REPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND THE COUNCIL on financial instruments supported by the general budget according to Art.140.8 of the Financial Regulation as at 31 December 2013
Date: 2014-10-30
Institutions: European Commission
Subjects: EU financial instrument, European neighbourhood policy, administrative transparency, aid to undertakings, closing of accounts, development aid, financial management, general budget (EU), small and medium-sized enterprises













EUR-Lex - 52014DC0686 - EN











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52014DC0686

REPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND THE COUNCIL on financial instruments supported by the general budget according to Art.140.8 of the Financial Regulation as at 31 December 2013 /* COM/2014/0686 final */









Table of Contents
PREFACE.. 3
I. INTRODUCTION.. 4
II. FINANCIAL
INSTRUMENTS INFORMATION.. 4
1.       Equity
instruments: 5
2.       Guarantee
instruments: 6
3.       Risk-sharing
instruments: 8
Dedicated Investment
Vehicles: 9
4.       Financial
Instruments in the Enlargement Countries: 12
5.       Financial
Instruments in Neighbourhood Countries and Countries covered by the Development
Cooperation Instrument: 16
III. CONCLUSION.. 19
PREFACE
The Commission submits
this report on all centrally-managed Financial Instruments for internal and
external Union policies supported by the general budget according to Article
140(8) of the Financial Regulation as of 31 December 2013. 
Financial
instruments, including loans or guarantees with greater risk capacity,
represent a smart way to finance the real economy, and boost growth and
employment. They can achieve financial leverage (multiplying scarce
budgetary resources by attracting private and public funds to support EU policy
objectives), policy leverage (incentivising entrusted entities and financial
intermediaries to pursue EU policy objectives through alignment of interest),
and institutional leverage (benefiting from the expertise of the actors
involved in the implementation chain). In addition these instruments,
implemented in partnership with public and private institutions, address market
failures in the provision of external financing (e.g. to SMEs) and avoid any
crowding-out of private financing.
Important
outcomes have been achieved through the use of Financial Instruments in the years
2007-2013, and they will play an even more significant role in the 2014-2020 Multi-annual
Financial Framework (MFF). The budgetary authorities have expressed their
political commitment and increased the necessary resources. Furthermore, the
Financial Regulation has been extended with a dedicated chapter, setting up the
appropriate regulatory framework for Financial Instruments' design, management
and reporting.
This report is
the first to be prepared under the new requirements of the Financial
Regulation. It is intended to provide an informative overview of how the
taxpayer's money has been used and of the progress made in the implementation
of the Financial Instruments as of 31 December 2013.
 

I. INTRODUCTION

The
present report covers EU centrally-managed financial instruments for both
internal and external Union policy areas. Being the first of its kind prepared
under the revised Financial Regulation, it provides a comprehensive overview of
the progress made so far in the financial instruments' implementation, ensuring
transparency and accountability of the taxpayer's money used. The report
demonstrates that centrally managed Financial Instruments have achieved a substantial
leverage effect, and shows on the basis of the currently available evidence how
the instruments have contributed to their objectives.
The
report is complemented by a Commission Staff Working Document, (the
"SWD"), including the rationale for financial instruments as well as
chapters on strategic target groups, sectors and non-EU regions. The SWD
provides a set of detailed tables and specific information on financial
instruments implemented in the direct and indirect management mode for both the
2007-2013 and 2014-2020 periods. Instruments implemented by Member States in
shared management are subject to separate reporting.
The
Commission intends to shape this report as a dynamic tool for the decision-making
process and therefore will examine how to enrich and/or adapt it further in
response to market developments, information gained from implementation and
feedback received.

II. FINANCIAL INSTRUMENTS INFORMATION

The
following fiches provide a summary of available information on each of the 12
items as required by Art.140(8) of the Financial Regulation for financial
instruments with the reference date of 31 December 2013. Reporting on the
activities of financial instruments under the 2014-2020 MFF will take place
next year when the activities as of 31 December 2014 are reported.
It
is to be noted that whereas item k) of Article 140(8) of the Financial
Regulation requires a comparison between the target and the achieved leverage, most
of the 2007-2013 MFF financial instruments did not foresee target leverage
effects. Information is thus limited to the achieved leverage, whose
calculation is described in the relevant section of the SWD.[1] In many cases, the achieved leverage is an intermediate figure,
while the total achieved leverage will be significantly higher.

1.      Equity instruments:
 
 The High Growth and Innovative SME Facility under CIP (10.1 SWD) || Policy DG in charge: DG ENTR and ECFIN 
 a) Identification/basic act || Decision No 1639/2006/EC 
 b) Description || Equity instrument for increasing supply of equity for innovative SMEs in early and expansion stage 
 c) Financial institutions involved || EIF 
 d) Aggregate budgetary commitments and payments || EUR 625.197 m EUR 338.931 m 
 e) Performance || Agreements signed with 41 Venture Capital funds, 349 final recipients supported. Achieved impact: n/a 
 f) Evaluation of amounts returned || More than 90% reused for further transactions 
 g) Balance of fiduciary account || EUR 117.342 m 
 h) Revenues and repayments || Revenues: EUR 19.474 m 
 i) Value of equity investments || EUR 141.4 m 
 j) Impairments/called guarantees || Impairment loss: EUR 2.687 m 
 k) Leverage effect || Achieved: 5.3 
 l) Contribution to achievement of policy objectives || Increasing supply of equity: support of EUR 2.768 billion of total size of funds investing in innovative SMEs 

2.      Guarantee instruments:
 
   || The SME Guarantee Facility under CIP (11.1 SWD) Policy DG in charge: DG ENTR and ECFIN || The European Progress Microfinance Guarantee (11.2 SWD) Policy DG in charge: DG EMPL and ECFIN || The Risk Sharing Instrument (RSI) (11.5 SWD) Policy DG in charge: DG RTD 
 a) Identification/basic act || Decision No 1639/2006/EC || Decision No 283/2010/EU || Decision No 1982/2006/EC; Regulation (EC) No 1906/2006; Council Decision No 2006/971/EC; Council Decision 2006/974/EC 
 b) Description || Guarantee instrument for improving SME access to finance || Guarantee instrument for improving access to microfinance || Guarantee instrument for improving access to innovative SMEs and small midcaps 
 c) Financial institutions involved || EIF || EIF || EIF 
 d) Aggregate budgetary commitments and payments || EUR 649.9 m EUR 259.7 m || EUR 23.8 m EUR 17.5 m || EUR 270 m EUR 270 m 
 e) Performance || 311,633 SMEs and 1,094,609 employees supported. Achieved impact of EUR 16,100.10 m || 6,716 micro-loans and 8,684 employees supported Achieved impact of  EUR 165.74 m || 602 SME transactions amounting to EUR 374.8 m committed already to final recipients. Achieved impact of EUR 9,000.00 m 
 f) Evaluation of amounts returned || More than 60% reused for further transactions || The whole amount reused for further transactions || Not applicable 
 g) Balance of fiduciary account || EUR 126.016 m || EUR 15.125 m || EUR 275.9 m 
 h) Revenues and repayments || EUR 12.089 m || EUR 0.206 m || Revenues: EUR 0.502 m 
 i) Value of equity investments || Not applicable (guarantee instr.) || Not applicable (guarantee instr.) || Not applicable (guarantee instr.) 
 j) Impairments/called guarantees || EUR 116.55 m || EUR 1.349 m || EUR 12.565 m for both RSI and RSFF 
 k) Leverage effect || Achieved: 31 || Achieved: 4.8 (as specified in the SWD) || Achieved: 5 
 l) Contribution to achievement of policy objectives || Improving SME access to finance: supported new loans amount:16.1 billion || Improving access to microfinance: supported new loans amount: 68 m ||   

3.      Risk-sharing instruments:
 
 The Risk-Sharing Finance Facility (12.1 SWD)   || (Policy DG in charge: DG RTD) 
 a) Identification/basic act || Decision No 1982/2006/EC; Regulation (EC) No 1906/2006; Council Decision No 2006/971/EC; Council Decision 2006/974/EC 
 b) Description || Risk-sharing (debt) instrument for improving access to risk finance for R&I projects (large firms, midcaps, etc.) 
 c) Financial institutions involved || EIB 
 d) Aggregate budgetary commitments and payments || EUR 960.73 m EUR 960.73 m 
 e) Performance || 117 RDI loan operations and 98 disbursed operations (EUR 9.556 billion). Achieved impact of EUR 10,000.00 m 
 f) Evaluation of amounts returned || Not applicable 
 g) Balance of fiduciary account || EUR 1,307.753 m 
 h) Revenues and repayments || Revenues: EUR 95.03 m 
 i) Value of equity investments || Not applicable 
 j) Impairments/called guarantees || See RSI above 
 k) Leverage effect || Achieved: 10-11 
 l) Contribution to achievement of policy objectives || Improving access to risk finance: supported new loans amount: EUR 11.313 billion for R&I projects 
 The Loan Guarantee Instrument for Trans-European Transport Network Projects (12.2 SWD) || Policy DG in charge: DG MOVE 
 a) Identification/basic act || Regulation (EC) (EC) No 680/2007; Regulation (EU) No 670/2012 
 b) Description || Risk-sharing (debt) instrument for supporting project finance in transport infrastructure 
 c) Financial institutions involved || EIB 
 d) Aggregate budgetary commitments and payments || EUR 250 m EUR 155 m + 6.88 m (net income) 
 e) Performance || Guarantees to 6 TEN-T projects through a total LGTT guarantee of EUR 497 m Achieved impact of EUR 4,000.00 m 
 f) Evaluation of amounts returned || 100% used for the instrument 
 g) Balance of fiduciary account || EUR 163 m 
 h) Revenues and repayments || Revenues: EUR 13.988 m 
 i) Value of equity investments || Not applicable 
 j) Impairments/called guarantees || No impairments registered at 31.12.2013 
 k) Leverage effect || 259 (calculated as – see the SWD) 
 l) Contribution to achievement of policy objectives || Support of project finance in transport infrastructure:   supported new projects worth a cumulated capital cost of EUR 11.716 billion 
 Project Bond Initiative – Pilot Phase (12.3 SWD) || Policy DG in charge: DG MOVE, ENER, CNECT 
 a) Identification/basic act || Regulation (EU) No 670/2012 
 b) Description || Risk-sharing instrument for stimulating capital market financing for infrastructure projects (transport, energy and broadband) 
 c) Financial institutions involved || EIB 
 d) Aggregate budgetary commitments and payments || EUR 230 m EUR 67 m 
 e) Performance || One PBI operation in the TEN-E sector reached already financial close with the size of the project bond credit enhancement of EUR 54.9 m. Achieved impact of EUR 536.58 m 
 f) Evaluation of amounts returned || No amounts returned yet 
 g) Balance of fiduciary account || EUR 68.8 m 
 h) Revenues and repayments || Revenues: EUR 1.9 m 
 i) Value of equity investments || Not applicable 
 j) Impairments/called guarantees || No impairments registered at 31.12.2013 
 k) Leverage effect || 40 (calculated as – see the SWD) 
 l) Contribution to achievement of policy objectives || Stimulating capital market financing for infrastructure projects: supported a project size of EUR 421 m. 

Dedicated Investment Vehicles:
 
 The European Progress Microfinance – FCP-FIS) under EPMF (13.1 SWD) || Policy DG in charge: DG EMPL and ECFIN 
 a) Identification/basic act || Decision No 283/2010/EU 
 b) Description || The Fund is an unincorporated co-ownership of securities and other eligible assets; with objective to increase access to microfinance / availability of products 
 c) Financial institutions involved || EIF (management company), EIB (co-investor) 
 d) Aggregate budgetary commitments and payments || EUR 80 m EUR 63.43 m 
 e) Performance || 7,134 micro-loans and 11,487 employees supported Achieved impact of EUR 158.60 m 
 f) Evaluation of amounts returned || Not applicable 
 g) Balance of fiduciary account || Not applicable (there is no fiduciary account) 
 h) Revenues and repayments || Not available (DIV) 
 i) Value of equity investments || Not available (DIV) 
 j) Impairments/called guarantees || Not available 
 k) Leverage effect || 1.54 (calculated as – see the SWD) 
 l) Contribution to achievement of policy objectives || Increasing access to microfinance: supported a new micro-loans volume of EUR 64.9 m 
 The 2020 European Fund/ Marguerite (13.2 SWD) || Policy DG in charge: DG MOVE and ECFIN 
 a) Identification/basic act || Regulation (EC) No 680/2007 
 b) Description || A Pan-european equity Fund with objective to support successful long-term infrastructure investment in Europe within transport, energy and renewables sectors 
 c) Financial institutions involved || (SICAV-FIS structure); core sponsors: CDC (France), CdP (Italy), KfW, ICO (Spain), PKO (Poland) and EIB 
 d) Aggregate budgetary commitments and payments || EUR 80 m EUR 28.52 m 
 e) Performance || Commitment to invest into two projects in TEN-T transport and seven in the renewable energy sector, with the total equity amount of EUR 285 m Achieved impact n/a 
 f) Evaluation of amounts returned || Not applicable 
 g) Balance of fiduciary account || Not applicable (there is no fiduciary account) 
 h) Revenues and repayments || No distribution has taken place up to 31/12/2013 
 i) Value of equity investments || Fair value of the Commission's share: EUR 29.405 m 
 j) Impairments/called guarantees || Not available 
 k) Leverage effect || 158 (calculated as – see the SWD) 
 l) Contribution to achievement of policy objectives || Supporting long-term infrastructure investment: the total equity commitment of EUR 285 m supporting a total project capital cost of EUR 4.511 billion 
 European Energy Efficiency Fund (13.3 SWD) || Policy DG in charge: DG ENER 
 a) Identification/basic act || Regulation (EU) No 1233/2010 
 b) Description || Specialised investment fund (SICAV) investing in energy efficiency, renewable energy projects, and clean urban transport 
 c) Financial institutions involved || EIB (entrusted entity), Deutsche Bank (Investment manager) 
 d) Aggregate budgetary commitments and payments || EUR 146.3 m EUR 55.8 m 
 e) Performance || EUR 219 m were allocated to projects and EUR 17.7 m was allocated as technical assistance to support project development services. Achieved impact of  EUR 265.00 m 
 f) Evaluation of amounts returned || Not available 
 g) Balance of fiduciary account || Fund Trust Account: EUR 25 m Technical Assistance Trust Account: EUR 1.01 m 
 h) Revenues and repayments || Not yet available 
 i) Value of equity investments || Not available 
 j) Impairments/called guarantees || Not available 
 k) Leverage effect || 2.84 (current) and 9 (forecast) (calculated as – see the SWD) 
 l) Contribution to achievement of policy objectives || Supporting investment in the strategic sectors: EUR 219 m have been allocated to projects 

4.      Financial Instruments in the Enlargement Countries:
 
 The Guarantee Facility under the WB EDIF[2] (14.1 SWD) || Policy DG in charge: DG ELARG 
 a) Identification/basic act || Council Regulation (EC) No 1085/2006 
 b) Description || Guarantee instrument to create preconditions for the emergence and growth of innovative and high-potential companies 
 c) Financial institutions involved || EIF 
 d) Aggregate budgetary commitments and payments || EUR 21.9 m EUR 21.9 m 
 e) Performance || Three operational agreements signed with banks who are now in the portfolio built-up phase Achieved impact n/a 
 f) Evaluation of amounts returned || Not applicable 
 g) Balance of fiduciary account || EUR 21.2 m 
 h) Revenues and repayments || Not yet available 
 i) Value of equity investments || Not applicable 
 j) Impairments/called guarantees || Not applicable 
 k) Leverage effect || 5.5 as target (calculated in the SWD) 
 l) Contribution to achievement of policy objectives || Envisaged to mobilise more than EUR 110 m of new loans to SMEs 
 The Enterprise Expansion Fund under the WB EDIF[3] (14.2 SWD) || Policy DG in charge: DG ELARG 
 a) Identification/basic act || Council Regulation (EC) No 1085/2006 
 b) Description || Equity instrument financing development and expansion capital in established SMEs in Western Balkans 
 c) Financial institutions involved || EIF (trustee),  EBRD / DEG 
 d) Aggregate budgetary commitments and payments || EUR 11 m EUR 10.4 m 
 e) Performance || The formal first closing of the Fund and launch of activity is expected to take place within 2014 Achieved impact: n/a 
 f) Evaluation of amounts returned || Not applicable 
 g) Balance of fiduciary account || EUR 10.4 m 
 h) Revenues and repayments || Not yet available 
 i) Value of equity investments || Not yet applicable 
 j) Impairments/called guarantees || Not applicable 
 k) Leverage effect || 10 as target (calculated in the SWD) 
 l) Contribution to achievement of policy objectives || Envisaged to create an investment portfolio with a target capital of EUR 55 m, potentially associated with an EBRD co-financing facility (1:1). 
 The Enterprise Innovation Fund under the WB EDIF[4] (14.3 SWD) || Policy DG in charge: DG ELARG 
 a) Identification/basic act || Council Regulation (EC) No 1085/2006 
 b) Description || Equity instrument financing early stage innovative SMEs established in Western Balkans 
 c) Financial institutions involved || EIF (trustee),  EBRD / KfW 
 d) Aggregate budgetary commitments and payments || EUR 21.2 m EUR 21.2 m 
 e) Performance || ENIF is expected to be incorporated in 2014 Achieved impact n/a 
 f) Evaluation of amounts returned || Not applicable 
 g) Balance of fiduciary account || EUR 21.2 m 
 h) Revenues and repayments || Not applicable 
 i) Value of equity investments || Not yet applicable 
 j) Impairments/called guarantees || Not available 
 k) Leverage effect || 2 as target (calculated in the SWD) 
 l) Contribution to achievement of policy objectives || Envisaged to support a total investment of EUR 40 m 
 European Fund for Southeast Europe (14.4 SWD) || Policy DG in charge: DG ELARG 
 a) Identification/basic act || Council Regulation (EC) No 1085/2006 
 b) Description || Public-private partnership for assisting the development of the private sector in the region 
 c) Financial institutions involved || EIF (trustee) 
 d) Aggregate budgetary commitments and payments || EUR 26.2 m EUR 26.03 m 
 e) Performance || The amount of EUR 83.9 m has leveraged a total investment of EUR 580 m Achieved impact n/a 
 f) Evaluation of amounts returned || Not applicable 
 g) Balance of fiduciary account || Not available 
 h) Revenues and repayments || Not available 
 i) Value of equity investments || Market value of the Commission's share: EUR 110.9 m 
 j) Impairments/called guarantees || Not applicable 
 k) Leverage effect || 7 (as calculated in the SWD) 
 l) Contribution to achievement of policy objectives || Support of a total new investment of EUR 580 m 
 Green for Growth Fund (14.5 SWD) || Policy DG in charge: DG ELARG 
 a) Identification/basic act || Council Regulation (EC) No 1085/2006 
 b) Description || Innovative fund to provide financing for energy efficiency and renewable energy projects 
 c) Financial institutions involved || EIB, KfW, EBRD as key co-investors 
 d) Aggregate budgetary commitments and payments || EUR 19.6 m EUR 19.6 m 
 e) Performance || EUR 129.4 m were disbursed to financial intermediaries through senior loans and one subordinated loan. In addition, EUR 58.4 m of investments were approved Achieved impact n/a 
 f) Evaluation of amounts returned || Revenue reinvested according to the same criteria as for the initial budget contribution 
 g) Balance of fiduciary account || Not applicable 
 h) Revenues and repayments || Not applicable 
 i) Value of equity investments || The market value: EUR 39.2 m[5] 
 j) Impairments/called guarantees || Not available 
 k) Leverage effect || 5 as target (calculated in the SWD) 
 l) Contribution to achievement of policy objectives || Envisaged to support a total investment of EUR 200 m 
 SME Recovery Support Loan for Turkey (14.6 SWD) || Policy DG in charge: DG ELARG 
 a) Identification/basic act || Council Regulation (EC) No 1085/2006 
 b) Description || Instrument to mitigate the crisis impact and support SMEs with concrete productive investments 
 c) Financial institutions involved || EIB, Halkbank, Akbank 
 d) Aggregate budgetary commitments and payments || EUR 30 m EUR 30 m 
 e) Performance || The amount of EUR 30.0 m has leveraged a total investment of approximately EUR 150 m Achieved impact of EUR 150.00 m 
 f) Evaluation of amounts returned || Revenue reinvested according to the same criteria as for the initial budget contribution 
 g) Balance of fiduciary account || Not applicable 
 h) Revenues and repayments || Not applicable 
 i) Value of equity investments || The market value: EUR 39.2 m[6] 
 j) Impairments/called guarantees || Not available 
 k) Leverage effect || 5 (calculated in the SWD) 
 l) Contribution to achievement of policy objectives || The 265 loans allocated initially were expected to create 4,881 new jobs, which represent an increase by 42% of the number of existing jobs in the beneficiary SMEs 

5.      Financial Instruments in Neighbourhood Countries and Countries
covered by the Development Cooperation Instrument:
 
 Neighbourhood Investment Facility (15.1 SWD) || Policy DG in charge: DG DEVCO 
 a) Identification/basic act || Regulation (EC) No 1638/2006 
 b) Description || Instrument contribute to achievement of objectives of ENP and mobilise additional investments 
 c) Financial institutions involved || EIB, EBRD, CEB, NIB, AFD, AECID, KfW, SIMEST 
 d) Aggregate budgetary commitments and payments || EUR 789.4 m EUR 422.5 m 
 e) Performance || Based on the EUR 164 m of Union contributions approved during 2013, the total volume of investments mobilised resulted in investments over EUR 2.4 billion 
 f) Evaluation of amounts returned || Applicable from 2015 
 g) Balance of fiduciary account || No separate fiduciary account established 
 h) Revenues and repayments || Not applicable 
 i) Value of equity investments || The market value: SANAD funds: USD 10 m; EFSE-SICAV Fund: EUR 5.1 m 
 j) Impairments/called guarantees || Not available 
 k) Leverage effect || 27.6 (as calculated in the SWD) 
 l) Contribution to achievement of policy objectives || Support of total project costs of EUR 20.8 billion with Union contribution of EUR 753 m 
 Investment Facility for Central Asia and Asian Investment Facility (15.2 SWD) || Policy DG in charge: DG DEVCO 
 a) Identification/basic act || Regulation (EC) No 1905/2006 
 b) Description || Instrument to promote additional investments and key infrastructures (energy, environment) 
 c) Financial institutions involved || EIB, EBRD, AFD, KfW, SIMEST 
 d) Aggregate budgetary commitments and payments || EUR 145.6 m EUR 31 m 
 e) Performance || IFCA contributions summed up EUR 64 m supporting 11 projects with a total cost of EUR 425 m; AIF contributions summed up EUR 36 m supporting 8 projects with a total cost of EUR 889 m 
 f) Evaluation of amounts returned || Applicable from 2015 
 g) Balance of fiduciary account || Not available 
 h) Revenues and repayments || Not applicable 
 i) Value of equity investments || Fund MIFA: USD 9.3 m (C2 and C3 shares) 
 j) Impairments/called guarantees || Not applicable 
 k) Leverage effect || IFCA: about 6.6 AIF: about 25 (as calculated in the SWD) 
 l) Contribution to achievement of policy objectives || Under IFCA: support of EUR 425 m in financing from EFIs and other investors; Under AIF: Support of 889 m in financing from EFIs and other investors 
 Latin America Investment Facilty (15.3 SWD) || Policy DG in charge: DG DEVCO 
 a) Identification/basic act || Regulation (EC) No.1905/2006 
 b) Description || Instrument to promote additional investments and key infrastructures (e.g. transport, energy, etc.) 
 c) Financial institutions involved || EIB, NIB, AFD, AECID, etc. 
 d) Aggregate budgetary commitments and payments || EUR 196.7 m EUR 78.9 m 
 e) Performance || 25 projects have been approved, which represent a total LAIF contribution of EUR 189.6 m. The total amount of investments was EUR 5.5 billion 
 f) Evaluation of amounts returned || Not available 
 g) Balance of fiduciary account || EUR 5.9 m 
 h) Revenues and repayments || Not available 
 i) Value of equity investments || Not available 
 j) Impairments/called guarantees || Not available 
 k) Leverage effect || 29 (as calculated in the SWD) 
 l) Contribution to achievement of policy objectives || Support of additional investments of EUR 5.5 billion in the targeted sectors 
 Support to the Facility for Euro-Mediterranean Investment Partnership (15.4 SWD) || Policy DG in charge: DG DEVCO 
 a) Identification/basic act || Regulation (EC) No 1638/2006 
 b) Description || Instrument to provide capital to the private sector 
 c) Financial institutions involved || EIB 
 d) Aggregate budgetary commitments and payments || EUR 224 m EUR 192 m 
 e) Performance || EUR 27 m was allocated to 16 technical assistance operations; EUR 163 m was allocated to 24 risk capital operations (20 m were cancelled and returned to the Commission). 
 f) Evaluation of amounts returned || Not applicable 
 g) Balance of fiduciary account || EUR 75.3 m, USD 19.9 m 
 h) Revenues and repayments || EUR 3.3 m 
 i) Value of equity investments || Value of Venture Capital Funds: EUR 30.8 m 
 j) Impairments/called guarantees || Impairments: EUR -5.99 m  
 k) Leverage effect || 21.3 (as calculated in the SWD) 
 l) Contribution to achievement of policy objectives || Support of a financing volume of EUR 4.6 billion through the overall Union contribution of EUR 224 m 
 Global Energy Efficiency and Renewable Energy Fund (15.5 SWD) || Policy DG in charge: DG DEVCO 
 a) Identification/basic act || Regulation (EC) No 1905/2006 
 b) Description || Innovative financing vehicle aiming at promoting energy efficiency and renewable energy in developing countries and economies in transition 
 c) Financial institutions involved || A SICAV, co-investors: EIB, Norway and Germany 
 d) Aggregate budgetary commitments and payments || EUR 81.1 m EUR 75 m 
 e) Performance || GEEREF has committed to investments of approximately EUR 72 m in regional private equity funds, of which over EUR 18 m has been disbursed. These funds have subsequently invested in 18 recipient projects 
 f) Evaluation of amounts returned || Not applicable 
 g) Balance of fiduciary account || EUR 2.194 m 
 h) Revenues and repayments || Not applicable 
 i) Value of equity investments || The value of the 'A' share: EUR 67 m 
 j) Impairments/called guarantees || No impairment 
 k) Leverage effect || 5 (calculated in the SWD) 
 l) Contribution to achievement of policy objectives || Targeting to mobilise approximately EUR 500 m in equity capital for renewable energy and energy efficiency projects in Africa, Asia, and Latin America 

III. CONCLUSION

The
implementation of the 2007-2013 centrally-managed financial instruments has been
instrumental in helping to alleviate financial market failures and leverage the
positive effects of EU-wide actions. For example, in the 2007-2013 period, the
main EU-level financial instruments dedicated to SME support (CIP-GIF, CIP-SMEG
07 and RSI) and micro-SME support (EPMF) with an overall contribution (EU
commitments) of more than EUR 1.6 billion, mobilised lending of nearly EUR 17.9
billion and also supported equity investments of about EUR 2.8 billion, thus
enhancing access to finance for more than 336,000 SMEs.
The achieved
leverage is equal to 5 for Equity Instruments, and ranges from 4.8 to 31 for
Guarantee instruments, from 10 to 259 for Risk-sharing instruments, from 1.54
to 158 for Dedicated Investment Vehicles, from 5 to 7 for Financial Instruments
in the Enlargement Countries, from 5 to 27.6 for Financial Instruments in
Neighbourhood Countries and Countries covered by the Development Cooperation
Instrument. 
With the
experience gained in the course of implementation during the 2007-2013 period,
and in the context of programme evaluations and audits, several lessons have
been learned on how to further improve the design and management of financial
instruments. Best practices have been capitalised on the design and the
management of the new generation of financial instruments. For instance, a
full-fledged implementation framework for financial instruments (including
harmonised requirements on governance, supervision and control) was developed
on the basis of the new Title VIII of the Financial Regulation. Further,
Financial Instruments will now cover all main types of final recipients over
the full funding cycle and will include offer of both pro- and counter-cyclical
instruments to respond flexibly to market needs, based on demand-driven
implementation. Also, effectiveness and efficiency have been enhanced through
fewer instruments with larger volumes, ensuring critical mass in full
consistency with State aid rules. Alignment of interest with entrusted entities
and financial intermediaries will be further achieved through fees and
incentives, and risk sharing. 
Since 2013 is
the last year of commitment for the 2007-2013 programming period, for a number
of instruments a final evaluation assessing the extent to which objectives have
been achieved has not been finalised. More qualitative and in-depth feedback on
the attainment of objectives will be available within one year and will be duly
reported upon.
[1] The current FR/RAP requires to report on leverage, applying a
unified approach. As the Articles related to financial instruments entered into
force as of January 2014, the approach will be applied with reference to
2014-2020 financial instruments.
[2] Western Balkans Enterprise Development and Innovation Facility
[3] Western Balkans Enterprise Development and Innovation Facility
[4] Western Balkans Enterprise Development and Innovation Facility
[5] The whole financial envelope of the instrument
amounts to EUR 38.6 m.
[6] The whole financial envelope of the
instrument amounts to EUR 38.6 m.