LV

Briselē, 4.5.2007

COM(2007) 235 galīgā redakcija

KOMISIJAS ZIŅOJUMS PADOMEI UN EIROPAS PARLAMENTAM

par uzņēmumu un uzņēmējdarbības daudzgadu programmas, īpaši attiecībā uz mazajiem un vidējiem uzņēmumiem (MVU), finanšu instrumentiem (2001–2006)

(atbilstoši Padomes 2000. gada 20. decembra Lēmuma Nr. 2000/819/EK 5. panta 1. punktam, kurā grozījumi izdarīti ar Eiropas Parlamenta un Padomes 2004. gada 21. jūlija Lēmumu Nr. 593/2004/EK)

SATURS

1. Vispārīgs ievads (...)3

2. Apskats (...)3

2.1. Īstenošana (...)3

2.2. Izmantošana (...)4

3. MVU garantiju mehānisms (...)4

3.1. Mehānisma apraksts (...)4

3.2. Budžeta stāvoklis (...)5

3.3. Finanšu starpnieki (...)9

3.4. MVU — galīgie saņēmēji un nodarbinātība (...)9

4. ETM sākumkapitāla mehānisms (...)10

4.1. Mehānisma apraksts (...)10

4.2. Budžeta situācija (...)11

4.3. Finanšu starpnieki (...)14

4.4. Saņēmēji MVU (...)14

5. Sākumkapitāla darbība (...)14

5.1. Mehānisma apraksts (...)14

5.2. Budžeta stāvoklis (...)14

5.3. Finanšu starpnieki (...)16

6. Secinājumi (...)16

Annex 1: Geographical distribution - all financial instruments (...)19

Annex 2: SME Guarantee Facility– Leverage (gearing) (...)20

Annex 3: SME Guarantee Facility– Financial intermediaries (...)21

Annex 4: SME Guarantee Facility – Beneficiary SMEs (...)42

Annex 5: SME Guarantee Facility -

Analysis of Defaulted Loans, situation as at 30 june 2005 (...)48

Annex 6: ETF Start-up (...)50

Annex 7: Seed Capital Action (...)53

Annex 8: Financial Statements (...)54

Annex 9: Joint European Venture (JEV) programme (...)55

1. Vispārīgs ievads

Šis ir trešais gada ziņojums par virzību finanšu instrumentu īstenošanā uzņēmumu un uzņēmējdarbības daudzgadu programmā (DGP), īpaši attiecībā uz mazajiem un vidējiem uzņēmumiem (MVU).

Ziņojums sagatavots atbilstoši 5. panta 1. punktam Padomes Lēmumā Nr. 2000/819/EK (OV L333, 29.12.2000., 84. lpp), kas pieņemts 2000. gada 12. decembrī un kurā grozījumi izdarīti ar Eiropas Parlamenta un Padomes 2004. gada 21. jūlija Lēmumu Nr. 593/2004/EK (OV L268, 16.8.2004., 4. lpp).

Sākotnēji DGP bija paredzēta laikposmam no 2001. gada līdz 2005. gadam. Tomēr, lai nodrošinātu nepārtrauktību līdz nākamās programmas sākumam saskaņā ar jaunajiem finanšu plāniem, 2005. gada decembrī MAP pagarināja par gadu līdz 2006. gada beigām.

DGP finanšu instrumentu mērķis ir labāka finansiālā vide uzņēmējdarbībai, īpaši MVU. DGP papildina rezultātus, kas gūti saskaņā ar 1998. gada Izaugsmes un nodarbinātības iniciatīvu.

Šis ziņojums aptver trīs DGP finanšu instrumentus, t. i., MVU garantiju mehānismu, ETM sākumkapitāla mehānismu un sagatavošanas kapitāla darbību. Tajā aplūkots, kas sasniegts līdz 2005. gada 31. decembrim, un katram finanšu instrumentam tajā veltīta viena nodaļa (3., 4. un 5. nodaļa).

Visus šos finanšu instrumentus pārvalda Eiropas Investīciju fonds (EIF), un to mērķis ir novērst atzītas tirgus neveiksmes, lai uzlabotu finansējuma pieejamību MVU.

Projektu apstiprināšana par DGP budžeta līdzekļiem faktiski sākās 2002. gada 25. martā. Pirms šā datuma iesniegtos projektus apstiprināja Izaugsmes un nodarbinātības iniciatīvas ietvaros.

2. Apskats

2.1. Īstenošana

Komisija 2001. gada 10. decembrī pieņēma Lēmumu C(2001) 3973 par DGP finanšu instrumentu īstenošanu. Pēc tam 2001. gada 1. decembrī Komisija un EIF parakstīja uzticības darījumu un pārvaldības nolīgumus par ETM sākumkapitāla mehānismu, MVU garantiju mehānismu un Sagatavošanas kapitāla darbību.

Ņemot vērā DGP termiņa pagarināšanu, 2005. gada 22. decembrī šie nolīgumi tika pārskatīti.

Sākotnējs orientējošs budžeta piedāvājums DGP finanšu instrumentiem laikposmam no 2001. gada līdz 2005. gadam bija EUR 317 miljoni. Ņemot vērā DGP termiņa pagarināšanu par vienu gadu, budžeta lēmējinstitūciju piešķirtos palielinājumus un pārskaitījumus no citām budžeta pozīcijām, DGP orientējošais budžets laikposmā no 2001. gada līdz 2006. gadam ir EUR 512 miljoni.

Papildus ES dalībvalstīm uz DGP atbalstu var pretendēt arī Bulgārija, Rumānija un Turcija. Turklāt nolīgums par Eiropas Ekonomikas zonu (EEZ), kas noslēgts ar EBTA/EEZ valstīm, nodrošina EEZ valstīm iespēju piedalīties DGP.

2.2. Izmantošana

Saskaņā ar uzticības darījumu un pārvaldības nolīgumiem starp EIF un Komisiju EIF cenšas panākt trīs DGP finanšu instrumentu vienmērīgu ģeogrāfisku sadalījumu, ņemot vērā četrus šādus kritērijus, nevienu no tiem nenosakot par prioritāru:

· mērķi trim finanšu instrumentiem kopā nodrošināt pa valstīm līdzsvarotu segumu;

· mērķi ļaut katrai dalībvalstij gūt labumu vismaz no viena finanšu instrumenta;

· konkrēto pasākumu dzīvotspējai minimālo nepieciešamo mērogu;

· dažādo tirgu iezīmes.

Atšķirīgās vajadzības, tirgus apstākļi un makroekonomiskā situācija dažādajās programmas dalībvalstīs ietekmē dažādo finanšu instrumentu izmantojumu un spēju tos izmantot. Tādēļ paredzētas pietiekamas iespējas vajadzīgiem pielāgojumiem, piemēram, savstarpēji līdzekļu pārskaitījumi atsevišķo finanšu instrumentu starpā. Pamatojoties uz instrumentu īstenošanā gūto pieredzi, Komisija uzskata, ka attiecīgs ģeogrāfiskais sadalījums būtu jāsasniedz dažādajiem finanšu instrumentiem kopā, nevis katram atsevišķi.

Tabula 1. pielikumā parāda DGP programmas ģeogrāfisko aptvērumu, pamatojoties uz Komisijas 2005. gada 31. decembrī pieņemtajiem apstiprinājumiem, kopā par trim finanšu instrumentiem.

3. MVU garantiju mehānisms

3.1. Mehānisma apraksts

Šā mehānisma mērķis ir veicināt uzņēmējdarbības iniciatīvu, sekmēt izaugsmi un konkurētspēju, uzlabot finansiālos pamatnoteikumus un vienkāršot uzņēmumu piekļūšanu Kopienas atbalsta pakalpojumiem un veicināšanas programmām, ar plašāku parādu finansēšanas pieejamību atbalstot MVU spēju radīt izaugsmi un nodarbinātību. Mehānisms atbalsta lielāku garantiju summu piešķiršanu caur finanšu starpnieku (FS) pašreizējiem garantiju produktiem, dara pieejamu finansējumu lielākam skaitam mazo uzņēmumu plašākai dažādu investīciju veikšanai un garantijām aizņēmumiem ar augstāku risku. Tas atbalsta arī jaunu garantiju shēmu izveidi un izstrādāšanu. Mehānisms paredz segt daļu garantiju ietvaros radušos zaudējumu līdz iepriekš noteiktam apjomam („robežai” [1]).

Mehānismu Eiropas Savienības vārdā pārvalda EIF. EIF nosaka, novērtē un izvēlas iespējamos FS mehānismam saskaņā ar attiecīgo garantijas politiku.

MVU garantiju mehānisms attiecas uz uzņēmumiem ar mazāk nekā 100 darbiniekiem. Atkarībā no saviem konkrētajiem garantiju vai kredītu produktiem FS var izvirzīt stingrākus MVU atbilstības kritērijus. Katrā ziņā maksājumu izsniegšana MVU, kuri ir galējie saņēmēji, to riska izvērtēšana, uzraudzība un parādu atgūšana pilnā mērā ir izvēlēto finanšu starpnieku atbildība.

DGP paplašina mehānisma darbību, ietverot jaunas valstis un produktus. Lai paplašinātu pieejamo garantijas instrumentu klāstu salīdzinājumā ar Izaugsmes un nodarbinātības iniciatīvu, DGP mehānismam pievienotas trīs jaunas daļas: mikroaizdevumi, kapitālieguldījumi un aizdevumi IT iekārtu un programmatūras iegādei un mācībām interneta izmantošanas un e-komercijas jomā.

Pieejamas ir šādas daļas.

· Aizdevumu garantijas: atbalsts pieejams uzņēmumiem ar izaugsmes potenciālu un mazāk nekā 100 darbiniekiem. Šajā daļā EIF izsniedz daļējas garantijas vai pretgarantijas aizdevumu vai garantiju portfeļu segšanai.

· Mikrokredītu garantijas: atbalsts pieejams mikroaizdevumiem ļoti maziem uzņēmumiem ar mazāk nekā 10 darbiniekiem. Šajā daļā EIF izsniedz daļējas garantijas mikroaizdevumu portfeļu segšanai.

· Pašu kapitāla garantijas: pretgarantijas vai papildu garantijas, lai garantētu shēmas MVU veiktu kapitālieguldījumu segšanai (bez tiešām garantijām riska kapitāla fondiem).

· IKT garantijas: pieejams segums aizdevumu portfeļiem IT iekārtu un programmatūras iegādei un mācībām interneta lietošanas un e-komercijas jomā. Priekšroka ir maziem uzņēmumiem ar mazāk nekā 50 darbiniekiem.

3.2. Budžeta stāvoklis

3.2.1. Apskats

Līdz 2005. gada 31. decembrim MVU garantiju mehānisma ietvaros piešķirto līdzekļu kopapjoms bija EUR 267,50 miljoni, kas ir 64,3 % no DGP kopējā līdz 2005. gada beigām apstiprinātā budžeta.

Turklāt saskaņā ar Padomes Lēmuma 2000/819/EK II pielikuma II G punktu „trasta kontā nopelnītos procentus pievieno mehānisma resursiem”. Tādā gadījumā kopējais budžets sedz pilnas programmas izmaksas, aptverot garantiju zaudējumus un jebkādas citas attaisnotās izmaksas vai izdevumus. Turpmāk sniegtā tabula parāda budžeta sadalījumu pa pozīcijām, procentus un citus ieņēmumus un izdevumus.

1. tabula — Budžeta dati 2005. gada 31. decembrī

Līdzekļi | (EUR, miljonos) |

Budžeta apropriējumi | 267,01 |

Procenti un citi ieņēmumi | 0,49 |

Kopējie līdzekļi (1) | 267,50 |

Apguvums | |

EIF saistības pret finanšu starpniekiem (pamats: Komisijas dienestu apstiprinājums) | 226,00 |

Rezerve pārvaldības maksai EIF un citiem attaisnotiem izdevumiem | 24,53 |

Kopējais apguvums (2) | 250,539 |

Pieejamais budžets (1)–(2) | 16,96 |

3.2.2. Saistības

1. attēlā redzama EIF garantijas saistību attīstība (EUR 226,0 miljoni 2005. gada 31. decembrī) salīdzinājumā ar EUR 242,96 miljonu budžetu, kas pieejams līdz 2005. gada beigām (2005. gada 31. decembrī EUR 267,50 miljoni, atņemot kopējām EIF izmaksām par mehānismu un citiem attaisnotiem izdevumiem paredzētos EUR 24,53 miljonus). Komisijas apstiprinātās saistības tabulā parādītas pa gada ceturkšņiem.

1. attēls. EIF saistības pret finanšu starpniekiem (pa gada ceturkšņiem)

(...PICT...)

2. attēlā kopumā redzams, kā līdz 2005. gada decembrim attīstījusies fonda darbība attiecībā uz budžetu, saistībām, faktisko apguvumu un garantiju pieprasījumiem.

2. attēls. EIF darbības kopējā attīstība (pa gada ceturkšņiem)

(...PICT...)

3.2.3. Apguvums

Par apguvumu sauc EIF izsniegto garantiju kopapjoma attiecību pret summu, kas paredzēta EIF un FS mehānisma ietvaros parakstītajos nolīgumos. 2005. gada 31. decembrī vidējais apguvums sasniedza 67 % aizdevumu garantiju daļā, 66 % mikrokredītu daļā un 65 % pašu kapitāla garantiju daļā.

Faktiskais apguvums pilnīgi atbilst prognozēm. Jāatceras, ka pēc garantijas nolīguma parakstīšanas starp EIF un FS iestājas pieejamības periods, kura laikā FS drīkst piešķirt garantijas apakšstarpniekiem vai aizdevumus MVU un iekļaut attiecīgos aizdevumus MVU EIF garantētajā portfelī.

Kā redzams 3. pielikumā, vairumam FS pieejamības periods beidzas vai nu 2006. gada 31. decembrī, vai 2007. gada 30. jūnijā, šādi nodrošinot vienmērīgu pāreju uz DGP nākamo programmu, kuras nosaukums ir KIP (Konkurētspējas un inovāciju pamatprogramma), kas aptvers laikposmu no 2007. gada 1. janvāra līdz 2013. gada 31. decembrim.

Pēc Eiropas Parlamenta un Padomes lēmuma pagarināt DGP darbību par vienu gadu, EIF var uzņemties saistības ar FS līdz 2006. gada beigām. Tomēr MVU garantiju mehānisma darbība turpināsies arī pēc pēdējo Kopienas saistību noslēgšanas 2006. gadā, jo garantijas nolīgumi starp EIF un katru FS varēja noteikt pieejamības periodus, kas pārsniedz 2006. gadu. Turklāt EIF MVU garantiju mehānisma izsniegto garantiju termiņi ir līdz 10 gadiem. Tas nozīmē, ka maksājumi par neatmaksātajiem aizdevumiem turpināsies līdz 10 gadiem pēc pēdējā pieejamības perioda beigām, bet nekādā gadījumā pēc DGP beigu datuma, pēc 2016. gada 31. decembra, un ka šajā laikposmā dažādās iesaistītās puses turpinās ziņošanu, uzraudzību un kontroli.

DGP (SMEG01) MVU garantiju mehānisma apguvuma raksturs līdzinās Izaugsmes un nodarbinātības iniciatīvas (SMEG98) programmas apguvumam. 2005. gada 31. decembrī pēc segto aizdevumu skaita, parakstīto garantiju apjoma utt. [2] attiecībā uz SMEG01 sasniegtie rezultāti jau bija salīdzināmi ar rezultātiem, kas sasniegti attiecībā uz SMEG98.

Pieprasījums ir augsts gan aizdevumu garantiju daļā, gan mikrokredītu daļā. Pašu kapitāla garantiju daļa līdz šim ir izmantota ierobežoti, jo mērķauditoriju ierobežo pastāvošās pašu kapitāla garantiju shēmas. Turklāt šīs daļas īstenošanu zināmā mērā ierobežojuši tehniski jautājumi, ieskaitot valsts atbalstu.

IKT daļā nav apstiprināts neviens darījums. Šķiet, ka pēc šādas daļas nav pieprasījuma. Aizdevumus IKT vajadzībām var garantēt arī aizdevumu garantiju daļa. Nākamajā KIP programmā šo daļu turpināt nav paredzēts.

3.2.4. Izlietojuma efektivitāte

Kopumā garantiju shēmām ir ļoti augsta izlietojuma efektivitāte. Aizdevumu garantijām ir augsta efektivitāte, jo tās bieži kā pretgarantijas izsniedz institūcijām, kuras savukārt sniedz garantijas citām iesaistītajām pusēm, piemēram, starpniekiem un bankām. Risku dala dažādas iesaistītās puses, tādēļ sviru koeficients izsniegto aizdevumu apjoma ziņā ir ļoti augsts (aizdevumu garantiju daļā — 71,1). No otras puses, prasības par uzraudzību, ziņošanu un pārredzamību jāpārņem visiem posmiem līdz pat galīgajiem saņēmējiem.

ES 15 dalībvalstīs mehānisms tika īstenots ar garantiju shēmu palīdzību. Tomēr jaunajās dalībvalstīs, kurās nebija iespējams noslēgt nolīgumus ar garantiju institūcijām (vai nu tādēļ, ka šādas shēmas vēl nedarbojās, vai arī tādēļ, ka tās nevarēja apmierināt prasības attiecībā uz papildinātību), tika parakstīti nolīgumi ar bankām. Tādēļ sviru koeficients ir zemāks: ES 15 dalībvalstīs šobrīd sasniegtais koeficients ir 78,6, jaunajās dalībvalstīs — 36,0, pārējās valstīs — Norvēģijā, Rumānijā, Bulgārijā un Turcijā — tas ir 23,0.

Parasti stāvoklis attiecībā uz mikroaizdevumiem ir atšķirīgs, jo EIF garantijas visbiežāk ir tiešas garantijas starpniekiem, kuri parasti aizdevumus izsniedz tieši galīgajiem saņēmējiem. Turklāt mikroaizdevumi ir koncentrēti uz augsta riska MVU, tādēļ robežas likmes ir augstākas. Augstākais risks nozīmē, ka ar tiem pašiem budžeta līdzekļiem ar mikroaizdevumu garantijām iespējams finansēt mazākus apjomus nekā ar aizdevumu garantijām, tāpēc sviru koeficients kopumā ir zemāks nekā aizdevumu garantijām (8,1:1).

Konkrēta informācija par izlietojuma efektivitāti ir sniegta 2. pielikumā.

3.2.5. Valsts atbalsts

Īpaša uzmanība ir pievērsta tam, lai nodrošinātu FS garantiju vai aizdevumu programmu atbilstību katrā gadījumā spēkā esošajiem noteikumiem par valsts palīdzību. Katram FS ir līgumsaistības parakstīt deklarāciju par piemērojamo valsts atbalsta režīmu, un attiecīgie valsts noteikumi par atbalstu ir norādīti nolīgumos starp EIF un FI.

3.2.6. Zaudējumu atlīdzība

Līdz 2005. gada 31. decembrim atbilstoši EIF līdzdalībai neapmaksātu aizdevumu radīto zaudējumu atlīdzībai bez zaudējumu atlīdzinājumiem bija izmaksāti EUR 17,9 miljoni. Sīkāka informācija ir sniegta 5. pielikumā.

Kā iepriekš redzams 2. attēlā, pieprasījumu apmaksas kopējais apjoms salīdzinājumā ar EIF saistību kopējo apjomu joprojām ir ļoti neliels.

3.2.7. Pārskati

Programmas mehānisma finanšu pārskati ir pievienoti 8. pielikumā.

3.3. Finanšu starpnieki

3.3.1. Apskats

2005. gada 31. decembrī no 25 dalībvalstīm kopā ar Bulgāriju, Rumāniju, Turciju un Norvēģiju 23 valstīs bija parakstīti 45 līgumi ar 41 finanšu starpnieku. Līgumi attiecas uz trim atšķirīgām daļām: aizdevumu garantijām, mikrokredītu garantijām un pašu kapitāla garantijām. FS vairumā gadījumu ir garantiju institūcijas.

DGP tagad darbojas visās ES dalībvalstīs, izņemot Luksemburgu un Kipru. Tomēr 2005. gada decembrī tika iesniegts (un 2006. gada pirmajā ceturksnī parakstīts) lūgums apstiprināt nolīgumu ar FI Kiprā. Luksemburgā tika noslēgti divi nolīgumi Izaugsmes un nodarbinātības iniciatīvas ETM sākumkapitāla mehānisma ietvaros.

Apskats par katru daļu un valsti sniegts ir 3. pielikuma 1. tabulā. Apraksts tā paša pielikuma 2. tabulā sniedz sīkāku informāciju par katras valsts FS, to noslēgtajiem līgumiem un finansējuma produktiem, kas garantēti MVU garantiju mehānismā.

3.4. MVU — galīgie saņēmēji un nodarbinātība

Jau minēts, ka DGP projektu apstiprināšana sākās 2002. gada maijā. Galīgo saņēmēju skaits pakāpeniski palielinājās un 2005. gada beigās sasniedza gandrīz 140 000 (vairāk nekā 115 000 no tiem — aizdevumu garantiju daļas ietvaros).

Sīkāka informācija par situāciju 2005. gada 30. jūnijā attiecībā uz MVU — galīgajiem saņēmējiem sniegta 4. pielikumā.

Aizdevuma izsniegšanas datumā galīgo saņēmēju uzņēmumi sniedz informāciju par nodarbinātību. Dažas analīzes, kuru pamatā ir dati par paraugkopām, rāda, ka gada beigās gaidāms nodarbinātības pieaugums apmēram par 20 % procentiem. Aizdevuma izsniegšanas datumā 2005. gadā kā nodarbinātie bija reģistrēti apmēram 570 tūkstoši cilvēku salīdzinājumā ar mazāk nekā 310 tūkstošiem cilvēku 2004. gadā.

2. tabulā ir sniegta sīka informācija investīcijām, kas veiktas saistībā ar MVU garantiju mehānisma daļu 2005. gada beigās.

2. tabula. — Lēstais MVU garantiju mehānisma investīciju apjoms pa daļām 2005. gada 31. decembrī

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2005. gada beigās galīgo saņēmēju, kuros darbinieku skaits bija mazāks par 10, bija 91 % no MVU kopskaita aizdevumu garantiju daļā, 100 % mikrokredīta daļā (jāievēro, ka politikas pamatnostādnēs mērķgrupa šai daļai ir mazie uzņēmumi, kur darbinieku skaits mazāks par 10) un 64 % pašu kapitāla garantiju daļā.

Interesanti salīdzināt programmas MVU sadalījumu pēc lieluma ar kopējo ES statistiku par MVU. Pēc jaunākās pieejamās statistikas (avots: Eurostat) apmēram 92 % ES MVU ir mikrouzņēmumi (0–9 darbinieki), 7 % ir mazie uzņēmumi (10–49), un 1 % ir vidējie uzņēmumi (50–249). Tas skaidri parāda, ka MVU garantiju mehānisms ir stabili orientēts uz Eiropas Savienības Mazo uzņēmumu hartas mērķgrupu.

4. ETM sākumkapitāla mehānisms

4.1. Mehānisma apraksts

ETM sākumkapitāla mehānisma mērķis ir palielināt riska kapitāla pieejamību novatoriskiem MVU to izveides un agrīnā attīstības posmā.

EIF veic investīcijas specializētos riska kapitāla (RK) fondos, kas izveidoti ar konkrētu nolūku nodrošināt MVU pašu kapitālu vai citus riska kapitāla veidus. Šis mehānisms paredzēts nelieliem vai jaundibinātiem fondiem, ieskaitot fondus, kas darbojas reģionālā līmenī, koncentrējas uz konkrētām nozarēm vai tehnoloģijām un fondiem, kuri finansē pētniecības un attīstības rezultātu izmantošanu.

Investīcijas tiek veiktas uz vienlīdzīgiem noteikumiem („pari passu”) ar citiem pašu kapitāla investoriem. ETM sākumkapitāla investīciju vadlīnijās norādīts, ka investīciju īpatsvaram kopējā RK fonda vai uzņēmējdarbības inkubatora kapitālā jābūt no 10 līdz 25 % vai izņēmuma gadījumos (piemēram, jaunos fondos, kuriem gaidāma īpaši spēcīga katalizatora loma RK tirgu attīstībā konkrētai tehnoloģijai vai konkrētā reģionā) — 50 %. Investīcijas var veikt maksimāli līdz EUR 10 miljoniem. Labi pamatotos izņēmuma gadījumos saistību summa var būt lielāka, bet nekādā gadījumā nedrīkst pārsniegt EUR 15 miljonus.

Jaunās investīciju vadlīnijas paredz arī iespēju ar citiem Kopienas mehānismiem, EIF līdzekļiem vai līdzekļiem ar pilnvarojumu veikt līdzieguldījumus RK fondos. Līdzieguldījumi ir atļauti ar noteikumu, ka kopsumma nepārsniedz 50 % fonda kapitāla.

RK fondu pārvaldītājiem tiek prasīts iespējami palielināt privātā sektora līdzdalību, un parasti prasība ir iegūt vismaz 50 % kopējā fonda summas no privātiem avotiem. Fondos, kas galvenokārt darbojas atbalstāmos reģionos (1. un 2. mērķis) vai kandidātvalstīs, saskaņā ar valsts atbalsta noteikumiem drīkst atļaut līdz 70 % valsts finansējuma, ja tas ir lietderīgi.

Ja RK fonda investīciju politikā paredzēts veikt ieguldījumus ārpus valstīm, kurām ir tiesības saņemt palīdzību, EIF līdzdalība jāsamazina par attiecīgo šādu investīciju procentuālo apjomu. Tomēr šādos gadījumos kapitāla lielākā daļa jāiegulda valstīs, kurām ir tiesības saņemt palīdzību.

EIF izskata fondu priekšlikumus, pamatojoties uz kritērijiem, kas ietver fonda lielumu, privātā sektora līdzdalības līmeni, investīciju stratēģiju, mērķtirgu, darījumu plūsmu, ierosinātos noteikumus, plānoto peļņas normu, pārvaldības komandu un to, kādā mērā tiek gaidīts, ka EIF investīcijām RK fondā būs katalizatora ietekme līdzekļu piesaistīšanā.

Pēc Komisijas RK fonda priekšlikuma apstiprināšanas EIF paraksta nolīgumus ar fondu pārvaldītājiem un citiem pašu kapitāla ieguldītājiem fondā. Pēc tam EIF izmaksā RK fondiem piešķirtos līdzekļus saskaņā ar to investīciju iespējām un attiecīgajām finansējuma vajadzībām.

4.2. Budžeta situācija

4.2.1. Apskats

Līdz 2005. gada 31. decembrim ETM sākumkapitāla mehānismam piešķirto līdzekļu kopapjoms bija EUR 143,20 miljoni, kas ir 34,4 % no DGP kopējā līdz 2005. gada beigām apstiprinātā budžeta.

Šis kopējais budžets sedz pilnas mehānisma izmaksas, aptverot ieguldījumus RK fondos un jebkādas citas attaisnotās izmaksas. Turpmāk sniegtā 3. tabula parāda budžeta apropriējumu sadalījumu pa pozīcijām, procentus un citus ieņēmumus un to apguvumu:

3. tabula — Budžeta dati 31.12.2005.

Līdzekļi | (EUR, miljonos) |

Budžeta apropriējumi | 14,11 |

Procenti un citi ieņēmumi | 1,09 |

Kopējie līdzekļi (1) | 143,20 |

Apguvums | |

EIF saistības pret finanšu starpniekiem (pamats: Komisijas dienestu apstiprinājums) | 91,76 |

Rezerve pārvaldības maksai EIF un citiem attaisnotiem izdevumiem | 12,58 |

Kopējais apguvums (2) | 104,34 |

Pieejamais budžets (1)–(2) | 38,86 |

4.2.2. Saistības

Kopš DGP darbības sākuma Eiropas Komisijas dienestiem apstiprināšanai iesniegti 12 pieprasījumi. EIF ir parakstījis 9 līgumus ar RK fondiem. Joprojām notiek sarunas par EUR 15 miljonu investīciju Vācijā. Par pārējiem diviem apstiprinātajiem priekšlikumiem darījumi nav notikuši. Jānorāda, ka 5 no minētajiem 10 līgumiem tika parakstīti 2005. gadā. Turklāt EIF gaida vairākus darījumus, kam tiek veikta juridiskā ekspertīze un kas pozitīvā gadījumā varētu tikt noslēgti 2006. gadā. Viens no varbūtējiem gadījumiem attiecas uz RK fondu, kurš koncentrē investīcijas Bulgārijā, Rumānijā, Turcijā un Horvātijā.

Tāpat kā agrāk, EIF ir ieguldījis ievērojamas pūles, lai panāktu plašu dalību. Privāto kapitālu bija īpaši grūti piesaistīt 2003. gadā un 2004. gadā, un tam bija vairāki iemesli:

· grūta tirgus situācija, īpaši agrīnā posma finansēšanā, kas ir tirgus riskantākais segments. ETM sākumkapitāla mehānisma ietvaros pieejamie RK līdzekļi pieskaitāmi visriskantākajam šā tirgus apakšsegmentam (sagatavošanas kapitāls un sākumkapitāls). Privātie ieguldītāji joprojām izrādījuši nevēlēšanos riskēt, un tādēļ vairāki fondi nav spējuši pieņemt pirmos pieteikumus;

· atšķirīgās riska kapitāla tirgus attīstības stadijas dažādās valstīs;

· grūtības nodrošināt vismaz 50 % privātā sektora kapitāla;

· valstu likumi un noteikumi par nodokļiem

Turklāt lejupslīde biržās un novatorisku ātri augošu uzņēmumu atkārtota novērtēšana ir ietekmējusi vairākus jaunus EIF investīciju pieteikumus 2003. gadā un 2004 gadā. Šī situācija uzlabojās 2005. gadā, kad saistībā ar ETM sākumkapitālu tika parakstīti pieci jauni līgumi. EIF nākamajos darījumos 2006. gadā paredzēta strauja projektu skaita palielināšanās, kas apstiprina, ka sākumposma riska kapitālu tirgu, kas ir mehānisma mērķtirgus, pozitīvi ietekmē privāto kapitāla tirgu atveseļošanās un pozitīvas attīstības tendences, par ko ziņojusi Eiropas Privātā kapitāla un riska kapitāla asociācija (EVCA).

3. attēlā redzams, kā kopējā noslēgto saistību summa, kas ir EUR 91,8 miljoni, ir kumulatīvi attīstījusies salīdzinājumā ar budžetu, kas atvēlēts saistībām ar RK fondiem (2005. gada beigās EUR 130,62 miljoni). 2005. gada 31. decembrī RK fondiem izmaksāto līdzekļu kopsumma sasniedza EUR 11,68 miljonus. No RK saņemto kopējo ieņēmumu (atmaksu un dividenžu) summa sasniedza EUR 153 656,25 [3].

3. attēls. EIF darbības kopējā attīstība (pa gada ceturkšņiem)

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Laikposmā no 2001. gada. līdz 2004. gadam salīdzinājumā ar 2000. gadu bija raksturīga stipra investīciju aktivitātes samazināšanās Eiropas riska kapitālu tirgū. Stāvoklis mainījās 2005. gadā.

Privātkapitālam Eiropā 2005. gads bija rekordgads. EVCA 2006. gada 15. jūnija paziņojumā presei publiskotie skaitļi norāda, ka „2005. gadā piesaistītā finansējuma apjoms sasniedza 71,8 miljardus euro, rekordskaitli šajā nozarē Eiropā, kas vairāk par divarpus reizēm pārsniedz 27,5 miljardus euro, kas tika piesaistīti 2004. gadā”. Saskaņā ar EVCA minētajiem skaitļiem EUR 10,9 miljardi tika piesaistīti sākumposma un paplašināšanās stadijas riska kapitālam. Tas nozīmē 24 % pieaugumu kopš 2004. gada.

Divkāršojās līdzekļu piesaistīšana augsto tehnoloģiju jomā. Augsto tehnoloģiju sākumposma attīstības fondu līdzekļi palielinājās no EUR 1,3 miljardiem 2004. gadā līdz EUR 3,6 miljardiem 2005. gadā.

Saskaņā ar EVCA informāciju 2005. gads bija arī „investīciju rekordgads, tika ieguldīti 47 miljardi euro privātkapitāla”. Lielāko daļu no kopējā ieguldītā apjoma (68 %) veido akciju kontrolpakešu iegādes darījumi, bet darījumu apjoms riska kapitāla jomā pieauga no EUR 10,3 miljardiem 2004. gadā līdz EUR 12,7 miljardiem 2005. gadā (+23 %), veidojot 74,7 % no darījumu kopapjoma. EVCA dati norāda, ka pēc atslābuma gadiem kapitāla piesaistē 2005. gads iezīmēja izteiktu izmaiņu nozares perspektīvās un riska kapitālu izaugsmes atjaunošanu, šai darījumu jomai kļūstot arvien pievilcīgākai.

4.2.3. Pārskati

Mehānisma finanšu pārskati ir pievienoti 8. pielikumā.

4.3. Finanšu starpnieki

Kopumā RK fondi, kuros EIF veicis investīcijas, koncentrējas uz starptautiskiem, valsts mēroga vai reģionāliem darījumiem. Fondi galvenokārt ir vērsti uz sākumposma investīcijām augsto tehnoloģiju nozarēs, piemēram, informācijas un komunikāciju tehnoloģijās, interneta attīstībā, veselības aprūpes un biozinātņu nozarēs. Tas atbilst ETM sākumkapitāla investīciju politikai.

Īss apraksts par RK fondiem, kuros EIF veicis ieguldījumus, ir 6. pielikumā.

4.4. Saņēmēji MVU

Divi ieguldījumi saskaņā ar DGP tika veikti 2002. gada beigās, viens 2003. gada beigās, vēl viens — 2004. gadā un vēl pieci — 2005. gadā. RK fondi joprojām ir savu attiecīgo investīciju periodu sākumposmā, tādēļ ir pāragri sniegt reprezentatīvu informāciju par nodarbinātību. Līdz 2005. gada decembrim RK fondi saskaņa ar mehānismu veica investīcijas 35 portfeļa uzņēmumos, kas 2005. gada jūnijā ziņoja kopskaitā par 568 darbiniekiem.

5. Sākumkapitāla darbība

5.1. Mehānisma apraksts

Sākumkapitāla darbības (SCA) mērķis ir caur atbalstu sākumkapitāla fondiem, inkubatoriem vai līdzīgiem projektiem veicināt kapitāla pieejamību, lai izveidotu novatoriskus jaunus uzņēmumus ar izaugsmes un darbavietu radīšanas potenciālu, tostarp arī tradicionālajās ekonomikas nozarēs.

SCA Eiropas Kopienas vārdā pārvalda EIF. Darbība sniedz atbalstu papildu investīciju pārvaldnieku pieņemšanai darbā ilgtermiņā, lai stiprinātu riska kapitāla nozares spēju apkalpot ieguldījumus sākumkapitālā. Saistībā ar SCA piešķirtie piešķīrumi atbalsta jaunu fondu vai inkubatoru veidošanu, kuru kopējās investīciju programmās ir iekļauts sākumkapitāls, lai segtu daļu pārvaldības izmaksu, ko rada šīs ar lieliem darbaspēka resursiem saistītās investīcijas. SCA izsniedz piešķīrumus, kas sedz pārvaldības izmaksas līdz EUR 100 000 par katru jaunpieņemto pārvaldnieku, un ne vairāk kā par 3 jauniem darbiniekiem vienam saņēmējam. Saņēmēji tiek izvēlēti tikai no tiem uzņēmumiem, kuros EIF piedalās vai nu ar pašu līdzekļiem, vai ar līdzekļiem, ar kuriem rīkoties to pilnvarojusi Komisija vai Eiropas Investīciju banka (EIB).

5.2. Budžeta stāvoklis

5.2.1. Apskats

Līdz 2005. gada 31. decembrim sākumkapitāla darbībai piešķirto līdzekļu kopapjoms bija EUR 5,6 miljoni, kas ir 1,3 % no DGP kopējā līdz 2005. gada beigām apstiprinātā budžeta.

Šis kopējais budžets sedz pilnas darbības izmaksas, aptverot saņēmējiem izmaksātos piešķīrumus un jebkādas citas attaisnotās izmaksas. Turpmāk sniegtā tabula parāda budžeta apropriējumu sadalījumu pa pozīcijām un attiecīgo apguvumu:

4. tabula — Budžeta dati 31.12. 2005.

Līdzekļi | (EUR, miljonos) |

Budžeta apropriējumi | 5,60 |

Kopējie līdzekļi (1) | 5,60 |

Apguvums | |

EIF apstiprinājumi finanšu starpniekiem | 0,80 |

Maksimālās EIF maksas un citas attaisnotās izmaksas | 0,36 |

Kopējais apguvums (2) | 1,16 |

Pieejamais budžets (1)–(2) | 4,44 |

5.2.2. Saistības un izmaksātie līdzekļi

4. attēlā redzama kumulatīvā attīstība kopējai RK fondiem piešķirtajai piešķīrumu summai (līdz 2005. gada 31. decembrim EUR 0,80 miljoni), no kuras 2005. gadā tika izmaksāti 0,10 miljoni. Tas atbilst piešķīrumu nolīgumos noteiktajam grafikam un noteikumiem, ka piešķīrumi izmaksājami divās daļās, no kurām pirmā jāizmaksā ne agrāk par 18 mēnešiem un ne vēlāk par 36 mēnešiem pēc piešķīruma nolīguma parakstīšanas.

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4. attēls. EIF darbības kopējā attīstība (pa gada ceturkšņiem)

5.2.3. Pārskati

Mehānisma finanšu pārskati ir pievienoti 8. pielikumā.

5.3. Finanšu starpnieki

Saistībā ar SCA apstiprinātajiem RK fondiem ir noslēgti līgumi ar EIF saskaņā ar ETM sākumkapitāla mehānismu (DGP un Izaugsmes un nodarbinātības iniciatīvu). Līdz 2005. gada 31. decembrim bija parakstīti trīs nolīgumi par piešķīrumiem ar diviem RK fondiem. Papildu informācija ir sniegta 7. pielikumā.

6. Secinājumi

MVU garantiju mehānismam tirgū ir ļoti labi panākumi. Sevišķi veiksmīga bijusi aizdevumu garantiju daļa un mikrokredītu daļa, kas ļāvušas iesaistītajiem finanšu starpniekiem palielināt darījumu apjomu un uzņemties lielāku risku. Līdz 2005. gada 31. decembrim MVU garantiju mehānisms ar 45 portfeļiem, ko pārvaldīja 41 finanšu starpnieks, darbojās 27 valstīs. Mehānisms darbojās gandrīz visās dalībvalstīs (izņemot Kipru un Luksemburgu), kā arī Bulgārijā, Rumānijā, Turcijā un Norvēģijā. Darījums attiecībā uz Kipru tika apstiprināts 2006. gada janvārī.

Dažādi neatkarīgi vērtējumi norāda, ka mehānisma efektivitāte ir ļoti augsta. 2005. gada beigās vairāk nekā 277 000 uzņēmumi guva labumu no mehānisma saskaņā ar Izaugsmes un nodarbinātības iniciatīvu un DGP. Vērtējot pēc MVU — galīgo saņēmēju skaita, MVU garantiju mehānisms ir otra nozīmīgākā ES programma. Šajā ziņā to apsteidz tikai struktūrfondi, kuriem atvēlēti ievērojami lielāki budžeta līdzekļi un ir atšķirīga virzība.

MVU garantiju mehānisms rūpīgi seko tirgus vajadzībām un jau kopš sākuma ir izstrādāts tā, lai harmoniski pielāgotos katras valsts konkrētajiem tirgus apstākļiem. Mehānisms ir pieejams un sasniedzams visiem MVU visās Eiropas Savienības dalībvalstīs, EEZ valstīs un kandidātvalstīs. Turklāt mehānisma mērķgrupa galvenokārt ir MVU ar mazāk nekā 100 darbiniekiem, tā ir apakšgrupa, ko nelabvēlīgi ekonomiskie apstākļi var skart vissmagāk.

No 2002. gada līdz 2003. gadam ETM sākumkapitāla mehānisma īstenošanā bija dažas grūtības, ko izraisīja ES riska kapitāla tirgū valdošais stāvoklis ar kapitāla piesaistes grūtībām. Jāuzsver, ka tieši grūtajos tirgus apstākļos ETM sākumkapitāla mehānismam bija svarīga nozīme kā unikālam un svarīgam Eiropas finanšu instrumentam, kas veicina ieguldījumus stratēģiskās nozarēs saistībā ar Lisabonas stratēģiju. Pieprasījums pēc sākumposma finansējuma joprojām ir nozīmīgs jautājums, un Eiropas tehnoloģiskie centri (it īpaši pētniecības centri un universitātes) joprojām gūst rezultātus, kam ir liela vērtība no satura un intelektuālā īpašuma tiesību viedokļa.

EVCA jūnija paziņojums presei [4] apstiprina, ka 2005. gads bijis īpaši veiksmīgs gads Eiropas privātkapitālam līdzekļu piesaistīšanas, ieguldījumu un atsavināšanu jomā. RK profesionāļi ir pārliecināti par šīs aktīvu klases pozitīvajām izredzēm un uzskata, ka „pozitīvais impulss turpināsies 2006. gadā un pēc tā beigām”.

Sagatavošanas kapitāla darbības programma nav guvusi cerētos panākumus sakarā ar atbilstības kritēriju ierobežojumiem un grūtajiem riska kapitāla tirgus apstākļiem DGP darbības sākumperiodā. Līdz šim laikam parakstīti tikai trīs nolīgumi par piešķīrumiem.

EK MVU Finansiālās palīdzības shēmu izvērtējumā [5] norādīts, ka DGP finanšu instrumenti ir rezultatīvi un efektīvi. EIF veikto fondu pārvaldību, kas nodrošināja ciešas attiecības ar tirgu, uzskatīja par labas prakses piemēru. Izvērtētāji uzskata, ka instrumenti reaģē uz tirgus nepilnībām (piemēram, finansējuma trūkumu augsto tehnoloģiju nozarē), augstu novērtē to papildinātību, turklāt tie papildina shēmas dalībvalstu līmenī, tiecoties pilnīgāk izmantot finanšu inženierijas paņēmienus. Tiem ir katalizatora nozīme, palielinot finansējuma nodrošinājumu MVU visā ES teritorijā, aptverot tās valstis, kurās finanšu instrumenti ir mazattīstīti. Jaunākais DGP ārējais novērtējums [6] apstiprina Finansiālās palīdzības shēmu izvērtējuma secinājumus.

Izvērtējumā secināts, ka MVU garantiju mehānisms un ETM sākumkapitāla mehānisms kā valsts politikas instrumenti, kas atbalsta MVU piekļuvi finansējumam, ir devuši lielu ieguldījumu uzņēmējdarbības finansiālo nosacījumu uzlabošanā. Izvērtētāji uzskata, ka finanšu instrumenti tiek efektīvi īstenoti ķēdē, kuru veido Uzņēmējdarbības ĢD, Ekonomikas un finanšu lietu ĢD un Eiropas Investīciju fonds (EIF). Ziņojumā apstiprināts, ka izvairīšanās no vienas visiem piemērojamas pieejas ir lietderīga — gan riska kapitālu, gan garantijas instrumentus iespējams viegli pielāgot atšķirīgiem un mainīgiem tirgus apstākļiem. Galvenie ieteikumi pašreizējai DGP attiecas uz Kopienas atbalsta popularizēšanu. Pastāv viedoklis, ka Kopienas finanšu instrumentu popularizēšanai finanšu starpnieku, valstu finanšu un uzņēmēju organizāciju vidū nepieciešams atbalstīt „DGP zīmolu” (līdzās EIF zīmolam).

· DGP nākamo programmu, ko sauc par KIP (Konkurētspējas un inovāciju programma), Padome un Parlaments pieņēma 2006. gada 24. oktobrī. [7] KIP būs instruments, kas palīdzēs īstenot Lisabonas stratēģijā izklāstītās politikas prioritātes, Eiropas Mazo uzņēmumu hartu un tādas jaunās iniciatīvas kā jauninājumus uzņēmējdarbībā, uzņēmumu konkurētspēja un industriālā politika. Īpašs mērķis būs palīdzēt gūt piekļuvi attiecīgajiem finanšu instrumentiem MVU, jo īpaši novatoriskiem ātri augošiem uzņēmumiem to darbības sākumposmā un paplašināšanās posmā.

· Saglabāsies uz tirgu vērsta pieeja RK instrumentiem, izņemot dažas izmaiņas: KIP sniegs atbalstu uzņēmumiem ar augstu izaugsmes potenciālu un būs tiem izmantojama nozīmīgākā to darbības ciklā; ar sākumposma investīcijām tiks atbalstīti līdzieguldījumi ar biznesa eņģeļiem; sagaidāms, ka divu instrumentu esamība (GIF1, kas paredzēts sākumposma investīcijām, un GIF2, kura mērķis ir paplašināšanās posma investīcijas) nedaudz izlīdzinās makroekonomisko ciklu ietekmi (lejupslīde īpaši ietekmēja ETM sākumkapitāla mehānismu un sākumposma RK tirgu kopumā, bet ietekme uz vēlāko posmu RK bija mazāka). RK fondiem, kur investīcijas galvenokārt koncentrējas uz jauninājumiem vides jomā, paredzēts atbalsts ar augstākām intervences likmēm.

Finanšu garantiju jomā tiks saglabātas aizdevumu daļa un mikrokredītu daļa. Saskaņā ar mehānisma būs pieejama starpniekkapitāla finansēšana. Tiks saglabāta arī pašu kapitāla daļa. Turklāt paredzēts izveidot jaunu daļu kapitāla pārvēršanai vērtspapīros. Tās uzdevums ir dot iniciatoriem iespēju ar pievilcīgiem nosacījumiem piesaistīt līdzekļus, samazināt reglamentējošās un ekonomiskās prasības kapitālam, atvieglot piekļuvi kapitāla tirgiem, īpaši nekotētām vai zemu kotētām juridiskajām personām (piem., nelielām bankām) un atbalstīt jaunu produktu palaišanu tirgū (piem., aizdevumu izsniegšanu ar mērķi tos pārvērst vērtspapīros), lai šie iniciatori spētu turpmāk nodrošināt finansējumu MVU.

Kapacitātes palielināšanas metode aptver Sagatavošanas kapitāla darbību un Partnerības darbību.

Sagatavošanas kapitāla darbība nodrošina piešķīrumus, lai ilgtermiņa pieņemtu darbā papildu darbinieku ar speciālām zināšanām investīcijās vai pieredzi tehnoloģijās, un salīdzinājumā ar DGP tai ir plašāka darbības joma.

Partnerības darbība (PA) tālāk attīsta PHARE MVU finanšu instrumentu un Sagatavošanas darbību (2004.–2006.gads). PA nodrošinās piešķīrumus finanšu starpniekiem tehniskās palīdzības izmaksu segšanai, lai uzlabotu to kredīta novērtēšanas procedūras MVU parādu finansēšanai. Darbība būs ierobežota un funkcionēs valstīs, kur ir vāja banku starpniecība. Ievērojama darbības daļa būs saistīta ar uzlabojumiem banku spējā izvērtēt ekonomisko dzīvotspēju projektiem ar svarīgu vides jauninājumu elementu.

KIP apvienos saskaņotā sistēmā īpašās Kopienas atbalsta programmas un attiecīgās citu Kopienas programmu daļas Eiropas produktivitātes, jauninājumu spējas un ilgtspējīgas izaugsmes stimulēšanai būtiskākajās jomās, līdztekus pievēršoties vides problēmu risināšanai. Tā apvienos Kopienas pasākumus uzņēmējdarbības, MVU, rūpnieciskās konkurētspējas, jauninājumu, IKT attīstības un izmantošanas, vides tehnoloģiju un saprātīgās enerģijas jomā.

Kopienas finanšu instrumenti KIP ietvaros atbalstīs MVU tradicionālās nozarēs un MVU, kas veic ieguldījumus IKT un jauninājumos, ieskaitot jauninājumus vides jomā.

Ierosināts, ka KIP kļūs par vienu no galvenajiem Kopienas pasākumiem, kas dotu ieguldījumu konkurētspējas attīstīšanā un atbalstītu Lisabonas stratēģiju.

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:

(a) estimated volume of loans,

(b) guaranteed amounts.

| Allocated budget (signed) | Maximum underlying loan volume supported (estimate) | Maximum EIF Guarantee Amount | Leverage effect | Leverage effect |

| EUR million | EUR million | EUR million | (a) | (b) |

Loan guarantee window | 173.8 | 12,352.5 | 3,624.1 | 71.1 | 20.9 |

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.

(...PICT...)

Annex 3: SME Guarantee Facility– Financial intermediaries

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

(...PICT...)

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

| 0-5 | 6-10 | 11-20 | 21-50 | 51-100 | |

Austria | 1,703.00 | 182.00 | 132.00 | 100.00 | 28.00 | 2,145.00 |

Belgium | 1,019.00 | 12.00 | 3.00 | 2.00 | - | 1,036.00 |

Bulgaria | 27.00 | 7.00 | 12.00 | 10.00 | 4.00 | 60.00 |

Czech republic | 404.00 | 97.00 | 107.00 | 115.00 | 65.00 | 788.00 |

Germany | 8,473.00 | 265.00 | 56.00 | 14.00 | - | 8,808.00 |

Denmark | 328.00 | 44.00 | 28.00 | 19.00 | 3.00 | 422.00 |

Estonia | 55.00 | 16.00 | 24.00 | 15.00 | 6.00 | 116.00 |

Spain | 9,550.00 | 1,097.00 | 620.00 | 437.00 | 140.00 | 11,844.00 |

Finland | 1,265.00 | 195.00 | 132.00 | 95.00 | 22.00 | 1,709.00 |

France | 22,067.00 | 1,667.00 | 492.00 | 96.00 | 11.00 | 24,333.00 |

Greece | 85.00 | 16.00 | 4.0 | 2.00 | - | 107.00 |

Hungary | 11.00 | 8.00 | 6.00 | 7.00 | 3.00 | 35.00 |

Ireland | 46.00 | 1.00 | - | - | - | 47.00 |

Italy | 35,316.00 | 3,474.00 | 2,563.00 | 1,438.00 | 537.00 | 43,328.00 |

Lithuania | 60.00 | 43.00 | 36.00 | 40.00 | 4.00 | 183.00 |

Latvia | 40.00 | 9.00 | 9.00 | 5.00 | 2.00 | 65.00 |

Malta | 1.00 | 1.00 | 3.00 | 1.00 | - | 6.00 |

The Netherlands | 983.00 | 280.00 | 199.00 | 139.00 | 32.00 | 1,633.00 |

Norway | 5.00 | - | - | - | - | 5.00 |

Poland | 292.00 | 92.00 | 36.00 | 62.00 | 15.00 | 547.00 |

Portugal | 12.00 | 14.00 | 14.00 | 21.00 | 14.00 | 75.00 |

Romania | 135.00 | 69.00 | 76.00 | 84.00 | 47.00 | 411.00 |

Sweden | 3,514.00 | 413.00 | 283.00 | 148.00 | 35.00 | 4,393.00 |

Slovenija | 14.00 | 2.00 | 2.00 | 2.00 | - | 20.00 |

Slovak Republic | 36.00 | 26.00 | 33.00 | 31.00 | 14.00 | 140.00 |

Turkey | 10.00 | 7.00 | 4.00 | 8.00 | 1.00 | 30.00 |

United Kingdom | 3,799.00 | 3.00 | - | - | - | 3,802.00 |

TOTAL | 94,250.00 | 8,040.00 | 4,924.00 | 2,891.00 | 983,00 | 111,088.00 |

Percentage | 84.8% | 7.2% | 4.4% | 2.6% | 0.9% | |

Table 3: Breakdown of beneficiary SMEs by year of establishment as at 30.06.05 for the Loan Guarantee window, the Micro-credit window and the Equity window

| 2005 | 2004 | 2003 | 2002 | 2001 | <2001 | Not available | TOTAL |

Austria | 129.00 | 457.00 | 556.00 | 294.00 | 136.00 | 535.00 | 38.00 | 2,145.00 |

Belgium | 198.00 | 536.00 | 279.00 | 23.00 | - | - | - | 1,036.00 |

Bulgaria | | 2.00 | 9.00 | 15.00 | 5.00 | 29.00 | | 60.00 |

Czech Republic | 17.00 | 66.00 | 49.00 | 34.00 | 40.00 | 582.00 | - | 788.00 |

Germany | 554.00 | 680.00 | 1,183.00 | 641.00 | 175.00 | 187.00 | 5,388.00 | 8,808.00 |

Denmark | 55.00 | 140.00 | 114.00 | 35.00 | 15.00 | 63.00 | - | 422.00 |

Estonia | 3.00 | 28.00 | 21.00 | 11.00 | 6.00 | 47.00 | - | 116.00 |

Spain | 635.00 | 2,171.00 | 2,240.00 | 686.00 | 525.00 | 5,587.00 | - | 11,844.00 |

Finland | 85.00 | 315.00 | 324.00 | 166.00 | 76.00 | 742.00 | 1.00 | 1,709.00 |

France | 999.00 | 5,686.00 | 4,030.00 | 1,575.00 | 1,141.00 | 10,874.00 | 28.00 | 24,333.00 |

Greece | 32.00 | 31.00 | 5.00 | 6.00 | 3.00 | 30.00 | - | 107.00 |

Hungary | | | 2.00 | 2.00 | 1.00 | 30.00 | | 35.00 |

Ireland | 24.00 | 18.00 | 2.00 | 1.00 | 2.00 | - | - | 47.00 |

Italy | 1,050.00 | 5,193.00 | 5,390.00 | 3,273.00 | 2,258.00 | 26,160.00 | 4.00 | 43,328.00 |

Lithuania | 4.00 | 25.00 | 16.00 | 14.00 | 11.00 | 113.00 | - | 183.00 |

Latvia | 10.00 | 22.00 | 8.00 | 3.00 | 3.00 | 19.00 | - | 65.00 |

Malta | | | 1.00 | | | 5.00 | - | 6.00 |

The Netherlands | 323.00 | 709.00 | 177.00 | 69.00 | 72.00 | 280.00 | 3.00 | 1,633.00 |

Norway | | 1.00 | | | | 4.00 | - | 5.00 |

Poland | 1.00 | 32.00 | 39.00 | 43.00 | 48.00 | 339.00 | 45.00 | 547.00 |

Portugal | | 3.00 | 3.00 | 3.00 | 2.00 | 64.00 | - | 75.00 |

Romania | 7.00 | 23.00 | 48.00 | 27.00 | 39.00 | 267.00 | - | 411.00 |

Sweden | 445.00 | 1,114.00 | 1,029.00 | 392.00 | 158.00 | 1,255.00 | - | 4,393.00 |

Slovenija | | 2.00 | 4.00 | | | 14.00 | - | 20.00 |

Slovak Republic | 3.00 | 14.00 | 11.00 | 7.00 | 11.00 | 93.00 | 1.00 | 140.00 |

Turkey | | 5.00 | 1.00 | | 1.00 | 23.00 | - | 30.00 |

United Kingdom | 1,870.00 | 3,271.00 | 3,553.00 | 2.00 | | - | 106.00 | 8,802.00 |

TOTAL | 6,444.00 | 20,544.00 | 19,094.00 | 7,322.00 | 4,728.00 | 47,342.00 | 5,614.00 | 111,088.00 |

Percentage | 5.8% | 18.5% | 17.2% | 6.6% | 4.3% | 42.6% | 5.1% | |

Figure 1 Breakdown of sectors of the SME beneficiaries under the Loan Guarantee window as at 31.12.2005

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Figure 2 Breakdown of sectors of the SME beneficiaries under the Micro-credit window as at 31.12.2005

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Figure 3 Breakdown of sectors of the SME beneficiaries under the Equity window as at 31.12.2005

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

Total of calls received, payments made and recoveries

The total of calls received is EUR 13.8 million (see table 1); the breakdown by Financial Intermediary is provided in table 2.

The discrepancies between calls received and payments made (see table 2) result from the time lag between the calls received by EIF and the date of their payment (up to two months thereafter).

Table 1: Calls received, payments made and recoveries

| Amount (EUR) | Guarantees - number (#) |

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 | CallsReceived (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 Guarantee 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] „Robeža” ir iepriekš noteikta summa EUR (kopā ar procentiem), kas atbilst EIF maksimālajām saistībām pret FS maksāt savu zaudējumu daļu FS konkrētajā portfelī. „Robežas” aprēķina pamatā ir paredzamie zaudējumi. Kopienas budžeta finansiālo risku ierobežo, pirmkārt, „robeža” un, otrkārt, Komisijas apstiprinātā garantijas likme konkrētam starpniekam (parasti 50 %).

[2] 2005. gada 31. decembrī 115 690 galīgajiem saņēmējiem (salīdzinājumā ar 137 271 attiecībā uz SMEG98) — budžeta piešķīrumi EUR 173,8 miljonu kopsummā (salīdzinājumā ar 177,5 attiecībā uz SMEG98) un izsniegtie aizdevumi EUR 12 352,5 miljonu kopsummā (salīdzinājumā ar 10 328,7 attiecībā uz SMEG98).

[3] Salīdzinājumā ar EUR 36 150 104,58 ieņēmumiem ESU98 — Izaugsmes un nodarbinātības iniciatīvas ietvaros

[4] Thomson, PriceWaterhouseCoopers, EVCA: Press release of 15 June 2005, Monte-Carlo

[5] „Maziem un vidējiem uzņēmumiem paredzēto EK finansiālā atbalsta shēmu stratēģiskais izvērtējums”, „Deloitte&Touche” ziņojums Eiropas Komisijai (Budžeta ĢD) 2003. gada decembrī.

[6] Izvērtējuma ziņojums angļu un franču valodā publicēts kā Komisijas darba dokuments SEK(2004)1460 (15.11.2004.) un ievietots „Enterprise Europe” vietnēs: http://europa.eu.int/comm/enterprise/enterprise_policy/mult_entr_programme/programme_2001_2005.htm.

[7] Lēmums Nr. 1639, OV L310, 9.11.2006, 15 lpp.

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

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