although not Prince's Scottish Youth Business Trust at the time) already had an agreement with the EIF under the Growth and Employment initiative. It benefits from a direct guarantee by the EIF for its micro-lending programme and is therefore able to provide significantly higher volumes of micro-loans. It offers a variety of programmes addressed to young and underprivileged people. The start-up scheme supports young people, between 18 and 30, in setting up their own business through a combination of soft loans, grants and mentoring. The cap amount was increased in 2004 and the availability period was extended by two years and will end on 31.12.2006. |

Annex 4: SME Guarantee Facility – Beneficiary SMEs

Tables 1 to 3 in this Annex include data as at 30 June 2005. They provide detailed information on beneficiary SMEs by country, size of the enterprise and by year of establishment.

The breakdown of sectors of the SME beneficiaries under the three windows as at 31.12.2005 is shown in figures 1 to 3.

Table 1 Breakdown by country of beneficiary SMEs for the Loan Guarantee window, the Micro-credit window and the Equity window as at 30.06.2005.

Country | Number of beneficiary SMEs | Average loan amount (EUR 000) |

Austria | 2,145 | 136,373.7 |

Belgium | 1,036 | 31,431.4 |

Bulgaria | 60 | 338,092.2 |

Czech republic | 788 | 168,720.2 |

Germany | 8,808 | 21,319.0 |

Denmark | 422 | 176,846.4 |

Estonia | 116 | 180,050.1 |

Spain | 11,844 | 93,642.6 |

Finland | 1,709 | 209,244.2 |

France | 24,333 | 32,179.2 |

Greece | 107 | 48,704.7 |

Hungary | 35 | 194,464.2 |

Ireland | 47 | 10,481.6 |

Italy | 43,328 | 72,628.2 |

Lithuania | 183 | 87,704.3 |

Latvia | 65 | 108,657.7 |

Malta | 6 | 92,592.6 |

The Netherlands | 1,633 | 154,788.7 |

Norway | 5 | 200,871.7 |

Poland | 547 | 41,129.3 |

Portugal | 75 | 270,059.9 |

Romania | 411 | 92,726.0 |

Sweden | 4,393 | 46,740.1 |

Slovenija | 20 | 118,008.4 |

Slovak Republic | 140 | 207,606.5 |

Turkey | 30 | 146,606.6 |

United Kingdom | 8,802 | 2,704.3 |

Total | 111,088 | 61,620.7 |

Table 2 Beneficiary SMEs per size class as at 30.06.05 for the Loan Guarantee window, the Micro-credit window and the Equity window

Calls received | 13,816,656.21 | 3403 |

Payments made | 12,168,406.44 | 3171 |

Recoveries received | -1,976,043.39 | 905 |

Payments made excluding recoveries | 14,144,449.83 | 3171 |

Table 2: Amount of the calls received and net payments made, taking into account the amounts recovered.

Financial Intermediary | Window | Calls Received (EUR) | Payments made (EUR, excluding recoveries) | Amounts Recovered (EUR) |

ALMI | Loan Guarantee Facility | 1,730,405.07 | 1,959,705.08 | -176,137.38 |

Artigiancredit Lombardia | Loan Guarantee Facility | 36,896.20 | 26,150.52 | -60 |

ADIE | Micro Credit | 499,907.95 | 393,517.89 | -21,991.75 |

ATI-Alleanza di Garanzia | Loan Guarantee Facility | 91,915.27 | 91,915.2 |

ATI-Artigiancredit Piemonte – Emilia Romagna – Lombardia | Loan Guarantee Facility | 77,619.22 | 75,945.84 | -2,886.83 |

Austria Wirtschaftsservice GmbH | Loan Guarantee Facility | 303,176.50 | 303,539.63 | -363.13 |

CERSA | Loan Guarantee Facility | 56,358.52 | 100.15 |

Encouragement Bank Ad | Loan Guarantee Facility | 111,070.69 | 126,731.28 | -15,660.59 |

Finnvera | Loan Guarantee Facility | 249,238.77 | 251,649.55 | -48,607.03 |

Fonds de Participation | Micro Credit | 206,807.79 | 113,107.21 |

Instituto de Credito Oficial | Micro Credit | 1,769,677.04 | 1,780,065.83 | -6,499.63 |

Kreditanstalt für Wiederaufbau | Micro Credit | 2,944,746.32 | 2,003,296.25 | -107,662.63 |

Kreditanstalt für Wiederaufbau | Loan Guarantee Facility | 28,692.43 |

Socama | Loan Guarantee Facility | 128,486.26 | 11,105.12 |

Sofaris | Equity | 396,002.80 | 187,750.00 |

The Danish Investment Fund | Loan Guarantee Facility | 379,077.15 | 379,937.82 |

The Prince’s Trust | Micro Credit | 4,806,578.24 | 6,435,932.39 | -1,596,174.42 |

TOTAL | 13,816,656.21 | 14,144,449.83 | -1,976,043.39 |

Annex 6: ETF Start-up

Table 1 : Information about Venture Capital funds that have contractual agreements with the EIF

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Table 2: Short description of Venture Capital funds that have contractual agreements with the EIF.

European Molecular Biology Laboratory Technology Fund (EMBLTF)

EMBLTF is a German Venture Capital fund sponsored by the European Biology Laboratory, a research institute in molecular biology. It focuses on seed and start-up investments in life science and related enabling technologies.

The fund’s target investment area covers the EMBL Member States (the whole of EU excluding Luxembourg and Ireland, together with Israel, Norway and Switzerland). Special emphasis is given to investments in the region of Heidelberg. The fund’s headquarters are situated in Heidelberg, Germany.

T-Source

T-Source is a French seed fund focusing on investments in communication technologies.

The fund’s target investment area is primarily France, with a possibility of investing up to 20% of the fund in other EU countries. Its headquarters are situated in Versailles, France.

VIVES

VIVES is a Belgian seed capital fund focusing exclusively on companies in their seed and start-up phase. Its sector focus is on ICT, biotechnology, engineering and nano-technology.

The fund’s target investment area is predominantly Belgium and selectively the neighbouring countries (the Netherlands, France, Germany and UK). Its headquarters are situated in Louvain-la-Neuve, Belgium.

Eden One LP

Eden One LP is a British venture capital fund focusing on seed and early stage investments in the technology area, primarily applications and systems software for next generation network infrastructure, digital media tools and infrastructure, telemetry services over mobile networks and other applications of mobile communications.

The Fund’s target investment areas are the UK and Ireland. Its headquarters are situated in Bath, UK.

Pontis Venture Partners I Beteiligungs-Invest AG (PVP I)

PVP I is a spin-out from the venture arm of the “Land Niederösterreich”. It focuses mainly on start-up and to a lesser extent on expansion investments in ICT and Life Sciences.

The fund’s target investment area is mainly the East-Austrian market and selectively in the neighbouring regions of Hungary, Slovakia and Czech Republic. Its headquarters are situated in Vienna, Austria.

Crescent Capital II L.P.

Crescent Capital II L.P. is a British venture capital fund with its headquarters in Belfast, Northern Ireland. It focuses predominantly on early stage companies.

The primary sector focus is on technology-related sectors (ICT and life sciences). Crescent Capital II L.P. is a regional fund focusing on Northern Ireland.

Talde Capital II FCR

Talde Capital II FCR is a Spanish venture capital fund with headquarters in Bilbao.

It is a multi-stage vehicle including seed and start-up companies in its investment programme. The fund is a generalist with a balanced portfolio consisting of innovative SMEs operating in both traditional industry and technology related sectors.

The geographical focus of Talde II is mainly on Spain and to a lesser extent on Portugal. Special attention is given to Spanish objective 1 regions.

Adara Ventures

Adara Ventures is a Spanish venture capital fund with headquarters in Madrid. It is a fund primarily focusing on the ICT sectors, and more specifically (i) software, (ii) communication & computer systems and (iii) professional technology services sub-sectors. It includes primarily early-stage companies in its investment programme.

The main geographical focus of Adara Ventures is Spain. Other markets are considered on a more selective basis.

New Tech Venture Capital Fund II (NTVC II)

NTVC II is a venture capital fund with headquarters in Luxembourg. It is primarily focusing on the ICT sectors, in particular network management systems, wireless, services and software. It invests mainly in the pre (seed) and start-up rounds.

The geographical focus of NTVC II is the EU with a small percentage of investments outside the participating countries.

Annex 7: Seed Capital Action

Table 1 : Information about EIF approvals under the Seed Capital Action.

Fund | Country | Requested SCA amount | Purpose |

EMBLTF* | Germany | 200,000 | Long-term recruitment of two junior investment professionals |

Pentech Ventures* | UK | 100,000 | Long-term recruitment of one junior investment manager |

Bullnet | Spain | 200,000 | Investment team to be strengthened by a long-term recruitment of two additional investment managers, |

TecNet Equity | Austria | 100,000 | Long-term recruitment of one junior investment manager |

Vives | Belgium | 200,000 | Long-term recruitment of two junior investment professionals |

TOTAL | 800,000 |

* Signed in 2003

Annex 8: Financial Statements

SME G uarantee Facility

ETF Start-up Facility

Seed Capital Action

Financial Statements as at 31 December 2005

(expressed in euro)

Annex 9: Joint European Venture (JEV) programme

The JEV programme supports the creation of transnational partnerships established by at least two SMEs from different states within the European Economic Area. By the end of 2005, a cumulative total of 323 applications had been received, 230 agreements signed, EUR 19.8 million allocated to projects and EUR 3.5 million paid out.

On 21 July 2004, by a decision of the European Parliament and of the Council[8], it was decided that the JEV programme should be phased out. It was closed to new applications on 29 December 2004. It is anticipated that it will take approximately two years to close all the ongoing JEV projects. This decision also contained a minor change to the eligibility criteria of the ETF Start-up scheme to improve access for companies in specific high tech sectors.

[1] Ülempiir on eelnevalt kindlaksmääratud summa eurodes (ja protsendimäär), mis vastab EIFi maksimaalsele kohustusele finantsvahendaja ees, mille ulatuses ta peab maksma kinni enda osa kahjumist finantsvahendaja konkreetses portfellis. See ülempiir põhineb eeldataval kahjumil. Ühenduse eelarve finantsriski piirab esiteks ülempiir ja teiseks komisjoni poolt finantsvahendaja jaoks heakskiidetud tagatismäär (tavaliselt 50%).

[2] Seisuga 31.12.2005 115 690 lõplikku abisaajat (SMEG98 puhul 137 271), 173,8 miljoni euro ulatuses kulukohustustega kaetud eelarveeraldisi (SMEG98 puhul 177,5) ja 12 352,5 miljoni euro mahus toetatud aluslaene (SMEG98 puhul 10 328,7).

[3] Võrrelda arengu ja tööhõive algatuse raames ESU98 puhul saadud tuluga, mis oli 36 150 104,58 eurot.

[4] Thomson, PriceWaterhouseCoopers, EVCA: pressiteade 15. juuni 2005, Monte-Carlo

[5] EÜ VKEdele suunatud finantsabiskeemide strateegiline hinnang, Deloitte&Touche'i aruanne Euroopa Komisjonile (Eelarve peadirektoraat), detsember 2003.

[6] Hindamisaruanne avaldati komisjoni talituste töödokumendina SEC(2004) 1460, 15.11.2004, inglise ja prantsuse keeles ning edastati veebilehele Enterprise Europe:http://europa.eu.int/comm/enterprise/enterprise_policy/mult_entr_programme/programme_2001_2005.htm

[7] Otsus nr 1639, ELT L 310, 9.11.2006, s. 15

[8] Decision N° 593/2004/EC published in OJ L 268 of 16.8.04