SL

Bruselj, 4.5.2007

COM(2007) 235 konč.

POROČILO KOMISIJE SVETU IN EVROPSKEMU PARLAMENTU

o finančnih instrumentih večletnega programa za podjetja in podjetništvo ter zlasti za mala in srednje velika podjetja (MSP) (2001–2006)

(v skladu s členom 5(1) Odločbe Sveta 2000/819/ES z dne 20. decembra 2000, kakor je bila spremenjena z Odločbo št. 593/2004/ES Evropskega parlamenta in Sveta z dne 21. julija 2004)

KAZALO

1. Splošni uvod (...)3

2. Pregled (...)3

2.1. Izvajanje (...)3

2.2. Prevzem (...)4

3. Garancijska shema za MSP (...)4

3.1. Opis ukrepa (...)4

3.2. Proračunsko stanje (...)5

3.3. Finančni posredniki (...)9

3.4. Upravičena MSP in zaposlovanje (...)9

4. Program za zagon podjetij s sredstvi ETF (...)10

4.1. Opis ukrepa (...)10

4.2. Proračunsko stanje (...)11

4.3. Finančni posredniki (...)14

4.4. Upravičena MSP (...)14

5. Ukrep za zagotavljanje zagonskega kapitala (...)14

5.1. Opis ukrepa (...)14

5.2. Proračunsko stanje (...)14

5.3. Finančni posredniki (...)16

6. Sklepne ugotovitve (...)16

Annex 1: Geographical distribution - all financial instruments (...)20

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

Annex 3: SME Guarantee Facility– Financial intermediaries (...)22

Annex 4: SME Guarantee Facility – Beneficiary SMEs (...)43

Annex 5: SME Guarantee Facility -

Analysis of Defaulted Loans, situation as at 30 june 2005 (...)49

Annex 6: ETF Start-up (...)51

Annex 7: Seed Capital Action (...)54

Annex 8: Financial Statements (...)55

Annex 9: Joint European Venture (JEV) programme (...)56

1. Splošni uvod

To je tretje letno poročilo o doseženem napredku pri izvajanju finančnih instrumentov v okviru MAP, večletnega programa za podjetja in podjetništvo ter zlasti za mala in srednje velika podjetja (MSP).

Sestavljeno je v skladu s členom 5(1) Odločbe Sveta 2000/819/ES (UL L 333, 29. 12. 2000, str. 84), sprejete dne 20. decembra 2000, kakor je bila spremenjena z Odločbo št. 593/2004/ES Evropskega parlamenta in Sveta z dne 21. julija 2004 (UL L 268, 16. 8. 2004, str. 4).

MAP je bil sprva predviden za obdobje 2001–2005. Vendar je bil zaradi zagotovitve neprekinjenega delovanja do začetka naslednjega programa v okviru novih finančnih perspektiv MAP decembra 2005 podaljšan za eno leto, do konca leta 2006.

Cilj finančnih instrumentov MAP je izboljšanje finančnega okolja za podjetja, zlasti za MSP. MAP temelji na rezultatih, doseženih v okviru pobude za rast in zaposlovanje iz leta 1998.

To poročilo vključuje tri finančne instrumente v okviru MAP, tj. garancijsko shemo za MSP, program za zagon podjetij s sredstvi ETF in ukrep za zagotavljanje zagonskega kapitala. Ponuja pregled napredka, doseženega na dan 31.12.2005, in je razdeljeno na posamezna poglavja za vsak finančni instrument (poglavja 3, 4 in 5).

Vse finančne instrumente upravlja Evropski investicijski sklad (EIF), njihov namen pa je obravnavanje tržnih nepravilnosti, da se izboljša dostop MSP do finančnih sredstev.

Odobritev projektov, ki uporabljajo proračunska sredstva v okviru MAP, se je dejansko začela 25. 3. 2002. Projekti, predloženi pred tem datumom, so bili odobreni v okviru rasti in zaposlovanja.

2. Pregled

2.1. Izvajanje

Komisija je 10. decembra 2001 sprejela Sklep C(2001) 3973 o izvajanju finančnih instrumentov MAP. Na podlagi tega je Komisija 18. 12. 2001 z EIF podpisala pogodbe o skrbništvu in upravljanju za financiranje naložb v programu za zagon podjetij s sredstvi ETF, garancijsko shemo za MSP in ukrep za zagotavljanje zagonskega kapitala.

Te pogodbe so bile revidirane 22. decembra 2005 z namenom, da se upošteva podaljšanje MAP.

Okvirni proračun v višini 317 milijonov EUR za obdobje 2001−2005 je bil v začetku predlagan za finančne instrumente MAP. Okvirni proračun MAP za obdobje 2001–2006 znaša ob upoštevanju enoletnega podaljšanja MAP, odločitev proračunskih organov za povečanja in prenosov z drugih proračunskih vrstic 512 milijonov EUR.

V okviru MAP so poleg držav članic EU upravičene tudi Bolgarija, Romunija in Turčija. Poleg tega Sporazum o evropskem gospodarskem prostoru (EGP), sklenjen z državami Efte/EGP, predvideva možnost sodelovanja držav EGP v MAP.

2.2. Prevzem

EIF si v skladu s pogodbami o skrbništvu in upravljanju med EIF in Komisijo prizadeva doseči uravnoteženo geografsko porazdelitev treh finančnih instrumentov MAP in pri tem ne glede na prednostni vrstni red upoštevati naslednja štiri merila:

· cilj doseči uravnoteženo globalno geografsko pokritost vseh treh finančnih instrumentov;

· cilj omogočiti državam članicam upravičenost do vsaj enega finančnega instrumenta;

· najmanjši obseg, potreben za uspešnost posamezne dejavnosti;

· značilnosti različnih trgov.

Različne potrebe, tržni pogoji in makroekonomske okoliščine v več sodelujočih državah vplivajo na absorpcijsko sposobnost in prevzem različnih finančnih instrumentov. Zato je treba predvideti zadostno prožnost, da se omogočijo potrebne prilagoditve, na primer premiki med različnimi finančnimi instrumenti. Komisija na podlagi izkušenj, pridobljenih pri izvajanju instrumentov, meni, da je treba ustrezno geografsko porazdelitev doseči z različnimi finančnimi instrumenti, od katerih se vsakega obravnava globalno in ne posamično.

Tabela v Prilogi 1 prikazuje geografsko pokritost MAP vseh treh finančnih instrumentov skupaj na podlagi odobritev s strani Komisije na dan 31. 12. 2005.

3. Garancijska shema za MSP

3.1. Opis ukrepa

Namen tega ukrepa je pospeševati podjetništvo, okrepiti rast in konkurenčnost, izboljšati finančno okolje in podjetjem omogočiti lažji dostop do podpornih storitev in programov Skupnosti, tako da se MSP-jem prek večje dostopnosti posojil zagotovi možnost rasti in ustvarjanja delovnih mest. Ukrep zagotavlja podporo za večji obseg garancij za obstoječe garancijske storitve finančnih posrednikov (FP), dostop do financiranja za večje število malih podjetij za širši obseg naložb in garancije za bolj tvegana posojila. Podpira tudi oblikovanje in razvijanje novih garancijskih shem. Ukrep pokriva del izgub, nastalih v okviru garancij, do predhodno določenega zneska („pokritja“ [1].)

S skladom upravlja EIF v imenu Evropske unije. EIF identificira, ocenjuje in izbira možne FP za sklad v skladu z ustrezno garancijsko politiko.

Garancijska shema za MSP se uporablja za podjetja z največ sto zaposlenimi. FP imajo lahko strožja merila o izpolnjevanju pogojev MSP glede na njihove posebne garancijske ali posojilne storitve. V vsakem primeru so za nastanek in oceno tveganja, kakor tudi za dejavnosti spremljanja in izterjave v zvezi s končnimi upravičenci MSP, v celoti odgovorni izbrani finančni posredniki.

MAP razširja veljavnost ukrepa na nove produkte in države. V primerjavi s pobudo za rast in zaposlovanje so bili k ukrepu v okviru MAP dodani trije pododdelki za razširitev obsega razpoložljivih garancijskih instrumentov: mikroposojila, naložbe v lastniški kapital in posojila za plačilo opreme za informacijsko tehnologijo, programske opreme ter usposabljanja na področju interneta in elektronskega poslovanja.

Na voljo so naslednji oddelki:

· Garancije za posojila: podpirajo podjetja z možnostjo rasti in z največ sto zaposlenimi. EIF v okviru tega oddelka izdaja delne garancije ali posredne osebne garancije za plačilo portfeljev posojil ali garancij.

· Garancije za mikroposojila: podpirajo mikroposojila za zelo majhna podjetja z največ sto zaposlenimi. EIF v okviru tega oddelka izdaja delne garancije za plačilo portfeljev mikroposojil.

· Garancije za lastniški kapital: sheme posrednih osebnih garancij ali skupnih garancij za kritje naložb v lastniški kapital v MSP (ni neposrednih garancij za sklade tveganega kapitala).

· Garancije IKT: pokrivajo portfelje posojil za financiranje opreme za informacijsko tehnologijo, programske opreme in usposabljanja za spodbujanje uporabe interneta in elektronskega poslovanja. Prednost imajo majhna podjetja z največ petdeset zaposlenimi.

3.2. Proračunsko stanje

3.2.1. Pregled

Na dan 31. 12. 2005 so proračunska sredstva, dodeljena v okviru garancijske sheme za MSP, znašala 267,50 milijona EUR, kar predstavlja 64,3 % skupnega proračuna MAP, dodeljenega do konca leta 2005.

Poleg tega se v skladu s točko II.G Priloge II Odločbe Sveta 2000/819/ES „nastale obresti skrbniškega računa dodajo sredstvom ukrepa“. Ta skupni proračun nato pokriva celotne stroške ukrepa, vključno z izgubami garancij in vsemi drugimi upravičenimi stroški ali izdatki. Spodnja tabela kaže razdelitev proračuna, obresti ter drugih prihodkov in izdatkov.

Tabela 1 – Proračunski podatki z dne 31. 12. 2005

Sredstva | (milijonov EUR) |

Odobrena proračunska sredstva | 267,01 |

Obresti in drugi prihodki | 0,49 |

Skupna sredstva (1) | 267,50 |

Poraba | |

Obveznosti EIF do finančnih posrednikov (osnova: odobritve s strani služb Komisije) | 226,00 |

Rezerva za stroške za upravljanje EIF in druge upravičene izdatke | 24,53 |

Skupna poraba (2) | 250,539 |

Razpoložljiva proračunska sredstva (1) – (2) | 16,96 |

3.2.2. Obveznosti

Slika 1 prikazuje razvoj garancijskih obveznosti EIF (226,0 milijonov EUR dne 31. 12. 2005) v primerjavi z razpoložljivimi proračunskimi sredstvi do konca leta 2005, ki znašajo 242,96 milijona EUR (267,50 milijona EUR minus 24,53 milijona EUR za kumulativne stroške EIF v okviru ukrepa in druge upravičene izdatke na dan 31. 12. 2005). Obveznosti, ki jih je odobrila Komisija, so prikazane za posamezno četrtletje.

Slika 1. Obveznosti EIF do finančnih posrednikov (za posamezno četrtletje).

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Slika 2 prikazuje kumulativno spreminjanje dejavnosti decembra 2005 v zvezi s proračunom, obveznostmi, dejansko porabo in zahtevami za garancije.

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Slika 2. Kumulativno spreminjanje dejavnosti EIF (za posamezno četrtletje).

3.2.3. Poraba

Poraba pomeni skupno količino garancij, ki jih je izdal EIS v zvezi s podpisanimi pogodbami med EIF in FP v okviru ukrepa. Dne 31. 12. 2005 je povprečna poraba dosegla 67 % za oddelek garancij za posojilo, 66 % za oddelek mikrokroposojil in 65 % za oddelek lastniškega kapitala.

Dejanska poraba je popolnoma v skladu s pričakovanji. Treba je opozoriti, da po podpisu garancijskega sporazuma med EIF in FP poteka obdobje razpoložljivosti, med katerim lahko FP zagotovijo garancije podposrednikom ali posojila za MSP in vključijo ustrezna posojila za MSP v portfelj, ki ga zagotavlja EIF.

Kot je prikazano v Prilogi 3, se obdobje razpoložljivosti za večino FP konča bodisi 31. 12. 2006 ali 30. 6. 2007, kar omogoča nemoten prehod na naslednji program MAP, ki se imenuje CIP (Okvirni program za konkurenčnost in inovativnost), ki bo pokrival obdobje od 1. januarja 2007 do 31. decembra 2013.

Na podlagi odločitve Evropskega parlamenta in Sveta o enoletnem podaljšanju MAP bi lahko EIF svoje obveznosti do FP izpolnil do konca leta 2006. Kljub temu se bo ukrep nadaljeval po zadnji obveznosti Skupnosti v letu 2006, ker bi lahko sporazumi o garanciji med EIF in vsakim FP določili obdobja razpoložljivosti po letu 2006. Poleg tega roki zapadlosti garancij, ki jih je v okviru ukrepa izdal EIF, trajajo do 10 let. To pomeni, da bodo plačila v zvezi z zapadlimi posojili izvedena v roku 10 let po koncu zadnjega obdobja razpoložljivosti, v nobenem primeru pa ne po datumu poteka veljavnosti MAP, dne 31. 12. 2016, ter da se bo v tem času nadaljevalo poročanje, spremljanje in nadzorovanje s strani različnih sodelujočih akterjev.

Videti je, da uporaba garancijske sheme za MSP v okviru MAP (SMEG01) sledi podobnemu vzorcu garancijske sheme za MSP v okviru pobude za rast in zaposlovanje (SMEG98). Na dan 31. 12. 2005 so bili rezultati, doseženi v okviru SME01, z vidika števila pokritih posojil, podpisanih zneskov garancij itd. [2] že primerljivi z rezultati, doseženimi v okviru SMEG98.

Obstaja veliko povpraševanje tako po oddelku garancij za posojilo kot po oddelku mikroposojil. Oddelek garancij za lastniški kapital se je do zdaj uporabljal v omejenem obsegu, ker je ciljna populacija v smislu obstoječih garancijskih shem za lastniški kapital omejena. Poleg tega so tehnične zadeve, vključno z državno pomočjo, uvedle nekaj omejitev za izvajanje tega oddelka.

V okviru oddelka IKT ni bilo odobrenih nobenih poslov. Zdi se, da ni nikakršnega povpraševanja po tovrstnem sektorskem oddelku. Posojila IKT se lahko zagotovijo tudi v okviru oddelka garancij za posojilo. Nadaljnja uporaba tega oddelka v okviru prihodnjega programa CIP ni predvidena.

3.2.4. Učinek finančnega vzvoda

Garancijske sheme imajo na splošno zelo velik učinek finančnega vzvoda. Garancije za posojila imajo velik finančni vzvod, saj se institucijam, ki nato zagotavljajo garancije drugim akterjem, kot so posredniki ali banke, pogosto preskrbijo v obliki posrednih osebnih garancij. Zaradi delitve tveganja med temi različnimi akterji je finančni vzvod v smislu obsega posojil s podporo zelo visok (71,1 za oddelek garancij za posojilo). Po drugi strani pa je treba zahteve glede spremljanja, poročanja in prepoznavnosti prenesti vse do končnih upravičencev.

V EU-15 se je ukrep izvajal z garancijskimi shemami. Vendar pa so bili v novih državah članicah, kjer teh sporazumov z institucijami za garancije ni bilo mogoče skleniti (bodisi ker takšne sheme še niso bile pripravljene za izvajanje ali ker niso mogle izpolniti zahtev glede dodatnosti), podpisani sporazumi z bankami. Finančni vzvod je zato manjši: v EU-15 je stopnja finančnega vzvoda trenutno 78,6, v novih državah članicah 36,0, v preostalih državah, kot so Norveška, Romunija, Bolgarija in Turčija, pa 23,0.

Za mikroposojila je stanje običajno drugačno, saj je večina garancij EIF neposrednih garancij za posrednike, ki običajno zagotavljajo posojila neposredno končnim upravičencem. Poleg tega je poudarek na visokem tveganju MSP za mikroposojila, kar povzroča višje stopnje pokritja. Večje tveganje pomeni, da se z enakimi proračunskimi sredstvi lahko financira manj garancij za mikroposojila kot garancij za posojila, zato je finančni vzvod običajno manjši kot pri garancijah za posojila (8.1 : 1).

Podrobne informacije o učinku finančnega vzvoda so navedene v Prilogi 2.

3.2.5. Državna pomoč

Posebna pozornost je namenjena zagotovitvi, da so programi garancij ali posojil FP v skladu s pravili državne pomoči, kot velja za vsak posamezen primer. Vsak FP je pogodbeno obvezan za podpis izjave glede veljavnega sistema državne pomoči, ustrezna pravila državne pomoči pa so omenjena v sporazumih med EIF in FP.

3.2.6. Plačila izgub

Do 31. 12. 2005 je bilo plačanih 17,9 milijona EUR, kar ustreza deležu plačil izgub EIF za neto zapadla posojila za pokritje izgub. Podrobnejše informacije so na voljo v Prilogi 5.

Kot prikazuje prejšnja slika 2, je kumulativni znesek zahteve za plačila v primerjavi s kumulativnim obsegom obveznosti EIF še vedno zelo majhen.

3.2.7. Finančna poročila

Računovodski izkazi o ukrepu so priloženi v Prilogi 8.

3.3. Finančni posredniki

3.3.1. Pregled

Na dan 31. 12. 2005 je bilo podpisanih 45 pogodb z 41 FP, ki pokrivajo 23 od 25 držav članic, vključno z Bolgarijo, Romunijo, Turčijo in Norveško. Pogodbe se nanašajo na tri različne oddelke: garancije za posojila, garancije za mikroposojila in garancije za lastniški kapital. Večina FP so garancijske ustanove.

MAP trenutno vključuje vse države članice EU, razen Luksemburga in Cipra. Kljub temu je bila decembra 2005 predlagana zahteva za odobritev sporazuma s FP in Ciprom (in podpisana v prvem četrtletju 2006). Luksemburg je v okviru programa za zagon podjetij s sredstvi ETF pobude za rast in zaposlovanje sklenil dva sporazuma.

V tabeli 1 Priloge 3 je naveden pregled po oddelkih in državah. Opis v tabeli 2 iste priloge navaja podrobnejše informacije za posamezno državo o FP, njihove pogodbe in storitve financiranja, ki so zagotovljene v okviru garancijske sheme za MSP.

3.4. Upravičena MSP in zaposlovanje

Kot je že bilo omenjeno, se je odobritev projektov v okviru MAP začela maja 2002. Število končnih upravičencev se je postopoma povečevalo in je konec leta 2005 znašalo skoraj 140 000 (od tega več kot 115 000 v okviru oddelka garancij za posojilo).

Podrobnejše informacije o upravičenih MSP na dan 30. 6. 2005 so na voljo v Prilogi 4.

Informacije o zaposlenosti končnih upravičencev so na voljo do datuma izdaje zadolžnic. Nekatere analize na podlagi vzorca kažejo, da bo zaposlenost ob koncu leta za približno 20 % višja. Leta 2005 je bilo na datum izdaje zadolžnic kot zaposlenih zabeleženih približno 570 000 oseb v primerjavi z manj kot 310 000 leta 2004.

Podrobnosti v zvezi z naložbami s strani oddelka garancij za MSP ob koncu leta 2005 so navedene v tabeli 2.

Tabela 2 – Predvideni obseg naložb garancij za MSP po oddelkih do 31. 12. 2005

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Konec leta 2005 so končni upravičenci z največ desetimi zaposlenimi predstavljali do 91 % skupnega števila MSP v okviru oddelka garancije za posojilo, 100 % v okviru oddelka za mikroposojila (upoštevati je treba, da so politične smernice za ta oddelek usmerjene na majhna MSP z največ desetimi zaposlenimi) in 64 % v okviru oddelka garancije za lastniški kapital.

Zanimiva je primerjava razporeditve MSP po velikosti v okviru ukrepa s porazdelitvijo EU na splošno. Glede na najnovejše razpoložljive statistike (vir: Eurostat) je približno 92 % MSP v EU mikro podjetij (0–9 zaposlenih), 7 % malih podjetij (10–49) in 1 % srednjih podjetij (50–249). To jasno kaže na to, da se garancijska shema za MSP močno osredotoča na ciljno populacijo Evropske listine za mala podjetja.

4. Program za zagon podjetij s sredstvi ETF

4.1. Opis ukrepa

Namen programa za zagon podjetij s sredstvi ETF je povečati razpoložljivost tveganega kapitala za inovativne MSP med njihovim ustanavljanjem in v zgodnji fazi njihovega razvoja.

EIF vlaga v posebne sklade tveganega kapitala, ustvarjene izključno za zagotavljanje lastniškega kapitala ali drugih oblik tveganega kapitala za MSP. Skladi, ki se obravnavajo v okviru tega ukrepa, so majhni ali novo ustanovljeni skladi, vključno s skladi, ki delujejo na regionalni ravni, skladi, usmerjenimi v določene panoge in tehnologije, ter skladi, ki financirajo izkoriščanje rezultatov na področju raziskav in razvoja.

Naložbe se izvedejo pod enakimi pogoji („pari passu“) z drugimi investitorji v lastniški kapital. Smernice za naložbe programa za zagon podjetij s sredstvi ETF določajo, da morajo naložbe predstavljati med 10 % in 25 % celotnega kapitala sklada tveganega kapitala ali podjetniškega inkubatorja ali 50 % v izjemnih primerih, kot so na primer novi skladi, ki lahko posebej močno pospešijo razvoj trgov tveganega kapitala za določeno tehnologijo ali v določeni regiji. Naložbe lahko znašajo največ 10 milijonov EUR. Razen v izjemnih, ustrezno utemeljenih primerih je lahko znesek obveznosti višji, vendar pa v nobenem primeru ne sme presegati 15 milijonov EUR.

Nove smernice za naložbe predvidevajo tudi možnost sovlaganj v sklade tveganega kapitala, skupaj z drugimi ukrepi Skupnosti, lastnimi sredstvi EIF ali drugimi sredstvi na podlagi pooblastila. Sovlaganja so dovoljena pod pogojem, da skupni znesek ne presega 50 % kapitala sklada.

Upravljavci tveganega kapitala morajo povečati udeležbo zasebnega sektorja in iz zasebnih virov običajno pridobiti znesek v višini najmanj 50 % celotnega obsega sklada. Za sklade, ki večinoma delujejo v regijah prejemnicah (cilja 1 in 2) ali v državah kandidatkah, se lahko v skladu s pravili državne pomoči po potrebi dodeli največ 70 % javnih sredstev.

Kjer politika vlaganja tveganega kapitala predvideva naložbe izven upravičenih držav, se udeležba EIF zmanjša z ustreznim odstotkom takšnih naložb. Kljub temu je treba v takšnih primerih večino kapitala vložiti v države upravičenke.

EIF preuči predloge sklada na podlagi meril, ki vključujejo obseg, stopnjo udeležbe iz zasebnega sektorja, naložbeno strategijo, ciljni trg, pretok sklenjenih poslov, predlagane pogoje, pričakovano stopnjo donosa, skupino za upravljanje in obseg, do katerega bodo imele po pričakovanjih naložbe EIF v tvegani kapital pri zbiranju sredstev posebej močan pospeševalni učinek.

EIF na podlagi odobritve predloga tveganega kapitala s strani Komisije podpiše pogodbene sporazume z upravljavci tveganega kapitala in drugimi investitorji v lastniški kapital. EIF nato izplača znesek, dodeljen za sklade tveganega kapitala, v skladu z njihovimi naložbenimi možnostmi in ustreznimi finančnimi potrebami.

4.2. Proračunsko stanje

4.2.1. Pregled

Na dan 31. 12. 2005 so proračunska sredstva, dodeljena v okviru programa za zagon podjetij s sredstvi ETF, znašala 143,20 milijona EUR, kar predstavlja 34,4 % proračunskih sredstev MAP, odobrenih do konca leta 2005.

Ta skupni proračun pokriva celotne stroške ukrepa, vključno z naložbami in skladi tveganega kapitala ter katerimi koli drugimi upravičenimi stroški. Spodnja Tabela 3 prikazuje razdelitev odobrenih proračunskih sredstev, obresti in drugih prihodkov ter njihovo uporabo:

Tabela 3 – Proračunski podatki z dne 31. 12. 2005

Sredstva | (milijonov EUR) |

Odobrena proračunska sredstva | 142,11 |

Obresti in drugi prihodki | 1,09 |

Skupna sredstva (1) | 143,20 |

Poraba | |

Obveznosti EIF do finančnih posrednikov (osnova: odobritve s strani služb Komisije) | 91,76 |

Rezerva za stroške za upravljanje EIF in druge upravičene izdatke | 12,58 |

Skupna poraba (2) | 104,34 |

Razpoložljiva proračunska sredstva (1)–(2) | 38,86 |

4.2.2. Obveznosti

Od začetka MAP je bilo službam Evropske Komisije predloženih dvanajst zahtev za odobritev. EIF je s skladi tveganega kapitala podpisal devet pogodb. V Nemčiji še vedno potekajo pogajanja o naložbi v vrednosti 15 milijonov EUR. Za preostala dva odobrena predloga finančne transakcije niso bile izvedene. Treba je opozoriti, da je bilo v letu 2005 podpisanih pet od desetih zgoraj omenjenih pogodb. Poleg tega ima EIF v teku več sklenjenih poslov, ki potekajo z vso potrebno vnemo in bi se lahko realizirali v letu 2006, če bodo uspešni. Ena od možnih finančnih transakcij se nanaša na sklad tveganega kapitala, katerega naložbena usmeritev vključuje Bolgarijo, Romunijo, Turčijo in Hrvaško.

EIF si tako kot v preteklosti še vedno močno prizadeva za doseganje širše uporabe. Predvsem v letih 2003 in 2004 je bilo težko pritegniti zasebni kapital iz več razlogov:

· težke tržne razmere, zlasti za financiranje v zgodnji fazi, ki predstavlja najbolj tvegan tržni segment; upravičeni tvegani kapital v okviru programa za zagon podjetij s sredstvi ETF pripada najbolj tveganemu podsegmentu tega trga (zagonski kapital in program za zagon podjetij); zasebni vlagatelji so še naprej izkazovali nekaj strahu pred tveganjem, zato več skladov ni uspelo doseči prvega roka;

· različne stopnje razvoja trga tveganega kapitala v različnih državah;

· težave pri zagotavljanju najmanj 50 % kapitala iz zasebnega sektorja;

· nacionalni davčni predpisi.

Poleg tega sta upad izmenjave zalog in ponovna presoja inovativnih hitro rastočih podjetij vplivala na številne nove predloge naložb EIF v letih 2003 in 2004. To stanje se je izboljšalo leta 2005, ko je bilo podpisanih pet novih pogodb v okviru programa za zagon podjetij s sredstvi ETF. Načrti EIF za leto 2006 predvidevajo močno povečanje števila projektov, ki potrjujejo, da trg tveganega kapitala v zgodnji fazi, ki je cilj ukrepa, uživa koristi povrnjenih stroškov in pozitivnih pričakovanj na trgu lastniškega kapitala, o katerih poroča Evropsko združenje zasebnega lastniškega in tveganega kapitala (EVCA).

Slika 3 prikazuje kumulativno spreminjanje skupnega dodeljenega zneska v višini 91,8 milijona EUR v primerjavi z razpoložljivimi proračunskimi sredstvi za obveznosti do skladov tveganega kapitala (130,62 milijona EUR ob koncu leta 2005). Na dan 31. 12. 2005 so skupna izplačila za sklade tveganega kapitala znašala 11,68 milijona EUR. Celotni iztržki (povračila in dividende) iz skladov tveganega kapitala so znašali 153 656,25 EUR [3].

Slika 3. Kumulativno spreminjanje dejavnosti EIF (za posamezno četrtletje)

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Za leta od 2001 do 2004 je bilo v primerjavi z letom 2000 značilno močno zmanjšanje naložbene dejavnosti v evropski trg tveganega kapitala. Te razmere so se leta 2005 spremenile.

Leto 2005 je bilo rekordno leto za evropski zasebni lastniški kapital. Številke, ki jih je 15. junija 2006 objavilo EVCA v svojem sporočilu za javnost kažejo, da „je zbiranje sredstev leta 2005 doseglo 71,8 milijarde EUR, kar je rekord za industrijo v Evropi, v letu 2004 pa je doseglo več kot dva in pol krat 27,5 milijarde EUR“. Glede na številke EVCA je bilo za tvegani kapital v zgodnji fazi in fazi širitve zbranih 10,9 milijarde EUR. To predstavlja 24 % povečanje od leta 2004.

Zbiranje sredstev na področju visoke tehnologije se je podvojilo. Dodelitev skladov za visoko tehnologijo v zgodnji fazi se je povečala z 1,3 milijarde EUR v letu 2004 na 3,6 milijarde EUR v letu 2005.

Po mnenju EVCA je bilo leto 2005 tudi „rekordno leto za naložbe s 47 milijardami EUR vloženega lastniškega kapitala“. Odkupi predstavljajo večino (68 %) skupnega vloženega zneska, medtem ko se je dejavnost podjetij povečala z 10,3 milijarde EUR v letu 2004 na 12,7 milijarde EUR v letu 2005 (+ 23 %), kar predstavlja 74,7 % skupnega števila sklenjenih poslov. Številke EVCA kažejo, da je po letih počasnega zbiranja sredstev leto 2005 zaznamovalo očitno spremembo v predvidevanjih v industriji in oživitev rasti tveganega kapitala, ki postaja vedno bolj privlačen.

4.2.3. Finančna poročila

Računovodski izkazi o ukrepu so priloženi v Prilogi 8.

4.3. Finančni posredniki

Na splošno so skladi tveganega kapitala, v katere je vlagal EIF, mednarodno, nacionalno in regionalno usmerjeni. Skladi so usmerjeni predvsem v naložbe v zgodnji fazi v visokotehnološke sektorje, kot so informacijske in komunikacijske tehnologije, internet, zdravstvo in znanost o življenju. To je v skladu s politiko vlaganj programa za zagon podjetij s sredstvi ETF.

Kratek opis skladov tveganega kapitala, v katere je vlagal EIF, je v Prilogi 6.

4.4. Upravičena MSP

Ob koncu leta 2002 sta bili izvedeni dve naložbi v okviru MAP, ena naložba je bila izvedena ob koncu leta 2003, ena leta 2004, še pet naložb pa leta 2005. Skladi tveganega kapitala so še vedno v zgodnji fazi svojih zadevnih naložbenih obdobij in zato je prezgodaj za kakršne koli oprijemljive informacije o zaposlovanju. Skladi tveganega kapitala so v okviru ukrepa do decembra 2005 vlagali v 35 podjetij s portfeljem, ki so junija 2005 prijavila skupaj 568 zaposlenih.

5. Ukrep za zagotavljanje zagonskega kapitala

5.1. Opis ukrepa

Ukrep za zagotavljanje zagonskega kapitala (SCA) je namenjen spodbujanju zagotavljanja kapitala za ustanavljanje novih inovativnih podjetij z možnostjo rasti in ustvarjanja delovnih mest, vključno s tistimi v tradicionalnem gospodarstvu, s pomočjo podpore za sklade zagonskega kapitala, inkubatorje ali podobne organizacije.

SCA upravlja EIF v imenu Evropske skupnosti. Ukrep zagotavlja podporo za dolgoročno zaposlovanje dodatnih upravljavcev naložb, da se okrepi sposobnost industrije tveganega kapitala za prilagoditev naložbam v zagonski kapital. Finančna pomoč v okviru SCA podpira nove sklade ali inkubatorje, ki v svojem globalnem investicijskem programu vključujejo zagonski kapital za kritje dela stroškov upravljanja, povezanih s temi delovno intenzivnimi naložbami. SCA zagotavlja finančno podporo za kritje stroškov upravljanja do največ 100 000 EUR na novo zaposlenega upravljavca in za največ tri nove zaposlene na upravičenca. Upravičenci so izbrani izključno med tistimi, pri katerih EIF sodeluje z lastnimi sredstvi ali s skladi, ki jih upravlja Evropska investicijska banka (EIB) ali Komisija.

5.2. Proračunsko stanje

5.2.1. Pregled

Na dan 31. 12. 2005 so proračunska sredstva, dodeljena v okviru SCA, znašala 5,6 milijona EUR, kar predstavlja 1,3 % proračunskih sredstev MAP, odobrenih do konca leta 2005.

Skupni proračun pokriva celotne stroške ukrepa, vključno s finančnimi podporami, izplačanim upravičencem, in katerimi koli drugimi upravičenimi stroški. Spodnja tabela kaže razdelitev odobrenih proračunskih sredstev in zadevno uporabo.

Tabela 4 – Proračunski podatki z dne 31. 12. 2005

Sredstva | (milijonov EUR) |

Odobrena proračunska sredstva | 5,60 |

Skupna sredstva (1) | 5,60 |

Poraba | |

Odobritve EIF za finančne posrednike | 0,80 |

Največji stroški EIF in drugi upravičeni stroški | 0,36 |

Skupna poraba (2) | 1,16 |

Razpoložljiva proračunska sredstva (1)–(2) | 4,44 |

5.2.2. Obveznosti in izplačila

Slika 4 prikazuje kumulativno spreminjanje skupnega zneska finančne podpore skladom tveganega kapitala (0,80 milijona EUR na dan 31. 12. 2005), od katerega je bilo 0,10 milijona izplačanega v letu 2005. To je v skladu s časovnim razporedom in pogoji, določenimi v pogodbi o finančni podpori, ki predvideva izplačilo finančnih podpor v dveh obrokih, pri čemer se prvi plača ne prej kot 18 mesecev in ne pozneje kot 36 mesecev po podpisu pogodbe o finančni podpori.

Slika 4 Kumulativno spreminjanje dejavnosti EIF (za posamezno četrtletje)

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5.2.3. Finančna poročila

Računovodski izkazi o ukrepu so priloženi v Prilogi 8.

5.3. Finančni posredniki

Skladi tveganega kapitala, odobreni v okviru SCA, imajo sklenjene pogodbene sporazume z EIF v okviru programa za zagon podjetij s sredstvi EIF (MAP in pobuda za rast in zaposlovanje). Na dan 31. 12. 2005 so bile podpisane tri pogodbe o finančni pomoči z dvema skladoma tveganega kapitala. Več informacij je v Prilogi 7.

6. Sklepne ugotovitve

Trg zelo uspešno prevzema garancijsko shemo za MSP. Oddelka garancij za posojilo in mikroposojil sta bila posebej uspešna in sta udeleženim finančnim posrednikom omogočila povečanje obsega in prevzem večjega tveganja. Dne 31. 12. 2005 je garancijska shema za MSP vključevala 27 držav in 45 portfeljev 41 finančnih posrednikov. Vključene so bile skoraj vse države članice (razen Cipra in Luksemburga), vključno z Bolgarijo, Romunijo, Turčijo in Norveško. Transakcija v zvezi s Ciprom je bila odobrena januarja 2006.

Finančni vzvod je zelo močan, kar kažejo tudi različne neodvisne ocene. Ob koncu leta 2005 je več kot 277 000 podjetij uživalo koristi ukrepa v okviru rasti in zaposlovanja ter MAP. Garancijska shema za MSP je drugi najpomembnejši program EU glede števila končnih upravičencev MSP. Pomembnejši so le strukturni skladi, ki imajo občutno večja proračunska sredstva in drugačno usmerjenost.

Garancijska shema za MSP tesno sledi tržnim potrebam in je bila že od začetka namenjena usklajeni prilagoditvi posebnim tržnim pogojem vsake države. Ukrep je razpoložljiv in dostopen za MSP v vseh državah članicah Unije, državah EGP in državah kandidatkah. Poleg tega je ukrep namenjen predvsem MSP z največ sto zaposlenimi, torej podskupini, ki je najbolj dovzetna za škodljive gospodarske pogoje.

Izvajanje programa za zagon podjetij s sredstvi ETF se je v obdobju od 2002 do 2003 soočalo z nekaj težavami zaradi težkih razmer zbiranja sredstev, ki so prevladovale na trgu tveganega kapitala EU. Treba je poudariti, da je imel program za zagon podjetij s sredstvi ETF ravno v teh težkih tržnih razmerah pomembno vlogo kot edini in pomemben evropski finančni instrument za pospeševanje naložb v strateških sektorjih v okviru lizbonske strategije. Zahteva za financiranje v zgodnji fazi ostaja pomembna, evropski tehnološki centri (zlasti raziskovalna središča in univerze) pa še naprej ustvarjajo zelo plodne rezultate na ravni zamisli in pravic intelektualne lastnine.

Junijsko sporočilo za javnost EVCA [4] kaže, da je bilo leto 2005 izjemno dobro leto za evropski zasebni lastniški kapital v smislu zbiranja sredstev, naložb in odsvojitev. Strokovnjaki za tvegani kapital so prepričani o pozitivnih izgledih za razred finančnega premoženja in menijo, da „se bo pozitiven trend nadaljeval do leta 2006 in po njem“.

Ta program pri ukrepu za zagotavljanje zagonskega kapitala ni bil tako uspešen, kot se je pričakovalo, zaradi svojih omejitev glede meril o izpolnjevanju pogojev in težkih tržnih razmer za tvegani kapital v začetnem obdobju MAP. Do zdaj so bile podpisane samo tri pogodbe o finančni podpori.

Ocena shem finančnih pomoči ES za MSP [5] je pokazala, da so finančni instrumenti MAP učinkoviti in smotrni. Njihovo upravljanje s strani EIF je bilo ocenjeno kot najboljša praksa za njihovo približevanje trgu. Instrumenti se po mnenju ocenjevalcev odzivajo na tržne nepravilnosti (kot je ponudba financiranja za visoko tehnologijo), v okviru shem glede dodatnosti in dopolnilnosti se na ravni držav članic visoko uvrščajo, pri tem pa si prizadevajo za boljšo uporabo tehnik finančnega inženiringa. Imajo pospeševalno vlogo pri povečevanju ponudbe financiranja za MSP v vsej EU, vključno z državami, kjer so nacionalni finančni instrumenti manj razviti. Zadnja zunanja ocena MAP [6] potrjuje sklepe ocene shem finančnih pomoči.

Na podlagi ocene je bilo ugotovljeno, da sta garancijska shema za MSP in program za zagon podjetij s sredstvi ETF kot instrumenta javne politike za podpiranje dostopa MSP do financ pomembno prispevala k izboljšanju finančnega okolja za podjetja. Ocenjevalci menijo, da se finančni instrumenti učinkovito izvajajo prek „verige“, ki jo sestavljajo GD za podjetništvo – GD za gospodarske in finančne zadeve – Evropski investicijski sklad (EIF). Poročilo potrjuje, da ni ustrezen noben uporabljen pristop „ena velikost za vse“: tako tvegani kapital kot tudi garancijski instrumenti se lahko prilagodijo različnim in spreminjajočim se tržnim pogojem. Glavna priporočila za trenutni MAP se nanašajo na prepoznavnost podpore Skupnosti. Kaže, da obstaja potreba po spodbujanju „blagovne znamke MAP“ (poleg znamke EIF) s finančnimi posredniki ter nacionalnimi finančnimi in poslovnimi organizacijami, da se poveča prepoznavnost finančnih instrumentov Skupnosti.

· Svet in Parlament sta 24. oktobra 2006 [7] sprejela nov program MAP, imenovan CIP (Program za konkurenčnost in inovativnost). CIP bo orodje, ki bo pripomoglo k izvajanju političnih prednosti, določenih v programu lizbonske strategije, Evropske listine za MSP in novih pobud, kot so podjetniška inovativnost, konkurenčnost podjetij in industrijska politika. Poseben cilj bo omogočiti MSP-jem, zlasti visoko razvitim, inovativnim podjetjem v njihovi zgodnji fazi in fazi širitve, dostop do ustreznih finančnih instrumentov.

· Za instrumente tveganega kapitala se bo ohranil tržno usmerjen pristop z nekaj spremembami: CIP bo zagotovil podporo in pokrival pomembnejši del življenjskega cikla podjetij z visokim potencialom rasti; zagotovljena bo podpora za sovlaganja s poslovnimi angeli prek vlaganj v zgodnji fazi; pričakuje se, da bo obstoj dveh instrumentov (GIF1 s poudarkom na naložbah v zgodnji fazi in GIF2, ki se osredotoča na naložbe v fazi širitve) nekoliko omilil učinek makroekonomskih ciklov (na splošno sta program za zagon podjetij s sredstvi ETF in trg tveganega kapitala v zgodnji fazi utrpela škodo zaradi upada, medtem ko je bil tvegani kapital v poznejši fazi manj prizadet). Sklad tveganega kapitala, ki je usmerjen predvsem v vlaganje v ekološke inovacije, bodo podprli višji interventni tečaji.

Na področju finančnih garancij se ohranita oddelka garancij za posojila in mikroposojila. Dolžniško–lastniško financiranje bo v okviru ukrepa upravičeno. Prav tako se bo ohranil oddelek lastniškega kapitala. Poleg tega je predviden nov oddelek listinjenja. Njegov cilj je omogočiti izdajateljem zbrati sredstva ob privlačnih pogojih, zmanjšati svoje predpisane in ekonomske kapitalske zahteve, olajšati dostop do trgov kapitala, zlasti za neocenjene ali slabo ocenjene subjekte (npr. manjše banke) in podpreti uvedbo novih storitev (npr. odobritev posojil z namenom listinjenja), da se izdajateljem omogoči zagotovitev nadaljnjega financiranja MSP.

Shema za vzpostavitev institucij in kadrov vključuje ukrep za zagotavljanje zagonskega kapitala in partnerski ukrep.

Ukrep za zagotavljanje zagonskega kapitala vključuje finančno pomoč za dolgoročno zaposlovanje dodatnega osebja s posebnim strokovnim znanjem in izkušnjami na področju naložb ali tehnologije s pomočjo skladov tveganega kapitala in ima širše področje uporabe kot MAP.

Partnerski ukrep temelji na programu pomoči Phare za mala in srednje velika podjetja ter pripravljalnem ukrepu (2004–2006). Partnerski ukrep bo finančnim posrednikom zagotovil nepovratna sredstva za plačilo stroškov tehnične pomoči za izboljšavo njihovih postopkov ocenjevanja kreditov za posojila MSP. Ukrep bo omejen na države z nizko stopnjo bančnega posredovanja. Pomemben delež ukrepa se nanaša na izboljšanje sposobnosti bank, da ocenijo tržno izvedljivost projektov z bistvenim deležem ekoloških inovacij.

CIP bo v skladen okvir povezal posebne programe pomoči Skupnosti in ustrezne dele drugih programov Skupnosti na področjih, odločilnih za povečanje evropske produktivnosti, inovacijske zmogljivosti in trajnostne rasti, pri čemer bo obravnaval tudi okoljska vprašanja. Združil bo ukrepe Skupnosti na področjih podjetništva, MSP, industrijske konkurenčnosti, inovativnosti, razvoja in uporabe IKT, okoljskih tehnologij in inteligentne energije.

Finančni instrumenti Skupnosti v okviru CIP bodo podprli MSP-je v tradicionalnih sektorjih in sektorjih z naložbami v IKT in inovacije, vključno z ekološkimi inovacijami.

CIP naj bi postal eden izmed glavnih ukrepov Skupnosti, ki prispevajo h konkurenčnosti in podpirajo program lizbonske strategije.

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.

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Annex 3: SME Guarantee Facility– Financial intermediaries

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

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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

(...PICT...)

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] Pokritje je predhodno določen znesek v eurih (in odstotkih), ki ustreza največji obveznosti EIF do posameznega FP, da plača svoj delež izgub v zvezi z določenim portfeljem FP. To pokritje temelji na pričakovanih izgubah. Finančno tveganje proračuna Skupnosti je najprej omejeno s pokritjem in nato s stopnjo garancije, ki jo je odobrila Komisija za določenega posrednika (običajno 50 %).

[2] Na dan 31. 12. 2005 115 690 končnih upravičencev (v primerjavi s 137 271 za SMEG98), 173,8 milijonov EUR dodeljenih proračunskih sredstev (v primerjavi s 177,5 za SMEG98) in 12.352,5 milijonov EUR obsega posojil s podporo (v primerjavi z 10 328,7 za SMEG98).

[3] V primerjavi z iztržki v višini 36 150 104,58 EUR, prejetimi v okviru ESU98 – Pobude za rast in zaposlovanje.

[4] Thomson, PriceWaterhouseCoopers, EVCA: Sporočilo za javnost z dne 15. junija 2005, Monte-Carlo.

[5] Strateška ocena shem finančnih pomoči ES za MSP, poročilo Deloitte&Touche za Evropsko komisijo (GD za proračun), december 2003.

[6] Ocena je