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*** EUROPEISKA GEMENSKAPERNAS KOMMISSION 
Bryssel den 14.11.1995 
KOM(95) 546 slutlig 
95/0281 (CNS) 
Förslag till 
RÅDETS BESLUT 
om inrättande av en europeisk garantifond för att uppmuntra 
biograf- och televisionsproduktion 
(framlagt av kommissionen) 

EXPLANATORY MEMORANDUM 
A. INTRODUCTION 
I Chapter 5 of the White Paper on Growth, Competitiveness, Employment adopted by the 
European Council at its meeting in Brussels in December 1993 emphasizes the economic 
importance of the audiovisual sector for the industrial development of the European 
Union and its Member States. (COM(93) 70 final, 5.12.1993) 
In June 1994 the Corfu European Council, on the basis of the Bangemann Group's report 
on "Europe and the global information society - Recommendations to the European 
Council", acknowledged the sector's strategic priority in terms of the production of 
content in the context of the information society. (CD-84-94-299, 26 5.1994) 
The Commission is currently considering financing requirements and possibilities for new 
services in connection with the Information Society and will set out its ideas in the Green 
Paper on new audiovisual services that is being drafted. 
In April 1994 the Commission published a Green Paper on strategy options to strengthen 
the European programme industry, analysing the prerequisites for boosting the 
industry's growth and competitiveness. It identified a number of major structural 
weaknesses - the main ones being partitioning of the markets, fragmentation and under­
capitalization - which have trapped the industry in a spiral of deficit, in contrast with its 
competitors outside the Community. (COM (94) 96 final, 6.4.1994) 
- There was wide-ranging consultation on the ideas put forward in the Green Paper, in 
particular at a "European Audiovisual Conference" attended by more than 400 industry 
representatives in June/July 1994. 
The Conference helped to confirm two priority objectives of Community policy: 
- strengthening existing support measures, especially under the MEDIA programme; 
- introducing additional market-based mechanisms to mobilize new resources for the 
programme industry. 
2. As far as support measures are concerned, the Commission has sent the Council two 
proposed decisions extending the MEDIA programme, aimed at enhancing its impact by 
increasing the funds available and concentrating on a limited number of priorities. The 
first proposal, relating to the development and distribution of European cinema and 
television films, was adopted by the Council on 10 July 1995 (95/0027 (CNS)); the 
second, which concerns training for professionals in the audiovisual industry and on which 
the Council has already adopted a common position (95/0026 (SYN)), should be adopted 
by the end of the year. 
- The MEDIA programme serves to complement national support schemes, offering 
valuable incentives for the Community programme industry. However, it is now clear that 
this effort needs to be augmented further by raising additional resources directly in the 
market-place. Public-sector incentives are no longer sufficient to mobilize the critical 
mass of investment needed to make the audiovisual industry more competitive. A 
truly massive increase in investment, especially with an eye to the emerging information 
society, calls for financial incentive mechanisms operating on market principles to 
encourage significant involvement from private-sector finance. 
3 At the request of the Council the Commission has consulted the financial sector on what 
type of mechanism promises to be most effective in stimulating activity by banks and 
investors in the audiovisual field. The consultation exercise ended with a "Round Table 
on Audiovisual Financing" held at the beginning of June 1995 in Brussels, which was 
attended by 70 representatives from financial institutions in nearly all the Member States 
of the Union. 
- Its conclusions were incorporated in a feasibility study for a Community financial 
instrument, carried out at the Commission's request by a group of independent 
consultants. The study confirmed the interest of the financial sector in such an 
instrument and the willingness of operators to broaden their activities in the 
audiovisual sector in view of the incentives it would offer them 
- On 21 June 1995 the Audiovisual/Cultural Affairs Council called on the Commission to 
draw up a proposal for a decision, and on 26-27 June the Cannes European Council took 
note that the Commission intended to present its proposal before the end of the year. 
B. TYPE OF INSTRUMENT 
1. The consultations and studies carried out showed that substantial financial resources are 
potentially available in the market-place to help develop the audiovisual programme 
industry in the face of rapidly growing demand. However, it is often seen by financial 
operators as a high-risk sector and they are wary of large-scale involvement on a regular 
basis. 
Their reluctance could be overcome by setting up a mechanism (o spread the risk, in 
the form of a guarantee instrument specifically tailored for the audiovisual sector 
This instrument, linking public and private finance in partnership, would reduce the risks 
for both sides through diversification. It would guarantee a portion of the investment by 
banks and financial institutions that is being sought by audiovisual professionals, making 
it easier for them to obtain credit and loans to finance production projects and enterprises 
The audiovisual industry, especially film-making, largely involves small and medium-sized 
firms and they often have difficulty obtaining outside funding on the financial market. 
Because their capital is limited and their output is something intangible, they are not 
always able to offer the securities demanded by banks and investment companies. The 
guarantee instrument would help to ease these difficulties by acting as an insurer. In 
return for the payment of premiums it would offer financial intermediaries guarantees 
covering part of the credit and loans they grant to audiovisual producers, undertaking to 
step in for any defaulting debtors. 
By spreading risk in this way, the guarantee instrument would make it much easier to 
finance portfolios of projects, helping firms to attain a critical mass of production that 
would enable them to offset failures against successes on the market. It would also help 
lower the costs (currently prohibitive for many firms) of big budget productions, which 
as a rule are what bring the greatest commercial rewards. 
The guarantee instrument would act as a catalyst, boosting the confidence of private 
operators by creating an environment favourable to their interests, not only spreading the 
financial risks but also making this risk-sharing available on attractive terms. 
In addition the mechanism would amplify the financial impact of the capital 
contributed by the public and private partners involved, since the resources released by 
its involvement would amount to several times the size of that capital in terms of the 
volume of production and investment in the audiovisual sector. 
In two Member States of the Union, France and Spain, experience has shown that the 
existence of this kind of guarantee instrument can do a great deal to encourage the 
financial sector, which exerts powerful leverage for investment in the programme 
industry. However, these funds are essentially national in scope and promote few 
audiovisual products with cross-frontier potential. 
A Community guarantee fund, by contrast, would make it possible to mobilize resources 
on a large scale for cinema and television films intended for the European and 
international markets. Its leverage could release considerable financial resources for the 
programme industry. 
In line with the principle of subsidiarity, it would operate in conjunction with existing 
instruments and in cooperation with other national mechanisms for audiovisual financing 
such as: 
- in the public sector: the support funds set up by the Member States of the Union; 
- in the private sector, the insurance schemes specifically geared to the audiovisual 
industry that are operating successfully in some countries. 
C. TASKS OF THE EUROPEAN GUARANTEE FUND TO PROMOTE CINEMA AND 
TELEVISION PRODUCTION 
1 fhe Community Guarantee Fund would have to focus primarily on the production of 
European cinema and television films, both for television and the cinema. In this sense 
it would closely complement the MEDIA programme, which does not provide production 
aid as such. 
By stepping in to assist production schemes and enterprises, the Fund would provide 
valuable back-up for MEDIA. However, its task has to be interpreted broadly: it would 
assist not only European producers but also other European operators involved in 
financing cinema and television productions, in particular distributors and broadcasters 
who invest, buy up rights or offer producers guaranteed minimum revenues. 
As far as production projects are concerned, priority must be given to European works 
of fiction, whether for cinema or television (including animated cartoons), as this is where 
Europe faces the biggest deficit in terms of original programmes with wide audience 
potential. It is also an area where production costs are rising fastest, making the risks for 
investors higher. 
2 For producers/distributors to be eligible for assistance from the Fund via intermediary 
financial institutions, projects will have to show considerable European and 
international market potential. The principle of subsidiarity means that the Fund will 
not be able to assist productions targeted solely at national markets: its task will be to 
stimulate production schemes aimed at trans-national audiences so as to enable the 
audiovisual industry to exploit the dimension of the single market and markets outside the 
Union. 
D. OPERATING METHODS 
I The Fund will operate by the rules of the market. By covering risks through the 
payment of premiums, it will not distort competition. 
2. It will provide support for European production companies and European 
distribution/broadcasting companies which help to finance production 
However, the Fund will not operate in direct contact with them It will work through 
financial intermediaries, principally banks and insurance companies which propose to 
share the risks associated with financial operations in the audiovisual field. 
- In any event, the Fund will not cover more than 50 % of credits and individual loans 
(sharing the risk with the financial intermediaries). Spreading the risk in this way will 
ensure that they come forward to the Fund with high-quality projects that have real 
potential on the audiovisual market, since they themselves will have a financial stake in 
them. 
The Fund will provide guarantees under contracts with the financial intermediaries, the 
amount of the premiums being determined according to the type of risk. The level of the 
premiums will be set so as to enable the Fund to be self-financing. 
3 Financial support from the Guarantee Fund may cover individual production projects and 
the constitution of production catalogues. Support may also be given to promote structural 
strengthening of production companies and distribution companies that help to finance 
production. 
- Assistance will take the following forms: 
- guarantees for short-term credit operations for production projects; 
guarantees for medium and long-term loans for production projects, the constitution 
of production catalogues and strengthening companies financially. 
Guarantees may cover first-rank loans and subordinated loans (quasi own funds). 
- The Fund will exercise the usual prudence with regard to risk management. Its leverage 
will gradually increase as it gains experience in the audiovisual sector. 
E. IMPLEMENTATION 
1 Implementation of the Guarantee Fund to promote cinema and television production 
should draw on the arrangements and practices developed at Community level in 
terms of methods and expertise. 
- To concentrate and so optimize the effectiveness of Community initiatives, the 
Commission proposes that the guarantee instrument should come under the management 
structures of the European Investment Fund (EIF) under a special mandate. 
2. The decision to create the EIF was taken by the Edinburgh European Council in 
December 1992 as part of Community policy on growth, competitiveness and 
employment. Set up in 1994 by the European Investment Bank (EIB), the European 
Community and 58 financial institutions (now 76), the initial authorized capital of the 
Fund was ECU 2 billion, of which 30% was contributed by the Community budget, 40% 
by the EIB and 30% by the other financial institutions. This capital allows the Fund to 
cover guarantee operations up to a total of ECU 16 billion. 
The task of the EIF is to contribute to the pursuit of Community objectives, in particular 
by supporting the development of trans-European networks and small and medium-sized 
firms. Its activities help to ensure the smooth functioning of the internal market and to 
boost job creation. The EIF is also involved in specific operations of Community interest, 
especially operations to promote investment aimed at protecting the small business 
environment. 
3. There are a number of reasons for proposing to involve the European Investment Fund 
in the creation and implementation of the Guarantee Fund to promote cinema and 
television production: 
- the EIF operates as a guarantee instrument for credits and loans to finance projects; 
- one of the priority areas of EIF activity is small and medium-sized firms; the fabric 
of the audiovisual industry is very largely made up of such firms; 
a number of the financial institutions that are members of the EIF are already active 
in the audiovisual field; with their knowledge of the industry's requirements, they are 
likely to have a special interest in this area of activity under the Fund; 
- the EIF has experience of handling guarantee operations at Community level and could 
adapt it to the audiovisual sector under a special mandate; 
- the EIF could act not only as manager of the Fund but also as co-guarantor of 
individual operations, wherever it deems this appropriate and compatible with its 
operating criteria; 
- Article 32 of the EIF's Statutes allow it to accept the task of administering special 
resources entrusted to it by third parties; the authorities of the Fund have indicated 
their willingness in principle to administer the resources made available for the 
proposed Guarantee Fund under this Article. The EIF would be remunerated for this 
activity. 
4 A cooperation agreement between the Commission and the I uiope;m Investment 
Fund would spell out the precise arrangements for administering the Guarantee Fund to 
promote cinema and television production: 
In particular it would cover: 
- general guidelines for the Fund and its objectives; 
- eligibility rules for projects; 
- selection mechanisms (proposed decisions to grant individual guarantees would be 
taken by the appropriate decision-making bodies of the EIF in accordance with its own 
management criteria), 
arrangements for financial operations; 
charges applied by the Fund; 
limits on financial commitments; 
remuneration paid to the EIF for its administration of the Fund. 
5 To enhance the impact of its operations, the Fund would have to seek to share with the 
EIF the risks it guarantees by concluding joint guarantee agreements (except for 
operations that do not meet the EIF's eligibility criteria). 
It could also make reinsurance agreements with other guarantee and/or insurance 
institutions and seek other forms of cooperation with institutions that share the same 
objectives (in particular, national funds to support the audiovisual industry). 
Finally, it could subcontract some of its operations to other guarantee or insurance 
institutions. 
6 fhe overall resources entrusted to the EIF will comprise the contiibutions made by the 
Commission and by the financial sector, both public and private These funds will serve 
as guarantee capital and should ultimately reach a total of ECU 200 million. It is 
proposed that the Union should contribute ECU 90 million. 
To ensure the financial viability and credibility of the Fund, it will have to be of a 
certain minimum size in terms of capital. The proposed contribution reflects this 
requirement, bearing in mind that there will be further contributions from the financial 
sector. 
With the joint guarantees offered by the EIF and the operations mounted by insurance 
companies, the volume of guarantees generated in favour of cinema and television 
production could reach ECU 1 billion. 
7 The Commission will regularly consult professionals in the audiovisual industry about 
the general strategy and operating arrangements of the Guarantee Fund and will send their 
comments to the EIF. 
Förslag till 
RÅDETS BESLUT 
om inrättande av en europeisk garanti fond 
för att uppmuntra biograf- och televisionsproduktion 
EUROPEISKA UNIONENS RÅD HAR BESLUTAT FÖLJANDE 
med beaktande av Fördraget om upprättandet av Europeiska gemenskapen, särskilt artikel 130 
i detta, 
med beaktande av kommissionens förslag(1) 
med beaktande av Europaparlamentets yttrande(?), 
med beaktande av Ekonomiska och sociala kommitténs yttrande(<), och 
med beaktande av följande: 
Vid sitt möte i Bryssel den 10 -11 december 1993 antog Europeiska rådet vitboken om 
"Tillväxt, konkurrenskraft och sysselsättning" som gemensam referensram för verksamheten 
inom gemenskapen och dess medlemsstater. Vitboken rekommenderar en strategi för 
industriell utveckling som lägger tonvikten på den övergripande konkurrenskraften i syfte att 
främja tillväxt och sysselsättning. Den audiovisuella sektorns ekonomiska betydelse 
understryks i vitboken, särskilt i kapitel 5 C. 
Vid sitt möte på Korfu den 24 - 25 juni 1994 noterade Europeiska rådet "Bangemann-
gruppens" rapport med titeln "Europa och det globala informationssamhället -
Rekommendationer till Europeiska rådet", som erkänner den audiovisuella program industrin s 
strategiska betydelse. 
Den 17 juni 1994 tog rådet notis om grönboken om "Strategiska möjligheter för utvecklingen 
av den audiovisuella programindustrin". 
Kommissionen har samrått med företrädare för den berörda branschen angående de 
möjligheter som föreslås i grönboken, särskilt under "Europakonferensen om den audiovisuella 
sektorn", som hölls i Bryssel den 30 juni - 2 juli 1994. 
(,) EGT nr 
(2) EGT nr 
(3) EGT nr 
10 
Vid sitt kombinerade möte för industri- och telekommunikationsfrågor den 28 september 1994 
välkomnade rådet kommissionens meddelande av den 19 juli 1994 under rubriken "På väg 
mot informationssamhället i Europa: en handlingsplan" och underströk även nödvändigheten 
av att förbättra den europeiska audiovisuella industrins konkurrenskraft. 
Vid sitt möte för kultur- och audiovisuella frågor i Luxemburg den 3-4 april 1995 riktade 
rådet en uppmaning till kommissionen att utarbeta ett förslag till inrättande av ett 
finansieringsorgan som komplement till Media Il-programmet och fastslog att detta organ, 
som är avsett att uppmuntra till investeringar till förmån för europeiska audiovisuella 
produktioner, skulle följa de traditionella stödsystemen och fungera i överensstämmelse med 
marknadens villkor. 
Vid sitt möte den 10 juli 1995 antog rådet den första delen av Media Il-programmet om 
utveckling och distribution av europeiska audiovisuella verk och den andra delen om 
utbildning av de yrkesmässigt verksamma inom den audiovisuella sektorn antogs av rådet vid 
dess möte den 20 november 1995. 
Vid sitt möte i Luxemburg den 21 juni 1995 noterade rådet resultaten av det förberedande 
arbetet angående det nya finansieringsorganet. 
Vid sitt möte i Cannes den 26 - 27 juni 1995 noterade Europeiska rådet kommissionens avsikt 
att före årets slut överlämna ett förslag till rådet för beslut angående inrättandet av ett 
finansiellt garanti instrument för den europeiska audiovisuella produktionen inom ramen för 
gällande budgetplan. 
I förlängningen av Europakonferensen om audiovisuella frågor har kommissionen genomfört 
ett brett samråd med företrädare för den audiovisuella och den finansiella sektorn, särskilt vid 
en rundabordskonferens som ägde rum i juni 1995 om finansieringen av den audiovisuella 
sektorn. Vid dessa samråd bekräftades behovet av ett finansieringsorgan i syfte att minska de 
risker som är förknippade med finansieringen av europeisk spelfilmsproduktion. 
Det är absolut nödvändigt att minska dessa risker för att göra det möjligt för de europeiska 
produktions- och distributionsbolagen att få tillgång till de krediter och lån som de behöver 
för finansieringen av företagens produktions- och utvecklingsprojekt Ytterligare medel 
behövs, i första hand för finansieringen av produktioner avsedda för de europeiska och 
internationella marknaderna liksom för utvecklingen av bolag som kan tänkas producera eller 
bidra till produktionen av verk som är avsedda för dessa marknader. 
En undersökning av de finansieringssystem som finns att tillgå för den audiovisuella 
programindustrin har klart visat att ett garanti-instrument inom gemenskapen som täcker en 
del av de risker som är förknippade med lån skulle vara det lämpligaste medlet för att 
tillgodose behovet av ytterligare resurser. Inrättandet av en europeisk garantifond i syfte att 
minska de risker som är förknippade med finansieringen av produktioner inom sektorn 
"fiction" kommer att stimulera och stödja utvecklingen av den europeiska program industrin 
11 
Inrättandet av en Europeisk garantifond för att uppmuntra biograf- och televisionsproduktion 
kommer att få en betydande hävstångseffekt eftersom den finansieringsvolym som frigörs 
kommer att vida överskrida fondens kapital. Fondens insatser kommer att omfatta 
lånetransaktioner. 
Fonden kommer att driva sin verksamhet på så sätt att den utgör ett komplement till och 
samtidigt är förenlig med marknadens regler och normer och den kommer inte att skapa 
någon snedvridning av konkurrensen inom den audiovisuella sektorn, i enlighet med artikel 
130.3 i fördraget. Den skall se till att stimulera och underlätta finansieringen av den 
audiovisuella produktionen utan att själv stå för denna finansiering. 
Fondens medverkan i enskilda finansieringsinsatser skall alltid ske i samarbete med andra 
finansaktörer, både privata och offentliga (banker, försäkringsbolag, finansbolag osv.), som 
är verksamma inom den audiovisuella sektorn. Fonden bör undvika att imitera eller inkräkta 
på verksamhetsområden som handhas av befintliga institutioner eller organ. 
Ett antal offentliga och privata inrättningar, bland annat för finansiering, har samma 
målsättningar och intressen som gemenskapen när det gäller finansiering av europeiska 
audiovisuella produktioner. Europeiska garantifonden bör etablera partnerskap eller andra 
former av samarbete med dessa insitutioner för att stärka effekten av fondens verksamhet. 
Europeiska investeringsfonden (EIF) inrättades i juni 1994 för att bidra till att uppfylla 
gemenskapens målsättningar genom att främja investeringar i de tränseuropeiska näten och 
i små och medelstora företag, särskilt genom att erbjuda lånegarantier. Gemenskapen blev 
deltagare i fonden genom rådets beslut nr 94/375/EG(4). 
I artikel 32 i Europeiska investeringsfondens stadgar anges att fonden kan påta sig uppgiften 
att förvalta särskilda medel som anförtros den av tredje man. Europeiska investeringsfonden 
har förklarat sig beredd att förvalta en garantifbnd med särskild inriktning på den 
audiovisuella sektorn. 
Fonden kommer att ha samma mål för sin verksamhet som vissa andra gemenskapsprogram, 
i synnerhet Media Il-programmet. 
Uppbyggnaden av en europeisk audi ovisuell marknad kräver att det produceras europeiska 
verk, dvs. produktioner med ursprung i gemenskapens medlemsstater, som detta definieras i 
artikel 6 i rådets direktiv nr 89/552/EEG(5). 
I enlighet med artikel 128.4 i fördraget skall gemenskapen beakta de kulturella aspekterna då 
den handlar enligt andra bestämmelser i fördraget. 
(4) EGT nr L 173, 7.7.1994, s. 12. 
(5) EGT nr L 298, 17.10.1989, s. 27. 
12 
Utan att det påverkar bestämmelserna i de avtal och konventioner som gemenskapen 
undertecknat, skall de företag som gynnas av fonden kontrolleras och fortsätta att kontrolleras, 
antingen direkt eller genom majoritetsintressen, av medlemsstater eller av medborgare i 
medlemsstaterna. 
Fonden bör vara öppen för samarbete med sådana tredje länder som ingått avtal som 
innefattar bestämmelser på det audiovisuella området, och de närmare villkoren för detta 
samarbete bör vid lämplig tidpunkt fastställas av de berörda parterna 
I överensstämmelse med subsidiaritetsprincipen skall Europeiska unionens insats stödja och 
komplettera den insats som görs av myndigheterna i medlemsstaterna 
Gemenskapens bidrag skall garantera den finansiella trovärdigheten hos Europeiska 
garantifonden för att uppmuntra biograf- och televisionsproduktion och bidragen skall också 
fastställas med hänsyn till gällande budgetplan och årliga budgetramar. 
Fondens resultat- och balansräkning skall läggas till gemenskapernas resultat- och 
balansräkning. Fondens räkenskaper skall granskas av kommissionen och revisionsrätten i 
enlighet med artikel 188c i fördraget samt med bestämmelserna i budgetförordningen av den 
21 december 1977(6) i dess lydelse efter den senaste ändringen genom förordning (EG, 
Euratom, EKSG) nr 2335/95(7). 
HÄRIGENOM FÖRESKRIVS FÖLJANDE. 
Artikel l 
Fondens inrättande 
Härmed inrättas Europeiska garantifonden för att uppmuntra biograf- och 
televisionsproduktion, nedan kallad "fonden". 
Artikel 2 
Mål 
1. Fondens uppdrag skall vara att underlätta finansieringen av produktionen av europeiska 
audiovisuella verk genom att ställa garantier av alla de slag som medges enligt gällande 
lag. 
(6) 
(7) EGT nr L 356, 31.12.1977, s. 1. 
EGT nr L 240, 7.10.1995, s. 12. 
13 
2. Fondens verksamhet skall ha följande målsättningar: 
Främja produktionen av europeiska biograf- och TV-filmei avsedda for den europeiska 
och den internationella marknaden. 
Främja europeiska bolag för produktion av sådana verk samt europeiska 
distributionsbolag som bidrar till finansieringen av produktionen av dessa verk. Dessa 
bolag skall kontrolleras och fortsätta att kontrolleras, antingen genom direkt ägande 
eller genom aktiemajoritet, av medlemsstaterna eller av medborgare i medlemsstaterna 
3. Fonden skall vara öppen för samarbete med sådana tredje länder som ingått avtal med 
gemenskapen som innefattar bestämmelser på det audiovisuella området. 
Artikel 3 
Insatsformer 
1 För att uppfylla de målsättningar som anges i artikel 2 ställer fonden garantier för 
kortfristiga kredittransaktioner samt för lån på medellång och lång sikt. Både lån med hög 
och låg prioritet kan komma i fråga. 
2 Fondens verksamhet omfattar också varje annan typ av insats som faller inom ramen för 
dess uppdrag och som bidrar till att dess målsättningar uppfylls. När det är lämpligt 
- kan förslag ställas till andra garantiinrättningar, särskilt Europeiska Investeringsfonden, 
att medverka som medgarant både för enskilda insatser och för paketprojekt, 
- kan återförsäkringsavtal ingås med andra garanti- eller försäkringsinrättningar, särskilt 
Europeiska investeringsfonden, i syfte att begränsa och sprida fondens risktagande, 
- kan andra garanti- eller försäkringsinrättningar anlitas som undergaranti för en del av 
insatserna mot betalning av kostnader och premier som detta medför, 
- kan andra former för samarbete och riskdelning arrangeras till sammans med finansiella 
institut. 
3. Avtal om partnerskap och andra former av samarbete kan ingås med institutioner som 
delar de målsättningar som anges i artikel 2. 
14 
Artikel 4 
Allmänna riktlinjer för verksamheten 
För att öka insatsernas samlade verkan skall de risker som fonden garanterar i möjligaste 
mån delas med Europeiska investeringsfonden, utom i de fall då insatserna inte uppfyller 
Europeiska investeringsfondens kriterier. 
Generellt sett far de garantier som fonden beviljar inte överstiga hälften av de enskilda 
låne- och kreditbeloppen. I de fall där garantier ställs gemensamt med Europeiska 
investeringsfonden skall fondens ansvar begränsas i motsvarande grad. 
Fasta tak skall fastställas för fondens riskexponering i enskilda transaktioner 
Artikel 5 
Kapital och intäkter 
1. Gemenskapen skall bidra till fondens kapital förutsatt att det finns disponibla anslag i 
budgeten. Gemenskapens bidrag samt bidrag från tredje part skall insättas på ett särskilt 
konto som skall öppnas vid Europeiska investeringsfonden. 
2. Räntorna från det särskilda konto, till vilket inbetalningarna till kapitalet skall göras, 
intäkterna som härrör från premier, honorar och provisioner samt alla andra former av 
intäkter skall läggas till kapitalet. 
3. De premier och provisioner som skall betalas av garanti form ån stagarna skall fastställas 
på så sätt att inkomsterna balanserar utgifterna. 
Artikel 6 
Uppdrag 
1. Fonden skall förvaltas av Europeiska investeringsfonden. Förvaltningsföreskrifterna skall 
fastställas i ett samarbetsavtal som skall ingås mellan kommissionen och Europeiska 
investeringsfonden och vars innehåll skall godkännas enligt det förfarande som anges i 
artikel 7.2. 
2 Europeiska investeringsfonden skall utföra denna uppgift med samma omsorg som iakttas 
vid transaktioner med dess egna medel. Enskilda garantitransaktioner skall godkännas 
enligt de förfaranden som gäller för Europeiska investeringsfondens egna transaktioner. 
3 Europeiska investeringsfonden skall på fondens risk ingå de avtal med tredje part som är 
nödvändiga för den förvaltning som anges i punkt 1. 
15 
4 Samarbetsavtalet skall särskilt omfatta följande: 
- Allmänna riktlinjer för fonden och dess målsättningar. 
Urvalskriterier för enskilda projekt. 
Finansiella föreskrifter och handlingsregler för fondens insatser 
Fondens premiepolitik i förhållande till risken vid enskilda projekt. 
- Maximalt tak för åtaganden och andra begränsningar som följer av tillsynsregler på 
området. 
- Regelbundet återkommande utvärdering av fondens storlek. 
Europeiska investeringsfondens ersättning för förvaltningen av fonden 
- Föreskrifter för den regelbundet återkommande översynen av avtalet. 
5. Europeiska investeringsfonden skall överlämna alla garantiförslag till kommissionen för 
yttrande. Om kommissionen meddelar sitt samtycke till Europeiska investeringsfonden så 
kan garantin beviljas. 
Artikel 7 
Kommitté 
Kommissionen skall biträdas av en rådgivande kommitté. Den skall bestå av företrädare för 
medlemsstaterna och ha en företrädare för kommissionen som ordförande. 
Kommissionens företrädare skall förelägga kommittén ett förslag till åtgärder. Kommittén 
skall yttra sig över förslaget inom den tid som ordföranden bestämmer med hänsyn till hur 
brådskande frågan är, om nödvändigt genom omröstning. 
Yttrandet skall protokollföras och dessutom har varje medlemsstat rätt att begära att få sin 
uppfattning tagen till protokollet. 
Kommissionen skall ta största hänsyn till det yttrande som kommittén avgett. Den skall 
underrätta kommittén om det sätt på vilket dess yttrande har beaktats. 
Artikel 8 
Utvärdering 
När fonden varit verksam i tre år, och därefter vart femte år, skall kommissionen till 
Europaparlamentet, rådet och Ekonomiska och sociala kommittén överlämna en oberoende 
utvärderingsrapport om de resultat som uppnåtts vilken i förekommande fall skall åtföljas av 
lämpliga förslag. 
16 
Artikel 9 
Finansrapporter 
Senast den 30 april varje år skall en rapport sammanställd av Europeiska investeringsfondens 
finanskommitté överlämnas till Europeiska investeringsfondens övervakningsråd för 
godkännande. Den skall särskilt omfatta fondens räkenskaper efter avslut vid föregående års 
utgång samt en förteckning över de insatser som fonden genomfört. Kommissionen skall efter 
godkännande överlämna rapporten till Europaparlamentet och rådet. 
Utfärdat i Bryssel den 
På rådets vägnar 
Ordförande 
17 
FINANCIAL STATEMENT 
1. TITLE OF OPERATION 
European Guarantee Fund to promote cinema and television production 
2. BUDGET HEADING INVOLVED 
Section III (Commission), Part B (operating appropriations) 
B 3-2015 
3. LEGAL BASIS 
To be constituted by the proposed Decision, based on Article 130 of the EC Treaty 
4. DESCRIPTION OF OPERATION 
4.1 General objective 
This initiative is in response to the call by the European Council and the Commission for 
action to accompany measures to boost the European cinema and television industry 
Besides the effort under way through the Media II programme (mainly geared towards 
training, project development and distribution), the need has become apparent for an 
instrument to make it easier for production companies to obtain funding from the banks 
4 2 Period covered and arrangements for renewal or extension 
The gradual build-up of the Guarantee Fund to promote cinema and television production 
will allow the Community contributions to the Fund's capital to be spread over at least 
four years (1997-2000). Once it has reached its planned size, the Fund will be 
self-financing. The Fund's capital will also be open to non-Community contributions 
(public and private investors with an interest in the industry's development). What forms 
these take will have to be defined by the parties involved. 
5. CLASSIFICATION OF EXPENDITURE OR REVENUE 
5.1 Non-compulsory expenditure 
52 Differentiated appropriations 
5.3 Type of revenue involved: N/A 
18 
6. TYPE OF EXPENDITURE OR REVENUE 
The Community contribution will take the form of a subscription to the capital of the 
Guarantee Fund, an instrument that will not have legal personality and which will be 
administered under mandate by the European Investment Fund. 
The operation will not generate any revenue for the Community budget since the 
premiums received and any financial proceeds (investment of capital) will be added to the 
Fund's capital. 
7. FINANCIAL IMPACT 
71 Method of calculating cost of operation (link between unit costs and total cost) 
- This proposal to establish a Guarantee Fund to promote cinema and television production 
is compatible with the financial programming for the audiovisual sector (MEDIA II), for 
which the Commission proposed an overall allocation of ECU 400 million (1996-2000) 
The proposed contribution to the Guarantee Fund's capital would be deducted from the 
programmed amount To ensure the Fund's viability and financial credibility, the 
Commission takes the view that it must attain a certain minimum size in terms of capital 
The proposed contribution (ECU 90 million between 1996 and 2000) will meet this 
requirement. 
- The Community contribution of ECU 90 million will be made in at least four annual 
payments, in line with the schedule below. The payments will be made to the EIF, which 
will administer the Fund. 
7.2 Itemized breakdown 
commitment appropriations (ecu million) 
Capital 
subscription 1996 
budget 
p.m. 1997 
10 1998 
25 1999 
25 2000 
30 TOTAL 
90 
7.3 Schedule 
commitment appropriations (ecu million) 
Commitments 
Payments 1996 
budget 
p.m. 
p.m. 1997 
10 
10 1998 
25 
25 1999 
25 
25 2000 
30 
30 TOTAL 
90 
90 
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8. FRAUD PREVENTION MEASURES; RESULTS OF MEASURES TAKEN 
The EIF, having the appropriate expertise, will administer the guarantees and monitor 
and evaluate the mechanism. In particular the EIF will be responsible for assessing 
projects, ensuring compliance with the eligibility criteria and the financial soundness of 
the set-up. In the event of losses, it will carry out all necessary investigations. Any fraud 
or false declaration discovered will constitute a breach of contract. 
The cooperation agreement to be concluded between the Community and the EIF will 
spell out the detailed arrangements for controls and will specify the information that has 
to be supplied regularly to the Commission. 
The EIF's activities under the mandate will also be subject to the same internal and 
external controls as its own activities. 
An annual report drawn up by the EIF Financial Committee will be submitted to the 
Supervisory Board of the EIF for approval by 30 April of each year. In particular the 
report will contain the accounts closed at the end of the preceding year, as certified by 
outside auditors, and a list of the operations carried out by the Fund The Commission 
will forward the approved report to Parliament and the Council. 
9. ELEMENTS OF COST-EFFECTIVENESS ANALYSIS 
9.1 Specific and quantifiable objectives: target population 
The specific objective is to make it easier for production companies to obtain bank 
funding. These companies have always had difficulty obtaining access to sources of 
outside finance, especially to tie up the financing plan for their films. Being poorly 
capitalized and producing only intangibles, the industry is usually unable to offer the 
securities demanded by financial institutions. 
The Guarantee Fund will cover up to 50% of loans and individual credits (sharing the 
risk equally with other financial institutions), so helping to ease the difficulties 
encountered by professionals in the industry. The EIF will also be asked to share the risk 
associated with individual projects, provided they meet the EIF's criteria. 
The target population, in other words the direct beneficiaries of the Fund's operations, 
will be European production companies and distribution companies (in respect of 
activities in direct support of production, such as the minimum guarantees they give to 
producers). For every guarantee granted there will always be a guarantee and risk-sharing 
contract between the financial institution concerned and the Guarantee Fund. 
20 
9 2 Grounds for the operation 
The Community's aim is to help strengthen the European audiovisual industry. This 
follows on from the ideas put forward in the White Paper on Growth, Competitiveness 
and Employment, the report by the Bangemann Group and the Green Paper on strategy 
options to strengthen the European cinema and television programme industry. 
On 3-4 April 1994 the Council requested the Commission to draw up a proposal for the 
creation of a specific financial instrument to complement the MEDIA II programme and 
stimulate investment in cinema and television production in Europe. The two successive 
MEDIA programmes did not involve any measures aimed at production companies 
However, it has become apparent that production companies are faced with numerous 
obstacles when seeking bank funding and that national mechanisms offer only a partial 
answer. Community action appears especially appropriate since the Fund's selection 
criteria will make it possible to promote the financing of works with major (European 
and international) audience potential. 
The mechanism chosen has the advantage that it will not distort competition, since it will 
operate by the rules of the market (reducing risks and payment of premiums). Once the 
capital of the Fund is constituted, its operation will not require recurrent contributions 
from the Community budget. In addition, sharing the risks with financial institutions will 
make it possible to streamline the procedure for examining applications considerably and 
will ensure that the institutions refer commercially viable projects to the Fund. The 
mechanism also makes it possible to take full advantage of the existence and expertise 
of the European Investment Fund. 
The proposed mechanism will substantially amplify the financial impact of the 
Community contribution, as the guarantee given by the Fund will give production 
companies access to resources several times greater than the Fund's own capital (initially 
constituted by the Community's contributions). 
The main area of uncertainty liable to affect the specific performance of the Fund is the 
level of the premiums which it charges (which will depend on the risk). The Fund will 
therefore be authorized to vary its premiums, subject to the general principle that it 
should be financially self-sufficient. 
21 
9.3 Monitoring and evaluation of the operation 
When the Fund has been in operation for three years, and every live years after that, the 
Commission will send Parliament, the Council and the Economic and Social Committee 
an independent evaluation report on the Fund's performance, together with appropriate 
proposals if necessary. 
The effectiveness of the operation will be measured by a range of indicators such as: 
the Fund's profit and loss account and its general financial situation; 
number of productions made with the Fund's assistance, distinguishing between 
assistance given to production companies and assistance given to distribution 
companies that contribute towards financing production; 
number of production companies, distribution companies and financial institutions 
that have made use of the instrument; 
number and volume of investments generated and the breakdown between works for 
the cinema and television; 
the impact of the Fund's activities on European production as a whole (in particular 
the proportion of European production that has received assistance from the Fund). 
etc 
10. ADMINISTRATIVE EXPENDITURE (part A of the budget) 
The proposed scheme does not involve any increase in Commission staff or 
administrative expenditure. The Guarantee Fund to promote cinema and television 
production will be administered by the European Investment Fund, which will be paid 
a commission on the outstanding amount of guarantees granted as defined in the 
cooperation agreement. 
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ISSN 1024-4506 
KOM(95) 546 slutlig 
DOKUMENT 
SV 16 10 
Katalognummer : CB-CO-95-604-SV-C 
ISBN 92-77-96231-3 
Byrån för Europeiska gemenskapernas officiella publikationer 
L-2985 Luxemburg 
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