Financial instruments under the European structural and investment funds : summaries of the data on the progress made in financing and implementing the financial instruments for the programming period 2014-2020 in accordance with Article 46 of Regulation (EU) No 1303/2013 of the European Parliament and of the Council : situation as at 31 December 2016.
Date: 2017-02-25
Institutions: Directorate-General for Regional and Urban Policy
Subjects: Cohesion Fund, EAFRD, EU financial instrument, European Regional Development Fund, European Social Fund, distribution of EU funding, financial instrument, financial management

Financial instruments under the European 

Structural and Investment Funds

Summaries of the data on the progress made in financing and implementing 

December 2017

the financial instruments for the programming period 2014-2020 

in accordance with Article 46 of Regulation (EU) No 1303/2013 

of the European Parliament and of the Council

Situation as at 31 December 2016

December 2017

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European Commission, Directorate-General for Regional and Urban policy
REGIO DG 02 - Communication
Mrs Agnès Monfret
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E-mail: regio-publication@ec.europa.eu
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ISBN: 978-92-79-77202-3, doi: 10.2776/420343 

© European Union, 2017
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EUROPEAN COMMISSION 

Financial instruments under the European 
Structural and Investment Funds 

Summaries of the data 
on the progress made in financing and implementing the 
financial instruments for the programming period  
2014-2020 in accordance with Article 46 of Regulation 
(EU) No 1303/2013 of the European Parliament and of the 
Council  

Situation as at 31 December 2016 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Contents 

PART I: Chapeau ......................................................................................... 6 

PART II: Chapters by Funds .................................................................... 15 

ERDF and CF .............................................................................................. 16 

1. 

2. 

3. 

4. 

Executive summary ......................................................................................... 16 

2016 reporting exercise ................................................................................... 22 

Summary of data collected on FIs implemented under ERDF and CF ........... 26 

Conclusions ..................................................................................................... 50 

Annex FIs country factsheets (ERDF and CF) .......................................................... 52 

ESF and YEI ................................................................................................ 96 

1. 

2. 

3. 

4. 

Executive summary ......................................................................................... 96 

2016 reporting exercise ................................................................................. 100 

Summary of data collected on FIs implemented under ESF and YEI ........... 103 

Conclusions ................................................................................................... 116 

EAFRD ....................................................................................................... 117 

1. 

2. 

3. 

4. 

Executive summary ....................................................................................... 117 

2016 reporting exercise ................................................................................. 121 

Summary of data collected on financial instruments by Fund ...................... 123 

Conclusions ................................................................................................... 132 

2 

 
 
 
List of Tables 

Table 1 Amounts committed in the funding agreements and paid to the FIs at the end of 
2016, in million EUR (OP/programme contributions out of which ESIF) ................. 8 

Table 2 State of play of implementation by MS, as of end of 2016 (ERDF and CF, EUR 
million) ..................................................................................................................... 20 

Table 3 Amounts committed in the funding agreements and paid to the FIs at the end of 
2016, in million EUR (ERDF and CF) ..................................................................... 28 

Table  4  Payments  to  FIs,  commitments  and  payments  to  final  recipients,  as  of  end  of 
2016, in million EUR (ERDF and CF) ..................................................................... 39 

Table  5  Number  and  type  of  final  recipients  supported  by  product,  as  of  end  of  2016 
(ERDF and CF)......................................................................................................... 40 

Table 6 Indicator targets and achievements reported, as of end of 2016 (ERDF and CF) 47 

Table 7 Overview of implementation by MS, end 2016 (ESF and YEI) ......................... 98 

Table 8 FIs implementation progress by MS, end 2016 (ESF and YEI) .......................... 98 

Table 9 Overview of implementation by MS, end 2016 (ESF and YEI) ....................... 103 

Table 10 Amounts committed in the funding agreements and paid to the FIs, end 2016, in 
million EUR............................................................................................................ 108 

Table 11 Number and type of final recipients supported by product, end 2016 (ESF/YEI)
 ................................................................................................................................ 110 

Table  12  Number  of  FIs  per  TO,  commitments  to  FIs  in  EUR  and  as  %  of  total 
commitment by TO (ESF and YEI, 2016) .............................................................. 115 

Table 13 Amounts committed in the funding agreements and paid to the FIs till the end 
of 2016, in million EUR ......................................................................................... 123 

Table 14 Progress in set-up and in selection of bodies implementing FIs, end of 2016 124 

Table 15 Description of FIs under EAFRD, 31.12.2016 ................................................ 124 

Table  16  Commitments  and  payments  under  EAFRD  FIs  to  final  recipients  till  end  of 
2016, in million EUR ............................................................................................. 125 

Table  17  Number  and  type  of  final  recipients  supported  by  FI  in  Estonia,  as  of  end  of 
2016 ........................................................................................................................ 126 

Table 18 Uptake of the EE FI in the agricultural sector according to the size categories, 
as of end of 2016 .................................................................................................... 126 

Table 19 Management cost and fees paid to FIs as of end of 2016, in EUR ................. 127 

Table 20 Contribution to common output indicators under the Estonian FI, as of end of 
2016 ........................................................................................................................ 128 

3 

 
Table 21 EAFRD amounts committed (in million EUR), by Thematic Objectives of the 
CPR......................................................................................................................... 128 

Table 22 EAFRD amounts committed (in million EUR), by Union priorities/Focus Areas 
for rural development ............................................................................................. 130 

Table  23  Investments  in  final  recipients  under  the  Estonian  loan  FI,  in  million  EUR, 
broken down by measures, as of end of 2016 ........................................................ 131 

4 

 
 
 
 
List of Figures 

Figure  1  Commitments  to  FIs  in  the  funding  agreements  as  percentage  of  total 
commitment by thematic objective (TO) based on the partial reporting, at the end of 
2016, ( ESIF) .............................................................................................................. 9 

Figure 2 Progress in setting up of FIs, by numbers of FIs, as of end of 2016 (ESIF) ...... 10 

Figure 3 Implementation options of FI in the programming period 2014-2020 .............. 12 

Figure  4  Share  of  ERDF  and  CF  allocations  to  FI  per  country  for  2014-2020,  OP 
allocations to FIs....................................................................................................... 16 

Figure 5 Progress in the setting up of FIs, by numbers of FIs, as of end of 2016 (ERDF 
and CF) ..................................................................................................................... 33 

Figure 6 FIs planned and set up by product, as of end of 2016 (ERDF and CF) ............. 36 

Figure 7 Number of FIs by TO, and commitments to FIs in EUR billion and as percent of 
total commitment by TO, as of end of 2016 (ERDF and CF) .................................. 48 

Figure  8  Share  of  ESF  and  YEI  allocations  to  FI  per  country  during  2014-2020,  OP 
allocations to FIs....................................................................................................... 97 

Figure 9 Progress in setting up FIs, by number of FIs, end 2016 (ESF and YEI).......... 106 

Figure 10 FIs planned and set up by product, end 2016 (ESF/YEI) .............................. 109 

Figure  11  Indicative  allocations  to  FIs  in  approved  RDPs,  as  in  the  end  of  2016,  in 
million EUR............................................................................................................ 119 

Figure  12  EAFRD  amounts  falling  under  thematic  objectives  under  FI  funding 
agreements, 31.12.2016 (million EUR) .................................................................. 129 

Figure  13  EAFRD  amounts  falling  under  thematic  objectives  under  FI  funding 
agreements, 31.12.2016 (%) ................................................................................... 129 

Figure 14 EAFRD amounts committed to RD focus areas under FI funding agreements, 
31.12.2016 (million EUR) ...................................................................................... 130 

Figure 15 EAFRD amounts committed to RD focus areas under FI funding agreements, 
31.12.2016 (%) ....................................................................................................... 130 

5 

 
 
 
 
 
PART I: Chapeau 

This is the second year for the 2014-2020 programming period that the Commission has 

produced  the  summaries  of  data  on  the  progress  made  in  financing  and  implementing 

financial  instruments  (FIs)  supported  by  European  Structural  and  Investment  Funds 

(ESIF).  The  summaries  are  based  on  data  reported  by  the  managing  authorities  in 

accordance  with  Article  46  of  Regulation  (EU)  No  1303/2013  of  the  European 

Parliament  and  of  the  Council  (CPR).  Compared  to  the  programming  period  of  2007-

2013, reporting requirements on the progress made in financing and implementing ESIF 

FIs 2014-2020 have both been included in the legislation from the outset and reinforced 

to  include  periodic  information  on  revolving  amounts,  leverage,  performance  and 

contribution  of  the  instruments  to  the  achievement  of  the  indicators  of  the  priority 

concerned.  

The  results  of  this  2016  reporting  show  that,  despite  the  fact  that  implementation  of 

2007-2013  FIs  was  still  ongoing  during  2016,  good  progress  was  also  made  for  2014-

2020,  with  24  Member  States  making  use  of  FIs  and  no  major  systemic  bottlenecks 

identified. By the end of 2016, the total OP contributions committed to FIs were nearly 

EUR 13.3  billion  (EUR 5.7  billion  at  the  end  of  2015)  of  which  EUR 10.3  billion  was 

ESIF.  A  total  of  EUR 3.6  billion  (around  30%)  of  these  amounts  committed  had  been 

paid to FIs (EUR 1.2 billion at the end of 2015), including EUR 3.1 billion of ESIF, and 

EUR 1.2 billion had been paid to final recipients (EUR 99 million at the end of 2015), of 

which  EUR 1  billion  was  ESIF.  In  terms  of  thematic  objectives,  the  largest  share  of 

funding  (50%)  has  been  assigned  to  support  for  Small  and  Medium-sized  Enterprises 

(SMEs) under TO3, followed by investments in Innovation and R&D (TO1)  (19%) and 

low  carbon  economy  (TO4),  i.e.  mainly  in  energy  efficiency  and  renewable  energy 

(16%).  There  are  significant  differences  across  MS  regarding  the  roll  out  of  FIs.  Some 

MS  have  not  yet  completed  ex-ante  assessments,  while  some  FIs  are  already 

demonstrating  concrete  results  in  terms  of  leverage  or  resources  returned  for  further 

investments, and some are already on a second round of investments.  

The overall outlook is therefore positive. Nevertheless, the Commission will continue to 

work  actively  with  the  managing  authorities  in  the  coming  months  to  further  boost  the 

use of FIs. 

6 

 
 
 
 
FIs delivering ESI Funds in 2014-2020 

FIs are, in addition to grants and repayable assistance, a form of finance through which 

ESIF  are  implemented  in  order  to  reach  the  policy  objectives  set  out  for  the  five  ESI 

Funds. Building on the experience of the previous programming periods the legislation of 

2014-2020 introduced a number of innovations aimed at optimising and streamlining the 

use of FIs to deliver ESIF. A comprehensive framework was put in place to enable the 

enhanced use of FIs (loans, guarantees, equity) for investing in growth and jobs in areas 

where investments are expected to be financially viable. Compared to and learning from 

the programming period 2007-2013, the improved legal framework for 2014-2020: 

  Provides expansion of scale and scope (all five ESI Funds and all eleven thematic 

objectives); 

  Requires  a  solid  evidence  base  for  contributions  to  FIs  (compulsory  ex-ante 

assessment);  

  Puts in place a system of payments linked to disbursements to final recipients;  

  Offers improved monitoring and reporting;  

  Captures synergies between FIs and other forms of support such as grants; and  

 

Includes  innovations  such  as  the  'off-the-shelf  instruments'  offering  predefined 

standard  terms  and  conditions  including  compliance  with  the  relevant  state  aid 

regimes, and the possibility to contribute resources to EU-level instruments such 

as the SME Initiative. 

This  drive  for  an  enhanced  use  of  FIs  is  further  underlined  by  the  Investment  Plan  for 

Europe, in which the Commission strongly encourages the use of FIs to deliver ESIF, in 

areas such as SME support, low carbon economy, environmental and resource efficiency, 

ICT, sustainable transport, and R&I. 

According  to  the  data  on  FIs  presented  in  the  Communication  from  the  Commission 

"Investing in jobs and growth - maximising the contribution of European Structural and 
Investment  Funds"1,  estimated  planned  allocations  of  ERDF  and  CF  to  FIs  are  around 

1 COM(2015) 639 final of 14.12.2015 

7 

 
 
 
 
 
                                                 
 
EUR 20 billion compared to the contributions of EUR 10.8 billion in 2007-20132, which 

is a considerable increase compared to the previous period. Planned allocations for ESF 

are nearly two times higher: EUR 1 billion for 2014-2020 compared to contributions of 

EUR 498  million  in  2007-2013.  FIs  under  the  EAFRD  programmes  are  estimated  to 

spend  around  EUR 420  million  of  EAFRD  contributions  (increase  of  more  than  three 
times as compared to the latest figures for 2007-2013 of EUR 125 million3) and EMFF 

FIs intend to invest nearly EUR 80 million compared to EUR 63.5 million in the previous 

programming period.  

State of play of reporting and implementation by the five ESI Funds 

By the end of 2016, information on financing and implementing FIs was reported under 

ERDF and CF, ESF and YEI, and EAFRD (Table 1). For EMFF there was no reporting 

by  Member  States  on  activity  at  the  end  of  2016.  However,  the  operational  knowledge 

for  EMFF  programmes  indicates  that  there  is  progress  on  the  ground,  that  ex-ante 

assessments  have  been  finalised  and  decisions  on  whether  and  how  to  proceed  have 

continued in 2017.  

Table 1  Amounts committed in the funding agreements and  paid to the FIs at the end of 2016, in million EUR 
(OP/programme contributions out of which ESIF) 

2 Summary of data on the progress made in financing and implementing financial engineering instruments 
reported by the managing authorities in accordance with Article 67(2)(j) of Council Regulation (EC) 
No 1083/2013, Programing period 2007-2013 situation as at 31 March 2017. 

3  The  amount  of  EAFRD  is  lower  as  compared  to  the  one  reported  in  the  Communication  from  the 
Commission "Investing in jobs and growth - maximising the contribution of European Structural and 
Investment Funds", COM(2015) 639 final of 14.12.2015. The decrease is due to withdrawals from the 
instruments  due  to  underuse.  The  final  allocated  amounts  to  financial  instruments  under  EAFRD 
programmes of 2007-2013 will be known after the closure of all programmes. 

8 

ERDF and CFESF and YEIEAFRDEMFFTotalOP amounts committed to FI12,802.68418.3962.77-13,283.84out of which ESIF9,906.68320.0551.85-10,278.58OP amounts paid to FI 3,422.50104.1922.81-3,549.50out of which ESIF3,006.1082.2219.51-3,107.83In percentage of commitments paid30%26%38%-30%OP amounts committed to final recipients1,330.801.015.83-1,337.64out of which ESIF1,160.200.815.25-1,166.26OP amounts invested in final recipients1,074.300.855.61-1,080.76out of which ESIF997.700.685.05-1,003.43Disbursement rate of ESIF contribution33%1%26%-32% 
 
 
 
 
 
                                                 
Managing authorities in 24 Member State reported information concerning the progress 

in  setting  up  FIs.  The  total  volume  of  programme  contributions  committed  to  the  FIs 

amounts to EUR 13,283.84 million of which EUR 10,278.58 million ESIF. Around 30% 

of the amounts committed to FIs have been paid to FIs. 

The  FIs  being  set  up  and  implemented  reflect  the  diversity  of  national  or  regional 

programmes  and  specificities  of  investment  areas  supported,  as  shown  in  the  early  and 

indicative  partial  reporting  by  thematic  objective  (Figure  1),  for  example,  energy 

efficiency investments in case of ERDF and EAFRD, SMEs and employment supported 

in case of ERDF, EAFRD and ESF, and agricultural and rural sectors under EAFRD. 

Figure  1  Commitments  to  FIs  in  the  funding  agreements  as  percentage  of  total  commitment  by  thematic 
objective (TO) based on the partial reporting, at the end of 2016, ( ESIF) 

For  ERDF  and  CF,  the  reported  amounts  by  thematic  objective  show  significant 
reporting  gaps  and  should  be  considered  as  indicative  only4;  in  a  number  of  cases  the 
information  was  partial  or  data  are  excluded  due  to  implausible  numbers5.  Where  FI 

address multiple thematic objectives, in the reported data the breakdown by TO was not 

provided  in  all  cases.  For  future  reporting  exercises,  the  amounts  of  ERDF  and  CF 

4  Article  46  CPR  does  not  envisage  a  compulsory  quantitative  reporting  by  thematic  objective;  the 
managing authorities are invited to report the ESI Fund amounts committed to FI on a voluntary basis 
in view that it is available to the managing authorities already.  

5  Some  MS  reported  commitments  to  all  forms  of  finance,  including  grants.  Amounts  of  ERDF  and  CF 
committed to FI by thematic objective are indicative only and incomplete due to partial reporting. 

9 

 
 
 
 
 
                                                 
 
committed in the funding agreements (as reported in Table 1) should be the same as the 

amounts committed to the individual thematic objectives.  

Figure 2 Progress in setting up of FIs, by numbers of FIs, as of end of 2016 (ESIF)6 

In the programming period 2007-2013 implementation of FIs was relatively widespread 

under ERDF and ESF, and there were some pioneer schemes also under EAFRD. In the 

current  programming  period,  the  Commission  is  increasingly  encouraging  the  use  of 

these  instruments  under  all  ESI  Funds,  which  is  facilitated  by  the  common  framework 

under  the  CPR.  As  a  matter  of  fact  though,  this  approach  can  be  considered  as  novel 

under EAFRD and EMFF. The benefits and opportunities are widely recognised under all 

ESI Funds; therefore, the second reporting exercise demonstrates a considerable progress 

in the set-up and implementation of FI under ERDF, ESF and EAFRD.  

The  271  ex-ante  assessments  completed  (Figure  2)  should  ensure  alignment  of  the 

programme objectives and the market gap analysis resulting in FIs of the right dimension 

and focus. Even though by the end of 2016, most of the progress with implementation of 

FIs  is  observed  under  ERDF,  the  investments  made  to  final  recipients  are  also  evident 

6 In case of ERDF and CF the number of FIs reporting commitments from managing authorities to FIs is 
overstated.  The  numbers  were  reported  for  several  instruments  for  which  no  funding  agreement  has 
been signed yet. 

10 

 
 
 
 
 
                                                 
 
under ESF (EUR 0.85 million of which EUR 0.68 million ESF), and EAFRD (EUR 5.61 

million of which EUR 5.05 million EAFRD). There are some pioneer FIs schemes also 

already in progress under YEI (IT, BG).  

Implementation options in 2014-2020 

The  regulation  offers  managing  authorities  a  choice  of  a  number  of  implementation 

options  (Figure  3).  The  managing  authority  must  assess  whether  it  wants  to  implement 

the  FI  operations  through  a  fund  of  funds  or  through  a  direct  contribution  from  the 

programmes  to  a  specific  fund.  The  legislative  framework  of  2014-2020  also  offers  a 

possibility for the managing authority to implement the FIs directly in the case of loans 

and guarantees (not applicable to equity).  

When a FI is implemented through a fund of funds, the managing authority contributes 

from the programme (ESIF with national public and/or private co-financing) to a fund of 

funds and the fund of funds transmits these resources to the specific funds managed by 

the selected financial intermediaries. If the implementation of FI is organised without a 

fund of funds, then the programmes contribute directly to the specific funds managed by 

selected  financial  intermediaries.  In  the  case  of  guarantee  instruments,  the  bodies 

providing  loans  backed  by  ESIF  guarantees  are  not  considered  financial  intermediaries 
implementing FIs, therefore they will not be reported on in this report7. 

National co-financing may come in at different levels of implementation, i.e. at the level 

of  fund  of  funds,  specific  funds  and  final  recipients.  The  figure  below  illustrates  the 

existing models of implementation of FIs in the programming period 2014-2020. 

7 However, the value of loans paid to final recipients in relation to the guarantee contracts signed should be 
reported. This is envisaged in field 26 of the Model for reporting on FIs in Annex I to the Commission 
Implementing Regulation (EU) No 821/2014. 

11 

 
 
 
 
 
 
                                                 
 
Figure 3 Implementation options of FI in the programming period 2014-2020 

Reporting requirements in 2014-2020 

Reporting  on  FI  is  based  on  the  Common  Provisions  Regulations  (EU)  No  1303/2013, 
the  Commission  Implementing  Regulation  (EU)  No  821/20148  and  Fund-specific 

regulations.  

Compared  to  the  programming  period  2007-2013,  the  2014-2020  legislation  sets  out 

more comprehensive reporting requirements from the outset with one reporting model for 

all  five  ESI  Funds.  The  legislation  also  defines  which  information  of  the  reporting 

exercise should be reported every year and which parts should be provided in the years 

2017,  2019  and  final  report.  Therefore  the  scope  of  the  summaries  of  data  will  be 

determined by these requirements. 

The main changes concern the introduction of new elements as set out in Article 46(2) of 

the CPR and in line with the Financial Regulation i.e.: 

 

inclusion  of  reporting  on  FIs  that  are  implemented  directly  according  to  Article 

38(4)(c); 

8 Annex I to the Commission Implementing Regulation (EU) No 821/2014 set out the model for reporting 

on FIs, which is further developed in the annotated reporting template. 

12 

Fund of Fund (FoF)ManagingAuthorityFinancial IntermediariesFinal recipientsFinancial productsORFinancialIntermediaryFinal recipientsFinancial productsFinal recipientsGuaranteeLoanORESI Funds  and  national  co-financingESI Funds  and national co-financingESI Funds and national co-financing 
 
 
 
 
 
                                                 
 
 

reporting by priority axis or measure from which support from ESIF is provided 

to the FI; 

  additional information on steps of implementation (ex-ante assessment, selection 

etc.); 

 

information  on  interest  and  other  gains  generated  by  support  from  ESIF  to  the 

FIs; 

 

resources  paid  back  to  FIs  from  investments  or  from  the  release  of  resources 

committed;   

 

 

the value of equity investments;  

total amounts re-invested by the FI;  

  progress in achieving the expected leverage; 

 

total amount of investment mobilised through investments made by ESIF FIs; 

  and contribution of the FI to the achievement of the indicators of the priority axis 

or measure concerned. 

All parts and sections in the reporting model are mandatory. However: 

 

the reporting information required on progress in achieving the expected leverage 

effect of investments made by the FI (Article 46(2)(h)) and the contribution of FIs 

to the achievement of the indicators of the priority or measure concerned (Article 

46(2)(j)),  have  to  be  provided  only  in  the  annual  implementation  reports 

submitted in 2017 and 2019, as well as in the final implementation report; 

 

the  categories  of  information  on  capitalised  management  costs  and  fees, 

capitalised  interest  rate  subsidies  or  guarantee  fee  subsidies,  amount  of 

programme  contributions  for  follow-on  investments  in  final  recipients  and 
contributions of land and/or real estate in the FI9 have to be provided only in the 

final implementation report. 

To  better  demonstrate  how  FIs  contribute  to  the  achievement  of  the  policy  and 

programme and its priority objectives the reporting model also includes fields requesting 

information  on the thematic objectives. The information allows  Member  States  and the 

9  These  four  categories  are  defined  in  fields  18,  19,  20  and  21  of  the  section  IV  of  reporting  model  in 

Annex I Commission Implementing Regulation (EU) No 821/2014 

13 

 
 
 
                                                 
 
Commission to demonstrate and assess the contribution of the FIs in the key investment 

areas  such  as  SME  support,  energy  efficiency,  information  and  communication 

technology,  transport  and  R&I  support  set  out  in  the  Investment  Plan  for  Europe.  The 

information  is  necessary  as  there  are  a  number  of  priority  axes  or  measures  which  are 

implemented  through  FIs  and  which  contribute  towards  more  than  one  thematic 

objective. 

14 

 
 
 
 
PART II: Chapters by Funds 

15 

 
 
 
ERDF and CF 

1.  Executive summary 

Financial Instruments (FIs) were already used to deliver ERDF in some Member States 

during  the  1994-1999  and  2000-2006  programming  periods.  They  became  more 

widespread during 2007-2013, growing rapidly in variety, scope and scale. A significant 

increase in the use of FIs for ESIF to double their use compared with 2007-2013 was set 

out  in  the  Investment  Plan  for  Europe  launched  in  November  2014.  In  this  context 

Member States  planned  to  commit about  EUR 20 billion from  ERDF  and CF to  FIs in 

2014-2020 - about 8% of total ERDF and CF allocations. The situation (Figure 4) varies 

between Member States, with the highest allocations planned in the UK, PT and SI, and 

no allocations in CY, IE, DK and LU. 

Figure 4 Share of ERDF and CF allocations to FI per country for 2014-2020, OP allocations to FIs 

As  for  the  previous  year,  the  preparation  of  this  summary  is  based  on  information 

provided by managing authorities in 24 Member States on the progress in setting up FIs 

16 

0%0%0%0%0%1%2%3%3%4%6%6%7%7%8%8%8%8%9%10%10%10%10%12%14%14%17%18%19%20%0%2%4%6%8%10%12%14%16%18%20%22%CYDKIELUTCATROCZSKFIMTPLLVHRESEUFREEGRITBGDEBELTHUSENLPTSIUK 
 
 
 
 
as at the end of 2016. Some information needed to be corrected or excluded where it was 

obviously inaccurate. Such instances are highlighted in this report.  

Main findings and key figures 

Key figures reported by managing authorities for state of play at 31/12/2016 

24 MS implementing FI  

181 FI committed OP resources in funding agreements  

Total  OP  contribution  committed  to  FIs  was  nearly  EUR 12.8  billion  of  which 

EUR 9.9 billion was ERDF and CF 

Payments into FIs EUR 3.4 billion including EUR 3 billion ERDF&CF 

Payments to final recipients EUR 1.1 billion including nearly EUR 1 billion ERDF 

i.e. 33% of total payments to FIs 

Management  costs  and  fees  paid  EUR 39.8  million  of  which  already  EUR 3.9 

million performance based 

Expected leverage: significant variations between FI, in some cases reaching 7.5 for 

loans, 25 for guarantees and 9.6 for equity 

36,500 enterprises receiving support; 1,444 jobs created 

Thematic areas of support: largest share of funding or 52% assigned to support for 

Small and Medium-sized Enterprises (SMEs) under TO3, followed by investments 

in Innovation and R&D (TO1) (20%) and low carbon economy (TO4), i.e. mainly 

in energy efficiency and renewable energy (17%)  

The data provided in relation to ERDF and CF for 2016 demonstrate an overall positive 

trend  and  that  more  FIs  are  becoming  operational.  The  thematic  scope  of  FIs  so  far 

suggests  that  efforts  by  managing  authorities  build  largely  on  experience  and  skills 

developed during the 2007-2013 programming period, as well as exploiting the potential 

offered by the regulatory framework of 2014-2020. 

The information concerns 103 OPs, or 70% of the OPs with planned allocations to FIs, 

compared  to  47%  at  the  end  of  2015.  For  221  FIs  ex-ante  assessments  have  been 

completed (111 at the end of 2015), of which 181 received commitments from managing 

authorities  (65  at  the  end  of  2015).  Additionally,  49  of  these  instruments  have  made 

investments in final recipients (only 12 at the end of 2015).  

17 

 
 
 
 
 
 
The total OP contribution committed10 to FIs was EUR 12.8 billion (EUR 5.6 billion at 

the end of 2015) of which EUR 9.9 billion was ERDF and CF. A total of EUR 3.4 billion 

(or 30%) of the amounts committed had been paid to FIs (EUR 1.2 billion at the end of 

2015), including EUR 3 billion of ERDF and CF. 

By the end of the reporting period, amounts committed to final recipients were EUR 1.3 

billion, of which nearly EUR 1.2 billion was ERDF. Of the committed amount, EUR 1.1 

billion had been paid  to final  recipients  (EUR 99 million at  the end of 2015), of which 

around EUR 1 billion was ERDF. 

The amount of ERDF and CF committed to FIs by thematic objective (TO) presented in 
Figure  7  is  indicative  only  and  incomplete  due  to  partial  reporting11.  The  information 

available indicates that the largest share of funding, nearly 52% is assigned to support to 

Small  and  Medium-sized  Enterprises  (SMEs)  under  TO3.  This  was  the  key  area  of 

investment  by  FIs  in  past  programming  periods.  17%  are  used  for  investments  in  low 

carbon economy (TO4). Energy efficiency and renewable energy were first introduced as 

an area of support for FIs in 2007-2013 and the data highlights an increase in demand for 

this  type  of  investment  in  2014-2020.  Innovation  and  R&D  (TO1),  one  of  the  new 

investment  areas  introduced  in  2014-2020  have  commitments  of  20%,  demonstrating 

comparatively high interest in Member States.  

Based  on  the  information  provided  so  far,  FIs  have  supported  around  37,506  final 

recipients (Table 5) (6,881 at the end of 2015). SMEs are the largest group with 36,624, 

of  which  less  than  half  qualify  as  micro-enterprises  (16,834).  The  majority  of  SMEs 

10  OP  resources  committed  to  FI  means  the  OP  resources  committed  in  the  funding  agreements. 
"Committed in funding agreements" describes the total amount of payment obligation by the managing 
authority to the holding fund or specific fund. The term "committed in funding agreement" should not 
be confused with budgetary commitments from the EU budget.  

11  For  ERDF  and  CF,  the  reported  amounts  by  thematic  objective  show  significant  reporting  gaps  and 
should be considered as indicative only. In a number of cases the information was partial or data are 
excluded due to implausible numbers. Where FI address multiple thematic objectives, in the reported 
data the breakdown by TO was not provided in all cases. Some MS reported commitments to all forms 
of finance, including grants.  

18 

 
 
 
 
 
                                                 
 
received  support  from  guarantee  instruments.  228  enterprises  were  supported  through 

equity participations, of which 224 were SMEs.  

The  planned  allocation  of  EUR 20  billion  should  be  considered  in  the  context  of  the 

mandatory ex-ante assessments. These may recommend corrections in allocations or even 

to not proceed with FIs. Nevertheless, EUR 9.9 billion (or almost 50%) from ERDF and 

CF committed by end 2016 in the funding agreements for 2014-2020 is an encouraging 

indication of progress in setting up and implementing FIs.  

The data in Table 2 demonstrates progress in setting up and implementing FIs. There is 

also  progress  with  contributing  to  OP  indicators  and  some  early  reflows.  The  table 

highlights  significant  differences  across  Member  States  regarding  the  roll  out  of  FIs, 

ranging  from  countries  that  have not  yet  committed resources to  FIs  (CZ, SI), to  funds 

that are already on a second round of investments.  In particular, eleven  Member States 

committed  ERDF  and  CF  resources  to  FIs  for  the  first  time  in  2016,  for  a  total  of 
EUR 3.8 billion12. Member States that already committed resources by the end of  2015 
increased their commitment by over EUR 1.3 billion during 201613. 

As  can  be  expected,  Member  States  which  had  committed  ERDF  and  CF  resources  by 

2015 provided the largest contribution to investment in final recipients, which increased 

more  than  ten  times  to  around  EUR 1  billion.  This  indicates  that  support  for  final 

recipients may increase rapidly once FIs set up during 2016 become fully operational. 

12 PL alone committed EUR 1.9 billion in 2016. 

13 CZ reported on committed resources in 2015 but not in 2016. 

19 

 
 
 
 
                                                 
 
Table 2 State of play of implementation by MS, as of end of 2016 (ERDF and CF, EUR million) 

Leverage  of  additional  resources  as  reported  by  the  Member  States  demonstrates  the 

ability of ERDF and CF FIs to pursue wider Cohesion policy objectives, mobilising and 

attracting private capital for the benefit of final recipients. Expected leverage, as reported 

in funding agreements, for loan FIs varies between 0.96 and 7.5, with an average of 2.1. 
Equity leverage is expected to be between 1.2 and 9.614, while for guarantee instruments 

loans  provided  by  commercial  banks  with  the  support  of  the  guarantee  facility  are 

14 The summaries exclude an extremely high value reported for equity FI in Austria and the UK.  

20 

MSCommitments to FI (ERDF&CF)3Payments to FI (ERDF&CF) 1,2,3,5,7Payments to FI as share of commitments (ERDF&CF)Commitments to final recipients (ERDF&CF)4Payments to final recipients (ERDF&CF) 2,5,6,7Disbursement rate of ERDF&CF contributions8AT3.0                  3.0                  100%--  0%BE29.3                7.3                  25%--  0%BG462.4               185.0               40%--  0%DE2,3,4,5661.4               277.3               42%103.0                   63.3                     23%EE7133.0               33.4                25%37.5                     35.2                     105%ES800.0               715.3               89%715.3                   679.7                   95%FI41.5                  0.2                  10%10.4                     0.2                       100%FR1125.7               37.4                30%4.5                       3.1                       8%GR522.4               130.6               25%---HR214.0               37.0                17%3.2                       2.0                       5%HU2,265.9            478.3               21%58.3                     23.6                     5%IT2,4,5,6370.8               66.9                18%10.3                     0.1                       0%LT583.2               287.9               49%181.6                   173.8                   60%LV7143.9               34.3                24%13.2                     13.0                     38%MT15.0                13.8                92%---NL720.3                1.5                  7%0.7                       0.7                       45%PL1,983.6            482.9               24%-                      -                    0%PT322.9               54.4                17%0.0                       0.0                       0%RO100.0               -                  0%---SE134.0               33.5                25%2.9                       2.9                       9%SK409.2               102.3               25%---UK6605.0               23.7                4%19.3                     -                    0%Total9,906.7          3,006.1          30%1,160.2               997.7                  33%8) The disbursement rate is calculated on ERDF and CF contributions only. National co-financing to the OP can come in at the level of fund of fund, specific fund under a fund of fund, specific fund without a fund of fund and final recipient. Therefore, calculating the disbursement rate against payment from managing authority to the financial instrument would be incorrect.1) Information on OP amounts paid to FI but no details on signing of the funding agreement were reported for 1 FI in FR. (Applies also to ERDF/CF share)2) Information on OP amounts paid to final recipients but no details on OP amounts paid to FI were reported for 3 Fis in DE and IT. (Applies also to ERDF/CF share)3) A higher amount paid to the FI than committed was reported for 1 FI in DE.  (Applies also to ERDF/CF share.)4) Information on OP amounts committed to final recipients but no details on signing of the funding agreement were reported for four FIs in DE, FI, and IT.  (Applies also to ERDF/CF share.)5) Information on OP amounts paid to final recipients but no details on OP amounts paid to FI were reported for three FIs in DE and IT.  (Applies also to ERDF/CF share.)6) Information on the number of investments made but no details on OP amounts paid to final recipients were reported for 8 FIs in IT and the UK.  (Applies also to ERDF/CF share.)7) A higher amount was paid to final recipients than to the FI for 3 FIs in EE, LV, NL.  (Applies also to ERDF/CF share.) 
 
 
                                                 
 
expected  to  be  4  to  25  times  the  ERDF  contribution.  So  far,  achieved  leverage  ranges 

from 0.8 to 4.2 for loans, from 0.9 to 21.6 for equity, and from 1.3 to 4.4 for guarantee 

FIs. 

Outlook and next steps 

The  current  reporting  exercise  shows  significant  progress  by  Member  States  in  rolling 

out FIs initially planned in their OPs. As more FIs are set up or become operational, the 

support provided to final recipients as well as the contribution of FIs to OP targets will be 

even more substantial in the coming years. For this reason, the reporting exercise of 2018 

is  expected  to  show  a  continued  increase  in  the  capacity  of  FIs  to  support  Cohesion 

policy  objectives.  The  Commission  will  continue  supporting  Member  States  with  their 

reporting obligations, to ensure that data reported in 2018 provides a reliable and updated 

picture of the progress with FI implementation.  

21 

 
 
 
 
2.  2016 reporting exercise 

Data submission and collecting 

For ERDF and CF data were submitted based on the reporting template prepared by the 
Commission  and  submitted  through  the  SFC201415  reporting  module  as  part  of  the 

annual implementation reports.  

Data on FI are provided in SFC on three levels: on the level of OP, on the level of the 

instrument  and  at  the  level  of  the  product(s)  provided  by  the  FI.  On  the  level  of  the 

operational  programme  information  about  the  FIs  including  financial  intermediaries 

under  funds  of  funds  should  be  entered  into  the  system.  The  level  of  product  was 

introduced to allow for the reporting on FIs that provide more than one financial product, 

especially in cases where products are combined, such as loan and interest rate subsidy or 

provision  of  combined  loans  and  equity.  The  information  on  product  level  covers  the 

amounts  committed  and  invested  in  final  recipients,  number  of  contracts  signed  and 

investments made as well as information on the number and type of final recipients. The 

remaining information is to be provided on the level of the FI. 

For  the  reporting  year  2016,  24  Member  States  using  FIs  submitted  data  to  the 

Commission.  All  of  these  Member  States  are  implementing  FIs  under  ERDF,  three  of 
them  have  also  reported  on  FIs  under  the  Cohesion  Fund16.  The  information  provided 

concerns 103 OPs out of which three bringing together CF and ERDF, 1 only Cohesion 
Fund  and  11  ERDF  and  ESF17,  i.e.  70%  of  those  OPs,  which  included  planned 

allocations to FIs, compared to 47% at the end of 2015. Out of the 103 OPs, 7 Member 
States report on 26 OPs contributing to multi-OP FIs18 (BG: 4, DE: 2, HU: 2, IT: 2, PT: 

9, SK: 5, and UK: 2 OPs).  

15 SFC2014's main function is the electronic exchange of information concerning shared Fund management 

between Member States and the European Commission 

16 Compared to the last year's reporting exercise, Cohesion Fund contributions to FIs were reported by PT, 

and not reported any longer by BG and CZ.  

17 The ESF contributions to FIs are reported in the chapter on ESF. 
18  No  details  were  reported  for  four  OPs  contributing  to  multi-OP  FIs  (BG:  2,  DE:  1,  IT:  1).  Therefore, 

these were not considered in number of OPs calculations. 

22 

 
 
 
 
                                                 
 
Quantity and quality of the data provided 

The  complete  set  of  data  was  downloaded  from  SFC2014  on  17  July  2017.  The  data 

concerning  the  SME  Initiative  in  Spain  were  added  on  1  November.  Both  compulsory  and 

optional  data  underwent  several  quality  checks  (automatic  and  manual)  in  order  to  evaluate 

their accuracy and consistency. 

Careful checks identified missing information and certain inaccuracies and inconsistencies in 

the  data.  These  are  illustrated  in  detail  under  the  relevant  sections  of  the  report.  Reporting 

inaccuracies by the managing authorities do not affect the reliability of statistics presented in 

this report in most cases. The individual instances where inaccuracies are considered to have a 

significant  impact  on  the  reliability  of  statistics  are  duly  noted  throughout  the  report.  There 

will be a need for further action to help managing authorities improve the quality of reporting 

in 2018.  

Some  inaccuracies  are  noted  which  are  similar  as  in  the  previous  reporting  exercise.  In 

particular: 

  Managing  authorities  reported  commitments  to  FIs  for  which  no  funding  agreement 

has  been  signed  yet.  This  is  still  the  case  for  ten  FIs  in  DE,  FR,  IT  in  the  current 

reporting exercise.  

  Lack of reporting information about the implementation arrangements for 13 FIs19.  

  Five  FIs  managing  authorities  reported  information  about  the  funding  agreements 

signed, but did not provide information about the legal status.  

  Eight  FIs  in  IT  and  the  UK  reported  only  the  number  but  not  the  amount  of 

investments; the amount committed to these FIs was EUR 217 million. 

 

Information  on  OP  amounts  paid  to  FI  but  no  details  on  signing  of  the  funding 

agreement were reported for 1 FI in FR.  

 

Information on OP amounts paid to final recipients but no details on OP amounts paid 

to FI were reported for 3 FIs in DE and IT. 

  A higher amount paid to the FI than committed was reported for 1 FI in DE.   

19 These are in BG, DE, FR, HU, IT, LT and RO. 

23 

 
 
 
 
                                                 
 
 

Information on OP amounts committed to final recipients but no details on signing of 

the funding agreement were reported for four FIs in DE, FI, and IT. 

 

Information on OP amounts paid to final recipients but no details on OP amounts paid 

to FI were reported for three FIs in DE and IT. 

 

Information on the number of investments made but no details on OP amounts paid to 

final recipients were reported for 8 FIs in IT and the UK.  

  A higher amount was paid to final recipients than to the FI for 3 FIs in EE, LV, NL.  

Furthermore, a much higher number of FIs has been reported as part of the current reporting 

exercise,  which  makes  data  quality  not  fully  comparable  with  the  information  submitted  a 

year before. 

Approach to processing of data 

In some cases it was necessary to process the presentation of the data as follows: 

  Certain FIs, for which no ex-ante assessment completion data has been reported, have 

been included in the total counting of FIs20; 

  FIs receiving contributions from more than one priority axis or more than one OP are 

counted as one FI, if this can be clearly identified from the data provided; 

  Two FIs (CZ, IT) were inaccurately reported as (contribution to) EU level instruments, 

while another did not report on being a (contribution to a) EU level instrument (SMEI 

FI):  their  classification  was  corrected  as  appropriate.  Furthermore,  SMEI  FI  was 

reported as being under direct management; this was modified to specific fund; 

  A  FI  (IT)  was  reported  as  undertaking  implementation  directly  but  the  EIB  was 

reported  as  implementing  body.  The  type  of  set  up  was  corrected  to  entrustment  of 

implementation; 

  No details of the ESI Fund contributing to the FI were reported for nine funds of funds 

or  specific  funds.  These  were  in  CZ,  ES,  FR,  IT,  PL,  RO,  SI;  these  gaps  were 

corrected; 

20 These FIs do not report any further detail. 

24 

 
 
 
 
                                                 
 
  52  FIs  were  reported  as  using  an  ‘Other’  selection  procedure;  after  reviewing  the 

procedure  description,  29  were  classified  as  inter-administrative  cooperation,  11  as 

selection in accordance with the provisions of the public procurement directive, six as 

designation of the EIB,  EIF or international  financial institutions, and another six as 

in-house award; 

  Unrealistic numbers for expected and achieved leverage are not taken into account;  

  The same amount reported four times in HU (instead of once) as committed and paid 

to FI has been counted once. 

Case studies 

In  order  to  illustrate  of  what  is  happening  on  the  ground  beyond  the  data  reported  by 

managing authorities, DG REGIO has sourced some further information through its contacts 

with  managing  authorities,  with  a  view  of  providing  some  short  case  studies  under  the 

relevant  sections  of  these  summaries.  The  different  evidence  basis  for  these  case  studies  is 

reflected in presentational terms by including such case studies in text boxes.  

25 

 
 
 
 
 
3.  Summary of data collected on FIs implemented under ERDF and CF 

At the end of 2016 there were 243 FIs either in the process of set up or already operational. 

Out  of  these  108  are  funds  of  funds,  26  specific  funds  under  funds  of  funds,  116  specific 
funds without funds of funds and four managing authorities implementing FI directly21. The 

largest  number of instruments is  reported in  Poland with  39, followed by  Germany  with  36 

and Italy with 26.  

The number reflects the fact that these are instruments supported under the system of shared 

management – i.e. in a context of 28 Member States, over 200 operational programmes and 

wide thematic scope, that there are different instruments depending on the type of operations 

supported  (SME  support,  energy  efficiency  investment  or  support  for  research  and 

development)  and  furthermore  on  the  type  of  product  offered.  Loan,  guarantee  and  equity 

schemes  are  usually  implemented  through  different  financial  intermediaries.  Nevertheless, 

there is some evidence of efforts to consolidate and enhance synergies, as several regional or 

sectoral OPs contribute to the same FI in BG, DE, HU, IT, PT, SK, UK. 

Operational programme contributions to FI (commitments and payments) 

At  the  end  of  2016,  ex-ante  assessments  had  been  completed  in  24  Member  States  and 

EUR 12.8 billion of OP  contributions have been committed to FIs in funding agreements in 
22  Member  States22.  Out  of  this  amount  EUR 9.7  billion  ERDF  and  EUR 166  million  CF 

contributions  have  been  committed.  Amounts  were  not  yet  committed  to  FIs  in  CZ  and  SI. 

Subsequent  payments  have  been  made  by  managing  authorities  in  21  Member  States.  The 

reported amount of OP resources paid into FIs is around EUR 3.4 billion out of which EUR 3 

21 Eleven FIs were reported under both fund of funds and fund of funds specific fund types. 
22 The same committed amounts where reported for different priority axes contributing to the same FI for 10 FIs 
in DE and the UK. If repeated amounts were removed from the dataset, committed amounts to FIs  would 
decrease  by EUR 944  million. Additionally, one FI  in DE  reported information on signing of the  funding 
agreement but no details concerning the OP amount committed. There are significant differences (+/-20%) 
between the total eligible cost of selected projects for the relevant forms of finance (reported under Article 
112), and the amount of programme contributions committed in  the  funding agreement,  for 28 of priority 
axis and fund combinations in BE, BG, DE, FI, FR, HU, IT, NL, PL, UK. 

26 

 
 
 
 
 
                                                 
billion  ERDF  and  CF.  These  contributions  are  almost  exclusively  from  ERDF  EUR 2,948 
million and with only EUR 58 million23 from the Cohesion Fund.  

Out  of  the  181  FIs  to  which  managing  authorities  committed  programme  contribution  in 

funding agreements, 150 FIs received payments from the managing authorities. This confirms 

that  an  increasing  number  of  FIs  became  operational  by  the  end  of  2016.  The  programme 

contribution paid into FIs is 30% of the committed amount, whereby the same ratio increases 

to 81% for FIs contributing to the SME Initiative. 

23 This includes EUR 14 million from an OP in DE, which is due to inaccurate reporting.  

27 

 
 
 
                                                 
Table 3  Amounts committed in the funding agreements and  paid to the FIs at the end of 2016, in million EUR 
(ERDF and CF) 

The  overall  percentage  of  30%  may  seem  a  little  high  given  the  early  stage  of  FI 

implementation;  however  this  is  distorted  because  of  the  payment  schedule  of  the  SME 

Initiative (SMEI), whereby the Member State's application for payment to the Commission is 

made  on  the  basis  of  100%  of  the  amounts  to  be  paid  by  the  Member  State  to  the  EIF  in 

accordance with the schedule defined in the specific funding agreements signed for the SME 

28 

MSOP amount committed to FIout of which ERDF & CFOP amount paid to FIout of which ERDF & CFAT9.0                     3.0                     9.0                     3.0                     100%5BE73.2                   29.3                   18.3                   7.3                     25%BG526.0                 462.4                 192.1                 185.0                 40%DE2,31,010.8              661.4                 380.3                 277.3                 42%EE179.2                 133.0                 39.0                   33.4                   25%ES800.0                 800.0                 715.3                 715.3                 89%4FI3.0                     1.5                     0.3                     0.2                     10%FR1208.8                 125.7                 62.1                   37.4                   30%GR668.0                 522.4                 167.0                 130.6                 25%HR259.0                 214.0                 37.0                   37.0                   17%HU2,265.9              2,265.9              484.9                 478.3                 21%IT2659.6                 370.8                 148.7                 66.9                   18%LT583.2                 583.2                 287.9                 287.9                 49%6LV169.4                 143.9                 39.3                   34.3                   24%MT15.0                   15.0                   13.8                   13.8                   92%4NL32.3                   20.3                   6.8                     1.5                     7%PL2,509.7              1,983.6              505.7                 482.9                 24%PT640.7                 322.9                 63.1                   54.4                   17%RO100.0                 100.0                 -                     -                     0%SE274.6                 134.0                 79.7                   33.5                   25%SK493.9                 409.2                 123.5                 102.3                 25%UK1,321.2              605.0                 48.7                   23.7                   4%Total12,802.7          9,906.7            3,422.5            3,006.1            30%Percentage of commitments paid4) For the SME Initiative Member State's application for payment to the Commission is made on the basis of 100% of the amounts to be paid by the Member State to the EIF in accordance with the schedule defined in the specific funding agreements signed for SME Initiative (CPR 39(7)).5) 100% payments to FI could be a reporting error, or due to the full disbursement to final recipients. The data reported do not provide further information about investments in final recipients. 6) One of the FI is fully disbursed. 1) Information on OP amounts paid to FI but no details on signing of the funding agreement were reported for 1 FI in FR.2) Information on OP amounts paid to final recipients but no details on OP amounts paid to FI were reported for 3 FIs in DE and IT.3) A higher amount paid to the FI than committed was reported for 1 FI in DE. 
 
 
Initiative (CPR 39(7)). Excluding the SME Initiative from the dataset, the percentage results 

in  an  average  of  25%,  reflecting  both  the  early  stage  of  FI  implementation  and  that  most 

managing  authorities  indeed  follow  in  their  funding  agreements  the  system  of  tranched 

payments under Article 41 of CPR. 

The national co-financing in the payments is EUR 416 million, out of which EUR 375 million 

is  from  public  sources  and  EUR 42  million  from  private  sources.  This  apparently  low  co-

financing rate of 12% (significantly lower than the average rate for all OPs) does not however 

reflect  an  inability  of  ESIF-supported  FIs  to  attract  additional  financing,  including  private 

investment,  but  rather  that  such  support  can  come  at  different  stages  and  levels,  and  often 

outside  the  operational  programme.  The  national  co-financing  at  the  level  of  priority  axis 

normally  covers  all  forms  of  supports  irrespective  of  the  co-financing  for  individual 

operations (which may vary from that of the priority axis). Furthermore co-financing can also 

come on the level of final recipients or in case of implementation through fund of funds on the 

level  of financial intermediary. For all  guarantee instruments,  the loan amount disbursed on 

the basis of the guarantee does not count towards the co-financing rate but nevertheless can 

provide  a  significant  leverage  on  top  of  the  ERDF  and  CF  contribution.  For  the  SME 

Initiative  no  national  co-financing  to  the  ERDF  contribution  is  required,  but  a  minimum 

leverage has to  be delivered;  if the banks benefitting from  either the uncapped  guarantee or 

the securitisation instrument under the SME Initiative fail to achieve this minimum leverage, 

they  face  penalty  payments  whose  extent  depends  on  the  shortfall.  Private  co-financing  is 

reported by 22 of 150 FIs  which received payments from ERDF and CF  (this concerns AT, 

DE, EE, FR, IT, LV, PL). In these funds the private share of co-financing is 70%. 

Managing authorities in 16 Member States have committed funding to funds of funds with a 

total  amount  of  EUR 9.2  billion,  out  of  which  EUR 7.1  billion  from  ERDF  and  EUR 166 

million  from  CF.  Payments  of  EUR 1.8  billion  to  funds  of  funds  have  been  made  in  14 

Member  States  out  of  which  EUR 1.7  billion  ERDF  and  CF  (out  of  which  EUR 44  million 

CF). Funds of funds have further committed EUR 1.1 billion (or 12% of funding committed 

to  fund  of  funds)  OP  amounts  and  have  made  payments  of  EUR 132  million  to  financial 

intermediaries (or 7% of payments to fund of funds). 

As  of  end  of  the  reporting  period  59  FIs  in  14  Member  States,  have  committed  EUR 1.3 

billion  in  loan  and  guarantee  agreements  or  equity  participation  to  final  recipients,  out  of 

29 

 
 
 
 
which  EUR 1.2  billion  ERDF.  49  FIs  in  13  Member  States  have  made  payments  to  final 
recipients  with  a  total  value  of  EUR 1.1  billion  out  of  which  EUR 1.0  billion  ERDF24.  The 

total amount of co-financing is EUR 76 million, out of which EUR 43.5 million from public 

and EUR 32.6 million from private sources.  

Based on the information provided, most managing authorities chose to implement FIs under 

Article 38(4)(b) through a fund of funds structure or to contribute directly to the specific fund. 

However, some managing authorities in DE, ES, and IT have chosen to implement financial 

instruments providing loans or guarantees directly under Article 38(4)(c). 

Croatia: first programming period with ESIF FI support to SMEs 

The "ESIF Small Loans and Guarantees Financial Instrument" in Croatia was set up as a 
multi-product scheme in support of small and medium-sized enterprises endowed with over 
EUR 170  million  ERDF  and  EUR 45  million  national  co-financing.  The  institution 
entrusted  with  the  implementation  of  the  financial  instrument  is  the  Croatian  Agency  for 
SMEs, Innovations and Investments (HAMAG-BICRO) and operations began in the fourth 
quarter of 2016.  

Final recipients  can benefit  from loans and guarantees in  order to  invest in  tangible and 
intangible  assets.  While  small  and  micro-loans  are  channelled  directly  to  SMEs  through 
HAMAG-BICRO,  individual  and  portfolio  guarantees  are  formalized  in  cooperation  with 
local financial institutions, with whom agreements are signed.  

The latest data shows that the financial instrument aims to support over 4,500 enterprises 
and so far over 600 have received support, including 290 newly created enterprises, while 
an  additional  460  should  receive  financing  by  the  end  of  the  period,  triggering  over 
EUR 80 million in private investment (of which so far almost EUR 10 million has already 
been realised). All in all, approximately 3,300 new jobs are expected to be created by the 
end  of  the  period  by  means  of  the  financial  instrument  while  to  date  almost  1,500  have 
already been achieved. 

24  The  volume  can  be  assumed  to  be  higher  as  8  FIs  (IT,  UK)  reported  number  of  investments  but  not  any 

amounts. 

30 

 
 
 
 
                                                 
 
Progress in set-up and in selection of bodies of implementing the FIs, including the body 

implementing a fund of funds 

Ex-ante assessment 

An  ex-ante  assessment  is  mandatory  for  FIs  to  establish  evidence  of  market  failures  (or 

suboptimal  investment  situations)  and  to  estimate  the  level  and  scope  of  public  investment 

needs.  This  assessment  must  also  set  out  the  types  of  FI  most  suited  to  the  situation. 

Moreover,  the  ex-ante  assessment  must  be  submitted  to  the  OP’s  monitoring  committee  for 

information, and its summary findings and conclusions must be published within 3 months of 

being finalised. 

Having  comprehensive  reporting  requirements  from  the  outset  allows  the  Member  States  to 

report on the progress of implementation of FIs starting from their set-up. In the first years of 

implementation,  information  provided  about  the  progress  with  the  ex-ante  assessments  and 

selection  of  bodies  implementing  the  FIs  is  essential  in  demonstrating  the  progress  of 

implementation of FIs. 

The  approach  to  ex-ante  assessment  varies  between  Member  States.  Some  conduct  ex-ante 

assessment at the national level while others choose to conduct regional or sectorial  ex-ante 

assessments. In the reported data this can be observed as in some cases ex-ante assessments 

for  different  priority  axes  of  one  and  the  same  OP  have  different  dates  for  the  completion, 

while in other cases several OPs in the same countries have the same date. 

By the end of 2016, ex-ante assessments were completed for FI implemented in 98 OPs; with 
the  majority  completed  in  2015  (for  62  OPs)  and  in  2016  (15  OPs)25.  There  are  some 

operational programmes where the ex-ante assessments were completed already in 2013, for 

example  for  the  SME  Initiative  where  the  European  Commission  with  the  EIB  Group 

conducted one assessment covering the whole EU. 

25 Seven OPs in DE, HR, IT, LT and PT with two different ex-ante completion years for different FIs are counted 

twice. 

31 

 
 
 
 
 
 
                                                 
 
Selection procedure 

101 OPs report information about the progress on selection of bodies implementing the FIs; 

10 OPs indicate that the process of selecting financial intermediaries has not yet started, 5 that 

the process of selecting financial intermediaries has started only for some FIs, and for 9 OPs 
information is not provided26.  

Fund  of  funds  managers  are  mostly  awarded  through  an  inter-administrative  cooperation 
procedure27,  while  entrustment  to  EIB/EIF  has  been  chosen  in  ten  Member  States.  Specific 

funds  which  receive  OP  contributions  directly  are  in  the  majority  of  cases  selected  in 
accordance with the public procurement directive, including in-house award28. This selection 

procedure  was  reported  for  33  specific  funds.  Five  OPs  implementing  funds  of  funds  or 

specific  funds  in  DE,  ES,  FR,  and  LT  do  not  report  on  the  type  of  selection  procedure 

although a selection process has already been launched. 

Funding agreements 

In total managing authorities have signed 181 funding agreements with FIs by the end of 2016 

(Figure  5),  out  of  which  94  funding  agreements  with  fund  of  funds,  and  87  funding 

agreements with financial intermediaries implementing FI without a fund of funds. Out of the 

94 fund of funds, 23 have selected financial intermediaries.  

26 However, information on the body implementing the FI or on signing of a funding agreement  was provided, 
but no details on the progress with the selection procedure were reported or the selection procedure has not 
started yet for 27 FIs. These were in BG, CZ, DE, FR, IT, PL, SE, SK, UK. 

27 Use of an ‘Other’ procedure to select funds of funds was reported by OPs in BG, DE, FR, HU, PL, and the 
UK.  These  were  reviewed  and  classified  into  a  specific  type  of  selection/designation  procedure  where 
possible.  

28 Use of an ‘Other’ procedure to select specific funds was reported by OPs in BE, CZ, DE, EE, FI, FR, HR, PL, 
SE.  These  were  reviewed  and  classified  into  a  specific  type  of  selection/designation  procedure  where 
possible. 

32 

 
 
 
 
 
 
                                                 
 
The time span between the completion of the ex-ante assessment and signature of the funding 

agreement  by the managing authority  with  the body implementing the  FI ranges from  26  to 
81229 days with extremes observed in Thüringen on the one side and Poland on the other.  

Figure 5 Progress in the setting up of FIs, by numbers of FIs, as of end of 201630 (ERDF and CF) 

29 It does not consider the period between the completion of ex-ante assessments in case of the SME Initiative 
and  signature  of  the  funding  agreements  as  the  ex-ante  assessment  for  the  SME  Initiative  addressed  all 
Member States.  

30 The number of FIs reporting commitments from managing authorities to FIs is too high.  Information on OP 
amounts committed to FI but no details on signing of the funding agreement were reported for 9 FIs in DE, 
FR, IT. 

33 

 
 
 
                                                 
Implementation arrangements 

When supporting FIs the managing authorities may choose different implementation modes: 

  Contribution to EU level instruments under Article 38(1)(a)CPR, including the SME 

Initiative under Article 39 CPR; 

 

Investment  in  the  capital  of  existing  or  newly  created  legal  entities  under 

Article 38(4)(a) CPR; 

  Entrusting implementation tasks to  financial intermediaries, such  as the  EIB Group, 

international financial institutions and financial institutions aiming at the achievement 

of public interest and bodies governed by public or private law under Article 38(4)(b) 

CPR; and  

  Undertaking implementation tasks directly, in the case of FIs consisting solely of 

loans or guarantees, under Article 38(4)(c) CPR. 

Five  Member  States  report  using  the  option  of  contribution  to  EU  level  instruments;  all  of 

them are using the SME Initiative option under Article 39 (ES, MT, FI, BG, RO). In case of a 

fund of funds and 25 specific funds the managing authority intends to invest in the capital of 

existing  or  newly  created  entities.  Out  of  the  25  specific  funds  the  majority  will  provide 

(quasi-)equity and in some cases loans. 87 funds of funds are entrusted with implementation. 

58 specific funds are entrusted directly by the managing authority. The managing authorities 

in Berlin (DE), Brandenburg (DE), Cataluña (ES), and Lazio (IT) undertake implementation 

tasks  directly.  Eleven  funds  of  funds  or  specific  funds  reported  on  signing  the  funding 

agreement  but  did  not  report  about  their  implementation  arrangements.  These  were  in  BG, 

DE, FR, HU, IT, LT, RO. 

Legal status of FI (Article 38(6) CPR) 

The bodies referred to in Article 38(4)(b) to which implementation tasks are entrusted should 
open fiduciary accounts31 in their name and on behalf of the managing authority, or set up FI 
as a separate block of finance32 within the financial institution.  

31  Fiduciary  account  -  the  amount  in  the  account  is  managed  by  the  financial  intermediary  on  behalf  of  the 
managing  authority  and  FI,  while  the  amount  in  the  account  remains  in  the  ownership  of  the  Fund  of 
Funds/specific funds/managing authority. 

34 

 
 
 
 
 
                                                 
Based on the data available at the end of 201633, for 45 FIs for which a funding agreement has 

been signed a fiduciary account in their name and on behalf of the MA has been opened, out 

of  which  31  funds  of  funds  and  14  specific  funds  without  a  fund  of  funds.  93  FIs  report  a 

separate block of finance within the financial institutions. These are 50 funds of funds and 43 

specific funds without fund of funds.  

Type of implementing bodies 

According to the data reported to the Commission: 

  bodies  governed  by  public  or  private  law  manage  18  fund  of  funds,  and  51  specific 

funds without fund of funds; 

 

financial institutions aiming at the achievement of public interest under the control of 

a  public  authority  manage  53  fund  of  funds,  and  26  specific  funds  without  fund  of 

funds;  

  5 funds of funds are managed by the EIB (IT, LT, PL); 

  8 fund of funds and a specific fund without fund of funds are managed by the EIF (EE, 

ES, FR, GR, MT, PL, RO, SE). 

32 A separate block of finance – the amount is included in the balance sheet of the financial institution. It relies 
on  accounting  entries  within  the  financial  intermediary  in  order  to  track  the  drawdown.  Funds  need  to  be 
separately accounted for and clearly segregated from the other assets of that financial institution. 

33  A  funding  agreement  has  been  signed,  but  details  on  the  legal  status  were  not  reported  for  7  FIs  being 

entrusted, in BG, RO, SK. 

35 

 
 
 
 
 
 
                                                                                                                                                         
Products offered by fund 

19 Member States provided information about the products offered by 138 specific funds34 or 

FIs  managed  directly  by  the  managing  authority  (Figure  6);  for  104  of  these  FIs  funding 

agreements  have  been  signed.  The  majority  of  product-specific  funds  are  equity  and  quasi-

equity  with  40  funding  agreements  signed  (out  of  48  planned),  followed  by  loans  with  39 

funding agreements signed (out of 53 planned). Guarantees were reported to be provided by 

11 FIs, with funding agreements for five additional FIs still to be signed in France and Italy. 

Figure 6 FIs planned and set up by product, as of end of 2016 (ERDF and CF) 

Six Member States (BE, EE, FR, IT, LV, UK) reported about multi-product funds. In BE and 

the UK FIs will offer a  mix of loans and equity  (and  quasi-equity in  BE, and one  FI in  the 

UK); in EE and LV the funds will offer loans and guarantees. 

Six Member States report other support combined with FIs in the sense of Article 37(7) CPR, 

according to which FI may be combined with grants, interest rate subsidies and guarantee fee 

34 Information on the type of products a FI offers is not provided on the level of funds of funds, but only on the 

level that makes payments to final recipients. 

36 

 
 
 
 
 
 
                                                 
 
subsidies.  These  are  CZ,  DE,  FR,  HR,  IT35,  PT.  In  most  cases,  FIs  provide  interest  rate  or 

guarantee fee subsidies. In the CZ a loan instruments will be combined with an energy audit 

subsidy  (funding  agreement  is  still  to  be  signed).  In  France  equity  will  be  combined  with 

technical support. 

Combining ESIF financial instruments and grants 

The "Combined Loan Programme for Improving Energy Efficiency of SMEs' Buildings with 
the  use  of  Renewable  Energy"  was  established  as  part  of  a  fund  of  funds  encompassing 
loans as well as venture capital and managed by the Hungarian Development Bank (MFB), 
which distributes the product through its own network of local offices.  

The  Combined  Loan  Programme  is  set  up  under  TO  4  and  is  characterised  by  offering  a 
combination  of  loans  and  grants  to  cover  costs  associated  to  improving  energy  efficiency 
and  using  renewable  energy.  SMEs  can  benefit  from  a  loan  between  EUR 10,000  and 
EUR 160,000, provided that it exceeds the grant amount received. Furthermore, the private 
contribution  must  reach  at  least  10%  of  eligible  costs.  Loans  are  offered  for  a  maximum 
tenor of 10 years and at a competitive interest rate.  

A  given  project  must  comprise  costs  associated  to  both  increasing  energy  efficiency 
(minimum  50%  of  costs)  and  using  renewable  energy  (minimum  10%  of  costs)  and  can 
cover  expenses  such  as  modernisation  of  heating,  cooling  and  hot  water  systems  or  the 
construction  of  briquette,  pellet,  wood  chip  and  wood  gasification  boiler  systems,  in 
addition to project preparation and publicity. 

Investments in final recipients 

Out of the 24 Member States which report information on FIs, 14 Member States (Table 4) 

reported information on the amount committed to final recipients. This was EUR 1.3 billion 

including EUR 1.2 billion ERDF, with 42,698 contracts signed. By the end of 2016, EUR 1.1 

billion  of  OP  contributions  had  been  disbursed,  including  EUR 728  million  committed  for 

guarantees,  EUR 279  million  in  loans  and  EUR 67  million  invested  in  equity  of  the  final 

recipients.  Contributions  disbursed  included  EUR 1.0  billion  ERDF,  resulting  in  a  total 
number of investments made of 2,76236. 

35 The managing authority did not report on the type of financial product being provided. 
36 Number of investments made was not reported for the SME Initiative in Spain. Hence the low number of the 
investments made. Number of investments made for SMEI in Spain could be estimated based on the number 
of final recipients supported which would increase the number by approximately 34,000.  

37 

 
 
 
 
 
 
                                                 
 
The amount committed to final recipients exceeds the amount invested in final recipients as 

many of the instruments are at an early stage of implementation. Additionally, there is a time 

lag between signing a loan, guarantee or equity participation and the actual investment in the 

final recipients. This is especially visible when there is a long-term relationship between fund 

manager  and  final  recipients  as  in  equity  participations  or  investments  in  physical 

infrastructure. In the latter, payments are often made in tranches according to the progress in 

project  implementation.  This  can  be  seen  in  the  Lithuanian  housing  renovation  loan 

instruments implemented by Šiaulių bankas, where payments to final recipients have  started 

for all loans signed but only 74% of the amounts committed to final recipients have been paid 

out.  Furthermore,  information  on  the  number  of  investments  made  but  no  details  on  OP 

amounts paid to final recipients were reported for 8 FI in IT, and the UK. This accounts for 

about EUR 217 million of OP committed amounts. 

38 

 
Table  4  Payments  to  FIs,  commitments  and  payments  to  final  recipients,  as  of  end  of  2016,  in  million  EUR 
(ERDF and CF)37 

Co-financing  on  the  level  of  final  recipients  can  differ  from  the  co-financing  rate  of  the 

instrument.  For  example  it  can  contain  co-investment  that  is  attracted  on  the  level  of  final 

recipients,  e.g.  in  case  of  the  loan  fund  of  the  UNIIQ  B.V.  in  the  Netherlands,  the  national 

37 There are significant differences between the expenditure declared by the beneficiaries for the relevant forms 
of  finance,  and  the  amount  of  programme  contributions  paid  to  the  FI  for  52  priority  axis  and  fund 
combinations.  These  were  in  BE,  BG,  DE,  FI,  FR,  IT,  LT,  NL,  PL,  PT,  SE,  UK.  However,  given  the 
different nature of the two variables, the discrepancies are perhaps not surprising. 

For Estonia the 100% disbursement could be due to incorrect/incomplete reporting at 30.06.2017. In Finland 
one equity instrument is reported as 100% disbursed. 

39 

MSOP amount paid to FI1,3,5out of which ERDF&CFOP amounts committed to final recipients2 or set aside for guaranteesout of which ERDF&CFOP amounts invested in final recipients3,4,5 or set aside for guarantees for the underlying loansout of which ERDF&CFDisbursement rate of ERDF&CF contributions6AT9.0             3.0             -               -               -                    -               0%BE18.3           7.3             -               -               -                    -               0%BG192.1         185.0         -               -               -                    -               0%DE2,3380.3         277.3         173.6            103.0            110.0                 63.3              23%EE539.0           33.4           37.5              37.5              35.2                   35.2              105%ES715.3         715.3         715.3            715.3            679.7                 679.7            95%FI20.3             0.2             20.8              10.4              0.3                     0.2                100%FR162.1           37.4           6.0                4.5                4.1                     3.1                8%GR167.0         130.6         -               -               -                    -               0%HR37.0           37.0           3.2                3.2                2.0                     2.0                5%HU484.9         478.3         58.3              58.3              23.6                   23.6              5%IT2,3,4148.7         66.9           20.6              10.3              0.2                     0.1                0%LT287.9         287.9         238.9            181.6            196.4                 173.8            60%LV539.3           34.3           14.6              13.2              14.0                   13.0              38%MT13.8           13.8           -               -               -                    -               0%NL56.8             1.5             3.8                0.7                2.6                     0.7                45%PL505.7         482.9         -               -               -                    -               0%PT63.1           54.4           0.1                0.0                0.0                     0.0                0%SE79.7           33.5           6.1                2.9                6.1                     2.9                9%SK123.5         102.3         -               -               -                    -               0%UK448.7           23.7           32.1              19.3              -                    -               0%Total3,422.5     3,006.1     1,330.8        1,160.2        1,074.3             997.7           33%4) Information on the number of investments made but no details on OP amounts paid to final recipients were reported for 8 FIs in IT and the UK.5) A higher amount was paid to final recipients than to the FI for 3 FIs in EE, LV, NL.6) The disbursement rate is calculated on ERDF and CF contributions only. National co-financing to the OP can come in at the level of fund of fund, specific fund under a fund of fund, specific fund without a fund of fund and final recipient. Therefore, calculating disbursement rate against payment from managing authority to the financial instrument would be incorrect.1) Information on OP amounts paid to FI but no details on signing of the funding agreement were reported for 1 FI in FR.2) Information on OP amounts committed to final recipients but no details on signing of the funding agreement were reported for four FIs in DE, FI, and IT.3) Information on OP amounts paid to final recipients but no details on OP amounts paid to FI were reported for three FIs in DE and IT. 
 
 
                                                 
 
public  and  private  co-financing  rate  at  instrument  level  is  60%,  but  at  the  level  of  final 

recipients it reaches 75%. 

Final recipients supported 

In the 2007-2013 programming period information on the type of final recipients supported by 

FIs was an optional  reporting item.  These data  have become compulsory  for the 2014-2020 

programming period.  

Based  on  the  information  provided  so  far,  it  is  reported  that  FIs  supported  37,50638  final 

recipients. Out of those supported SMEs are the largest group with 36,624, of which 16,835 

qualify  as  micro-enterprises  (Table  5).  The  majority  of  SME  including  micro-enterprises 

received support from guarantee instruments. Of the 228 enterprises supported through equity 

participations 224 are SMEs (DE, FI, FR, SE). 'Other final recipients', which account for 876 

recipients, include apartment owners or housing administrations which received support from 

the Lithuanian renovation loan instruments.  

Table 5 Number and type of final recipients supported by product, as of end of 2016 (ERDF and CF) 

38 The difference between the number of investments and final recipients is on the one hand due to inconsistent 

reporting, but can also be due to some final recipients having received more than one investment. 

40 

Final recipients supported throughLarge enterprisesSMEsout of which microenterprisesIndividualsOther type of final recipientsTotal number of final recipientsLoans2                   1,04375208761,921Guarantees-                35,35415,9560035,354Equity4                   22412500228Others-                32003Total636,62416,835087637,506 
 
 
 
 
 
 
                                                 
 
Not just good intentions: support is already reaching final recipients 

As part of its regional Operational Programme, the German Land Thuringia has set up two 
financial instruments with an overall allocation of EUR 147.5 million: Thuringia Invest (TI; 
EUR 27.5 million) and Thuringia Dynamic (TD; EUR 120 million), each with 80% ERDF 
co-financing. Both instruments are implemented under the investment priority "Supporting 
the capacity of SME to grow and innovate". 

Between  October  2014  and  January  2015,  the  ex-ante  assessment  for  both  financial 
instruments was finalised, the Operational Programme adopted and the funding agreement 
with  Thüringer  Aufbaubank  (TAB),  the  (State-owned)  Development  Bank  of  Thuringia, 
signed. 

Thuringia Dynamic provides EUR 120m for low-interest loans to SMEs and individuals in 
liberal professions as well as new entrepreneurs. The maximum loan amount was initially 
EUR 4 million, but was then reduced to EUR 0.5 million in June 2016, due to high demand. 
On  the  basis  of  latest  available  information,  Thuringia  Dynamic  had  supported  185  final 
recipients; EUR 85.9 million had been committed as loans to final recipients, out of which 
EUR 63.7 million were already paid to final recipients. 

Thuringia Invest provides EUR 27.5 million for low-interest loans and EUR 40 million for 
grants  to  SMEs  and  individuals  in  business-related  and  creative  liberal  professions.  The 
maximum  loan  amount  is  EUR 0.2  million. These  loans  are  only  available  for  enterprises 
that  successfully  applied  for  a  grant:  loan  and  grant  are  combined  in  two  separate 
operations delivered through a single body (TAB). On basis of latest available information, 
Thuringia Invest had provided funding to 152 final recipients; EUR 14.9 million had been 
committed to final recipients and EUR 11.9 million paid. 

41 

 
 
 
 
 
 
 
Management costs and fees 

In 2007-2013 management costs and fees paid to bodies implementing the FI were calculated 

on the basis of the amounts  contributed to  the  FI  and were, in  many  cases, decoupled from 

performance.  Based  on  the  lessons  learnt,  applicable  thresholds  and  criteria  for  determining 

the management costs and fees, including on the basis of performance, are set out in Articles 

12 and 13 of the Commission Delegated Regulation (EU) No 480/2014, and aim at increasing 

the  efficiency  and  effectiveness  of  investments  undertaken  by  the  instruments.  The 

performance  based  remuneration  takes  into  account  the  disbursement  of  contributions 

provided  by  the  ERDF  and  CF  programmes,  resources  paid  back  from  investments  or  from 

the  release  of  resources  committed  for  guarantee  contracts,  the  quality  of  measures 

accompanying the investment before and after the investment decision to maximise its impact 

and the contribution of the FI to the objectives and outputs of the programme.  

Based  on  the  information  collected,  17  Member  States  have  paid  EUR 39.8  million  of 

management  costs  and  fees  to  80  funds,  out  of  which  36  funds  of  funds,  6  specific  funds 

under a fund of funds structure, and 38 specific funds. Out of the total management costs and 

fees paid, EUR 3.9 million has already been paid as performance based remuneration so far, 

which is in line with the current state of implementation given the life cycle of the FI (i.e. set-

up of FI when the base remuneration is the main part of the management costs and fees) and 

that  the  performance  based  element  comes  later  in  the  implementation  of  FI.  Management 

costs and fees paid in SME Initiative follow EU-level instrument rules with the threshold not 

exceeding 6%.  

Interest and gains from treasury management, and amounts repaid and reinvested 

Article 43 CPR clarifies how interest or other gains generated from the investment of ERDF 

and CF contributions to FIs should be dealt with. The 2014-2020 rules provide for reporting 

on this information from the outset compared to 2007-2013 where information about treasury 

management is reported only at closure.  

Interest and gains generated from treasury management were reported by 83 funds of funds, 

19 specific funds under a fund of funds structure, and 83 specific funds. By the end of 2016, 

42 

 
 
 
 
 
 
FIs have accrued gains attributable to ERDF and CF in total of EUR 1.4 million and negative 

gains of EUR -138,000. Negative interest and gains were reported in FR and LT.  

Amounts repaid and reinvested 

An important characteristic of FIs, in comparison to grants, is that they can generate reflows. 

These reflows consist of capital repayments, such as the principal of a loan or repayment of 

the  equity  participations  as  well  as  the  release  of  amounts  set  aside  for  guarantees. 

Furthermore these amounts also include gains, such as interest,  guarantee  fees, dividends or 

other capital gains. According to Article 44 of the CPR these instruments shall be reused for 

the following purposes: 

  Further investments through the same or other FIs;  

  Preferential remuneration of private investors or public investors  operating under the 

market economy principle; 

  Reimbursement of management costs and fees of the FIs.  

As of end of 2016 98 FIs have reported on resources returned in 17 Member States. In total 

over EUR 24.3 million has been repaid in 9 Member States, out of which EUR 20.9 million 

from capital repayments, and EUR 3.4 million of gains from dividends and interest. Around 

EUR 400,000 were used for further reinvestment (LT) and over EUR 780,000 of reflows was 

used  for  the  purposes  of  preferential  remuneration  (UK)  or  management  cost  and  fees  (DE, 

EE). 

43 

 
 
 
 
Value of equity participation 

The  value  of  equity  participations  in  enterprises  made  by  venture  capital  funds  or  co-

investment  facilities  depend  on  the  performance  of  the  enterprises.  The  value  of  equity 

participations  may  increase  or  decrease  over  the  period  of  investment.  Actual  reflows  from 

the capital investment will only be available in case of an exit of the investment which may 

happen many years after initial investment. In order to have information on the progress over 

time, the managing authority shall report on the value of equity participations. The amount to 

be  reported  is  the  book  value  of  the  investment  at  the  end  of  the  reporting  year,  which 

depending  on  the  applicable  accounting  rules,  is  calculated  the  following:  "Book  value  = 

nominal value of investments +/– fair-value movement – impairments of assets."  

50 equity funds (AT, BE, DE, FI, FR, LV, SE, UK) have provided information on the value of 

equity  participation.  The  total  value  of  equity  participation  was  reported  to  be  EUR 90 

million. Overall, the value of equity participation at end 2016 was reported to be 3% higher 
than the original investment of OP resources in final recipients39.  

Leverage 

The  ability  to  attract  additional  resources  is  a  key  characteristic  of  FIs  and  one  of  the  main 

arguments for promoting their use to deliver ESIF policy objectives. A definition of leverage 

effect is provided in the Financial Regulation (EU, Euratom N° 966/2012) Article 140(2)(d): 

'the Union contribution to a FI shall aim at mobilizing a global investment exceeding the size 

of  the  Union  contribution'  and  in  Article  223  of  the  Rules  of  Application  this  is  further 

specified:  'the  amount  of  finance  to  eligible  final  recipients  divided  by  the  amount  of  the 

Union contribution'. 

The  leverage  effect  is  referred  to  in  the  CPR  in  two  main  contexts:  As  'expected  leverage 

effect'  which  is  established  on  the  basis  of  the  ex-ante  assessment  and  the  signature  of  the 

39 The calculation does not consider 10 FIs in AT, DE, FR, SE, UK for which the value of equity participation 

but not the original investment of OP resources was reported. 

44 

 
 
 
 
 
 
                                                 
 
funding agreement with the body implementing the FI and after launching the FI as 'achieved 

leverage  effect'.  Additional  resources,  and  hence  leverage,  can  be  accumulated  at  different 

levels – fund of funds (if applicable), specific funds and final recipients.  

In the reporting, managing  authorities provide the expected leverage  effect  according to  the 

funding agreement for each FI. The achieved leverage effect, on the other side, is calculated 

within SFC2014 in order to have a unified calculation across OPs and FIs. The formula for the 

achieved leverage effect is the following:  

                                     Total amount of finance which reached eligible 
final recipients as of the end of a reported year  
------------------------------------------------------------------------------ 

Achieved leverage effect =  
                                                             Eligible ESIF support which effectively contributed to 
                                                            the total amount of finance indicated in the numerator   

The total amount of finance which reached eligible final recipients is the sum of (1) the ESIF 

contribution  which  reached  the  final  recipients;  (2)  the  national  co-financing  (public  or 

private)  which  reached  the  final  recipients;  (3)  the  contribution  by  other  investors  which 

reached the final recipients, and (4) the amount of other forms of support combined in a single 

FI operation which reached final recipients. 

The ESIF support which contributed to the total  amount of finance reaching final recipients 

includes  the  ESIF  resources  invested  in  final  recipients  and  the  ESIF  share  of  management 

cost and fees.  

Reporting on resources  outside the OP mobilized through FIs and expected leverage  is only 

obligatory in the annual implementation reports submitted in years 2017, 2019 and in the final 

report. At the end of 2016 for 86 FIs an expected leverage has been reported in 15 Member 

States. The reporting will have to be significantly improved in the report to be submitted in 

2019  and  in  the  final  report.  In  the  33  loan  instruments  providing  information  the  expected 

leverage  effect  ranges  from  0.96  to  7.5,  with  an  average  of  2.1.  For  the  11  guarantee 

instruments  reporting  the  leverage  effect  ranges  from  4  to  25  respectively.  The  36  equity 
instruments report a range of expected leverage effect ranging from 1.2 to 9.640 (DE). 

40 This excludes an extremely high value reported for equity FIs in Austria and the UK.  

45 

 
 
 
                           
 
 
 
                                                 
For  43  FIs  the  data  necessary  to  calculate  the  achieved  leverage  have  been  provided, 

including: 

  Three guarantee FIs achieved leverage ranges from 1.3 (HR) to 4.42 (ES); 

  22 equity FIs in DE, FI, FR and SE: achieved leverage ranges from 0.9 in FR to 21.6 

in DE; 

  20 loan FIs in DE, EE, HR, HU, LT, LV, NL: achieved leverage ranges from 0.8 in 

LV to 4.2 in DE. 

Indicators and achievements  

Information  concerning  contribution  of  the  FI  to  the  achievement  of  the  indicators  of  the 

priority is compulsory in the annual implementation report submitted in years 2017, 2019 and 

in  the  final  report.  Targets  specific  for  the  FIs  should  be  fixed  in  the  funding  agreements 

against  which  progress  in  their  achievement  should  be  reported  as  part  of  the  reporting 

exercise. Reporting is no longer limited to only one indicator 'jobs created' as it happened to 

be  in  the  reporting  for  2007-2013  programming  period.  Managing  authorities  have  a 

possibility to choose from a list of the output indicators approved in the OPs to which FIs may 

contribute. 

In the reporting exercise ending 2016, the information on indicators is therefore compulsory. 

Information on targets was reported for 120 FIs in 16 Member States. Progress toward targets 

was reported for 53 FIs in 12 Member States. This is higher than the number of FIs that made 

investments, as some reported on achievements but not on the investment made.  

The  indicators  selected  to  measure  the  direct  outcome  of  the  FIs  operations  and  their 

contribution  to  the  programme  targets  are  in  the  areas  of  productive  investment  measuring 

mostly  support  to  enterprises,  research  and  innovation,  energy  and  climate  change.  Table  6 

summarises the progress made so far, as reported by the Member States. 

46 

 
 
 
 
 
 
 
Table 6 Indicator targets and achievements reported, as of end of 2016 (ERDF and CF) 

Thematic objectives 

Reporting  on  the  thematic  objectives  supported  by  FIs  is  necessary  for  the  European 

Commission to report in the framework of the Investment Plan for Europe; however, it is not 

a legal obligation under the CPR. In most cases a priority axis is clearly linked to a thematic 

objective therefore it could be derived from the information provided under the priority axis. 

Nevertheless there are several cases of priority axes addressing different thematic objectives 

and therefore reporting would be incomplete. Such multi-thematic contributions to FIs within 

the  same  priority  axis  exist  for  8  OPs  in  BG,  FR,  GR,  HU,  PT.  Despite  the  fact  that  the 

information on thematic objectives was voluntary it was reported for all but 10 OPs.  

The amounts committed to FIs by TO are indicative only, due to partial reporting and in some 
cases  data  are  excluded  due  to  being  implausible41.  The  amounts  committed  to  FIs  by  TO, 

which  are  taken  into  account  for  the  purpose  of  the  summaries  are  presented  in  Figure  7, 

together with the respective percentages. For ERDF and CF, the reported amounts by thematic 

objective  show  significant  reporting  gaps  and  should  be  considered  as  indicative  only.  In  a 

number of cases the information was partial or data are excluded due to implausible amounts. 

Where FI address multiple thematic objectives, in the reported data the breakdown by TO was 

41 Amount committed by thematic objectives exceeded OP amount committed in the  funding agreements for 9 

FIs in EE and HR. 

47 

CodeTargetAchievementProductive investmentCO01Number of enterprises receiving support64,58836,563CO03Number of enterprises receiving financial support other than grants53,98536,281CO04Number of enterprises receiving non-financial support2,92375CO05Number of new enterprises supported7,36514,003CO07Private investment matching public support to enterprises (non-grants)1,611,441,31464,900,436CO08Employment increase in supported enterprises42,2391,444Research, InnovationCO26Number of enterprises cooperating with research institutions 3025CO27Private investment matching public support in innovation or R&D projects153,100,00023,773,951CO29Number of enterprises supported to introduce new to the firm products2,05698Energy efficiency and GHG reductionCO31Number of households with improved energy consumption classification39,01614,465CO34Estimated annual decrease of GHG 114,65929,687 
 
 
 
 
                                                 
not provided in all cases. Some MS reported commitments to all forms of finance, including 

grants. 

Overall  based  on  the  reported  amounts  committed  by  TO,  the  largest  share  of  ERDF  is 

assigned  to  SME  (TO3)  52%  of  the  total  amount  committed  to  FIs,  which  is  going  to  be 

implemented  by  111  FIs  in  22  Member  States.  This  is  followed  by  support  to  R&D  and 

innovation (TO1) with 20%, and 32 FIs in 13 Member States. Support to low carbon economy 

(TO4) with 17% is being implemented by 33 FIs in 16 Member States.  

Figure 7 Number of FIs by TO, and commitments to FIs in EUR billion and as percent of total commitment by 
TO, as of end of 2016 (ERDF and CF) 

The extension of the scope of FIs to other thematic objectives has been taken up by a limited 

number of Member States. Hungary plans to  use EUR 293 million  of ERDF for  ICT (TO2) 

and  EUR 126  million  for  promoting  sustainable  and  quality  employment  and  supporting 

labour  mobility  (TO8).  Slovakia  is  the  only  Member  State  with  committed  resources  to  the 

transport sector (TO7), for a total EUR 119 million ERDF and CF. Slovakia also plans to use 

FIs for environmental and resource efficiency (TO6) EUR 57 million EUR of ERDF and CF, 

together  with  Portugal  (EUR 55  million)  and  Bulgaria  (EUR 43  million).  Poland  has  the 

highest amount of resources committed to for social inclusion (TO9), for a total of EUR 112 

million  ERDF  and  CF.  Slovakia  (EUR 12  million)  and  Portugal  (EUR 10  million)  also 

committed amounts to this thematic objective. 

48 

 
 
 
 
 
 
ESIF financial instruments supporting RTDI 

Within the Polish Smart Growth Operational Programme, the financial instrument "Bridge 
CVC"  supports  the  development  of  public-private  forms  of  financing  aimed  at  the 
commercialization  of  pre-incubation,  incubation  and  acceleration  of  research  and 
development  projects.  Thereby,  this  instrument  supports  the  implementation  of  smart 
specialisation in Poland.  

Under this FI, a Fund of Funds (Bridge CVC) manages support provided by the OP Smart 
Growth  (through  the  Intermediate  Body  National  Centre  for  Research  and  Development) 
and by private investors. Subsequently, the fund manager selects venture capital funds that 
will make direct investments in innovative R&D companies. These venture capital funds are 
funded by the Fund of Funds as well as by private investors. 

On  basis  of  latest  available  information,  EUR 200.72  million  of  OP  resources  were 
committed to this FI, out of which 50% (EUR 100.36 million) ESIF (i.e. ERDF) resources. 
OP resources paid to the FI amounted to EUR 25.09 million, out of which 100% ERDF. 

49 

 
 
 
 
4.  Conclusions 

The data gathered in this summary represent information concerning the progress in financing 

and implementing FIs up to the end of 2016. Although it takes time to set up FI and despite 

the fact that many managing authorities and financial intermediaries were actively finalising 

the implementation of FI supported under the 2007-2013 programmes throughout 2016, there 

has been considerable progress in setting up and implementing the FI in many Member States. 

Progress in 2016 compared to 2015 is significant and very promising. The overall selection of 

FI operations, which stands at 50% of the planned allocations in the OPs, is better than for the 
ERDF&CF in total42 standing at 28.4%.  

Total OP contributions committed to FIs amount to EUR 12.8 billion, or more than two times 

the contributions committed up to the end of 2015. Out of this, EUR 9.7 billion of ERDF and 

EUR 166 million CF was committed. EUR 3.4 billion (or 30%) of the amounts committed has 

been  paid  to  FIs,  including  EUR 3  billion  of  ERDF  and  CF.  Amounts  committed  to  final 

recipients  were  EUR 1.3  billion,  of  which  EUR 1.2  billion  was  ERDF.  Of  the  committed 

amount, nearly EUR 1.1 billion had been paid to final recipients (EUR 99 million at the end 

of 2015), of which almost EUR 1 billion was ERDF.  

The largest share of funding is intended for support to SMEs (TO3) (52%), and investments in 

low carbon economy (TO4) (17%). In addition to the traditional investment areas, innovation 

and R&D (TO1) demonstrates a high interest by Member States with commitments of around 

20%.  This  was  not  an  explicit  area  for  FI  investment  during  the  2007-2013  programming 

period. 

This reporting exercise also demonstrates some encouraging results in terms of the  expected 

leverage  in  some  cases  reaching  7.5  for  loans,  25  for  guarantees  and  9.6  for  equity. 

Operational  programme  indicators  demonstrate  that  nearly  50%  of  the  targeted  SME  were 

supported  and  1,444  of  the  planned  jobs  were  created.  14,465  households  have  improved 

energy  consumption  classification  and  nearly  EUR 24  million  of  private  investment  has 

matched public support in innovation and R&D projects through FI.   

42 This covers selection of operations for all forms of support (including FI, grants, etc.) 

50 

 
 
 
 
 
                                                 
The  following  main  lessons  can  be  learnt  with  regard  to  the  organisation  of  next  year's 

reporting exercise: 

  A  higher  volume  of  data  was  collected  as  part  of  the  current  reporting  exercise 

compared  to  earlier  years,  thus  the  quality  of  the  information  provided  is  not  fully 

comparable. However, quality checks by the Commission identified a number of still 

existing weaknesses of the reported data, and some improvements were required e.g. 

by  excluding  some  information,  as  described  throughout  the  document,  before  the 

dataset could be used to prepare the annual summaries. This clarifies that there is still 

much  scope  for  improving  the  quality  of  data  reported  by  the  managing  authorities. 

Reporting on expected leverage will have to  be  significantly improved in the annual 

implementation report submitted in 2019 and the final report.  

  Managing authorities should be encouraged as much as possible to provide input also 

on  the  optional  fields,  for  example,  information  about  allocations  by  thematic 

objective, to demonstrate how FIs perform in the key investment areas. For next year's 

annual summaries, the total sum of reporting by thematic objective should match the 

overall total under other categories of reporting.  

  The  range  of  inconsistencies  in  the  reporting  indicates  that  there  will  be  a  need  for 

further  action  to  help  managing  authorities  in  order  to  improve  the  quality  of 

reporting. The Commission will put in place further actions to provide guidance and 

support the work of the Member States. This will enable the Commission to produce 

the  summaries  of  data  based  on  the  most  complete  and  accurate  data  and  with 

sufficient quality and reliability.  

51 

 
Annex FIs country factsheets (ERDF and CF)  

52 

Country fiche referenceData labelData description 1CCINumber of the operational programme providing contribution to the FI2Priority AxisReference  (number) of each priority axis supporting the FI, including fund of funds3ESI FundERDF and CF4Name and address of Financial InstrumentName and address of FI; the place of business of FI may differ from the official address of the financial intermediary5Type of Financial InstrumentFund of funds, specific fund implemented through fund of funds, or specific fund6Name of implementing bodyOfficial name of the body implementing FI; official address/place of business (country and town name) of the body implementing FI7Ex ante assessment completedDate when ex-ante assessment was completed8Selection/designation procedure launchedIndication whether the process of selecting, designating or directly awarding a body implementing FI has already started; selection of either 'Yes' or 'No'9Signature of the funding agreementDate of signature of the funding agreement10OP amounts commitment to FITotal amount of programme contributions committed in the funding agreement11out of which ERDFout of which ERDF contribution12out of which CFout of which CF contribution13OP amounts paid to FISum of columns 14, 15 and 1614out of which ERDFout of which total amount of ERDF paid to FI15out of which CFout of which total amount of CF paid to FI16Out of which national co-financingSum of columns 17 and 1817(out of which)  public co-financingout of which total amount of national public funding paid to FI18(out of which) private co-financing Total amount of national private funding paid to FI19MCF paidTotal amount of management costs and fees paid by programme contributions may differ from the sum of 20 and 2120(out of which) base remunerationThe amount of base remuneration21(out of which) performance based remunerationThe amount of performance-based remuneration22OP amount paid to final recipientsOperational Programme(s) financial support provided to final recipients (sum of columns 23, 24, 25 and 26)23(out of which) loansout of which support provided in loan products24(out of which) guaranteesout of which support provided in guarantee products25(out of which) equity out of which support provided in equity products26(out of which) other financial instrumentsout of which support provided in other financial instruments27ESIF amounts paid to final recipientsERDF and CF financial support provided to final recipients through the FI operations (sum of columns 27, 28, 29 and 30)28(out of which) loansout of which loans29(out of which) guaranteesout of which guarantees30(out of which) equity out of which equity31(out of which) other financial instrumentsout of which other financial instruments32national public co-financing paid to final recipientsnational public co-financing paid to final recipients33national private co-financing paid to final recipientsnational private co-financing paid to final recipients34Amount of loans issued backed by guaranteesTotal value of loans which were guaranteed with the programme resources and were actually disbursed to final recipients (paid into accounts of final recipients)Legend I. Identification and description of the entities which implement FIsII. Amounts of OP contributions committed and paid to FIs at the end of 2015, in EUR millionIII. Investments made by FIs in final recipients at the end of 2015, in EUR million 
 
Austria 

1 

2 

3 

CCI 

Priority 
Axis 

ESI 
Fund 

2014AT16RFOP001 

A.2 

ERDF 

6 
Name of implementing body 
Name of the 
body 
implementing 
the financial 
instrument 

Official 
address/place of 
business 
(country and 
town name) 

Name and 
address of 
Financial 
Instrument 

Type of 
financial 
instrument 

OÖ 
Hightechfonds;   
Oö 
Hightechfonds 
GmbH, 
Bethlehemstraße 
3, 4020 Linz 

Specific 
fund 

I. Identification and description of the entities which implment FIs 
7 

4 

5 

8 

9 

10 

11 

II. Amounts of OP contributions committed and paid to FIs at the end of 2016, in EUR mln 
20 

12  13=14+15+16 

16=17+18 

14 

19 

15 
Out of which 

17 
18 
Out of which 

Out of which 

Out of which 

21 

22=23+24+25+26 

23 

24 

III. Investments made in final recipients at the end of 2016, in EUR mln  
25 
31 
Out of which 

30 
Out of which 

27=28+29+30+31 

26 

28 

29 

Ex ante 
assessment 
completed 

Selection/designation 
procedure launched 

Signature 
of the 
funding 
agreement 

OP amounts 
commitment 
to FI 

ERDF 

CF 

OP amounts 
paid to FI 

ERDF 

CF 

Out of 
which 
national 
cofinancing 

public 
cofinancing 

private 
cofinancing 

MCF 
paid 

base 
remuneration 

performance 
based 
remuneration 

OP amount paid 
to final 
recipients 

loans  guarantees  equity 

other 
financial 
instruments 

ESIF amounts 
paid to final 
recipients 

loans  guarantees  equity 

other 
financial 
instruments 

32 
national 
public 
cofinancing 
paid to 
final 
recipients 

OÖ. 
Hightechfonds 

Oö 
Hightechfonds 
GmbH, 
Bethlehemstraße 
3, 4020 Linz 

15/01/2015 

Yes 

30/06/2015 

9 

3 

9  

3 

6 

3 

3 

.3 

.3 

0 

33 
national 
private 
cofinancing 
paid to 
final 
recipients 

34 

Amount of 
loans 
issued 
backed by 
guarantees 

53 

 
 
 
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
 
 
1 

2 

3 

4 

5 

7 

8 

9 

10 

11 

II. Amounts of OP contributions committed and paid to FIs at the end of 2016, in EUR mln  
16=17+18 

12  13=14+15+16 

14 

15 

17 

18 

19 

20 

21 

22=23+24+25+26 

23 

24 

III. Investments made in final recipients at the end of 2016, in EUR mln  
25 

27=28+29+30+31 

26 

29 

30 

28 

31 

32 

33 

34 

Ex ante 
assessment 
completed 

Selection/designation 
procedure launched 

Signature 
of the 
funding 
agreement 

OP amounts 
commitment 
to FI 

ERDF 

CF 

OP amounts 
paid to FI 

ERDF 

CF 

Out of 
which 
national 
cofinancing 

public 
cofinancing 

private 
cofinancing 

MCF 
paid 

base 
remuneration 

performance 
based 
remuneration 

OP amount paid 
to final 
recipients 

loans  guarantees  equity 

ESIF amounts 
paid to final 
recipients 

other 
financial 
instruments 

loans  guarantees  equity 

Out of which 

Out of which 

Out of which 

Out of which 

Out of which 

Out of which 

national 
public 
cofinancing 
paid to 
final 
recipients 

other 
financial 
instruments 

national 
private 
cofinancing 
paid to 
final 
recipients 

Amount of 
loans 
issued 
backed by 
guarantees 

31/12/2014 

Yes 

0 

0 

0 

0 

0 

0 

0 

0 

0 

Yes 

0 

0 

0 

0 

0 

0 

0 

0 

0 

Belgium 

I. Identification and description of the entities which implment FIs 

CCI 

Priority 
Axis 

ESI Fund 

Name and 
address of 
Financial 
Instrument 

2014BE16RFOP003 

2 

ERDF 

2014BE16RFOP003 

1 

ERDF 

2014BE16RFOP003 

2 

ERDF 

2014BE16RFOP003 

1 

ERDF 

2014BE16RFOP003 

2 

ERDF 

2014BE16RFOP003 

1 

ERDF 

2014BE16RFOP003 

2 

ERDF 

2014BE16RFOP003 

1 

ERDF 

2014BE16RFOP003 

2 

ERDF 

2014BE16RFOP003 

1 

ERDF 

2014BE16RFOP003 

1 

ERDF 

2014BE16RFOP003 

2 

ERDF 

B2START;   
Rue Louis 
de Geer 2, 
1348 
Ottignies-
Louvain-la-
Neuve 
B2START;   
Rue Louis 
de Geer 2, 
1348 
Ottignies-
Louvain-la-
Neuve 
FCR 2020;   
Avenue 
Georges 
Lemaître 62, 
6041 
Charleroi 
FCR 2020;   
Avenue 
Georges 
Lemaître 62, 
6041 
Charleroi 
IMBC 2020;   
Rue des 
Quatre Fils 
Aymon 12-
14, 7000 
Mons 
IMBC 2020;   
Rue des 
Quatre Fils 
Aymon 12-
14, 7000 
Mons 
INNODEM 
3;   Rue 
Saint 
Etienne, 3, 
4000 LIEGE 
INNODEM 
3;   Rue 
Saint 
Etienne, 3, 
4000 LIEGE 
LDE 2;   
Drève de 
l'Arc-en-
Ciel, 98 B - 
6700 Arlon 
LDE 2;   
Drève de 
l'Arc-en-
Ciel, 98 B - 
6700 Arlon 
MOVE;   
Hütte 79 – 
Box 20 
(Quartum 
Center) 
4700 Eupen 
MOVE;   
Hütte 79 – 
Box 20 
(Quartum 
Center) 
4700 EUPEN 

6 
Name of implementing 
body 

Type of 
financial 
instrument 

Name of the 
body 
implementing 
the financial 
instrument 

Official 
address/place 
of business 
(country and 
town name) 

Specific 
fund 

B2START S.A. 

Specific 
fund 

B2START S.A. 

Specific 
fund 

FCR 2020 S.A. 

Specific 
fund 

FCR 2020 S.A. 

Rue Louis de 
Geer 2, 1348 
Ottignies-
Louvain-la-
Neuve 

Rue Louis de 
Geer 2, 1348 
Ottignies-
Louvain-la-
Neuve 

Avenue 
Georges 
Lemaître 62, 
6041 
Charleroi 

Avenue 
Georges 
Lemaître 62, 
6041 
Charleroi 

31/12/2014 

Yes 

14/12/2016 

11.7 

4.7 

31/12/2014 

Yes 

14/12/2016 

23.9 

9.6 

Specific 
fund 

Specific 
fund 

Rue des 
Quatre Fils 
Aymon 12-14, 
7000 Mons 

31/12/2014 

Rue des 
Quatre Fils 
Aymon 12-14, 
7000 Mons 

31/12/2014 

Yes 

06/12/2016 

12.4 

4.9 

0 

Yes 

06/12/2016 

25.3 

10.1 

0 

31/12/2014 

Yes 

31/12/2014 

Yes 

Yes 

31/12/2014 

Yes 

Specific 
fund 

INNODEM 3 
S.A. 

Specific 
fund 

INNODEM 3 
S.A. 

Specific 
fund 

LDE 2 S.A. 

Specific 
fund 

LDE 2 S.A. 

Specific 
fund 

MOVE invest 
S.A. 

Specific 
fund 

MOVE Invest 
S.A. 

Rue Saint 
Etienne, 3, 
4000 LIEGE 

Rue Saint 
Etienne, 3, 
4000 LIEGE 

Drève de 
l'Arc-en-Ciel, 
98 B - 6700 
Arlon 

Drève de 
l'Arc-en-Ciel, 
98 B - 6700 
Arlon 

Hütte 79 – 
Box 20 
(Quartum 
Center) 4700 
Eupen 

Hütte 79 – 
Box 20 
(Quartum 
Center) 4700 
EUPEN 

2.9  

6  

3.1  

6.3  

0 

0 

0 

0 

1.2 

1.8 

1.8 

0 

0 

0 

2.4 

3.6 

3.6 

0 

0 

0 

1.2 

0 

1.9 

1.9 

0 

0 

0 

2.5 

0 

3.8 

3.8 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

54 

31/12/2014 

Yes 

0 

0 

0 

0 

0 

0 

0 

0 

31/12/2014 

Yes 

0 

0 

0 

0 

0 

0 

0 

0 

 
 
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
 
  
  
  
  
  
  
  
  
  
  
  
  
  
 
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
1 

2 

3 

4 

5 

7 

8 

9 

10 

11 

I. Identification and description of the entities which implment FIs 

II. Amounts of OP contributions committed and paid to FIs at the end of 2016, in EUR mln  
16=17+18 

12  13=14+15+16 

14 

15 

17 

18 

19 

20 

21 

22=23+24+25+26 

23 

24 

III. Investments made in final recipients at the end of 2016, in EUR mln  
25 

27=28+29+30+31 

26 

29 

30 

28 

31 

32 

33 

34 

CCI 

Priority 
Axis 

ESI Fund 

Name and 
address of 
Financial 
Instrument 

6 
Name of implementing 
body 

Type of 
financial 
instrument 

Name of the 
body 
implementing 
the financial 
instrument 

Official 
address/place 
of business 
(country and 
town name) 

Ex ante 
assessment 
completed 

Selection/designation 
procedure launched 

Signature 
of the 
funding 
agreement 

OP amounts 
commitment 
to FI 

ERDF 

CF 

OP amounts 
paid to FI 

ERDF 

CF 

Out of 
which 
national 
cofinancing 

public 
cofinancing 

private 
cofinancing 

MCF 
paid 

base 
remuneration 

performance 
based 
remuneration 

OP amount paid 
to final 
recipients 

loans  guarantees  equity 

ESIF amounts 
paid to final 
recipients 

other 
financial 
instruments 

loans  guarantees  equity 

Out of which 

Out of which 

Out of which 

Out of which 

Out of which 

Out of which 

national 
public 
cofinancing 
paid to 
final 
recipients 

other 
financial 
instruments 

national 
private 
cofinancing 
paid to 
final 
recipients 

Amount of 
loans 
issued 
backed by 
guarantees 

2014BE16RFOP003 

1 

ERDF 

2014BE16RFOP003 

2 

ERDF 

2014BE16RFOP003 

1 

ERDF 

2014BE16RFOP003 

2 

ERDF 

2014BE16RFOP003 

1 

ERDF 

Namur 
Investment 
and Growth 
(NIG);   
Avenue des 
Champs-
Elysées, 
160, 5000 
Namur 
Namur 
Investment 
and Growth 
(NIG);   
Avenue des 
Champs-
Elysées, 
160, 5000 
Namur 
Société des 
Cautions 
Mutuelles 
de Wallonie 
(SOCAMUT);   
Avenue 
Maurice 
Destenay, 
13 à 4000 
Liège 
WAPI 2020;   
Rue 
Defacqz, 17, 
7800 ATH 
WAPI 2020;   
Rue 
Defacqz, 17, 
7800 ATH 

Specific 
fund 

NIG S.A. 

Avenue des 
Champs-
Elysées, 160, 
5000 Namur 

Specific 
fund 

NIG S.A. 

Avenue des 
Champs-
Elysées, 160, 
5000 Namur 

31/12/2014 

Yes 

0 

0 

0 

0 

0 

0 

0 

0 

0 

31/12/2014 

Yes 

0 

0 

0 

0 

0 

0 

0 

0 

0 

Specific 
fund 

Société des 
Cautions 
Mutuelles de 
Wallonie 
(SOCAMUT) 
S.A. 

Avenue 
Maurice 
Destenay, 13 
à 4000 Liège 

Yes 

Specific 
fund 

WAPI 2020 
S.A. 

Rue Defacqz, 
17, 7800 ATH 

31/12/2014 

Yes 

Specific 
fund 

WAPI 2020 
S.A. 

Rue Defacqz, 
17, 7800 ATH 

31/12/2014 

Yes 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

2014BE16RFOP003 

test;    

Specific 
fund 

55 

 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
 
 
 
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
 
 
Bulgaria 

I. Identification and description of the entities which implment FIs 

1 

2 

3 

4 

5 

CCI 

Priority 
Axis 

ESI 
Fund 

Name and 
address of 
Financial 
Instrument 

Type of 
financial 
instrument 

6 
Name of implementing body 
Name of the 
body 
implementing 
the financial 
instrument 

Official 
address/place 
of business 
(country and 
town name) 

7 

8 

9 

10 

11 

II. Amounts of OP contributions committed and paid to FIs at the end of 2016, in EUR mln  
20 
16=17+18 

12  13=14+15+16 

14 

19 

15 
Out of which 

17 
18 
Out of which 

Out of which 

Out of which 

21 

22=23+24+25+26 

23 

24 

III. Investments made in final recipients at the end of 2016, in EUR mln  
25 
31 
Out of which 

30 
Out of which 

27=28+29+30+31 

28 

26 

29 

Ex ante 
assessment 
completed 

Selection/designation 
procedure launched 

Signature 
of the 
funding 
agreement 

OP amounts 
commitment 
to FI 

ERDF 

CF 

OP amounts 
paid to FI 

ERDF 

CF 

Out of 
which 
national 
cofinancing 

public 
cofinancing 

private 
cofinancing 

MCF 
paid 

base 
remuneration 

performance 
based 
remuneration 

OP amount paid 
to final 
recipients 

loans  guarantees  equity 

other 
financial 
instruments 

ESIF amounts 
paid to final 
recipients 

loans  guarantees  equity 

other 
financial 
instruments 

32 
national 
public 
cofinancing 
paid to 
final 
recipients 

2015BG16RFSM001 

1 

ERDF 

2014BG16RFOP001 

6 

ERDF 

2014BG16RFOP001 

1 

ERDF 

2014BG16RFOP002 

2 

ERDF 

Инструмент 
за 
неограничени 
гаранции по 
инициативата 
за МСП;   
България, 
София 
Фонд 
мениджър на 
финансови 
инструменти 
ЕАД;   ул. 
"Алабин" № 
38, гр. София, 
България 
Фонд 
мениджър на 
финансови 
инструменти 
ЕАД;   ул. 
"Алабин" № 
38, гр. София, 
България 
Фонд 
мениджър на 
финансови 
инструменти 
в България 
ЕАД;   
България, 
София 

Specific 
fund 

Европейски 
инвестиционен 
фонд 

Велико 
херцогство 
Люскембург, 
Люксембург 

Fund of 
funds 

Фонд 
мениджър на 
финансови 
инструменти 
ЕАД 

ул. "Алабин" 
№ 38, гр. 
София, 
България 

Fund of 
funds 

ул. "Алабин" 
№ 38, гр. 
София, 
България 

Fund of 
funds 

Фонд 
мениджър на 
финансови 
инструменти в 
България ЕАД 

България, 
София 

01/12/2013 

Yes 

26/04/2016 

102 

102 

94.9  

94.9 

0 

0 

0 

21/10/2014 

No 

11/11/2016 

50.4 

42.8 

21/10/2014 

No 

11/11/2016 

138.7 

117.9 

12.6  

34.7  

10.7 

1.9 

1.9 

0 

0 

0 

0 

29.5 

5.2 

5.2 

0 

0 

0 

23/10/2014 

No 

01/08/2016 

235 

199.8 

49.9  

49.9 

.3 

.3 

33 
national 
private 
cofinancing 
paid to 
final 
recipients 

34 

Amount of 
loans 
issued 
backed by 
guarantees 

56 

 
 
 
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
 
 
Croatia 

I. Identification and description of the entities which implment FIs 

1 

2 

3 

4 

5 

CCI 

Priority 
Axis 

ESI Fund 

Name and 
address of 
Financial 
Instrument 

Type of 
financial 
instrument 

6 
Name of implementing 
body 

Name of the 
body 
implementing 
the financial 
instrument 

Official 
address/place 
of business 
(country and 
town name) 

Ex ante 
assessment 
completed 

Selection/designation 
procedure launched 

7 

8 

9 

10 

11 

II. Amounts of OP contributions committed and paid to FIs at the end of 2016, in EUR mln  
20 
16=17+18 

12  13=14+15+16 

14 

15 

17 

18 

19 

21 

22=23+24+25+26 

23 

24 

III. Investments made in final recipients at the end of 2016, in EUR mln  
25 

27=28+29+30+31 

28 

29 

30 

26 

31 

32 

33 

34 

Out of which 

Out of which 

Out of which 

Out of which 

Out of which 

Out of which 

Signature 
of the 
funding 
agreement 

OP amounts 
commitment 
to FI 

ERDF 

CF 

OP amounts 
paid to FI 

ERDF 

CF 

Out of 
which 
national 
cofinancing 

public 
cofinancing 

private 
cofinancing 

MCF 
paid 

base 
remuneration 

performance 
based 
remuneration 

OP amount paid 
to final 
recipients 

loans  guarantees  equity 

ESIF amounts 
paid to final 
recipients 

other 
financial 
instruments 

loans  guarantees  equity 

national 
public 
cofinancing 
paid to 
final 
recipients 

other 
financial 
instruments 

national 
private 
cofinancing 
paid to 
final 
recipients 

Amount of 
loans 
issued 
backed by 
guarantees 

2014HR16M1OP001 

4 

ERDF 

2014HR16M1OP001 

3 

ERDF 

2014HR16M1OP001 

3 

ERDF 

2014HR16M1OP001 

3 

ERDF 

2014HR16M1OP001 

3 

ERDF 

2014HR16M1OP001 

3 

ERDF 

2014HR16M1OP001 

3 

ERDF 

ESIF Krediti 
za 
energetsku 
učinkovitost;    
ESIF Krediti 
za rast i 
razvoj;   
Hrvatska 
banka za 
obnovu i 
razvitak 
(HBOR), Trg. 
J. J. 
Strossmayera 
9, 10000 
Zagreb 
ESIF Mali 
zajmovi;   
Hrvatska 
agencija za 
malo 
gospodarstvo 
i investicije  
(HAMAG-
BICRO), 
Ksaver 208, 
Zagreb 
ESIF Mikro 
zajmovi;   
Hrvatska 
agencija za 
malo 
gospodarstvo 
i investicije 
(HAMAG-
BICRO), 
Ksaver 208, 
Zagreb 
ESIF 
Ograničeno 
portfeljno 
jamstvo;   
Hrvatska 
agencija za 
malo 
gospodarstvo 
i investicije 
(HAMAG-
BICRO), 
Ksaver 208, 
Zagreb 
ESIF 
Pojedinačno 
jamstvo bez 
subvencija 
kamatne 
stope;   
Hrvatska 
agencija za 
malo 
gospodarstvo 
i investicije  
(HAMAG-
BICRO), 
Ksaver 208, 
Zagreb 
ESIF 
Pojedinačno 
jamstvo uz 
subvenciju 
kamatne 

Specific 
fund 

01/10/2015 

No 

Specific 
fund 

Hrvatska 
banka za 
obnovu i 
razvitak 
(HBOR) 

Trg J. J. 
Strossmayera 
9, 10000 
Zagreb 

Specific 
fund 

Hrvatska 
agencija za 
malo 
gospodarstvo 
i investicije  
(HAMAG-
BICRO) 

Ksaver 208, 
Zagreb 

17/06/2016 

Yes 

21/12/2016 

109 

109 

0 

17/06/2016 

Yes 

30/06/2016 

12.5 

12.5 

0 

0  

3.1  

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

3.1 

0 

0 

0 

0 

0 

0 

0 

.8  

.8 

.8 

.8 

0 

0 

Specific 
fund 

Hrvatska 
agencija za 
malo 
gospodarstvo 
i investicije 
(HAMAG-
BICRO) 

Specific 
fund 

Hrvatska 
agencija za 
malo 
gospodarstvo 
i investicije  
(HAMAG-
BICRO) 

Specific 
fund 

Hrvatska 
agencija za 
malo 
gospodarstvo 
i investicije  
(HAMAG-
BICRO) 

Specific 
fund 

Hrvatska 
agencija za 
malo 
gospodarstvo 
i investicije  

Ksaver 208, 
10000 Zagreb 

30/06/2016 

Yes 

30/06/2016 

12.5 

12.5 

0 

3.1  

3.1 

0 

0 

0 

0 

0 

0 

0 

.2  

.2 

.2 

.2 

0 

0 

17/06/2016 

Yes 

30/06/2016 

58 

28 

0 

14.3  

14.3 

0 

0 

0 

0 

0 

0 

0 

Ksaver 208, 
10000 Zagreb 

17/06/2016 

Yes 

30/06/2016 

29 

14 

0 

7.2  

7.2 

0 

0 

0 

0 

0 

0 

0 

0  

0  

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

Ksaver 208, 
10000 Zagreb 

17/06/2016 

Yes 

30/06/2016 

38 

38 

0 

9.4  

9.4 

0 

0 

0 

0 

0 

0 

0 

1.1  

1.1 

0 

1.1 

1.1 

1.1 

0 

0 

1.3 

57 

 
 
 
 
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
 
 
  
  
  
  
  
  
  
 
 
  
  
  
  
  
  
  
 
 
 
  
  
  
  
  
  
 
 
  
  
  
  
  
  
 
 
  
  
  
  
I. Identification and description of the entities which implment FIs 

7 

8 

9 

10 

11 

II. Amounts of OP contributions committed and paid to FIs at the end of 2016, in EUR mln  
20 
16=17+18 

12  13=14+15+16 

14 

15 

17 

18 

19 

21 

22=23+24+25+26 

23 

24 

III. Investments made in final recipients at the end of 2016, in EUR mln  
25 

27=28+29+30+31 

28 

29 

30 

26 

31 

32 

33 

34 

1 

2 

3 

4 

5 

CCI 

Priority 
Axis 

ESI Fund 

Name and 
address of 
Financial 
Instrument 

Type of 
financial 
instrument 

6 
Name of implementing 
body 

Ex ante 
assessment 
completed 

Selection/designation 
procedure launched 

Official 
address/place 
of business 
(country and 
town name) 

Name of the 
body 
implementing 
the financial 
instrument 
(HAMAG-
BICRO) 

stope;   
Hrvatska 
agencija za 
malo 
gospodarstvo 
i investicije  
(HAMAG-
BICRO), 
Ksaver 208, 
Zagreb 
Rizični 
kapital;    

2014HR16M1OP001 

3 

ERDF 

Specific 
fund 

17/06/2016 

No 

Out of which 

Out of which 

Out of which 

Out of which 

Out of which 

Out of which 

Signature 
of the 
funding 
agreement 

OP amounts 
commitment 
to FI 

ERDF 

CF 

OP amounts 
paid to FI 

ERDF 

CF 

Out of 
which 
national 
cofinancing 

public 
cofinancing 

private 
cofinancing 

MCF 
paid 

base 
remuneration 

performance 
based 
remuneration 

OP amount paid 
to final 
recipients 

loans  guarantees  equity 

ESIF amounts 
paid to final 
recipients 

other 
financial 
instruments 

loans  guarantees  equity 

national 
public 
cofinancing 
paid to 
final 
recipients 

other 
financial 
instruments 

national 
private 
cofinancing 
paid to 
final 
recipients 

Amount of 
loans 
issued 
backed by 
guarantees 

58 

 
 
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
 
 
1 

2 

3 

4 

5 

7 

8 

9 

10 

11 

II. Amounts of OP contributions committed and paid to FIs at the end of 2016, in EUR mln 
20 
16=17+18 

12  13=14+15+16 

15 

17 

14 

18 

19 

21 

22=23+24+25+26 

23 

24 

III. Investments made in final recipients at the end of 2016, in EUR mln  
25 

27=28+29+30+31 

28 

29 

30 

26 

31 

32 

33 

34 

Out of which 

Out of which 

Out of which 

Out of which 

Out of which 

Out of which 

Signature 
of the 
funding 
agreement 

OP amounts 
commitment 
to FI 

ERDF 

CF 

OP amounts 
paid to FI 

ERDF 

CF 

Out of 
which 
national 
cofinancing 

public 
cofinancing 

private 
cofinancing 

MCF 
paid 

base 
remuneration 

performance 
based 
remuneration 

OP amount paid 
to final 
recipients 

loans  guarantees  equity 

ESIF amounts 
paid to final 
recipients 

other 
financial 
instruments 

loans  guarantees  equity 

national 
public 
cofinancing 
paid to 
final 
recipients 

other 
financial 
instruments 

national 
private 
cofinancing 
paid to 
final 
recipients 

Amount of 
loans 
issued 
backed by 
guarantees 

Czech Republic 

I. Identification and description of the entities which implment FIs 

6 
Name of implementing 
body 

Ex ante 
assessment 
completed 

Selection/designation 
procedure launched 

Official 
address/place 
of business 
(country and 
town name) 

CCI 

Priority 
Axis 

ESI 
Fund 

Name and 
address of 
Financial 
Instrument 

Type of 
financial 
instrument 

2014CZ16RFOP001 

3 

ERDF 

2014CZ16M1OP002 

3 

ERDF 

2014CZ16RFOP001 

2 

ERDF 

Energy Savings, 
Energy Savings 
in Heat Supply 
Systems;   
Prague, Czechia 

Specific 
fund 

Environmentální 
rizika;    

Specific 
fund 

Expanze - 
guarantee;   
Prague, Czechia 

Specific 
fund 

2014CZ16RFOP001 

2 

ERDF 

Expanze - loan;   
Prague, Czechia 

Specific 
fund 

Name of the 
body 
implementing 
the financial 
instrument 
Czech-
Moravian 
Guarantee 
and 
Development 
Bank 
Státní fond 
životního 
prostředí ČR 
Czech-
Moravian 
Guarantee 
and 
Development 
Bank 
Czech-
Moravian 
Guarantee 
and 
Development 
Bank 

Prague, 
Czechia 

Česká 
republika, 
Praha 

Prague, 
Czechia 

11/11/2015 

Yes 

20/05/2015 

11/11/2015 

Yes 

Prague, 
Czechia 

11/11/2015 

Yes 

2014CZ16M2OP001 

1 

ERDF 

2014CZ16RFOP001 

2 

ERDF 

2014CZ16RFOP001 

1 

ERDF 

2014CZ16RFOP001 

2 

ERDF 

2014CZ16RFOP002 

Nebylo určeno.;    
- 
Proof-of-
concept NIF;   
Prague, Czechia 
Risk Capital 
National 
Innovation 
Fund;   Prague, 
Czechia 
Risk capital  - 
Fund of Funds 
EIF;   Prague, 
Czechia 
Finanční nástroj 
IROP;    

Fund of 
funds 

Specific 
fund 

- 

- 

11/10/2016 

No 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

Not yet 
selected 

Not yet 
selected 

11/11/2015 

Yes 

Specific 
fund 

Not yet 
selected 

Not yet 
selected 

11/11/2015 

Yes 

European 
Investment 
Fund  

37B, avenue 
J. F. Kennedy 
– L - 2968 
Luxembourg 

11/11/2015 

Yes 

Fund of 
funds 

Specific 
fund 

59 

 
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
 
 
 
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
 
 
Estonia 

1 

2 

3 

CCI 

Priority 
Axis 

ESI 
Fund 

I. Identification and description of the entities which implment FIs 
7 

4 

5 

Name and 
address of 
Financial 
Instrument 

Type of 
financial 
instrument 

6 
Name of implementing body 
Name of the 
body 
implementing 
the financial 
instrument 

Official 
address/place 
of business 
(country and 
town name) 

8 

9 

10 

Selection/designation 
procedure launched 

Signature 
of the 
funding 
agreement 

OP amounts 
commitment 
to FI 

Ex ante 
assessment 
completed 

II. Amounts of OP contributions committed and paid to FIs at the end of 2016, in EUR mln  
20 

12  13=14+15+16  14 

16=17+18 

19 

11 

21 

22=23+24+25+26 

23 

24 

III. Investments made in final recipients at the end of 2016, in EUR mln 
31 
25 

27=28+29+30+31 

26 

30 

28 

29 

Out of which 

15 
Out of which 

17 
18 
Out of which 

Out of which 

Out of which 

Out of which 

ERDF 

CF 

OP amounts 
paid to FI 

ERDF 

CF 

Out of 
which 
national 
cofinancing 

public 
cofinancing 

private 
cofinancing 

MCF 
paid 

base 
remuneration 

performance 
based 
remuneration 

OP amount paid 
to final 
recipients 

loans  guarantees  equity 

other 
financial 
instruments 

ESIF amounts 
paid to final 
recipients 

loans  guarantees  equity 

other 
financial 
instruments 

32 
national 
public 
cofinancing 
paid to 
final 
recipients 

33 
national 
private 
cofinancing 
paid to 
final 
recipients 

34 

Amount of 
loans 
issued 
backed by 
guarantees 

2014EE16M3OP001 

5 

ERDF 

2014EE16M3OP001 

5 

ERDF 

2014EE16M3OP001 

5 

ERDF 

EstFund;   
Luxembourg, 
Luxembourg 
Krediidikindlustus;   
Eesti, Tallinn 
Laenud, 
käendused;   
Eesti, Tallinn 

Fund of 
funds 

European 
Investment Fund 

Luxembourg, 
Luxembourg 

15/04/2015 

Specific 
fund 

AS KredEx 
Krediidikindlustus 

Eesti, Tallinn  15/04/2015 

Specific 
fund 

SA KredEx 

Eesti, Tallinn  15/04/2015 

Yes 

Yes 

Yes 

01/03/2016 

83.2 

48 

21/12/2015 

10 

15/12/2015 

86 

10 

75 

0 

0 

0 

15  

2.5  

12 

2.5 

21.5  

18.9 

0 

0 

0 

3 

0 

2.6 

0 

0 

0 

3 

0 

2.6 

.3 

0 

0 

.3 

0 

0 

0 

0 

0 

0  

35.1  

0 

0 

0 

.8 

34.3 

35.1 

35.1 

35.1 

0 

0 

0 

0 

51.1 

60 

 
 
 
 
  
  
  
  
  
  
  
  
  
  
  
  
  
 
 
  
  
  
  
  
  
  
 
 
  
  
  
  
 
 
 
Finland 

1 

2 

3 

I. Identification and description of the entities which implment FIs 
7 

4 

5 

8 

9 

10 

11 

II. Amounts of OP contributions committed and paid to FIs at the end of 2016, in EUR mln  
20 
16=17+18 

12  13=14+15+16 

15 

18 

19 

17 

14 

21 

22=23+24+25+26 

23 

24 

III. Investments made in final recipients at the end of 2016, in EUR mln  
31 
25 

27=28+29+30+31 

28 

30 

26 

29 

32 

33 

34 

CCI 

Priority 
Axis 

ESI 
Fund 

Name and 
address of 
Financial 
Instrument 

Type of 
financial 
instrument 

6 
Name of implementing 
body 

Name of the 
body 
implementing 
the financial 
instrument 

Official 
address/place 
of business 
(country and 
town name) 

Ex ante 
assessment 
completed 

Selection/designation 
procedure launched 

Out of which 

Out of which 

Out of which 

Out of which 

Out of which 

Out of which 

Signature 
of the 
funding 
agreement 

OP amounts 
commitment 
to FI 

ERDF 

CF 

OP amounts 
paid to FI 

ERDF 

CF 

Out of 
which 
national 
cofinancing 

public 
cofinancing 

private 
cofinancing 

MCF 
paid 

base 
remuneration 

performance 
based 
remuneration 

OP amount paid 
to final 
recipients 

loans  guarantees  equity 

ESIF amounts 
paid to final 
recipients 

other 
financial 
instruments 

loans  guarantees  equity 

national 
public 
cofinancing 
paid to 
final 
recipients 

national 
private 
cofinancing 
paid to 
final 
recipients 

other 
financial 
instruments 

Amount of 
loans 
issued 
backed by 
guarantees 

2014FI05M2OP001 

1 

ERDF 

2016FI16RFSM001 

1 

ERDF 

Offentligt 
riskkapital med 
finansiering från 
regionala 
utvecklingsfonden 
(eruf);   Finland, 
Åland, 
Mariehamn 
SME Iniative 
Guarantee;   37B 
avuenue 
J.F.Kennedy, L-
2968 Luxembourg 

Specific fund 

Ålands 
Utvecklings 
Ab 

Elverksgatan 
10, AX-22100 
Mariehamn 

12/05/2015 

Yes 

08/12/2015 

3 

1.5 

.3  

.2 

0 

.2 

.2 

0 

0 

0 

0 

.3  

.3 

Direct 
management 

European 
Investment 
Fund 

37B avuenue 
J.F.Kennedy, 
L-2968 
Luxembourg 

31/12/2013 

0 

0 

.2 

0 

.2 

.2 

0 

0 

0 

0 

0 

61 

 
 
 
  
 
 
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
 
 
France 

1 

2 

3 

CCI 

Priority 
Axis 

ESI 
Fund 

2014FR16M2OP003 

2 

ERDF 

2014FR16M0OP012 

3 

ERDF 

2014FR16M2OP005 

1 

ERDF 

I. Identification and description of the entities which implment FIs 
7 

4 

5 

Name and 
address of 
Financial 
Instrument 

Type of 
financial 
instrument 

Specific 
fund 

Name of the body 
implementing the 
financial 
instrument 

6 
Name of implementing body 
Official 
address/place 
of business 
(country and 
town name) 
France - 
Rennes 

I-Source Gestion 

Breizh Up;   
France - Rennes 
CAP 3ème 
Révolution 
Industriel ;   77 
rue National 
59000 Lille 

Création 4;   FPCI 
Création 4 Invest 
PME Besancon 
France 

Specific 
fund 

Nord Capital 
Partenaire 

Specific 
fund 

Invest PME 

77 rue 
National 
59000 LIlle 

Temis Center 
2-9 avenue 
des 
Montboucons 
-25000 
Besancon 
37 B avenue 
JF Kennedy L-
2968 
Luxembourg 

8 

9 

10 

11 

12  13=14+15+16  14 

15  16=17+18 

19 

20 

21 

22=23+24+25+26 

23 

24 

II. Amounts of OP contributions committed and paid to FIs at the end of 2016, in EUR mln 

III. Investments made in final recipients at the end of 2016, in EUR mln  
31 
25 

27=28+29+30+31 

29 

30 

26 

28 

Ex ante 
assessment 
completed 

Selection/designation 
procedure launched 

Signature 
of the 
funding 
agreement 

OP amounts 
commitment 
to FI 

Out of which 

Out of which 

ERDF 

CF 

OP amounts 
paid to FI 

ERDF 

CF 

Out of 
which 
national 
cofinancing 

public 
cofinancing 

private 
cofinancing 

MCF 
paid 

base 
remuneration 

performance 
based 
remuneration 

OP amount paid 
to final 
recipients 

loans  guarantees  equity 

other 
financial 
instruments 

ESIF amounts 
paid to final 
recipients 

loans  guarantees  equity 

other 
financial 
instruments 

Out of which 

Out of which 

Out of which 

17 
18 
Out of which 

32 
national 
public 
cofinancing 
paid to 
final 
recipients 

33 
national 
private 
cofinancing 
paid to 
final 
recipients 

34 

Amount of 
loans 
issued 
backed by 
guarantees 

30/04/2015 

Yes 

14/12/2015 

10 

8 

28/09/2015 

Yes 

04/12/2015 

20 

15 

0 

21/11/2014 

Yes 

20/11/2015 

2.6 

.9 

0 

17/04/2015 

Yes 

27/04/2015 

43 

25.8 

5  

8.9  

.8  

23.1  

4 

1 

6.4 

0 

2.5 

1 

0 

.3 

2.5 

.5 

.1 

.5 

.3 

0 

.5 

0 

.5 

0 

0 

13.9 

9.3 

9.3 

.1 

.1 

.1 

0 

0 

0 

.4  

1.5  

.4 

1.5 

.3 

1.1 

.3 

1.1 

.1 

0 

.4 

2014FR16M0OP006 

1 

ERDF 

FOSTER TPE PME;   
REGION 
OCCITANIE 

Fund of 
funds 

FONDS EUROPEEN 
D'INVESTISSEMENT 

Fonds de Prêt 
FEDER Innovation 
(FPFI) Rhône-
Alpes;   
Instrument 
financier géré 
sous la 
responsabilité du 
Conseil Régional 
Auvergne Rhône-
Alpes, autorité de 
gestion, 
conformément à 
l'article 38, 
paragraphe 1, 
point b), sise 1 
esplanade 
François 
Mitterrand, CS 
20033, 69269 
LYON cedex 2 
L'autorité de 
gestion a confié 
les tâches 
d'exécution, 
conformément à 
l'article 38 
paragraphe 4, 
point b), à EPIC 
Bpifrance 
(Etablissement 
public à caractère 
industriel et 
commercial), sise 
27-31 avenue du 
Général Leclerc 
94170 MAISONS-
ALFORT 
Fonds de prêt 
FEDER Innovation 
(FPFI) Lorraine;   
France, 
MAISONS-
ALFORT 
Fonds européen 
des matériaux;   
France, METZ 
Jeremie Auvergne 
2;   24 avenue de 
l'agriculture - 
63100 Clermont-
Ferrand /148 
boulevard 
Lavoisier 63037 
Clermont-Ferrand 

2014FR16M2OP010 

1 

ERDF 

2014FR16M2OP007 

2 

ERDF 

2014FR16M2OP007 

2 

ERDF 

2014FR16M0OP002 

3 

ERDF 

Specific 
fund 

EPIC BPI FRANCE 
(établissement 
public à caractére 
industriel et 
commercial) 

27-31 avenue 
du général 
Leclerc 94170 
MAISONS 
ALFORT 

03/11/2014 

Yes 

26/11/2015 

34.4 

18.4 

0 

8.6  

4.6 

4 

4 

.1 

0 

0 

Specific 
fund 

BPIFrance 

Specific 
fund 

EMERTEC Gestion 

Fund of 
funds 

SOFIMAC 
PARTNERS / CCIR 
Auvergne 

France, 
MAISONS-
ALFORT 

France, 
Grenoble 

24 avenue de 
l'agriculture - 
63100 
Clermont-
Ferrand /148 
boulevard 
Lavoisier 
63037 

08/06/2015 

No 

17/12/2015 

8 

4 

0 

08/06/2015 

Yes 

21/07/2015 

6 

3 

0 

2  

.5  

1 

0 

1 

1 

0 

0 

.3 

0 

.3 

.3 

0 

0 

0 

0 

0 

0 

0 

0  

0  

0 

0 

0 

0 

0 

0 

0 

0 

0 

31/12/2013 

Yes 

29/09/2015 

48 

28.8 

62 

 
 
 
  
 
  
  
 
  
  
  
  
  
  
  
  
 
 
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
 
  
  
  
  
  
  
  
 
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
1 

2 

3 

CCI 

Priority 
Axis 

ESI 
Fund 

2014FR16M0OP012 

1 

ERDF 

2014FR16M2OP001  Axe 1 

ERDF 

2014FR16M0OP013 

1 

ERDF 

2014FR16M0OP002 

2014FR16M0OP002 

2014FR16M2OP007 

2 

I. Identification and description of the entities which implment FIs 
7 

4 

5 

Type of 
financial 
instrument 

Name and 
address of 
Financial 
Instrument 

Cedex 1 

Name of the body 
implementing the 
financial 
instrument 

6 
Name of implementing body 
Official 
address/place 
of business 
(country and 
town name) 
Clermont-
Ferrand Cedex 
1 

8 

9 

10 

11 

12  13=14+15+16  14 

15  16=17+18 

19 

20 

21 

22=23+24+25+26 

23 

24 

II. Amounts of OP contributions committed and paid to FIs at the end of 2016, in EUR mln 

III. Investments made in final recipients at the end of 2016, in EUR mln  
31 
25 

27=28+29+30+31 

29 

30 

26 

28 

Ex ante 
assessment 
completed 

Selection/designation 
procedure launched 

Signature 
of the 
funding 
agreement 

OP amounts 
commitment 
to FI 

Out of which 

Out of which 

ERDF 

CF 

OP amounts 
paid to FI 

ERDF 

CF 

Out of 
which 
national 
cofinancing 

public 
cofinancing 

private 
cofinancing 

MCF 
paid 

base 
remuneration 

performance 
based 
remuneration 

OP amount paid 
to final 
recipients 

loans  guarantees  equity 

other 
financial 
instruments 

ESIF amounts 
paid to final 
recipients 

loans  guarantees  equity 

other 
financial 
instruments 

Out of which 

Out of which 

Out of which 

17 
18 
Out of which 

32 
national 
public 
cofinancing 
paid to 
final 
recipients 

33 
national 
private 
cofinancing 
paid to 
final 
recipients 

Nord France 
Amorçage (NFA);   
151 boulevard du 
Président Hoover 
59555 Lille CEDEX 
Normandie 
Participations;   2 
Anton Philips 14 
460 
COLOMBELLES  
PACA 
INVESTISSEMENT;   
27 Place Jules 
Gesde - 13002 
Marseille  
Abondement du 
fonds Initiative 
Auvergne;   148 
Boulevard 
Lavoisier 63037 
Clermont-Ferrand 
Cedex 1 
Jeremie 
Innovation 2 / 
JEREMIE CAP 
PME 2 / JEREMIE 
Financement 2;   
24 avenue de 
l'agriculture 
63100 Clermont-
Ferrand 
Fonds de garantie 
Lorraine TPE 
FEDER 2 ;   
France, Montreuil 

3.8 

0 

1.3 

1.3 

0 

.1 

.1 

0 

2.3  

2.3 

1.7 

1.7 

.6 

0 

3.2 

4.8 

4.8 

0 

5  

8  

Specific 
fund 

SIPAREX 

90 rue de 
Paris 59000 
Lille 

24/03/2015 

Yes 

18/12/2015 

20 

15 

0 

Specific 
fund 

SOFIMAC 

Specific 
fund 

Provence-Alpes-
Côte d'Azur 
Investissement 

Fund of 
funds 
specific 
fund 

Fund of 
funds 
specific 
fund 

SOFIMAC SA 

Normandie 
Participations 
2, Anton 
Philips 14 460 
COLOMBELLES 

15/04/2015 

27 Place Jule 
Guesde, 
13002 
Marseille 

148 Boulevard 
Lavoisier 
63037 
Clermont-
Ferrand Cedex 
1 

24 avenue de 
l'agriculture 
63100 
Clermont-
Ferrand 

16 

6.4 

Yes 

Yes 

23/08/2016 

12 

7.2 

29/09/2015 

28.2 

16.9 

Specific 
fund 

France Active 
Garantie 

France, 
Montreuil 

08/06/2015 

Yes 

20/11/2015 

.8 

.4 

0 

.2  

.1 

0 

.1 

.1 

0 

0 

0 

0 

0 

0 

0 

34 

Amount of 
loans 
issued 
backed by 
guarantees 

63 

 
 
 
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
 
 
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
 
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
 
  
  
  
  
  
  
  
  
  
  
 
 
 
II. Amounts of OP contributions committed and paid to FIs at the end of 2016, in EUR mln 

17 

18 

19 

20 

21 

22=23+24+25+26  23 

24 

III. Investments made in final recipients at the end of 2016, in EUR mln  
25 

27=28+29+30+31  28 

29 

30 

31 

26 

32 

33 

34 

7 

8 

9 

10 

Ex ante 
assessment 
completed 

Selection/designation 
procedure launched 

Signature 
of the 
funding 
agreement 

OP amounts 
commitment 
to FI 

11  12  13=14+15+16  14  15  16=17+18 
Out of 
which 

Out of 
which 

OP amounts 
paid to FI 

ERDF  CF 

ERDF  CF 

Out of 
which 
national 
cofinancing 

public 
cofinancing 

private 
cofinancing 

Out of which 

Out of which 

Out of which 

Out of which 

MCF 
paid 

base 
remuneration 

performance 
based 
remuneration 

OP amount paid 
to final 
recipients 

loans guarantees equity 

other 
financial 
instruments 

ESIF amounts 
paid to final 
recipients 

loans guarantees equity 

other 
financial 
instruments 

national 
public 
cofinancing 
paid to 
final 
recipients 

national 
private 
cofinancing 
paid to 
final 
recipients 

Amount of 
loans 
issued 
backed by 
guarantees 

Germany 

1 

2 

3 

I. Identification and description of the entities which implment FIs 
4 

5 

6 

Name of implementing body 

Type of 
financial 
instrument 

Name of the body 
implementing the 
financial instrument 

Specific fund  Bayern Kapital GmbH 

Specific fund 

Mittelständische 
Beteiligungsgesellschaft 
mbH 

Specific fund 

NBank 

Official 
address/place 
of business 
(country and 
town name) 

Landshut, 
Deutschland 

Graf-Schack-
Allee 12, 19053 
Schwerin, 
Mecklenburg-
Vorpommern 

Niedersachsen, 
Hannover 

Specific fund 

Investitionsbank 
Schleswig-Holstein 
(IB.SH), Fleethörn 29-31, 
24103 Kiel 

Fleethörn 29-
31, 24103 Kiel, 
Deutschland 

Specific fund 

Investitionsbank des 
Landes Brandenburg 

Deutschland, 
Potsdam 

Fund of 
funds 

Thüringer Aufbaubank 

Specific fund  Thüringer Aufbaubank 

Gorkistr. 9, 
99084 Erfurt 

DE Gorkistr. 9, 
99084 Erfurt 

CCI 

Priority 
Axis 

ESI 
Fund 

Name and address of 
Financial Instrument 

2014DE16RFOP002 

2 

ERDF 

2014DE16RFOP008 

1 

ERDF 

2014DE16M2OP001 

2 

ERDF 

2014DE16RFOP014 

2 

ERDF 

2014DE16RFOP004 

2 

ERDF 

2014DE16RFOP015 

2 

ERDF 

2014DE16RFOP015 

2 

ERDF 

2014DE16RFOP012 

B 

ERDF 

2014DE16RFOP004 

1 

ERDF 

Bayern Kapital 
Innovationsfonds EFRE;   
Landshut, Deutschland 
Beteiligungs-Fonds-Innovation 
Mecklenburg-Vorpommern 
(BFIMV);   Mittelständische 
Beteiligungsgesellschaft mbH, 
Graf-Schack-Allee 12, 19053 
Schwerin 
Beteiligungsfonds 
(NBeteiligung III);   
Niedersachsen, Hannover 
Beteiligungsfonds für KMU;   
Investitionsbank Schleswig-
Holstein (IB.SH), Fleethörn 29-
31, 24103 Kiel 
Brandenburg-Kredit 
Mezzanine II;   Deutschland, 
Potsdam 
Darlehensfonds Thüringen-
Dynamik FP 2014 - 2020;   
Gorkistr. 9, 99084 Erfurt 
Darlehensfonds Thüringen-
Invest FP 2014 - 2020;   
Gorkistr. 9, 99084 Erfurt 
Darlehensfonds zur 
Markteinführung innovativer 
Produkte Sachsen;   Freistaat 
Sachsen, Sächsisches 
Staatsministerium der 
Finanzen, Dresden 
Darlehensteil von ProFIT 
Brandenburg (Programm zur 
Förderung von Forschung, 
Innovation und 
Technologien);   Deutschland, 
Potsdam 

29/09/2014 

Yes 

26/10/2015 

20 

10 

0 

11/11/2014 

Yes 

30/12/2014 

9.4 

8 

0 

28/05/2014 

Yes 

30/07/2015 

50 

25 

0 

30/04/2014 

Yes 

05/03/2015 

44 

22 

0 

20/06/2014 

Yes 

08/12/2015 

32.5 

22 

0 

27/11/2014 

Yes 

23/12/2014 

120 

27/11/2014 

Yes 

23/12/2014 

27.5 

5  

9.4  

6.9  

12.2  

8.1  

86.3  

16.8  

38.4  

2.5  0 

2.5 

2.5 

0 

.5 

.5 

8 

0 

1.4 

3 

3.9 

0 

3 

1.4 

.3 

.1 

.8 

.8 

.7 

7.5  0 

4.7 

2.3 

2.3 

0 

5.5  0 

2.6 

2.6 

69 

17.3 

17.3 

12 

0 

4.8 

4.8 

0 

0 

0 

0 

.8 

.4 

0 

0 

0 

0 

17.4  14 

7 

3.5 

3.5 

0 

0 

Specific fund 

Sächsische Aufbaubank - 
Förderbank - 

Pirnaische 
Straße 9, 01069 
Dresden 

26/01/2015 

Yes 

06/12/2016 

17.4 

14 

0 

Direct 
management 

2014DE16RFOP005 

1 

ERDF 

EFRE-Beteiligungsfonds 
Bremen;   Kontorhaus am 
Markt, Langenstr. 2-4, 28195 
Bremen, Deutschland 

Specific fund 

Beteiligungs- und 
Managementgesellschaft 
Bremen mbH 

2014DE16RFOP005 

2 

ERDF 

2014DE16RFOP005 

1 

ERDF 

2014DE16RFOP005 

3 

ERDF 

2014DE16RFOP002 

2 

ERDF 

2014DE16RFOP002 

2 

ERDF 

2014DE16RFOP002 

2 

ERDF 

2014DE16RFOP004 

2014DE16RFOP007 

2 

1 

ERDF 

EFRE-Darlehensfonds Bremen;   
Kontorhaus am Markt, 
Langenstr. 2-4, 28195 
Bremen, Deutschland 

Specific fund 

Bremer Aufbau-Bank 
GmbH 

EFRE-Darlehensfonds Bremen;   
Kontorhaus am Markt, 
Langenstr. 2-4, 28195 
Bremen, Deutschland 

Specific fund 

Bremer Aufbau-Bank 
GmbH 

EFRE-Darlehensfonds Bremen;   
Kontorhaus am Mark, 
Langenstr. 2-4, 28195 
Bremen, Deutschland 

Specific fund 

Bremer Aufbau-Bank 
GmbH 

EFRE-Projekt 2014 A;   
Frankfurt am Main, 
Deutschland 

Specific fund 

EFRE-Projekt 2014 B;   
München, Deutschland 

Specific fund 

VR Equity Gesellschaft für 
regionale Entwicklung in 
Bayern mbH 
BayBG Bayerische 
Beteiligungsgesellschaft 
mbH 

Specific fund 

S-Refit AG 

EFRE-Projekt 2014 C;   
Regensburg, Deutschland 
Frühphasen- und 
Wachstumsfonds;   
Deutschland, Potsdam 

Kontorhaus am 
Markt, 
Langenstr. 2-4, 
28195 Bremen, 
Deutschland 
Kontorhaus am 
Markt, 
Langenstr. 2-4, 
28195 Bremen, 
Deutschland 
Kontorhaus am 
Markt, 
Langenstr. 2-4, 
28195 Bremen, 
Deutschland 
Kontorhaus am 
Markt, 
Langenstr. 2-4, 
28195 Bremen, 
Deutschland 
Frankfurt am 
Main, 
Deutschland 

Specific fund 

Investitionsbank des 
Landes Brandenburg 

Deutschland, 
Potsdam 

20/06/2014 

ERDF  Hessen Kapital III - Tranche  Specific fund 

07/12/2015 

München, 
Deutschland 

Regensburg, 
Deutschland 

29/09/2014 

29/09/2014 

10/12/2014 

01/06/2015 

Yes 

09/12/2016 

6 

4.5  0 

1.1  

1.1  0 

0 

01/06/2015 

Yes 

09/12/2016 

40.1 

18.6  0 

4.3  

4.3  0 

0 

01/06/2015 

Yes 

09/12/2016 

40.1 

18.6  0 

4.3  

4.3  0 

0 

01/06/2015 

Yes 

09/12/2016 

40.1 

18.6  0 

29/09/2014 

Yes 

16/04/2015 

15 

7.5  0 

18/12/2014 

20 

10 

0 

19/12/2014 

15 

7.5  0 

08/12/2015 

70 

60 

0 

Yes 

Yes 

Yes 

No 

4.3  0 

0 

1.9  0 

1.9 

2 

0 

0 

0 

2 

0 

4.3  

3.8  

4  

0  

17.5  

15 

0 

2.5 

2.5 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

1.9 

.5 

2 

0 

0 

.6 

0 

.5 

.5 

.6 

0 

.5 

0 

.3 

0 

0 

0 

.8 

.4 

0 

0 

0 

0 

0 

0 

0 

0 

0 

.9  

3.7  

4.5  

9.4  

1.4  

.9 

3.7 

4.5 

9.4 

.5 

3.1 

1.9 

4.7 

.5 

3.1 

1.9 

4.7 

.5 

0 

0 

.6 

1.8 

.8 

2.3 

2.3 

1.4 

.9 

.9 

.4 

0 

5 

5 

4 

4 

1 

0 

0  

2.9  

0 

7.4  

0 

2.9 

0 

7.4 

0 

1.5 

0 

6.3 

0 

1.5 

0 

6.3 

0 

0 

0 

1.1 

0 

1.5 

0 

0 

64 

 
 
 
 
 
  
  
  
  
  
  
  
 
 
  
  
  
  
  
  
  
 
  
 
  
  
  
  
  
  
  
 
 
  
  
  
  
  
  
  
 
 
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
 
 
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
 
 
  
  
  
  
  
  
  
 
 
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
 
 
  
  
  
  
  
  
  
 
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
1 

2 

3 

I. Identification and description of the entities which implment FIs 
4 

5 

6 

CCI 

Priority 
Axis 

ESI 
Fund 

Name and address of 
Financial Instrument 

Name of implementing body 

Type of 
financial 
instrument 

Name of the body 
implementing the 
financial instrument 

Official 
address/place 
of business 
(country and 
town name) 

II. Amounts of OP contributions committed and paid to FIs at the end of 2016, in EUR mln 

17 

18 

19 

20 

21 

22=23+24+25+26  23 

24 

III. Investments made in final recipients at the end of 2016, in EUR mln  
25 

27=28+29+30+31  28 

29 

30 

31 

26 

32 

33 

34 

7 

8 

9 

10 

Ex ante 
assessment 
completed 

Selection/designation 
procedure launched 

Signature 
of the 
funding 
agreement 

OP amounts 
commitment 
to FI 

11  12  13=14+15+16  14  15  16=17+18 
Out of 
which 

Out of 
which 

OP amounts 
paid to FI 

ERDF  CF 

ERDF  CF 

Out of 
which 
national 
cofinancing 

public 
cofinancing 

private 
cofinancing 

Out of which 

Out of which 

Out of which 

Out of which 

MCF 
paid 

base 
remuneration 

performance 
based 
remuneration 

OP amount paid 
to final 
recipients 

loans guarantees equity 

other 
financial 
instruments 

ESIF amounts 
paid to final 
recipients 

loans guarantees equity 

other 
financial 
instruments 

national 
public 
cofinancing 
paid to 
final 
recipients 

national 
private 
cofinancing 
paid to 
final 
recipients 

Amount of 
loans 
issued 
backed by 
guarantees 

2014DE16RFOP007 

2 

ERDF 

2014DE16RFOP007 

2014DE16M2OP001 

2 

1 

ERDF 

ERDF 

2014DE16RFOP010  PA 1  ERDF 

Hochschulausgründungen;    
Hessen Kapital III - Tranche 
Innovation und Wachstum 
von KMU;    
Hessen Kapital III - Tranche 
Unternehmensgründungen;    
Innovationsfonds;   
Niedersachsen, Hannover 
Innovationsfonds Rheinland-
Pfalz II (IRP II);   Investitions- 
und Strukturbank Rheinland-
Pfalz (ISB), Holzhofstraße 4, 
55116 Mainz 

Specific fund 

Specific fund 

Specific fund 

Specific fund 

07/12/2015 

No 

07/12/2015 

NBank 

Niedersachsen, 
Hannover 

28/05/2014 

No 

Yes 

Investitions- und 
Strukturbank Rheinland-
PFalz (ISB)  

Holzhofstraße 
4, 55116 Mainz 

06/01/2015 

Yes 

07/12/2016 

30 

15 

Yes 

13/12/2016 

12 

6 

Yes 

15/05/2014 

10 

9 

0 

Yes 

Yes 

20/08/2015 

08/12/2015 

32 

10 

16 

0 

8 

0 

18/11/2016 

Specific fund 

Innovationsstarterfonds 
Hamburg GmbH 

Specific fund 

Bürgschaftsbank 
Mecklenburg-
Vorpommern GmbH 

Specific fund 

NBank 

Specific fund 

Investitionsbank des 
Landes Brandenburg 

Besenbinderhof 
31, 20097 
Hamburg, 
Germany 
Graf-Schack-
Allee 12, 19053 
Schwerin, 
Mecklenburg-
Vorpommern 
Niedersachsen, 
Hannover 
Deutschland, 
Potsdam 

NRW.Bank, vertreten 
durch Herrn. Dr. Ortwin 
Schumacher und Herrn 
Anton Render 
NRW.Bank, vertreten 
durch Herrn. Dr. Ortwin 
Schumacher und Herrn 
Anton Render 

NRW.Bank, 
Kavalleriestraße 
22, 40213 
Düsseldorf 
NRW.Bank, 
Kavalleriestraße 
22, 40213 
Düsseldorf 

25/09/2015 

15/04/2014 

28/05/2014 

20/06/2014 

31/12/2014 

31/12/2014 

29/02/2016 

Fund of 
funds 

Specific fund 

Direct 
management 

2014DE16RFOP009 

3 

ERDF 

NRW.BANK/EU 
Wärmeinfrastruktur;    

Specific fund 

2014DE16RFOP006 

1 

ERDF 

2014DE16RFOP008 

2 

ERDF 

2014DE16M2OP001 

2014DE16RFOP004 

2014DE16RFOP009 

2 

2 

4 

ERDF 

ERDF 

ERDF 

2014DE16RFOP009 

4 

ERDF 

Innovationsstarterfonds 
Hamburg II;   Hamburg, 
Germany 

KMU-Darlehensfonds;   
Bürgschaftsbank 
Mecklenburg-Vorpommern 
GmbH Graf-Schack-Allee 12, 
19053 Schwerin 
MikroSTARTer;   
Niedersachsen, Hannover 
Mikrokredit Brandenburg;   
Deutschland, Potsdam 
NRW.BANK/EU 
Stadtentwicklung;    
NRW.BANK/EU 
Stadtentwicklung;   
NRW.Bank, Kavalleriestraße 
22, 40213 Düsseldorf  

2014DE16RFOP012 

B 

ERDF 

2014DE16RFOP003 

1 

ERDF 

2014DE16RFOP014 

2 

ERDF 

2014DE16RFOP012 

B 

ERDF 

2014DE16RFOP015 

2 

ERDF 

2014DE16RFOP011  PA B  ERDF 

Nachrang-Darlehensfonds zur 
Verbesserung der regionalen 
Wirtschaftsstruktur Sachsen - 
II;   Freistaat Sachsen, 
Sächsisches Staatsministerium 
der Finanzen, Dresden 
ProFIT Darlehen;   Berlin, 
Germany 
Seed- und Start-up-Fonds II;   
Investitionsbank Schleswig-
Holstein (IB.SH), Fleethörn 29-
31, 24103 Kiel 
Technologiegründerfonds 
Sachsen;   Dittrichring 2, 
04109 Leipzig 
Thüringer Start-Up-Fonds;   
Gorkistr. 9, 99084 Erfurt 
Unterstützung der 
Finanzierung von 
Investitionsprojekten der 
KMU mit Hilfe eines 
revolvierenden Fonds;   noch 
offen 

Specific fund 

Investitionsbank 
Schleswig-Holstein 
(IB.SH) 

Fleethörn 29-
31, 24103 Kiel 

22/04/2014 

Yes 

01/07/2015 

12 

6 

0 

Specific fund 

Fund of 
funds 

Fund of 
funds 

Technologiegründerfonds 
Sachsen Management 
GmbH & Co. KG 
Stiftung Thüringer 
Beteiligungskapital 

Dittrichring 2, 
04109 Leipzig 

Gorkistr. 9, 
99084 Erfurt 

26/01/2015 

30/04/2015 

Yes 

Yes 

01/02/2016 

55.4 

44.3  0 

19/06/2015 

18.8 

noch offen 

noch offen  15/11/2016 

No 

16 

8 

2014DE16RFOP003 

1 

ERDF 

VC Fonds Kreativwirtschaft II;   
Berlin, Germany 

Specific fund 

IBB Investitionsbank 
Berlin 

2014DE16RFOP003 

1 

ERDF 

VC Fonds Technologie II;   
Berlin, Germany 

Specific fund 

IBB Investitionsbank 
Berlin 

2014DE16RFOP008 

1 

ERDF 

2014DE16RFOP015 

2 

ERDF 

Venture Capital Fonds 
Mecklenburg-Vorpommern 
(VCFMV);   Hagenower Straße 
73, 19061 Schwerin, 
Deutschland 
WachstumsBeteiligungsFonds;   
Gorkistr. 9, 99084 Erfurt 

Specific fund 

Venture Capital Fonds 
MV GmbH 

Fund of 
funds 

Stiftung Thüringer 
Beteiligungskapital 

Bundesallee 
210, 10719 
Berlin; 
Germany 
Bundesallee 
210, 10719 
Berlin, 
Germany 
Hagenower 
Straße 73, 
19061 
Schwerin, 
Deutschland 
Gorkistr. 9, 
99084 Erfurt 

15/12/2014 

Yes 

06/03/2015 

40 

20 

15/12/2014 

Yes 

06/03/2015 

60 

30 

30/04/2014 

Yes 

18/12/2015 

10 

10 

0 

30/04/2015 

Yes 

19/06/2015 

37.5 

6  

3  

10  

8  

5  

3 

3 

3 

0 

0 

0 

1.5 

1.5 

1.5 

0 

0 

9 

0 

1 

4 

4 

0 

0 

4 

1 

0 

4 

1 

1 

0 

0 

.3 

.1 

.1 

0 

0 

0 

.2 

.1 

0 

5  

5.7  

2  

5 

5.7 

2 

4.5 

4.5 

0 

.5 

2.8 

1.6 

2.8 

1.6 

2.8 

.4 

0 

0 

3.5  

13.9  

9.4  

20  

30  

10  

9.4  

1.4  0 

2.1 

1.8 

.3 

0 

0 

11.1  0 

2.8 

0 

2.8 

1.1 

7.5  0 

1.9 

1.9 

0 

.9 

0 

.8 

10 

0 

10 

10 

0 

1 

.9 

15 

0 

15 

15 

0 

1.7 

1.4 

10 

0 

0 

0 

0 

.2 

.2 

5 

0 

4.3 

4.3 

0 

1.7 

1.7 

2.2  

1.8  

7.2  

16.3  

.4  

0 

0 

0 

.1 

.2 

0 

0 

2.2 

1.8 

7.2 

16.3 

.4 

1.1 

1.4 

3.6 

8.2 

.4 

16.8 

.8 

0 

3.6 

8.2 

0 

.7 

.3 

.4 

0 

0 

0 

1.1 

1.4 

3.6 

8.2 

.4 

65 

Specific fund 

Sächsische Aufbaubank - 
Förderbank - 

Pirnaische 
Straße 9, 01069 
Dresden 

26/01/2015 

Yes 

11/05/2015 

100 

80 

0 

30  

24 

0 

6 

6 

0 

0 

0 

0 

15/12/2014 

34.4 

34.4 

16.9 

16.9 

 
 
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
 
  
  
  
  
  
  
  
 
 
  
  
  
  
  
  
  
 
 
  
  
  
  
  
  
  
 
 
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
 
 
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
 
  
  
  
  
  
  
  
 
 
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
 
  
  
  
  
  
  
  
  
 
 
  
  
  
  
  
  
  
 
 
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
 
 
 
Greece 

I. Identification and description of the entities which implment FIs 

II. Amounts of OP contributions committed and paid to FIs at the end of 2016, in EUR mln  

1 

2 

3 

4 

5 

CCI 

Priority 
Axis 

ESI 
Fund 

Name and address 
of Financial 
Instrument 

Type of 
financial 
instrument 

6 
Name of implementing body 
Name of the 
body 
implementing 
the financial 
instrument 

Official 
address/place of 
business 
(country and 
town name) 

7 

8 

9 

10 

11 

12  13=14+15+16  14 

15  16=17+18 

19 

20 

21 

22=23+24+25+26  23 

24 

Ex ante 
assessment 
completed 

Selection/designation 
procedure launched 

Signature 
of the 
funding 
agreement 

OP amounts 
commitment 
to FI 

Out of which 

Out of which 

ERDF 

CF 

OP amounts 
paid to FI 

ERDF  CF 

Out of 
which 
national 
cofinancing 

public 
cofinancing 

private 
cofinancing 

Out of which 

Out of which 

Out of which 

MCF 
paid 

base 
remuneration 

performance 
based 
remuneration 

OP amount paid 
to final 
recipients 

loans  guarantees  equity 

other 
financial 
instruments 

ESIF amounts 
paid to final 
recipients 

loans  guarantees  equity 

other 
financial 
instruments 

17 
18 
Out of which 

III. Investments made in final recipients at the end of 2016, in EUR mln 
31 
25 

27=28+29+30+31  28 

26 

29 

30 

32 
national 
public 
cofinancing 
paid to 
final 
recipients 

33 
national 
private 
cofinancing 
paid to 
final 
recipients 

34 

Amount of 
loans 
issued 
backed by 
guarantees 

2014GR16M2OP001  01Σ 

ERDF 

2014GR16M2OP001 

03 

ERDF 

2014GR16M2OP001  03Σ 

ERDF 

2014GR16M2OP001 

01 

ERDF 

2014GR16M2OP001 

01 

ERDF 

2014GR16M2OP001  01Σ 

ERDF 

ERDF  
ENTREPRENEURSHIP 
FUND II- AX.01S;   
National 
Entrepreneurship 
and Development 
Fund (ETEAN SA), 
GREECE, ATHENS 
ERDF ENERGY 
EFFICIENCY FUND II- 
AX.03;   National 
Entrepreneurship 
and Development 
Fund (ETEAN SA), 
GREECE, ATHENS 
ERDF ENERGY 
EFFICIENCY FUND II- 
AX.03S;   National 
Entrepreneurship 
and Development 
Fund (ETEAN SA), 
GREECE, ATHENS 
ERDF 
ENTREPRENEURSHIP 
FUND II- AX.01;   
National 
Entrepreneurship 
and Development 
Fund (ETEAN SA), 
GREECE, ATHENS 
 ESIF Equity FOF 
(TAESYM) - AX.01;   
ATHENS/GREECE 
 ESIF Equity FOF 
(TAESYM)- AX.01S;   
ATHENS/GREECE 

Fund of 
funds 

National 
Entrepreneurship 
and 
Development 
Fund (ETEAN SA), 

ATHENS/GREECE 23/11/2016 

Yes 

30/11/2016 

24 

12 

Fund of 
funds 

National 
Entrepreneurship 
and 
Development 
Fund (ETEAN SA) 

GREECE, 
ATHENS 

22/11/2016 

Yes 

30/11/2016 

63.9 

51.2 

Fund of 
funds 

Fund of 
funds 

National 
Entrepreneurship 
and 
Development 
Fund (ETEAN SA) 

ATHENS/GREECE 22/11/2016 

National 
Entrepreneurship 
and 
Development 
Fund (ETEAN SA) 

ATHENS/GREECE 23/11/2016 

Yes 

30/11/2016 

4.1 

2 

Yes 

30/11/2016 

376 

300.8 

Fund of 
funds 

European 
Investment Fund 

Fund of 
funds 

EUROPEAN 
INVESTMENT 
FUND 

LUXEMBURG  23/11/2016 

Yes 

06/12/2016 

188 

150.4 

LUXEMBURG  23/11/2016 

Yes 

06/12/2016 

12 

6 

6  

16  

1  

94  

47  

3  

3 

3 

3 

12.8 

3.2 

3.2 

.5 

.5 

.5 

75.2 

18.8 

18.8 

37.6 

9.4 

9.4 

1.5 

1.5 

1.5 

66 

 
 
 
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
 
 
Hungary 

I. Identification and description of the entities which implment FIs 

II. Amounts of OP contributions committed and paid to FIs at the end of 2016, in EUR mln  

1 

2 

3 

4 

5 

7 

8 

9 

10 

11 

12  13=14+15+16  14 

15  16=17+18 

19 

20 

21 

22=23+24+25+26  23 

24 

Ex ante 
assessment 
completed 

Selection/designation 
procedure launched 

Signature 
of the 
funding 
agreement 

OP amounts 
commitment 
to FI 

Out of which 

Out of which 

ERDF 

CF 

OP amounts 
paid to FI 

ERDF  CF 

Out of 
which 
national 
cofinancing 

public 
cofinancing 

private 
cofinancing 

Out of which 

Out of which 

Out of which 

MCF 
paid 

base 
remuneration 

performance 
based 
remuneration 

OP amount paid 
to final 
recipients 

loans  guarantees  equity 

other 
financial 
instruments 

ESIF amounts 
paid to final 
recipients 

loans  guarantees  equity 

other 
financial 
instruments 

17 
18 
Out of which 

III. Investments made in final recipients at the end of 2016, in EUR mln 
31 
25 

27=28+29+30+31  28 

29 

26 

30 

32 
national 
public 
cofinancing 
paid to 
final 
recipients 

33 
national 
private 
cofinancing 
paid to 
final 
recipients 

34 

Amount of 
loans 
issued 
backed by 
guarantees 

Name of the body 
implementing the 
financial instrument 

6 
Name of implementing body 
Official 
address/place 
of business 
(country and 
town name) 
8444 
Szentgál, Fő 
utca 30., 
Magyarország 

B3 Takarék 
Szövetkezet 

Specific 
fund 

01/04/2016 

Specific 
fund 

Budapest Hitel- és 
Fejlesztési Bank Zrt. 

Specific 
fund 

FHB Kereskedelmi 
Bank Zrt. 

1138 
Budapest, 
Váci út 193., 
Magyarország 

01/04/2016 

1082 
Budapest., 
Üllői út 48., 
Magyarország 

01/04/2016 

Fund of 
funds 

MFB Magyar 
Fejlesztési Bank Zrt. 

Fund of 
funds 

MFB-Magyar 
Fejlesztési Bank Zrt. 

1051 
Budapest, 
Nádor u. 31. 

1051 
Budapest, 
Nádor u. 31. 

CCI 

Priority 
Axis 

ESI 
Fund 

Name and address 
of Financial 
Instrument 

Type of 
financial 
instrument 

2014HU16M0OP001 

8 

ERDF 

2014HU16M0OP001 

8 

ERDF 

2014HU16M0OP001 

8 

ERDF 

2014HU16M2OP002 

8 

ERDF 

2014HU16M0OP001 

8 

ERDF 

2014HU16M0OP001 

8 

ERDF 

B3 Takarék 
Szövetkezet;   8444 
Szentgál, Fő utca 
30., Magyarország 
Budapest  Hitel- és 
Fejlesztési Bank 
Zrt.;   1138 
Budapest, Váci út 
193., Magyarország 
FHB Kereskedelmi 
Bank Zrt.;   1082 
Budapest., Üllői út 
48., Magyarország 
MFB Magyar 
Fejlesztési Bank 
Zrt.;   1051 
Budapest, Nádor u. 
31. Magyarország 
Magyar Fejlesztési 
Bank Zrt.;   1051 
Budapest, Nádor u. 
31., Magyarország 
Magyar 
Takarékszövetkezeti 
Bank Zrt;   1122 
Budapest, Pethényi 
köz 10., 
Magyarország 

Yes 

20/04/2016 

1390.1 

1390.1 

0 

Yes 

20/04/2016 

1390.1 

1390.1 

0 

Yes 

20/04/2016 

1390.1 

1390.1 

0 

4.4  

2.5  

3.4  

13.2  

4.4 

0 

0 

2.5 

0 

0 

3.4 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

6.6 

0 

6.6 

6.6 

0 

0 

0 

0 

0 

0 

30/10/2014 

Yes 

26/02/2016 

30.7 

30.7 

0 

01/04/2016 

Yes 

09/06/2015 

2235.2 

2235.2 

0 

471.7  

471.7 

0 

0 

0 

7.9 

7.9 

4.4 

4.4 

2.5 

2.5 

3.4 

3.4 

0 

0 

0 

0 

0 

0 

4.4  

2.5  

3.4  

4.4 

2.5 

3.4 

0 

0 

0 

0 

0 

Specific 
fund 

Magyar 
Takarékszövetkezeti 
Bank Zrt. 

1122 
Budapest, 
Pethényi köz 
10., 
Magyarország 

01/04/2016 

Yes 

20/04/2016 

1390.1 

1390.1 

0 

13.3  

13.3 

0 

0 

0 

0 

0 

.3 

.2 

.1 

13.3  

13.3 

13.3 

13.3 

0 

0 

67 

 
 
 
 
 
  
  
  
  
  
  
  
 
 
  
  
  
  
  
  
  
 
 
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
 
 
  
  
  
  
  
  
  
 
 
 
Italy 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

I. Identification and description of the entities which implment FIs 

CCI 

Priority 
Axis 

ESI 
Fund 

Name and address 
of Financial 
Instrument 

Type of 
financial 
instrument 

Name of implementing body 

Name of the body 
implementing the 
financial instrument 

Ex ante 
assessment 
completed 

Official 
address/place 
of business 
(country and 
town name) 

Selection/designation 
procedure launched 

Signature 
of the 
funding 
agreement 

OP amounts 
commitment 
to FI 

12  13=14+15+16  14 

II. Amounts of OP contributions committed and paid to FIs at the end of 2016, in EUR mln  
11 
Out of 
which 

15  16=17+18 

Out of 
which 

Out of which 

19 

17 

18 

20 

Out of which 

OP amounts 
paid to FI 

ERDF  CF 

ERDF  CF 

Out of 
which 
national 
cofinancing 

public 
cofinancing 

private 
cofinancing 

21 

22=23+24+25+26  23 

24 

III. Investments made in final recipients at the end of 2016, in EUR mln 
31 
25 

27=28+29+30+31  28 

26 

29 

30 

32 

33 

34 

MCF 
paid 

base 
remuneration 

performance 
based 
remuneration 

OP amount paid 
to final 
recipients 

loans  guarantees  equity 

ESIF amounts 
paid to final 
recipients 

other 
financial 
instruments 

loans  guarantees  equity 

Out of which 

Out of which 

national 
public 
cofinancing 
paid to 
final 
recipients 

national 
private 
cofinancing 
paid to 
final 
recipients 

Amount of 
loans 
issued 
backed by 
guarantees 

other 
financial 
instruments 

Artigiancassa s.p.a 

Italia/Roma  31/07/2015 

.2 

.2 

.1 

.1 

.1 

SFIRS SpA 

Italia - 
Cagliari 

10/09/2015 

Yes 

24/12/2015 

10 

5 

SFIRS SpA 

10/09/2016 

Yes 

8 

1 

Artigiancassa Spa 
(Gruppo BNP Paribas) 

Via Crescenzo 
Del Monte 
25/45 – 
00153 Roma - 
ITALIA 

25/06/2015 

Yes 

09/06/2016 

20.4 

10.2 

Finlombarda s.p.a. 

Italia, Milano 30/04/2015 

Yes 

15/12/2015 

60 

30 

Finlombarda s.p.a. 

Italia, Milano 30/04/2015 

Yes 

12/12/2014 

30 

5  

37  

15  

31/10/2015 

Yes 

36 

18 

31/10/2015 

Yes 

11 

5.5 

2.5 

2.5 

2.5 

0  

0 

0 

0 

0 

0 

18.5 

18.5 

18.5 

15 

15 

.2 

.1 

0 

2014IT16RFOP011 

3 

ERDF 

2014IT16RFOP015 

III 

ERDF 

2014IT16RFOP015 

III 

ERDF 

2014IT16RFOP013 

4 

ERDF 

2014IT16RFOP012 

2014IT16RFOP012 

I 

I 

ERDF 

ERDF 

2014IT16RFOP008 

4 

ERDF 

2014IT16RFOP008 

3 

ERDF 

2014IT16RFOP010 

3 

ERDF 

2014IT16RFOP010 

4 

ERDF 

Direct 
management 

Specific fund 

Specific fund 

Specific fund 

Specific fund 

Specific fund 

Specific fund 

Specific fund 

Contributo 
congiunto garanzia 
e interessi;   
Italia/Genova 
FONDO DI CAPITALE 
DI RISCHIO 
(VENTURE CAPITAL) 
PER INVESTIMENTI 
IN EQUITY PER LA 
CREAZIONE E LO 
SVILUPPO DI 
IMPRESE 
INNOVATIVE;   Italia, 
Cagliari 
FONDO SOCIAL 
IMPACT INVESTING;   
Italia - Cagliari 
Fondo Energia e 
Mobilità - 
Artigiancassa Spa 
(Gruppo BNP 
Paribas);    
Fondo Linea R&S 
per Aggregazioni  ;   
Italia, Milano 
Fondo Linea R&S 
per MPMI (FRIM 
FESR 2020);   Italia, 
Milano 
Fondo Regionale 
Multiscopo Rotativo 
di Finanza Agevolata 
a 
Compartecipazione 
Privata - Comparto 
Energia;   Regione 
Emilia-Romagna, 
Viale Aldo Moro 38, 
BO Italy 
Fondo Regionale 
Multiscopo Rotativo 
di Finanza Agevolata 
a 
Compartecipazione 
Privata - Comparto 
Nuove Imprese;   
Regione Emilia-
Romagna, Viale 
Aldo Moro 38, BO 
Italy  
Fondo di Fondi - 
Fondo Azioni per il 
Riposizionamento 
dell'Economia del 
Lazio - FARE Lazio 
(3);   Italia - Roma 
Fondo di Fondi - 
Fondo Azioni per il 
Riposizionamento 
dell'Economia del 
Lazio - FARE Lazio 
(4);   Italia - Roma 

Fund of 
funds 

Lazio Innova SpA 

Fund of 
funds 

Lazio Innova SpA 

Via Marco 
Aurelio 26 A - 
00184 Roma - 
Italia  

08/04/2016 

Via Marco 
Aurelio 26 A - 
00184 Roma - 
Italia  

08/04/2016 

Yes 

07/07/2016 

37 

18.5 

Yes 

07/07/2016 

10 

5 

2014IT16RFOP009 

2 

ERDF 

Fondo di Garanzia ;   
Italia, Roma 

Specific fund 

2014IT16RFOP017 

3 

ERDF 

Fondo per 
Microcredito 
Creazione di 
impresa - Sezione 

Specific fund 

Banca del 
Mezzogiorno 
Mediocredito Centrale 
Spa 
RTI “Toscana Muove” 
composto da Fidi 
Toscana (mandataria), 
ArtigiancreditoToscano 

Viale 
America,351 
00144 Roma 

Capofila RTI 
Fidi Toscana 
Spa Viale 
Mazzini, 46 

30/09/2015 

30/09/2014 

Yes 

02/02/2017 

16.4 

7.6  

3.8 

3.8 

3.8 

68 

 
 
 
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
 
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

I. Identification and description of the entities which implment FIs 

CCI 

Priority 
Axis 

ESI 
Fund 

Name and address 
of Financial 
Instrument 

Type of 
financial 
instrument 

Name of implementing body 

Name of the body 
implementing the 
financial instrument 

S.C. (mandante) e 
Artigiancassa S.p.A 
(mandante). 

Ex ante 
assessment 
completed 

Official 
address/place 
of business 
(country and 
town name) 
Firenze - 
Italia 

Selection/designation 
procedure launched 

Signature 
of the 
funding 
agreement 

OP amounts 
commitment 
to FI 

12  13=14+15+16  14 

II. Amounts of OP contributions committed and paid to FIs at the end of 2016, in EUR mln  
11 
Out of 
which 

15  16=17+18 

Out of 
which 

Out of which 

19 

17 

18 

20 

Out of which 

OP amounts 
paid to FI 

ERDF  CF 

ERDF  CF 

Out of 
which 
national 
cofinancing 

public 
cofinancing 

private 
cofinancing 

21 

22=23+24+25+26  23 

24 

III. Investments made in final recipients at the end of 2016, in EUR mln 
31 
25 

27=28+29+30+31  28 

26 

29 

30 

32 

33 

34 

MCF 
paid 

base 
remuneration 

performance 
based 
remuneration 

OP amount paid 
to final 
recipients 

loans  guarantees  equity 

ESIF amounts 
paid to final 
recipients 

other 
financial 
instruments 

loans  guarantees  equity 

Out of which 

Out of which 

national 
public 
cofinancing 
paid to 
final 
recipients 

national 
private 
cofinancing 
paid to 
final 
recipients 

Amount of 
loans 
issued 
backed by 
guarantees 

other 
financial 
instruments 

RTI “Toscana Muove” 
composto da Fidi 
Toscana (mandataria), 
ArtigiancreditoToscano 
S.C. (mandante) e 
Artigiancassa S.p.A 
(mandante). 

Capofila RTI 
Fidi Toscana 
Spa Viale 
Mazzini, 46 
Firenze - 
Italia 

“RTI Toscana Muove” 
composto da Fidi 
Toscana (mandataria), 
Artigiancredito 
Toscano S.C. 
(mandante) e 
Artigiancassa S.p.A  

V.le Mazzini 
46, Firenze – 
ITALIA 

20/09/2014 

Yes 

10/12/2015 

4.8 

4.8  

2.4 

2.4 

2.4 

30/09/2014 

Yes 

26/02/2016 

3.2 

1.1  

.6 

.6 

.6 

Finpiemonte spa 

Torino 

30/11/2015 

Yes 

07/12/2016 

40 

20 

Finlombarda s.p.a. 

Italia, Milano 30/04/2015 

Yes 

01/09/2016 

17.6 

10  

17.6  

5 

5 

5 

0 

0 

0 

8.8 

8.8 

8.8 

Finpiemonte spa 

Torino 

30/11/2015 

Yes 

21/07/2016 

60 

30 

15  

7.5 

7.5 

7.5 

Fund of 
funds 

BEI 

01/07/2016 

Yes 

15/12/2016 

200 

144 

Finlombarda s.p.a. 

Italia, Milano 27/07/2015 

Finlombarda s.p.a. 

Italia, Milano 27/07/2015 

Yes 

Yes 

30/05/2016 

28.5 

14.3 

27/06/2016 

27 

13.5 

22  

13.5  

11 

6.8 

11 

11 

6.8 

6.8 

Costituendo  
raggruppamento 
temporaneo di 
imprese - 
Artingiancassa SpA e 
Banca del 
Mezzogiorno - 
Mediocredito Centrale 
SpA 

Costituendo 
raggruppamento 
temporaneo di 
imprese - 
Artingiancassa SpA e 
Banca del 
Mezzogiorno - 
Mediocredito Centrale 
SpA 
Costituendo  
raggruppamento 
temporaneo di 
imprese - 
Artingiancassa SpA e 
Banca del 
Mezzogiorno - 
Mediocredito Centrale 
SpA 
Costituendo  

Italia - Roma 

11.5 

5.8 

Italia - Roma 

4.8 

2.4 

Italia - Roma 

9.6 

4.8 

Italia - Roma 

9.6 

4.8 

0  

0  

0  

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

69 

Manifatturiero 
giovanile e 
Turismo/Commercio 
e attività terziarie 
giovanile;    
Fondo per Prestiti 
Creazione di 
Impresa - Sezioni 
Manifatturiero 
giovanile e 
Turismo/Commercio 
e attività terziarie 
giovanile;   Italia -  
Firenze  

Specific fund 

Fondo per Prestiti 
Creazione di 
impresa - Sezione 
Innovazione;   V.le 
Mazzini 46, Firenze - 
ITALIA 

Specific fund 

Specific fund 

Specific fund 

Specific fund 

Specific fund 

Specific fund 

Fund of 
funds 
specific fund 

Fondo per 
l'efficienza 
energetica e 
l'energia rinnovabile 
nelle imprese;    
Fondo regionale per 
l'efficienza 
energetica (FREE);   
Italia, Milano 
Fondo rotativo di 
finanza agevolata a 
favore delle MPMI a 
sostegno di progetti 
ed investimenti per 
l'innovazione , la 
sostenibilità 
ambientale, 
l'efficienza 
energetica e la 
sicurezza nei luoghi 
di lavoro;    
Funding Agreement;   
boulevard Konrad 
Adenauer 98-100, L-
2950 Lussemburgo 
Linea 
Controgaranzie;   
Italia, Milano 
Linea Intraprendo;   
Italia, Milano 
FdR - SF Fondo di 
Riassicurazione che 
offre una 
controgaranzia agli 
Intermediari 
Finanziari che 
erogano garanzia al 
credito a sostegno 
di finanziamenti alle 
piccole e medie 
imprese;   Italia - 
Roma 

FRPC - SF Fondo 
Rotativo per il 
Piccolo Credito, che 
prevede la 
concessione diretta 
di prestiti a piccole e 
medie imprese 
3.3.1;   Italia - Roma 

FRPC - SF Fondo 
Rotativo per il 
Piccolo Credito, che 
prevede la 
concessione diretta 
di prestiti a piccole e 
medie imprese 
3.6.1;   Italia - Roma 

Fund of 
funds 
specific fund 

Fund of 
funds 
specific fund 

2014IT16RFOP017 

3 

ERDF 

2014IT16RFOP017 

1 

ERDF 

2014IT16RFOP014 

IV 

ERDF 

2014IT16RFOP012 

IV 

ERDF 

2014IT16RFOP014 

III 

ERDF 

2014IT16M2OP005 

II 

ERDF 

2014IT16RFOP012 

III 

ERDF 

2014IT16RFOP012 

III 

ERDF 

2014IT16RFOP010 

2014IT16RFOP010 

2014IT16RFOP010 

2014IT16RFOP010 

FRPC - SF Fondo 

Fund of 

 
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
 
  
 
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
 
  
 
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
 
  
 
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
 
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

I. Identification and description of the entities which implment FIs 

Name of implementing body 

CCI 

Priority 
Axis 

ESI 
Fund 

Name and address 
of Financial 
Instrument 

Type of 
financial 
instrument 

funds 
specific fund 

Rotativo per il 
Piccolo Credito, che 
prevede la 
concessione diretta 
di prestiti a piccole e 
medie imprese;   
Italia - Roma 

Name of the body 
implementing the 
financial instrument 

raggruppamento 
temporaneo di 
imprese - 
Artingiancassa SpA e 
Banca del 
Mezzogiorno - 
Mediocredito Centrale 
SpA 

Ex ante 
assessment 
completed 

Official 
address/place 
of business 
(country and 
town name) 

Selection/designation 
procedure launched 

Signature 
of the 
funding 
agreement 

OP amounts 
commitment 
to FI 

12  13=14+15+16  14 

II. Amounts of OP contributions committed and paid to FIs at the end of 2016, in EUR mln  
11 
Out of 
which 

15  16=17+18 

Out of 
which 

Out of which 

19 

17 

18 

20 

Out of which 

OP amounts 
paid to FI 

ERDF  CF 

ERDF  CF 

Out of 
which 
national 
cofinancing 

public 
cofinancing 

private 
cofinancing 

21 

22=23+24+25+26  23 

24 

III. Investments made in final recipients at the end of 2016, in EUR mln 
31 
25 

27=28+29+30+31  28 

26 

29 

30 

32 

33 

34 

MCF 
paid 

base 
remuneration 

performance 
based 
remuneration 

OP amount paid 
to final 
recipients 

loans  guarantees  equity 

ESIF amounts 
paid to final 
recipients 

other 
financial 
instruments 

loans  guarantees  equity 

Out of which 

Out of which 

national 
public 
cofinancing 
paid to 
final 
recipients 

national 
private 
cofinancing 
paid to 
final 
recipients 

Amount of 
loans 
issued 
backed by 
guarantees 

other 
financial 
instruments 

GE- SF “Garanzia 
Equity” che prevede 
la concessione di 
garanzie a favore di 
nuovi soci o soci 
esistenti 
dell'impresa che 
apportano nuovo 
patrimonio 
all'impresa 
mediante aumenti 
del capitale sociale 
totalmente liquidi 
(ad esclusione degli 
aumenti 
“contabili”);   Italia - 
Roma 
FONDO DI 
COMPETITIVITA' 
DELLE IMPRESE;   
Italia - Cagliari 

2014IT16RFOP010 

2014IT16RFOP015 

III 

Fund of 
funds 
specific fund 

Costituendo  
raggruppamento 
temporaneo di 
imprese - 
Artingiancassa SpA e 
Banca del 
Mezzogiorno - 
Mediocredito Centrale 
SpA 

Italia - Roma 

9.6 

4.8 

0  

0 

0 

0 

0 

0 

0 

0 

Specific fund 

SFIRS SpA 

Italia - 
Cagliari 

10/09/2016 

Yes 

27/12/2016 

39.6 

19.8 

70 

 
 
 
  
 
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
 
 
Latvia 

I. Identification and description of the entities which implment FIs 

CCI 

Priority 
Axis 

ESI Fund 

Name and 
address of 
Financial 
Instrument 

Type of 
financial 
instrument 

2014LV16MAOP001 

3 

ERDF 

2014LV16MAOP001 

4 

ERDF 

2014LV16MAOP001 

2014LV16MAOP001 

2014LV16MAOP001 

2014LV16MAOP001 

Altum 
Fondu 
fonds;   
Latvija, Rīga 

Fund of 
funds 

DME finanšu 
instruments;   
Latvija, Rīga 

Specific 
fund 

Aizdevumu 
garantijas;   
Latvija, Rīga 

Mikro 
aizdevumi;   
Latvija, Rīga 

Paralēlie 
aizdevumi;   
Latvija, Rīga 

Starta 
aizdevumi;   
Latvija, Rīga 

Fund of 
funds 
specific 
fund 
Fund of 
funds 
specific 
fund 
Fund of 
funds 
specific 
fund 
Fund of 
funds 
specific 
fund 

Name of the 
body 
implementing 
the financial 
instrument 
AS "Attīstības 
finanšu 
institūcija 
Altum" 
AS "Attīstības 
finanšu 
institūcija 
Altum" 
AS "Attīstības 
finanšu 
institūcija 
Altum" 
AS "Attīstības 
finanšu 
institūcija 
Altum" 
AS "Attīstības 
finanšu 
institūcija 
Altum" 
AS "Attīstības 
finanšu 
institūcija 
Altum" 

1 

2 

3 

4 

5 

7 

8 

9 

10 

11 

II. Amounts of OP contributions committed and paid to FIs at the end of 2016, in EUR mln  
16=17+18 

12  13=14+15+16 

14 

15 

17 

18 

19 

20 

21 

22=23+24+25+26 

23 

24 

III. Investments made in final recipients at the end of 2016, in EUR mln  
25 

27=28+29+30+31 

28 

29 

30 

26 

31 

32 

33 

34 

6 
Name of implementing 
body 

Ex ante 
assessment 
completed 

Selection/designation 
procedure launched 

Official 
address/place 
of business 
(country and 
town name) 

Out of which 

Out of which 

Out of which 

Out of which 

Out of which 

Out of which 

Signature 
of the 
funding 
agreement 

OP amounts 
commitment 
to FI 

ERDF 

CF 

OP amounts 
paid to FI 

ERDF 

CF 

Out of 
which 
national 
cofinancing 

public 
cofinancing 

private 
cofinancing 

MCF 
paid 

base 
remuneration 

performance 
based 
remuneration 

OP amount paid 
to final 
recipients 

loans  guarantees  equity 

ESIF amounts 
paid to final 
recipients 

other 
financial 
instruments 

loans  guarantees  equity 

national 
public 
cofinancing 
paid to 
final 
recipients 

other 
financial 
instruments 

national 
private 
cofinancing 
paid to 
final 
recipients 

Amount of 
loans 
issued 
backed by 
guarantees 

Latvija, Rīga  30/04/2015 

Yes 

08/06/2016 

139.3 

118.4 

0 

Latvija, Rīga  30/04/2015 

Yes 

08/06/2016 

30.1 

25.5 

0 

Latvija, Rīga 

08/06/2016 

15 

15 

0 

Latvija, RĪga 

08/06/2016 

10 

2 

0 

Latvija, Rīga 

08/06/2016 

16.2 

7 

0 

Latvija, Rīga 

08/06/2016 

20 

5 

0 

33.7  

5.6  

3.5  

.4  

3.1  

2.5  

29.6 

0 

4.1 

0 

4.1 

.3 

.3 

4.7 

0 

.8 

.8 

3.5 

0 

0 

.1 

0 

.3 

1.2 

0 

1.9 

.6 

0 

1.9 

0 

0 

0 

0 

0 

0 

0 

.1 

.3 

.1 

0 

0 

0 

1.9 

.1 

.1 

1.9 

.3 

.2 

0 

0 

0 

.1 

0 

.1 

0  

12.7  

.3  

0  

1  

0 

0 

0 

0 

0 

12.7 

12.7 

12.7 

.3 

0 

1 

.1 

0 

.3 

.1 

0 

.3 

0 

21.6 

0 

0 

0 

0 

0 

0 

0 

.2 

0 

.8 

71 

 
 
 
 
  
  
  
  
  
  
  
  
  
  
  
  
  
 
 
  
  
  
  
 
 
  
 
 
 
  
  
  
  
  
  
 
 
  
 
 
 
  
  
  
  
  
  
  
 
 
  
 
 
 
  
  
  
  
  
  
  
 
 
  
 
 
 
  
  
  
  
  
  
  
 
 
 
Lithuania 

I. Identification and description of the entities which implment FIs 

1 

2 

3 

4 

5 

CCI 

Priority 
Axis 

ESI 
Fund 

Name and 
address of 
Financial 
Instrument 

Type of 
financial 
instrument 

6 
Name of implementing 
body 

Name of the 
body 
implementing 
the financial 
instrument 

Official 
address/place 
of business 
(country and 
town name) 

Ex ante 
assessment 
completed 

7 

8 

9 

10 

11 

II. Amounts of OP contributions committed and paid to FIs at the end of 2016, in EUR mln  
20 
16=17+18 

12  13=14+15+16 

14 

15 

18 

19 

17 

21 

22=23+24+25+26 

23 

24 

III. Investments made in final recipients at the end of 2016, in EUR mln  
31 
25 

27=28+29+30+31 

28 

30 

26 

29 

32 

33 

34 

Out of which 

Out of which 

Out of which 

Out of which 

Out of which 

Out of which 

Selection/designation 
procedure launched 

Signature 
of the 
funding 
agreement 

OP amounts 
commitment 
to FI 

ERDF 

CF 

OP amounts 
paid to FI 

ERDF 

CF 

Out of 
which 
national 
cofinancing 

public 
cofinancing 

private 
cofinancing 

MCF 
paid 

base 
remuneration 

performance 
based 
remuneration 

OP amount paid 
to final 
recipients 

loans  guarantees  equity 

ESIF amounts 
paid to final 
recipients 

other 
financial 
instruments 

loans  guarantees  equity 

national 
public 
cofinancing 
paid to 
final 
recipients 

national 
private 
cofinancing 
paid to 
final 
recipients 

other 
financial 
instruments 

2014LT16MAOP001 

04 

ERDF 

2014LT16MAOP001 

04 

ERDF 

2014LT16MAOP001 

04 

ERDF 

2014LT16MAOP001 

01 

ERDF 

2014LT16MAOP001 

03 

ERDF 

2014LT16MAOP001 

07 

ESF 

2014LT16MAOP001 

2014LT16MAOP001 

2014LT16MAOP001 

DAUGIABUČIŲ 
NAMŲ 
MODERNIZAVIMO 
FONDAS;   Vilnius, 
Lithuania 
ENERGIJOS 
EFEKTYVUMO 
FONDAS;   Vilnius, 
Lietuva 
JESSICA II FUND 
OF FUNDS;   100, 
bld Konrad 
Adenauer, L-2950 
Luxembourg 
Verslo 
finansavimo 
fondas, 
finansuojamas iš 
Europos 
regioninės plėtros 
fondo ;   
Lithuania, Vilnius 
Verslo 
finansavimo 
fondas, 
finansuojamas iš 
Europos 
regioninės plėtros 
fondo ;   
Lithuania, Vilnius 
Verslumo 
skatinimo fondas 
2014–2020, 
finansuojamas iš 
Europos socialinio 
fondo;   Vilnius, 
Lithuania 

Paskolos;   
Lithuania, Vilnius 

Paskolos, Šiaulių 
bankas 2;   Šiaulių 
miestas, Lietuva 

Paskolos, Šiaulių 
bankas;   Šiaulių 
miestas, Lietuva 

Specific 
fund 

Fund of 
funds 

Viešųjų 
investicijų 
plėtros 
agentūra 

Viešųjų 
investicijų 
plėtros 
agentūra 

Fund of 
funds 

European 
investment 
bank 

07/11/2014 

Yes 

27/03/2015 

74 

74 

0 

Lukiškių g 2, 
Vilnius, 
Lietuva 

07/11/2014 

Yes 

18/02/2015 

79.6 

79.6 

0 

74  

19  

74 

0 

0 

19 

0 

0 

07/11/2014 

Yes 

27/05/2015 

250 

250 

0 

150  

150 

0 

0 

0 

0 

0 

0 

1 

.4 

.6 

73.6  

73.6 

73.6 

73.6 

0 

0 

0 

.1 

.1 

0 

0 

3.2 

2.8 

.4 

Fund of 
funds 

UAB 
"Investicijų ir 
verslo 
garantijos" 

Lithuania, 
Vilnius 

Fund of 
funds 

UAB 
"Investicijų ir 
verslo 
garantijos" 

Lithuania, 
Vilnius 

Fund of 
funds 

UAB 
"Investicijų ir 
verslo 
garantijos" 

Konstitucijos 
pr. 7 , Vilnius, 
Lithuania  

Consortium 
of 42 Credit 
Unions, 
represented 
by LCCU  

Šiaulių 
bankas 

Šiaulių 
bankas 

Fund of 
funds 
specific 
fund 

Fund of 
funds 
specific 
fund 
Fund of 
funds 
specific 
fund 

Šiaulių 
miestas, 
Lietuva 

Šiaulių 
miestas, 
Lietuva 

27/03/2015 

Yes 

15/04/2016 

17.6 

17.6 

27/03/2015 

Yes 

15/04/2016 

162 

162 

27/03/2015 

Yes 

08/12/2015 

26.8 

0 

0 

05/10/2016 

25.1 

0 

0 

27/05/2016 

40 

40 

0 

07/08/2015 

68 

68 

0 

4.4  

40.5  

6.7  

0  

40  

68  

4.4 

0 

0 

0 

0 

0 

0 

40.5 

0 

0 

0 

.2 

0 

0 

0 

.6 

0 

.6 

.1 

.1 

0 

0 

0 

40 

0 

68 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

.8 

.8 

0 

0 

0 

0 

32.2  

32.2 

90.6  

90.6 

32.2 

32.2 

68 

68 

0 

0 

0 

22.6 

Amount of 
loans 
issued 
backed by 
guarantees 

72 

 
 
 
 
 
 
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
 
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
 
 
 
  
 
 
  
  
  
  
  
  
  
  
  
  
  
  
  
 
 
  
 
 
 
  
  
  
  
  
  
  
 
 
  
 
 
 
  
  
  
  
  
  
  
 
 
 
Malta 

1 

2 

CCI 

Priority 
Axis 

ESI Fund 

Name and 
address of 
Financial 
Instrument 

Type of 
financial 
instrument 

2014MT16RFSM001 

1 

ERDF 

SME 
Initiative;   
Valletta, 
Malta 

Fund of 
funds 

European 
Investment 
Fund 

6 
Name of implementing 
body 

Name of the 
body 
implementing 
the financial 
instrument 

Official 
address/place 
of business 
(country and 
town name) 
37b Avenue 
J.F. Kennedy, 
L-2968, 
Luxembourg 

I. Identification and description of the entities which implment FIs 
3 

4 

5 

7 

8 

9 

10 

11 

II. Amounts of OP contributions committed and paid to FIs at the end of 2016, in EUR mln  
16=17+18 

12  13=14+15+16 

14 

15 

17 

18 

19 

20 

21 

22=23+24+25+26 

23 

24 

III. Investments made in final recipients at the end of 2016, in EUR mln 
25 

27=28+29+30+31 

26 

29 

30 

28 

31 

32 

33 

34 

Ex ante 
assessment 
completed 

Selection/designation 
procedure launched 

Out of which 

Out of which 

Out of which 

Out of which 

Out of which 

Out of which 

Signature 
of the 
funding 
agreement 

OP amounts 
commitment 
to FI 

ERDF 

CF 

OP amounts 
paid to FI 

ERDF 

CF 

Out of 
which 
national 
cofinancing 

public 
cofinancing 

private 
cofinancing 

MCF 
paid 

base 
remuneration 

performance 
based 
remuneration 

OP amount paid 
to final 
recipients 

loans  guarantees  equity 

ESIF amounts 
paid to final 
recipients 

other 
financial 
instruments 

loans  guarantees  equity 

national 
public 
cofinancing 
paid to 
final 
recipients 

other 
financial 
instruments 

national 
private 
cofinancing 
paid to 
final 
recipients 

Amount of 
loans 
issued 
backed by 
guarantees 

Yes 

14/07/2015 

15 

15 

13.8  

13.8 

0 

0 

0 

.4 

.4 

0 

73 

 
 
 
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
 
 
Netherlands 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

I. Identification and description of the entities which implment FIs 

CCI 

Priority 
Axis 

ESI 
Fund 

Name and address 
of Financial 
Instrument 

Type of 
financial 
instrument 

Name of implementing body 

Name of the body 
implementing the financial 
instrument 

Official 
address/place of 
business (country 
and town name) 

Ex ante 
assessment 
completed 

Selection/designation 
procedure launched 

Signature 
of the 
funding 
agreement 

OP amounts 
commitment 
to FI 

12  13=14+15+16  14 

II. Amounts of OP contributions committed and paid to FIs at the end of 2016, in EUR mln  
11 
Out of 
which 

Out of 
which 

15  16=17+18 

Out of which 

18 

20 

17 

19 

Out of which 

OP amounts 
paid to FI 

ERDF  CF 

ERDF  CF 

Out of 
which 
national 
cofinancing 

public 
cofinancing 

private 
cofinancing 

MCF 
paid 

base 
remuneration 

performance 
based 
remuneration 

21 

22=23+24+25+26  23 

24 

III. Investments made in final recipients at the end of 2016, in EUR mln  
25 

27=28+29+30+31  28 

31 

30 

26 

29 

Out of which 

Out of which 

OP amount paid 
to final 
recipients 

loans  guarantees  equity 

ESIF amounts 
paid to final 
recipients 

other 
financial 
instruments 

loans  guarantees  equity 

other 
financial 
instruments 

32 
national 
public 
cofinancing 
paid to 
final 
recipients 

33 
national 
private 
cofinancing 
paid to 
final 
recipients 

34 

Amount of 
loans 
issued 
backed by 
guarantees 

2014NL16RFOP002 

1 

ERDF 

2014NL16RFOP002 

1 

ERDF 

IQe: 
Fondsuitbreiding 
InnovationQuarter 
fonds;   Prinses 
Margrietplantsoen 
32, 2595 BR Den 
Haag 
UNIIQ: Proof of 
concept fonds 
voor Zuid-Holland;   
Prinses 
Margrietplantsoen 
32, 2595 BR Den 
Haag 

Specific 
fund 

Regionale 
Ontwikkelingsmaatschappij 
InnovationQuarter B.V. 

21/05/2015 

Yes 

17/01/2017 

17.3 

14.3 

0 

Specific 
fund 

UNIIQ B.V. 

Prinses 
Margrietplantsoen 
32, 2595 BR Den 
Haag 

21/05/2015 

Yes 

12/12/2016 

15 

6 

0 

3  

3.8  

0 

0 

3 

3 

0 

0 

0 

0 

2  

2 

.5 

.5 

.1 

1.4 

1.5 

0 

2.3 

2.3 

0 

0 

0 

0 

.6  

.6 

.2 

.2 

.2 

.2 

74 

 
 
 
 
 
 
  
  
  
  
  
  
  
 
 
  
  
  
  
  
  
  
 
 
 
Poland 

I. Identification and description of the entities which implment FIs 

II. Amounts of OP contributions committed and paid to FIs at the end of 2016, in EUR mln  

III. Investments made in final recipients at the end of 2016, in EUR mln  
31 
25 

27=28+29+30+31  28 

26 

29 

30 

1 

2 

3 

4 

5 

6 
Name of implementing body 

CCI 

Priority 
Axis 

ESI 
Fund 

Name and address 
of Financial 
Instrument 

Type of 
financial 
instrument 

Name of the body 
implementing the 
financial 
instrument 

Official 
address/place of 
business (country 
and town name) 

Ex ante 
assessment 
completed 

Selection/designation 
procedure launched 

7 

8 

9 

10 

11 

12  13=14+15+16  14 

15  16=17+18 

19 

20 

21 

22=23+24+25+26  23 

24 

17 
18 
Out of which 

Signature 
of the 
funding 
agreement 

OP amounts 
commitment 
to FI 

Out of which 

Out of which 

ERDF  CF 

OP amounts 
paid to FI 

ERDF  CF 

Out of 
which 
national 
cofinancing 

public 
cofinancing 

private 
cofinancing 

Out of which 

Out of which 

Out of which 

MCF 
paid 

base 
remuneration 

performance 
based 
remuneration 

OP amount paid 
to final 
recipients 

loans  guarantees  equity 

other 
financial 
instruments 

ESIF amounts 
paid to final 
recipients 

loans  guarantees  equity 

other 
financial 
instruments 

32 
national 
public 
cofinancing 
paid to 
final 
recipients 

33 
national 
private 
cofinancing 
paid to 
final 
recipients 

34 

Amount of 
loans 
issued 
backed by 
guarantees 

2014PL16M2OP008 

I 

ERDF 

2014PL16M2OP008 

II 

ERDF 

2014PL16M2OP008 

III 

ERDF 

2014PL16M2OP008 

III 

ERDF 

2014PL16M2OP008 

III 

ERDF 

1.1 Innowacje w 
przedsiębiorstwach - 
Utworzenie przez 
beneficjenta 
Funduszu Funduszy, 
z którego wspierane 
będą instrumenty 
finansowe 
udzielające pożyczek 
/ poręczeń 
ostatecznym 
odbiorcom w ramch 
przedmiotowego 
działania;   
Polska/Warszawa 
2.1.1 Nowe produkty 
i usługi - Utworzenie 
przez beneficjenta 
Funduszu Funduszy, 
z którego wspierane 
będą instrumenty 
finansowe 
udzielające pożyczek 
/ poręczeń 
ostatecznym 
odbiorcom w ramch 
przedmiotowego 
poddziałania;   
Polska/Warszawa 
3.2.3 Efektywność 
energetyczna w 
mieszkalnictwie - 
Utworzenie przez 
beneficjenta 
Funduszu Funduszy, 
z którego wspierane 
będą instrumenty 
finansowe 
udzielające pożyczek 
ostatecznym 
odbiorcom w ramch 
przedmiotowego 
poddziałania;   
Polska/Warszawa 
3.3 Odnawialne 
źródła energii - 
Utworzenie przez 
beneficjenta 
Funduszu Funduszy, 
z którego wspierane 
będą instrumenty 
finansowe 
udzielające pożyczek 
/ poręczeń 
ostatecznym 
odbiorcom w ramch 
przedmiotowego 
działania;   
Polska/Warszawa 
3.4 Efektywność 
energetyczna w MSP 
- Utworzenie przez 
beneficjenta 
Funduszu Funduszy, 
z którego wspierane 
będą instrumenty 
finansowe 
udzielające pożyczek 
ostatecznym 
odbiorcom w ramch 
przedmiotowego 
działania;   

Fund of 
funds 

Bank 
Gospodarstwa 
Krajowego 

Polska/Warszawa 10/10/2014 

No 

08/12/2016 

14.5 

14.5 

0 

3.6  

3.6 

0 

0 

0 

0 

.3 

.3 

0 

Fund of 
funds 

Bank 
Gospodarstwa 
Krajowego 

Polska/Warszawa 10/10/2014 

No 

08/12/2016 

29.1 

29.1 

0 

7.3  

7.3 

0 

0 

0 

0 

.5 

.5 

0 

Fund of 
funds 

Bank 
Gospodarstwa 
Krajowego 

Polska/ 
Warszawa 

10/10/2014 

No 

08/12/2016 

4.1 

4.1 

0 

1  

1 

0 

0 

0 

0 

.1 

.1 

0 

Fund of 
funds 

Bank 
Gospodarstwa 
Krajowego 

Polska/Warszawa 10/10/2014 

No 

08/12/2016 

10.4 

10.4 

0 

2.6  

2.6 

0 

0 

0 

0 

.2 

.2 

0 

Fund of 
funds 

Bank 
Gospodarstwa 
Krajowego 

Polska/Warszawa 10/10/2014 

No 

08/12/2016 

4.1 

4.1 

0 

1  

1 

0 

0 

0 

0 

.1 

.1 

0 

75 

 
 
 
 
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
I. Identification and description of the entities which implment FIs 

II. Amounts of OP contributions committed and paid to FIs at the end of 2016, in EUR mln  

7 

8 

9 

10 

11 

12  13=14+15+16  14 

15  16=17+18 

19 

20 

21 

22=23+24+25+26  23 

24 

III. Investments made in final recipients at the end of 2016, in EUR mln  
31 
25 

27=28+29+30+31  28 

26 

29 

30 

1 

2 

3 

4 

5 

6 
Name of implementing body 

CCI 

Priority 
Axis 

ESI 
Fund 

Name and address 
of Financial 
Instrument 

Type of 
financial 
instrument 

Name of the body 
implementing the 
financial 
instrument 

Official 
address/place of 
business (country 
and town name) 

Ex ante 
assessment 
completed 

Selection/designation 
procedure launched 

Signature 
of the 
funding 
agreement 

OP amounts 
commitment 
to FI 

Out of which 

Out of which 

ERDF  CF 

OP amounts 
paid to FI 

ERDF  CF 

Out of 
which 
national 
cofinancing 

public 
cofinancing 

private 
cofinancing 

Out of which 

Out of which 

Out of which 

MCF 
paid 

base 
remuneration 

performance 
based 
remuneration 

OP amount paid 
to final 
recipients 

loans  guarantees  equity 

other 
financial 
instruments 

ESIF amounts 
paid to final 
recipients 

loans  guarantees  equity 

other 
financial 
instruments 

17 
18 
Out of which 

32 
national 
public 
cofinancing 
paid to 
final 
recipients 

33 
national 
private 
cofinancing 
paid to 
final 
recipients 

34 

Amount of 
loans 
issued 
backed by 
guarantees 

2014PL16RFOP001 

I 

ERDF 

2014PL16M2OP015 

9 

ERDF 

2014PL16M2OP015 

3 

ERDF 

Polska/Warszawa 
BRIDGE CVC;   
Polska, Warszawa 
 Bank Gospodarstwa 
Krajowego;   Polska, 
Warszawa, Al. 
Jerozolimskie 7, 00-
955 
Bank Gospodarstwa 
Krajowego;   Polska, 
Warszawa, Al. 
Jerozolimskie 7, 00-
955 

Fund of 
funds 

PFR VENTURES 
SPÓŁKA Z O. O. 

Polska, 
Warszawa 

Specific 
fund 

Bank 
Gospodarstwa 
Krajowego 

Specific 
fund 

Bank 
Gospodarstwa 
Krajowego 

Polska, 
Warszawa, Al. 
Jerozolimskie 7, 
00-955 

Polska, 
Warszawa, Al. 
Jerozolimskie 7, 
00-955 

2014PL16RFOP001 

III 

ERDF 

Biznest;   Polska, 
Warszawa 

Fund of 
funds 

Bank 
Gospodarstwa 
Krajowego 
Do końca 2016r. 
nie wybrano 
podmiotów 
wdrażających IF. 

EBI 

EBI 

Fund of 
funds 

Fund of 
funds 

Fund of 
funds 

Fund of 
funds 

Bank 
Gospodarstwa 
Krajowego 

Do końca 2016r. 
nie wybrano 
podmiotów 
wdrażających IF. 
98-100 
Boulevard 
Konrad 
Adenauer, 2950 
Luxemburg, 
Luksemburg 
98-100 
Boulevard 
Konrad 
Adenauer, 2950 
Luxemburg, 
Luksemburg 

Al. Jerozolimskie 
7, 00-955 
Warszawa, 
Polska 

Fund of 
funds 

Bank 
Gospodarstwa 
Krajowego 

Al. Jerozolimskie 
7, 00-955 
Warszawa, 
Polska 

Fund of 
funds 

Bank 
Gospodarstwa 
Krajowego 

Polska, 
Warszawa, Al. 
Jerozolimskie 7, 
00-955 

Specific 
fund 

Polska Agencja 
Rozwoju 
Przedsiębiorczości 

Polska, 
Warszawa 

Fund of 
funds 

Bank 
Gospodarstwa 
Krajowego 

Al. Jerozolimskie 
7, 00-955 
Warszawa, 
Polska 

2014PL16M2OP014 

1 

ERDF 

2014PL16M2OP007 

VI 

ERDF 

2014PL16M2OP007 

IV 

ERDF 

2014PL16M2OP003 

3 

ERDF 

2014PL16M2OP003 

3 

ERDF 

2014PL16M2OP015 

1 

ERDF 

2014PL16RFOP001 

III 

ERDF 

2014PL16M2OP016 

I 

ERDF 

2014PL16RFOP001 

III 

ERDF 

Fundusz Funduszy;   
Do końca 2016r. nie 
wybrano podmiotów 
wdrażających IF. 
Fundusz Funduszy 
(finansowany z EFSI);   
98-100 Boulevard 
Konrad Adenauer, 
2950 Luxemburg, 
Luksemburg 
Fundusz Funduszy 
(finansowany z EFSI);   
98-100 Boulevard 
Konrad Adenauer, 
2950 Luxemburg, 
Luksemburg 
Fundusz Funduszy 
Województwa 
Lubelskiego 3.2;   Al. 
Jerozolimskie 7, 00-
955 Warszawa, 
Polska 
Fundusz Funduszy 
Województwa 
Lubelskiego 3.7;   Al. 
Jerozolimskie 7, 00-
955 Warszawa, 
Polska 
Fundusz Funduszy, 
Bank Gospodarstwa 
Krajowego;   Polska, 
Warszawa, Al. 
Jerozolimskie 7, 00-
955  
Fundusz Pożyczkowy 
Innowacji;   Polska, 
Warszawa 
Fundusz funduszy 
Pomorza 
Zachodniego 
Jeremie2;   Bank 
Gospodarstwa 
Krajowego, Al. 
Jerozolimskie 7, 00-
955 Warszawa, 
Polska 
Fundusz 
gwarancyjny 
wsparcia 
innowacyjnych 
przedsiębiorstw;   
Polska, Warszawa 

25/02/2015 

Yes 

28/12/2016 

200.7 

100.4 

0 

25.1  

25.1 

0 

0 

0 

0 

13/07/2015 

Yes 

28/11/2016 

29.9 

25.4 

6.4  

6.4 

13/07/2015 

Yes 

28/11/2016 

46 

39.1 

9.8  

9.8 

25/02/2015 

Yes 

13/12/2016 

116.8 

58.4 

0 

14.6  

14.6 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

31/12/2013 

No 

30/03/2015 

No 

09/12/2016 

25 

25 

6.3  

6.3 

30/03/2015 

No 

09/12/2016 

27.3 

27.3 

6.9  

6.9 

22/10/2015 

Yes 

30/11/2016 

12.6 

11.2 

22/10/2015 

Yes 

30/11/2016 

74.2 

66.4 

3.1  

18.6  

2.8 

.3 

.3 

0 

0 

16.6 

2 

2 

0 

0 

13/07/2015 

Yes 

20/10/2016 

137.2 

116.7 

29.2  

29.2 

.1 

.1 

25/02/2015 

Yes 

22/12/2016 

159.1 

127.3 

0 

01/09/2014 

Yes 

21/11/2016 

89 

29.2  

22.3  

29.2 

0 

0 

0 

0 

0 

0 

18.9 

3.3 

3.3 

0 

0 

Specific 
fund 

Bank 
Gospodarstwa 
Krajowego 

Polska, 
Warszawa 

25/02/2015 

Yes 

29/11/2016 

145.7 

118.9 

0 

29.7  

29.7 

0 

0 

2014PL16RFOP001 

III 

ERDF 

KOFFI;   Polska, 
Warszawa 

Fund of 
funds 

2014PL16RFOP001 

II 

ERDF 

Otwarte innowacje;   
Polska, Warszawa 

Fund of 
funds 

Bank 
Gospodarstwa 
Krajowego 
Bank 
Gospodarstwa 
Krajowego 

Polska, 
Warszawa 

Polska, 
Warszawa 

25/02/2015 

Yes 

13/12/2016 

146.7 

73.3 

0 

25/02/2015 

Yes 

13/12/2016 

158.9 

95.3 

0 

2014PL16M2OP013 

2 

ERDF 

2014PL16M2OP001 

03 

ERDF 

Pożyczki i 
poręczenia;    
Rozwój 
przedsiębiorczości 
oraz wspieranie 
gospodarki 
niskoemisyjnej 
poprzez instrumnety 

Fund of 
funds 

28/11/2014 

No 

Fund of 
funds 

Bank 
Gospodarstwa 
Krajowego 

Polska, 
Warszawa 

01/06/2015 

Yes 

30/11/2016 

24.4 

20.7 

18.3  

23.8  

5.2  

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

18.3 

0 

23.8 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0  

0 

0 

0 

0 

0 

0 

5.2 

0 

0 

0 

0 

0 

0 

0 

76 

 
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
 
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
 
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
I. Identification and description of the entities which implment FIs 

II. Amounts of OP contributions committed and paid to FIs at the end of 2016, in EUR mln  

7 

8 

9 

10 

11 

12  13=14+15+16  14 

15  16=17+18 

19 

20 

21 

22=23+24+25+26  23 

24 

III. Investments made in final recipients at the end of 2016, in EUR mln  
31 
25 

27=28+29+30+31  28 

26 

29 

30 

1 

2 

3 

4 

5 

6 
Name of implementing body 

CCI 

Priority 
Axis 

ESI 
Fund 

Name and address 
of Financial 
Instrument 

Type of 
financial 
instrument 

Name of the body 
implementing the 
financial 
instrument 

Official 
address/place of 
business (country 
and town name) 

Ex ante 
assessment 
completed 

Selection/designation 
procedure launched 

Signature 
of the 
funding 
agreement 

OP amounts 
commitment 
to FI 

Out of which 

Out of which 

ERDF  CF 

OP amounts 
paid to FI 

ERDF  CF 

Out of 
which 
national 
cofinancing 

public 
cofinancing 

private 
cofinancing 

Out of which 

Out of which 

Out of which 

MCF 
paid 

base 
remuneration 

performance 
based 
remuneration 

OP amount paid 
to final 
recipients 

loans  guarantees  equity 

other 
financial 
instruments 

ESIF amounts 
paid to final 
recipients 

loans  guarantees  equity 

other 
financial 
instruments 

17 
18 
Out of which 

32 
national 
public 
cofinancing 
paid to 
final 
recipients 

33 
national 
private 
cofinancing 
paid to 
final 
recipients 

34 

Amount of 
loans 
issued 
backed by 
guarantees 

finasowe w 
województwie 
dolnośląskim w 
ramach Działania  
3.3 Efektywność 
energetyczna w 
budynkach 
użyteczności 
publicznej i sektorze 
mieszkaniowym 
wspólfinansowanego 
z Europejskiego 
Funduszu Rozwoju 
Regionalnego;   
Polska, Warszawa 
Rozwój 
przedsiębiorczości 
oraz wspieranie 
gospodarki 
niskoemisyjnej 
poprzez instrumnety 
finasowe w 
województwie 
dolnośląskim w 
ramach Działania 1.5 
Rozwój produktów  i 
usług w MŚP 
wspólfinansowanego 
z Europejskiego 
Funduszu Rozwoju 
Regionalnego;   
Polska, Warszawa 
Rozwój 
przedsiębiorczości 
oraz wspieranie 
gospodarki 
niskoemisyjnej 
poprzez instrumnety 
finasowe w 
województwie 
dolnośląskim w 
ramach Działania 3.1 
Produkcja i 
dystrybucja energii 
ze źródeł 
odnawialnych   
wspólfinansowanego 
z Europejskiego 
Funduszu Rozwoju 
Regionalnego;   
Polska, Warszawa 
Rozwój 
przedsiębiorczości 
oraz wspieranie 
gospodarki 
niskoemisyjnej 
poprzez instrumnety 
finasowe w 
województwie 
dolnośląskim w 
ramach Działania 3.2 
Efektywność 
energetyczna w MŚP 
wspólfinansowanego 
z Europejskiego 
Funduszu Rozwoju 
Regionalnego;   
Polska, Warszawa 

2014PL16M2OP001 

01 

ERDF 

2014PL16M2OP001 

03 

ERDF 

2014PL16M2OP001 

03 

ERDF 

Fund of 
funds 

Bank 
Gospodarstwa 
Krajowego 

Polska,. 
Warszawa 

01/06/2015 

Yes 

30/11/2016 

100.1 

85.1 

21.3  

21.3 

0 

0 

0 

0 

0 

0 

0 

Fund of 
funds 

Bank 
Gospodarstwa 
Krajowego 

Polska, 
Warszawa 

01/06/2015 

Yes 

30/11/2016 

15.3 

13 

3.3  

3.3 

0 

0 

0 

0 

0 

0 

0 

Fund of 
funds 

Bank 
Gospodarstwa 
Krajowego 

Polska, 
Warszawa 

01/06/2015 

Yes 

30/11/2016 

22.9 

19.4 

4.9  

4.9 

0 

0 

0 

0 

0 

0 

0 

2014PL16RFOP001 

III 

ERDF 

Starter;   Polska, 
Warszawa 

Fund of 
funds 

Bank 
Gospodarstwa 
Krajowego 

2014PL16M2OP011 

10 

ERDF 

2014PL16M2OP011 

8 

ERDF 

Umowa o 
finansowaniu nr 
UDA-RPPM.IF-00-
002/16-00 - OP10;   
Luksemburg, 
Luksemburg 

Umowa o 
finansowaniu nr 
UDA-RPPM.IF-00-
002/16-00 - OP8;   
Luksemburg, 

Fund of 
funds 

Europejski Bank 
Inwestycyjny 

Fund of 
funds 

Europejski Bank 
Inwestycyjny 

Polska, 
Warszawa 

98-100 
Boulevard 
Konrad 
Adenauer, L-
2950 
Luksemburg, 
Luksemburg 
98-100 
Boulevard 
Konrad 
Adenauer, L-
2950 

25/02/2015 

Yes 

28/11/2016 

208.5 

177.2 

0 

17/12/2015 

Yes 

09/12/2016 

45.6 

40.8 

0 

17/12/2015 

Yes 

09/12/2016 

18.5 

16.5 

0 

44.3  

12  

4.9  

44.3 

0 

0 

0 

0 

0 

0 

10.2 

0 

1.8 

1.2 

.6 

0 

0 

4.1 

0 

.7 

.5 

.2 

0 

0 

0 

0 

0 

77 

 
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
I. Identification and description of the entities which implment FIs 

II. Amounts of OP contributions committed and paid to FIs at the end of 2016, in EUR mln  

7 

8 

9 

10 

11 

12  13=14+15+16  14 

15  16=17+18 

19 

20 

21 

22=23+24+25+26  23 

24 

III. Investments made in final recipients at the end of 2016, in EUR mln  
31 
25 

27=28+29+30+31  28 

26 

29 

30 

1 

2 

3 

4 

5 

6 
Name of implementing body 

CCI 

Priority 
Axis 

ESI 
Fund 

Name and address 
of Financial 
Instrument 

Type of 
financial 
instrument 

Name of the body 
implementing the 
financial 
instrument 

Official 
address/place of 
business (country 
and town name) 

Ex ante 
assessment 
completed 

Selection/designation 
procedure launched 

Signature 
of the 
funding 
agreement 

OP amounts 
commitment 
to FI 

Out of which 

Out of which 

ERDF  CF 

OP amounts 
paid to FI 

ERDF  CF 

Out of 
which 
national 
cofinancing 

public 
cofinancing 

private 
cofinancing 

Out of which 

Out of which 

Out of which 

MCF 
paid 

base 
remuneration 

performance 
based 
remuneration 

OP amount paid 
to final 
recipients 

loans  guarantees  equity 

other 
financial 
instruments 

ESIF amounts 
paid to final 
recipients 

loans  guarantees  equity 

other 
financial 
instruments 

17 
18 
Out of which 

32 
national 
public 
cofinancing 
paid to 
final 
recipients 

33 
national 
private 
cofinancing 
paid to 
final 
recipients 

34 

Amount of 
loans 
issued 
backed by 
guarantees 

2014PL16M2OP009 

I 

ERDF 

2014PL16M2OP012 

IV 

ERDF 

2014PL16M2OP012 

X 

ERDF 

2014PL16M2OP012 

III 

ERDF 

2014PL16M2OP006 

4 

ERDF 

2014PL16M2OP006 

11 

ERDF 

2014PL16M2OP006 

3 

ERDF 

Luksemburg 

Wdrażanie 
Instrumentów 
Finansowych w 
Działaniu 1.4 
Wsparcie MŚP, 
Poddziałaniu 1.4.2 
Instrumenty 
Finansowe;   Polska, 
Warszawa 
Wdrażanie 
instrumentów 
finansowych w 
ramach RPO WSL 
2014-2020 w 
modelu z 
Funduszem 
Funduszu, którego 
rolę pełni Europejski 
Bank Inwestycyjny;   
Europejski Bank 
Inwestycyjny z 
siedzibą w 
Luksemburgu (EBI) 
100 Bld Konrad 
Adenauer, L-2950 
Luxembourg 
Wdrażanie 
instrumentów 
finansowych w 
ramach RPO WSL 
2014-2020 w 
modelu z 
Funduszem 
Funduszu, którego 
rolę pełni Europejski 
Bank Inwestycyjny;   
Europejski Bank 
Inwestycyjny z 
siedzibą w 
Luksemburgu (EBI) 
100 Bld Konrad 
Adenauer, L-2950 
Luxembourg 
Wdrażanie 
instrumentów 
finansowych w 
ramach RPO WSL 
2014-2020 w 
modelu z 
Funduszem 
Funduszu, którego 
rolę pełni Europejski 
Fundusz 
Inwestycyjny;   
Europejski Fundusz 
Inwestycyjny z 
siedzibą w 
Luksemburgu (EFI) 
37 B avenue 
J.F.Kennedy, L-2968 
Luxembourg 
Zintegrowany 
projekt wsparcia 
instrumentów 
finansowowych w 
Małopolsce 
(Poddziałanie 4.3.4);   
Warszawa, Polska 
Zintegrowany 
projekt wsparcia 
instrumentów 
finansowych w 
Małopolsce 
(Działanie 11.3);   
Warszawa, Polska 
Zintegrowany 
projekt wsparcia 
instrumentów 
finansowych w 
Małopolsce 
(Poddziałanie 3.4.1);   

Luksemburg, 
Luksemburg 

Fund of 
funds 

Bank 
Gospodarstwa 
Krajowego 

Polska, 
Warszawa 

30/09/2014 

Yes 

30/11/2016 

50 

12.5  

11.2 

0 

1.3 

1.3 

0 

0 

0 

0 

Fund of 
funds 

Europejski Bank 
Inwestycyjny 

100 Bld Konrad 
Adenauer, L-
2950 
Luxembourg 

17/12/2014 

Yes 

30/11/2016 

33 

8.1  

8.1 

0 

0 

0 

0 

0 

0 

0 

Fund of 
funds 

Europejski Bank 
Inwestycyjny 

100 Bld Konrad 
Adenauer, L-
2950 
Luxembourg 

17/12/2014 

Yes 

30/11/2016 

48 

11.7  

11.7 

0 

0 

0 

0 

0 

0 

0 

Fund of 
funds 

Europejski 
Fundusz 
Inwestycyjny 

37 B avenue 
J.F.Kennedy, L-
2968 
Luxembourg 

17/12/2014 

Yes 

30/11/2016 

91 

22.2  

22.2 

0 

0 

0 

0 

0 

0 

0 

Fund of 
funds 

Bank 
Gospodarstwa 
Krajowego 

29/07/2015 

Yes 

19/12/2016 

22.4 

Fund of 
funds 

Bank 
Gospodarstwa 
Krajowego 

Warszawa, 
Polska 

Fund of 
funds 

instytucja 
finansowa z 
siedzibą w 
państwie 
członkowski, 
dążąca do 

Bank 
Gospodarstwa 
Krajowego  

29/07/2015 

Yes 

19/12/2016 

33.5 

29/07/2015 

Yes 

19/12/2016 

21.5 

5.6  

8.4  

5.4  

5 

0 

.6 

.6 

0 

0 

0 

0 

7.5 

0 

.9 

.9 

0 

0 

0 

0 

5 

.4 

.4 

0 

0 

0 

0 

78 

 
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
I. Identification and description of the entities which implment FIs 

II. Amounts of OP contributions committed and paid to FIs at the end of 2016, in EUR mln  

7 

8 

9 

10 

11 

12  13=14+15+16  14 

15  16=17+18 

19 

20 

21 

22=23+24+25+26  23 

24 

III. Investments made in final recipients at the end of 2016, in EUR mln  
31 
25 

27=28+29+30+31  28 

26 

29 

30 

1 

2 

3 

4 

5 

6 
Name of implementing body 

CCI 

Priority 
Axis 

ESI 
Fund 

Name and address 
of Financial 
Instrument 

Warszawa, Polska 

Type of 
financial 
instrument 

Name of the body 
implementing the 
financial 
instrument 

Official 
address/place of 
business (country 
and town name) 

Ex ante 
assessment 
completed 

Selection/designation 
procedure launched 

Signature 
of the 
funding 
agreement 

OP amounts 
commitment 
to FI 

Out of which 

Out of which 

ERDF  CF 

OP amounts 
paid to FI 

ERDF  CF 

Out of 
which 
national 
cofinancing 

public 
cofinancing 

private 
cofinancing 

Out of which 

Out of which 

Out of which 

MCF 
paid 

base 
remuneration 

performance 
based 
remuneration 

OP amount paid 
to final 
recipients 

loans  guarantees  equity 

other 
financial 
instruments 

ESIF amounts 
paid to final 
recipients 

loans  guarantees  equity 

other 
financial 
instruments 

17 
18 
Out of which 

32 
national 
public 
cofinancing 
paid to 
final 
recipients 

33 
national 
private 
cofinancing 
paid to 
final 
recipients 

34 

Amount of 
loans 
issued 
backed by 
guarantees 

osiągniecia celów 
interesu 
publicznego i 
pozosatjąca pod 
nadzorem 
instytucji 
publicznej 

Fund of 
funds 

Bank 
Gospodarstwa 
Krajowego  

29/07/2015 

Yes 

19/12/2016 

43 

2.4  

2.3 

0 

.2 

.2 

0 

0 

0 

0 

Fund of 
funds 

Bank 
Gospodarstwa 
Krajowego 

Al. Jerozolimskie 
7, 00-955 
Warszawa, 
Polska 

17/12/2015 

Yes 

30/09/2016 

42 

35.7 

0 

10.5  

8.9 

0 

1.6 

1.1 

.5 

0 

0 

0 

Fund of 
funds 

Bank 
Gospodarstwa 
Krajowego 

Al. Jerozolimskie 
7, 00-955 
Warszawa, 
Polska  

17/12/2015 

Yes 

30/09/2016 

57 

48.5 

0 

Fund of 
funds 

Bank 
Gospodarstwa 
Krajowego 

Al. Jerozolimskie 
7, 00-955 
Warszawa, 
Polska 

Fund of 
funds 

Bank 
Gospodarstwa 
Krajowego 

Al. Jerozolimskie 
7, 00-955 
Warszawa, 
Polska 

22/10/2015 

Yes 

30/11/2016 

.6 

0 

0 

22/10/2015 

Yes 

30/11/2016 

4 

0 

0 

14  

.1  

1  

11.9 

0 

2.1 

1.4 

.7 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

.1 

.1 

0 

0 

0 

Fund of 
funds 

Fund of 
funds 

Fund of 
funds 

Bank 
Gospodarstwa 
Krajowego - 
Menadżer 
Funduszu 
Funduszy 
Bank 
Gospodarstwa 
Krajowego - 
Menadżer 
Funduszu 
Funduszy 
Bank 
Gospodarstwa 
Krajowego - 
Menadżer 
Funduszu 
Funduszy 

Polska, 
Warszawa 

18/12/2014 

Yes 

18/11/2016 

118.3 

100.5 

29.6  

25.1 

4.4 

4.4 

.1 

.1 

18/12/2014 

Yes 

18/11/2016 

25.3 

21.5 

Polska, 
Warszawa 

18/12/2014 

Yes 

18/11/2016 

8.1 

6.3  

2  

2.5  

5.4 

.9 

.9 

0 

0 

.3 

.3 

0 

0 

1.3 

0 

0 

0 

0 

0 

0 

Fund of 
funds 

Bank 
Gospodarstwa 
Krajowego 

Warszawa, 
Polska 

29/07/2015 

Yes 

19/12/2016 

5 

0 

0 

0 

0 

0 

79 

2014PL16M2OP006 

3 

ERDF 

2014PL16M2OP011 

1 

ERDF 

2014PL16M2OP011 

2 

ERDF 

2014PL16M2OP003 

10 

ESF 

2014PL16M2OP003 

9 

ESF 

2014PL16M2OP005 

II 

2014PL16M2OP005 

IV 

2014PL16M2OP005  VIII 

2014PL16M2OP006 

8 

ESF 

Zintegrowany 
projekt wsparcia 
instrumentów 
finansowych w 
Małopolsce 
(Poddziałanie 3.4.2) ;   
Warszawa, Polska 
Zwiększenie 
konkurencyjności i 
innowacyjności 
pomorskich 
przedsiębiorstw 
poprzez instrumenty 
finansowe w ramach 
Regionalnego 
Programu 
Operacyjnego 
Województwa 
Pomorskiego na lata 
2014-2020 
("Pomorski Fundusz 
Rozwoju 2020+") - 
OP1;   Polska, 
Warszawa 
Zwiększenie 
konkurencyjności i 
innowacyjności 
pomorskich 
przedsiębiorstw 
poprzez instrumenty 
finansowe w ramach 
Regionalnego 
Programu 
Operacyjnego 
Województwa 
Pomorskiego na lata 
2014-2020 
("Pomorski Fundusz 
Rozwoju 2020+") - 
OP2;   Polska, 
Warszawa 
Fundusz Funduszy 
Województwa 
Lubelskiego 10.2;   
Al. Jerozolimskie 7, 
00-955 Warszawa, 
Polska 
Fundusz Funduszy 
Województwa 
Lubelskiego 9.3;   Al. 
Jerozolimskie 7, 00-
955 Warszawa, 
Polska 
Instrumenty 
Finansowe dla 
rozwoju 
województwa 
łódzkiego;   Polska, 
Łódź 
Instrumenty 
Finansowe dla 
rozwoju 
województwa 
łódzkiego ;   Polska, 
Łódź 
Instrumenty 
Finansowe dla 
rozwoju 
województwa 
łódzkiego;   Polska, 
Łódź 
Zintegrowany 
projekt wsparcia 
instrumentów 
finansowych w 
Małopolsce 

 
 
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
 
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
I. Identification and description of the entities which implment FIs 

II. Amounts of OP contributions committed and paid to FIs at the end of 2016, in EUR mln  

7 

8 

9 

10 

11 

12  13=14+15+16  14 

15  16=17+18 

19 

20 

21 

22=23+24+25+26  23 

24 

III. Investments made in final recipients at the end of 2016, in EUR mln  
31 
25 

27=28+29+30+31  28 

26 

29 

30 

1 

2 

3 

4 

5 

6 
Name of implementing body 

CCI 

Priority 
Axis 

ESI 
Fund 

Name and address 
of Financial 
Instrument 

Type of 
financial 
instrument 

Name of the body 
implementing the 
financial 
instrument 

Official 
address/place of 
business (country 
and town name) 

Ex ante 
assessment 
completed 

Selection/designation 
procedure launched 

Signature 
of the 
funding 
agreement 

OP amounts 
commitment 
to FI 

Out of which 

Out of which 

ERDF  CF 

OP amounts 
paid to FI 

ERDF  CF 

Out of 
which 
national 
cofinancing 

public 
cofinancing 

private 
cofinancing 

Out of which 

Out of which 

Out of which 

MCF 
paid 

base 
remuneration 

performance 
based 
remuneration 

OP amount paid 
to final 
recipients 

loans  guarantees  equity 

other 
financial 
instruments 

ESIF amounts 
paid to final 
recipients 

loans  guarantees  equity 

other 
financial 
instruments 

17 
18 
Out of which 

32 
national 
public 
cofinancing 
paid to 
final 
recipients 

33 
national 
private 
cofinancing 
paid to 
final 
recipients 

34 

Amount of 
loans 
issued 
backed by 
guarantees 

2014PL16M2OP008 

VII 

ESF 

2014PL16M2OP009 

VII 

ESF 

2014PL16M2OP010 

01 

2014PL16M2OP010 

02 

2014PL16M2OP010 

05 

2014PL16M2OP012 

VII 

ESF 

(Poddziałanie 8.3.2);   
Warszawa, Polska 
Wsparcie pracy na 
własny rachunek, 
przedsiębiorczości i 
tworzenia 
przedsiębiorstw w 
ramach 
instrumentów 
finansowych RPO 
WO 2014-2020;   
Polska/Warszawa 
Wsparcie rozwoju 
przedsiębiorczości 
poprzez pożyczki;   
Polska, Warszawa 
Instrument 
finansowy wdrażany 
poprzez fundusz 
funduszy ;   Polska, 
Warszawa 
Instrument 
finansowy wdrażany 
poprzez fundusz 
funduszy ;   Polska, 
Warszawa 
Instrument 
finansowy wdrażany 
poprzez fundusz 
funduszy ;   Polska, 
Warszawa 
Wdrażanie 
instrumentów 
finansowych w 
ramach RPO WSL 
2014-2020 w 
modelu z 
Funduszem 
Funduszu, którego 
rolę pełni Europejski 
Bank Inwestycyjny;   
Europejski Bank 
Inwestycyjny z 
siedzibą w 
Luksemburgu (EBI) 
100 Bld Konrad 
Adenauer, L-2950 
Luxembourg 

Fund of 
funds 

Bank 
Gospodarstwa 
Krajowego 

Polska, 
Warszawa 

Fund of 
funds 

Bank 
Gospodarstwa 
Krajowego 

Polska, 
Warszawa 

Fund of 
funds 

Bank 
Gospodarstwa 
Krajowego 

Polska, 
Warszawa 

Fund of 
funds 

Bank 
Gospodarstwa 
Krajowego 

Polska, 
Warsyawa 

Fund of 
funds 

Europejski Bank 
Inwestycyjny 

100 Bld Konrad 
Adenauer, L-
2950 
Luxembourg 

Fund of 
funds 

Bank 
Gospodarstwa 
Krajowego 

Polska/Warszawa 10/10/2014 

No 

08/12/2016 

2.3 

0 

0 

30/09/2014 

Yes 

6.4 

03/02/2015 

Yes 

29/11/2016 

31.7 

.6  

1.6  

7.9  

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

.2 

.2 

0 

0 

0 

0 

6.7 

1.2 

1.2 

03/02/2015 

Yes 

29/11/2016 

2.3 

1  

.5 

03/02/2015 

Yes 

29/11/2016 

26.4 

6.6  

5.6 

1 

1 

17/12/2014 

Yes 

30/11/2016 

6.2 

1.5  

0 

0 

0 

0 

0 

0 

0 

0 

2014PL16M2OP013 

10 

ESF 

Mikropożyczki;    

Fund of 
funds 

28/11/2014 

No 

2014PL16M2OP016 

VI 

ESF 

Fundusz funduszy 
Pomorza 
Zachodniego 
Jeremie2 ;   Bank 
Gospodarstwa 
Krajowego, Al. 
Jerozolimskie 7, 00-
955 Warszawa, 
Polska 

Fund of 
funds 

Bank 
Gospodarstwa 
Krajowego 

Al. Jerozolimskie 
7, 00-955 
Warszawa, 
Polska 

01/09/2014 

Yes 

21/11/2016 

16.7 

4.2  

.6 

.6 

0 

80 

 
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
 
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
 
 
Portugal 

1 

2 

3 

I. Identification and description of the entities which implment FIs 
7 

4 

5 

6 
Name of implementing body 

8 

9 

10 

11 

II. Amounts of OP contributions committed and paid to FIs at the end of 2016, in EUR mln  
20 
16=17+18 

12  13=14+15+16 

19 

14 

15 
Out of which 

17 
18 
Out of which 

Out of which 

Out of which 

21 

22=23+24+25+26 

23 

24 

III. Investments made in final recipients at the end of 2016, in EUR mln 
25 
31 
Out of which 

30 
Out of which 

27=28+29+30+31 

26 

28 

29 

CCI 

Priority 
Axis 

ESI 
Fund 

Name and 
address of 
Financial 
Instrument 

Type of 
financial 
instrument 

Name of the body 
implementing the 
financial 
instrument 

Official 
address/place 
of business 
(country and 
town name) 

Ex ante 
assessment 
completed 

Selection/designation 
procedure launched 

Signature 
of the 
funding 
agreement 

OP amounts 
commitment 
to FI 

ERDF 

CF 

OP amounts 
paid to FI 

ERDF 

CF 

Out of 
which 
national 
cofinancing 

public 
cofinancing 

private 
cofinancing 

MCF 
paid 

base 
remuneration 

performance 
based 
remuneration 

OP amount paid 
to final 
recipients 

loans  guarantees  equity 

other 
financial 
instruments 

ESIF amounts 
paid to final 
recipients 

loans  guarantees  equity 

other 
financial 
instruments 

32 
national 
public 
cofinancing 
paid to 
final 
recipients 

33 
national 
private 
cofinancing 
paid to 
final 
recipients 

2014PT16M2OP005 

2 

ERDF 

2014PT16M2OP007 

2 

ERDF 

2014PT16M3OP001 

II 

ERDF 

2014PT16M2OP007 

2 

ERDF 

2014PT16M2OP005 

2 

ERDF 

2014PT16M2OP003 

1 

ERDF 

2014PT16M2OP002 

2 

ERDF 

2014PT16M2OP001 

2 

ERDF 

2014PT16M2OP007 

2 

ERDF 

2014PT16M2OP002 

2 

ERDF 

2014PT16M2OP003 

1 

ERDF 

Fundo de 
Capital e 
Quase 
Capital_3.1;   
Portugal / 
NUTS II: 
Lisboa 
Fundo de 
Capital e 
Quase-
Capital_3.1;   
Portugal / 
NUTS II: 
Algarve 
Fundo de 
Capital e 
Quase-
Capital_3.1;   
Portugal / 
NUTS II: 
Norte, Centro 
e Alentejo 
Fundo de 
Capital e 
Quase-
Capital_3.3;   
Portugal / 
NUTS II: 
Algarve 
Fundo de 
Capital e 
Quase-
Capital_3.3;   
Portugal / 
NUTS II: 
Lisboa 
Fundo de 
Capital e 
Quase-
Capital_3.3;   
Portugal / 
NUTS II: 
Alentejo 
Fundo de 
Capital e 
Quase-
Capital_3.3;   
Portugal / 
NUTS II: 
Centro 
Fundo de 
Capital e 
Quase-
Capital_3.3;   
Portugal / 
NUTS II: Norte 
Fundo de 
Dívida e 
Garantias_3.3;   
Portugal / 
NUTS II: 
Algarve 
Fundo de 
Dívida e 
Garantias_3.3;   
Portugal / 
NUTS II: 
Centro 
Fundo de 
Dívida e 
Garantias_3.3;   

Fund of 
funds 

IFD - Instituição 
Financeira de 
Desenvolvimento, 
S.A. 

Portugal / 
Porto 

Fund of 
funds 

IFD - Instituição 
Financeira de 
Desenvolvimento, 
S.A. 

Portugal / 
Porto 

Fund of 
funds 

IFD - Instituição 
Financeira de 
Desenvolvimento, 
S.A. 

Portugal / 
Porto 

Fund of 
funds 

IFD - Instituição 
Financeira de 
Desenvolvimento, 
S.A. 

Portugal / 
Porto 

Fund of 
funds 

IFD - Instituição 
Financeira de 
Desenvolvimento, 
S.A. 

Portugal / 
Porto 

Fund of 
funds 

IFD - Instituição 
Financeira de 
Desenvolvimento, 
S.A. 

Portugal / 
Porto 

Fund of 
funds 

IFD - Instituição 
Financeira de 
Desenvolvimento, 
S.A. 

Portugal / 
Porto 

Fund of 
funds 

IFD - Instituição 
Financeira de 
Desenvolvimento, 
S.A. 

Portugal / 
Porto 

Fund of 
funds 

IFD - Instituição 
Financeira de 
Desenvolvimento, 
S.A. 

Portugal / 
Porto 

Fund of 
funds 

IFD - Instituição 
Financeira de 
Desenvolvimento, 
S.A. 

Portugal / 
Porto 

Fund of 
funds 

IFD - Instituição 
Financeira de 
Desenvolvimento, 

Portugal / 
Porto 

06/05/2015 

Yes 

01/03/2016 

5 

2 

.5  

.5 

06/05/2015 

Yes 

01/03/2016 

3.4 

1.7 

.4  

.4 

06/05/2015 

Yes 

01/03/2016 

88.2 

50 

12.5  

12.5 

06/05/2015 

Yes 

01/03/2016 

4 

2 

.5  

.5 

06/05/2015 

Yes 

01/03/2016 

15 

6 

1.5  

1.5 

06/05/2015 

Yes 

01/03/2016 

20.4 

10.2 

2.5  

2.5 

06/05/2015 

Yes 

01/03/2016 

60 

30 

7.5  

7.5 

06/05/2015 

Yes 

01/03/2016 

88.3 

45 

11.3  

11.3 

06/05/2015 

Yes 

01/03/2016 

1 

.5 

06/05/2015 

Yes 

01/03/2016 

28.6 

20 

06/05/2015 

Yes 

01/03/2016 

29.1 

20.4 

.3  

7.1  

7.3  

.1 

.1 

.1 

5 

2.1 

2.1 

5.1 

2.2 

2.2 

34 

Amount of 
loans 
issued 
backed by 
guarantees 

81 

 
 
 
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
1 

2 

3 

CCI 

Priority 
Axis 

ESI 
Fund 

2014PT16M2OP001 

2 

ERDF 

2014PT16M2OP005 

2 

ERDF 

2014PT16M2OP004 

4 

ERDF 

2014PT16M2OP003 

6 

ERDF 

2014PT16M2OP006 

4 

ERDF 

2014PT16M2OP006 

8 

ERDF 

2014PT16M2OP003 

8 

ERDF 

2014PT16M2OP004 

6 

ERDF 

2014PT16M2OP006 

5 

ERDF 

I. Identification and description of the entities which implment FIs 
7 

4 

5 

6 
Name of implementing body 

Name and 
address of 
Financial 
Instrument 

Type of 
financial 
instrument 

Name of the body 
implementing the 
financial 
instrument 

Official 
address/place 
of business 
(country and 
town name) 

8 

9 

10 

11 

II. Amounts of OP contributions committed and paid to FIs at the end of 2016, in EUR mln  
20 
16=17+18 

12  13=14+15+16 

19 

14 

15 
Out of which 

17 
18 
Out of which 

Out of which 

Out of which 

21 

22=23+24+25+26 

23 

24 

III. Investments made in final recipients at the end of 2016, in EUR mln 
25 
31 
Out of which 

30 
Out of which 

27=28+29+30+31 

26 

28 

29 

Ex ante 
assessment 
completed 

Selection/designation 
procedure launched 

Signature 
of the 
funding 
agreement 

OP amounts 
commitment 
to FI 

ERDF 

CF 

OP amounts 
paid to FI 

ERDF 

CF 

Out of 
which 
national 
cofinancing 

public 
cofinancing 

private 
cofinancing 

MCF 
paid 

base 
remuneration 

performance 
based 
remuneration 

OP amount paid 
to final 
recipients 

loans  guarantees  equity 

other 
financial 
instruments 

ESIF amounts 
paid to final 
recipients 

loans  guarantees  equity 

other 
financial 
instruments 

32 
national 
public 
cofinancing 
paid to 
final 
recipients 

33 
national 
private 
cofinancing 
paid to 
final 
recipients 

Portugal / 
NUTS II: 
Alentejo 
Fundo de 
Dívida e 
Garantias_3.3;   
Portugal / 
NUTS II: Norte 
Fundo de 
Fundos de 
Dívida / 
Garantia_3.3;   
Portugal / 
NUTS II: 
Lisboa 
Instrumento 
Financeiro 
para 
Reabilitação e 
Revitalização 
Urbanas 
(IFRRU 2020);   
Portugal / 
NUTS I: 
Região dos 
Açores 
Instrumento 
Financeiro 
para 
Reabilitação e 
Revitalização 
Urbanas 
(IFRRU 2020);   
Portugal / 
NUTS II: 
Região 
Alentejo 
Instrumento 
Financeiro 
para 
Reabilitação e 
Revitalização 
Urbanas 
(IFRRU 2020);   
Portugal / 
NUTS I: 
Região da 
Madeira 
Instrumento 
Financeiro 
para 
Reabilitação e 
Revitalização 
Urbanas 
(IFRRU 2020);   
Portugal / 
NUTS I: 
Região 
Madeira 
Instrumento 
Financeiro 
para 
Reabilitação e 
Revitalização 
Urbanas 
(IFRRU 2020);   
Portugal / 
NUTS II: 
Região 
Alentejo 
Instrumento 
Financeiro 
para 
Reabilitação e 
Revitalização 
Urbanas 
(IFRRU 2020);   
Portugal / 
NUTS I: 
Região Açores 
Instrumento 
Financeiro 
para 

S.A. 

Fund of 
funds 

IFD - Instituição 
Financeira de 
Desenvolvimento, 
S.A. 

Portugal / 
Porto 

Fund of 
funds 

IFD - Instituição 
Financeira de 
Desenvolvimento, 
S.A. 

Portugal / 
Porto 

06/05/2015 

Yes 

01/03/2016 

35.7 

25 

06/05/2015 

Yes 

01/03/2016 

10 

4 

8.9  

2.5  

6.3 

2.7 

2.7 

1 

1.5 

1.5 

Fund of 
funds 

Fund of 
funds 

Fund of 
funds 

Fund of 
funds 

Fund of 
funds 

Fund of 
funds 

Estutura de 
Gestão do 
Instrumento 
Financeiro para 
Reabilitação e 
Revitalização 
Urbanas (EG 
IFRRU 2020) 

Estutura de 
Gestão do 
Instrumento 
Financeiro para 
Reabilitação e 
Revitalização 
Urbanas (EG 
IFRRU 2020) 

Estutura de 
Gestão do 
Instrumento 
Financeiro para 
Reabilitação e 
Revitalização 
Urbanas (EG 
IFRRU 2020) 

Estutura de 
Gestão do 
Instrumento 
Financeiro para 
Reabilitação e 
Revitalização 
Urbanas (EG 
IFRRU 2020) 

Estutura de 
Gestão do 
Instrumento 
Financeiro para 
Reabilitação e 
Revitalização 
Urbanas (EG 
IFRRU 2020) 

Estutura de 
Gestão do 
Instrumento 
Financeiro para 
Reabilitação e 
Revitalização 
Urbanas (EG 
IFRRU 2020) 

Portugal / 
Lisboa 

06/01/2016 

Yes 

13/09/2016 

1 

.4 

Portugal / 
Lisboa 

18/09/2015 

Yes 

13/09/2016 

1.2 

.5 

0  

0 

0 

0 

Portugal / 
Lisboa 

06/01/2016 

Yes 

13/09/2016 

1.2 

.5 

Portugal / 
Lisboa 

18/09/2015 

Yes 

13/09/2016 

1.8 

.8 

Portugal / 
Lisboa 

18/09/2015 

Yes 

13/09/2016 

2.3 

1 

0  

0 

0 

0 

Portugal / 
Lisboa 

18/09/2015 

Yes 

13/09/2016 

3.4 

1.4 

Fund of 
funds 

Estutura de 
Gestão do 
Instrumento 

Portugal / 
Lisboa 

18/09/2015 

Yes 

13/09/2016 

4.5 

1.9 

34 

Amount of 
loans 
issued 
backed by 
guarantees 

82 

 
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
1 

2 

3 

CCI 

Priority 
Axis 

ESI 
Fund 

2014PT16M2OP001 

4 

ERDF 

2014PT16M2OP002 

7 

ERDF 

2014PT16M2OP007 

4 

ERDF 

2014PT16M2OP002 

9 

ERDF 

2014PT16M2OP001 

5 

ERDF 

2014PT16M2OP003 

4 

ERDF 

2014PT16M2OP005 

8 

ERDF 

2014PT16CFOP001 

1 

CF 

I. Identification and description of the entities which implment FIs 
7 

4 

5 

6 
Name of implementing body 

Name and 
address of 
Financial 
Instrument 

Type of 
financial 
instrument 

Name of the body 
implementing the 
financial 
instrument 

Official 
address/place 
of business 
(country and 
town name) 

8 

9 

10 

11 

II. Amounts of OP contributions committed and paid to FIs at the end of 2016, in EUR mln  
20 
16=17+18 

12  13=14+15+16 

19 

14 

15 
Out of which 

17 
18 
Out of which 

Out of which 

Out of which 

21 

22=23+24+25+26 

23 

24 

III. Investments made in final recipients at the end of 2016, in EUR mln 
25 
31 
Out of which 

30 
Out of which 

27=28+29+30+31 

26 

28 

29 

Ex ante 
assessment 
completed 

Selection/designation 
procedure launched 

Signature 
of the 
funding 
agreement 

OP amounts 
commitment 
to FI 

ERDF 

CF 

OP amounts 
paid to FI 

ERDF 

CF 

Out of 
which 
national 
cofinancing 

public 
cofinancing 

private 
cofinancing 

MCF 
paid 

base 
remuneration 

performance 
based 
remuneration 

OP amount paid 
to final 
recipients 

loans  guarantees  equity 

other 
financial 
instruments 

ESIF amounts 
paid to final 
recipients 

loans  guarantees  equity 

other 
financial 
instruments 

32 
national 
public 
cofinancing 
paid to 
final 
recipients 

33 
national 
private 
cofinancing 
paid to 
final 
recipients 

34 

Amount of 
loans 
issued 
backed by 
guarantees 

Reabilitação e 
Revitalização 
Urbanas 
(IFRRU 2020);   
Portugal / 
NUTS I: 
Região da 
Madeira 
Instrumento 
Financeiro 
para 
Reabilitação e 
Revitalização 
Urbanas 
(IFRRU 2020);   
Portugal / 
NUTS II: 
Região Norte 
Instrumento 
Financeiro 
para 
Reabilitação e 
Revitalização 
Urbanas 
(IFRRU 2020);   
Portugal / 
NUTS II: 
Centro 
Instrumento 
Financeiro 
para 
Reabilitação e 
Revitalização 
Urbanas 
(IFRRU 2020);   
Portugal / 
NUTS II: 
Região 
Algarve  
Instrumento 
Financeiro 
para 
Reabilitação e 
Revitalização 
Urbanas 
(IFRRU 2020);   
Portugal / 
NUTS II: 
Centro 
Instrumento 
Financeiro 
para 
Reabilitação e 
Revitalização 
Urbanas 
(IFRRU 2020);   
Portugal / 
NUTS II: 
Região Norte 
Instrumento 
Financeiro 
para 
Reabilitação e 
Revitalização 
Urbanas 
(IFRRU 2020);   
Portugal / 
NUTS II: 
Região 
Alentejo 
Instrumento 
Financeiro 
para 
Reabilitação e 
Revitalização 
Urbanas 
(IFRRU 2020);   
Portugal / 
NUTS II: 
Região Lisboa 
Instrumento 
Financeiro 
para a 

Financeiro para 
Reabilitação e 
Revitalização 
Urbanas (EG 
IFRRU 2020) 

Estutura de 
Gestão do 
Instrumento 
Financeiro para 
Reabilitação e 
Revitalização 
Urbanas (EG 
IFRRU 2020) 

Estutura de 
Gestão do 
Instrumento 
Financeiro para 
Reabilitação e 
Revitalização 
Urbanas (EG 
IFRRU 2020) 

Estutura de 
Gestão do 
Instrumento 
Financeiro para 
Reabilitação e 
Revitalização 
Urbanas (EG 
IFRRU 2020) 

Estutura de 
Gestão do 
Instrumento 
Financeiro para 
Reabilitação e 
Revitalização 
Urbanas (EG 
IFRRU 2020) 

Estutura de 
Gestão do 
Instrumento 
Financeiro para 
Reabilitação e 
Revitalização 
Urbanas (EG 
IFRRU 2020) 

Estutura de 
Gestão do 
Instrumento 
Financeiro para 
Reabilitação e 
Revitalização 
Urbanas (EG 
IFRRU 2020) 

Estrutura de 
Gestão do 
Instrumento 
Financeiro para 
Reabiltação e 
Revitalização 
Urbanas (EG 
IFRRU 2020) 

Fund of 
funds 

Fund of 
funds 

Fund of 
funds 

Fund of 
funds 

Fund of 
funds 

Fund of 
funds 

Fund of 
funds 

Portugal / 
Lisboa 

18/09/2015 

Yes 

13/09/2016 

5.8 

2.5 

0  

0 

0 

0 

Portugal / 
Lisboa 

18/09/2015 

Yes 

13/09/2016 

11.6 

5 

0  

0 

0 

0 

Portugal / 
Lisboa 

18/09/2015 

Yes 

13/09/2016 

17.3 

7 

0  

0 

0 

0 

Portugal / 
Lisboa 

18/09/2015 

Yes 

13/09/2016 

25.7 

11 

0  

0 

0 

0 

Portugal / 
Lisboa 

18/09/2015 

Yes 

13/09/2016 

27.9 

12 

0  

0 

0 

0 

Portugal / 
Lisboa 

18/09/2015 

Yes 

13/09/2016 

30.3 

13 

0  

0 

0 

0 

Portugal / 
Lisboa 

18/09/2015 

Yes 

13/09/2016 

35.7 

9 

0  

0 

0 

0 

Fund of 
funds 

Estrutura de 
Gestão do 
Instrumento 

Portugal; 
Lisboa 

06/01/2016 

Yes 

13/09/2016 

82.5 

40 

.1  

.1 

0 

0 

0 

.1 

.1 

83 

 
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
1 

2 

3 

CCI 

Priority 
Axis 

ESI 
Fund 

I. Identification and description of the entities which implment FIs 
7 

4 

5 

6 
Name of implementing body 

Name and 
address of 
Financial 
Instrument 

Type of 
financial 
instrument 

Name of the body 
implementing the 
financial 
instrument 

Official 
address/place 
of business 
(country and 
town name) 

8 

9 

10 

11 

II. Amounts of OP contributions committed and paid to FIs at the end of 2016, in EUR mln  
20 
16=17+18 

12  13=14+15+16 

19 

14 

15 
Out of which 

17 
18 
Out of which 

Out of which 

Out of which 

21 

22=23+24+25+26 

23 

24 

III. Investments made in final recipients at the end of 2016, in EUR mln 
25 
31 
Out of which 

30 
Out of which 

27=28+29+30+31 

26 

28 

29 

Ex ante 
assessment 
completed 

Selection/designation 
procedure launched 

Signature 
of the 
funding 
agreement 

OP amounts 
commitment 
to FI 

ERDF 

CF 

OP amounts 
paid to FI 

ERDF 

CF 

Out of 
which 
national 
cofinancing 

public 
cofinancing 

private 
cofinancing 

MCF 
paid 

base 
remuneration 

performance 
based 
remuneration 

OP amount paid 
to final 
recipients 

loans  guarantees  equity 

other 
financial 
instruments 

ESIF amounts 
paid to final 
recipients 

loans  guarantees  equity 

other 
financial 
instruments 

32 
national 
public 
cofinancing 
paid to 
final 
recipients 

33 
national 
private 
cofinancing 
paid to 
final 
recipients 

34 

Amount of 
loans 
issued 
backed by 
guarantees 

Reabilitação e 
Revitalização 
Urbanas 
(IFRRU 2020);   
Portugal; 
NUTS I 
Continente 
Line of 
Financing to 
Special 
Purpose 
Vehicles 
owned by 
Business 
Angels;   
Portugal / 
NUTS II: Norte 
Credit Line 
with Mutual 
Guarantee, 
IFD 2016-2020 
- Programa 
Capitalizar - 
Portugal 
2020;   
Portugal / 
NUTS II: Norte 
Credit Line 
with Mutual 
Guarantee, 
IFD 2016-2020 
- Programa 
Capitalizar - 
Portugal 
2020;   
Portugal / 
NUTS II: 
Centro 
Credit Line 
with Mutual 
Guarantee, 
IFD 2016-2020 
- Programa 
Capitalizar - 
Portugal 
2020;   
Portugal / 
NUTS II: 
Alentejo 
Line of 
Financing to 
Special 
Purpose 
Vehicles 
owned by 
Business 
Angels;   
Portugal / 
NUTS II: 
Lisboa 
Credit Line 
with Mutual 
Guarantee - 
IFD 2016-2020 
- Programa 
Capitalizar, 
Portugal 
2020;   
Portugal / 
NUTS II: 
Lisboa 
Line of 
Financing to 
Special 
Purpose 
Vehicles 
owned by 
Business 
Angels;   
Portugal / 
NUTS II: 
Algarve 
Credit Line 

2014PT16M2OP001 

2014PT16M2OP001 

2014PT16M2OP002 

2014PT16M2OP003 

2014PT16M2OP005 

2014PT16M2OP005 

2014PT16M2OP007 

2014PT16M2OP007 

Financeiro para a 
Reabilitação e 
Revitalização 
Urbanas (EG 
IFRRU 2020) 

Fund of 
funds 
specific 
fund 

4 Entidades 
Veículo 

Portugal / 
Porto (4) 

21/12/2016 

1.3 

.8 

Fund of 
funds 
specific 
fund 

Fundo de 
Contragarantia 
Mútuo 

Portugal / 
Porto 

14/07/2016 

24.7 

17.3 

4.9  

3.5 

1.5 

1.5 

Fund of 
funds 
specific 
fund 

Fundo de 
Contragarantia 
Mútuo 

Portugal / 
Porto 

14/07/2016 

19.8 

13.8 

Fund of 
funds 
specific 
fund 

Fundo de 
Contragarantia 
Mútuo 

Portugal / 
Porto 

14/07/2016 

20.1 

14.1 

4  

4  

2.8 

1.2 

1.2 

2.8 

1.2 

1.2 

Fund of 
funds 
specific 
fund 

3 Entidades 
Veículo 

Portugal / 
Coimbra; 
Lisboa (2) 

22/12/2016 

1.6 

.6 

Fund of 
funds 
specific 
fund 

Fundo de 
Contragarantia 
Mútuo 

Portugal / 
Porto 

14/07/2016 

6.9 

2.8 

1.4  

.6 

.8 

.8 

Fund of 
funds 
specific 
fund 

Neurónio 
Prodigioso, Lda 

Portugal / 
Lisboa 

27/12/2016 

.1 

.1 

Fund of 

Fundo de 

Portugal / 

14/07/2016 

.7 

.3 

.1  

.1 

.1 

.1 

0  

0  

0 

0 

0 

0 

.5 

0 

0 

0 

0 

84 

 
 
 
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
 
  
 
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
 
  
 
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
 
  
 
  
 
  
  
  
  
  
 
  
  
  
  
  
  
  
 
 
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
 
  
 
  
 
  
  
  
  
  
 
  
  
  
  
  
  
  
  
 
 
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
 
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
I. Identification and description of the entities which implment FIs 
7 

4 

5 

6 
Name of implementing body 

8 

9 

10 

11 

II. Amounts of OP contributions committed and paid to FIs at the end of 2016, in EUR mln  
20 
16=17+18 

12  13=14+15+16 

14 

19 

15 
Out of which 

17 
18 
Out of which 

Out of which 

Out of which 

21 

22=23+24+25+26 

23 

24 

III. Investments made in final recipients at the end of 2016, in EUR mln 
25 
31 
Out of which 

30 
Out of which 

27=28+29+30+31 

28 

26 

29 

Ex ante 
assessment 
completed 

Selection/designation 
procedure launched 

Signature 
of the 
funding 
agreement 

OP amounts 
commitment 
to FI 

ERDF 

CF 

OP amounts 
paid to FI 

ERDF 

CF 

Out of 
which 
national 
cofinancing 

public 
cofinancing 

private 
cofinancing 

MCF 
paid 

base 
remuneration 

performance 
based 
remuneration 

OP amount paid 
to final 
recipients 

loans  guarantees  equity 

other 
financial 
instruments 

ESIF amounts 
paid to final 
recipients 

loans  guarantees  equity 

other 
financial 
instruments 

32 
national 
public 
cofinancing 
paid to 
final 
recipients 

33 
national 
private 
cofinancing 
paid to 
final 
recipients 

Name and 
address of 
Financial 
Instrument 

Type of 
financial 
instrument 

Name of the body 
implementing the 
financial 
instrument 

Official 
address/place 
of business 
(country and 
town name) 
Porto 

funds 
specific 
fund 

Contragarantia 
Mútuo 

1 

2 

3 

CCI 

Priority 
Axis 

ESI 
Fund 

2014PT16M3OP001 

with Mutual 
Guarantee, 
IFD 2016-2020 
- Programa 
Capitalizar - 
Portugal 
2020;   
Portugal / 
NUTS II: 
Algarve 
Line of 
Financing to 
Special 
Purpose 
Vehicles 
owned by 
Business 
Angels;   
Portugal / 
NUTS II: 
Norte, Centro 
e Alentejo 

Fund of 
funds 
specific 
fund 

11 Entidades 
Veículo 

Portugal / 
Porto (2); 
Coimbra (2); 
Lisboa (6); 
Oeiras (1) 

20/12/2016 

12.1 

7.2 

34 

Amount of 
loans 
issued 
backed by 
guarantees 

85 

 
 
 
 
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
 
 
Romania 

I. Identification and description of the entities which implment FIs 

1 

2 

3 

4 

5 

CCI 

Priority 
Axis 

ESI Fund 

Name and 
address of 
Financial 
Instrument 

Type of 
financial 
instrument 

6 
Name of implementing 
body 

Name of the 
body 
implementing 
the financial 
instrument 

Official 
address/place 
of business 
(country and 
town name) 

Ex ante 
assessment 
completed 

Selection/designation 
procedure launched 

7 

8 

9 

10 

11 

II. Amounts of OP contributions committed and paid to FIs at the end of 2016, in EUR mln 
20 
16=17+18 

12  13=14+15+16 

17 

18 

14 

15 

19 

21 

22=23+24+25+26 

23 

24 

III. Investments made in final recipients at the end of 2016, in EUR mln  
25 

27=28+29+30+31 

28 

29 

30 

26 

31 

32 

33 

34 

Out of which 

Out of which 

Out of which 

Out of which 

Out of which 

Out of which 

Signature 
of the 
funding 
agreement 

OP amounts 
commitment 
to FI 

ERDF 

CF 

OP amounts 
paid to FI 

ERDF 

CF 

Out of 
which 
national 
cofinancing 

public 
cofinancing 

private 
cofinancing 

MCF 
paid 

base 
remuneration 

performance 
based 
remuneration 

OP amount paid 
to final 
recipients 

loans  guarantees  equity 

ESIF amounts 
paid to final 
recipients 

other 
financial 
instruments 

loans  guarantees  equity 

national 
public 
cofinancing 
paid to 
final 
recipients 

other 
financial 
instruments 

national 
private 
cofinancing 
paid to 
final 
recipients 

Amount of 
loans 
issued 
backed by 
guarantees 

06/04/2016 

Yes 

0 

0 

0 

0 

0 

0 

0 

06/04/2016 

Yes 

20/10/2016 

100 

100 

0  

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

06/04/2016 

Yes 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

2014RO16RFOP002  AP2 

ERDF 

2015RO16RFSM001  AP 1 

ERDF 

2014RO16RFOP002  AP2 

ERDF 

2014RO16RFOP001 

2014RO16RFOP001 

Fond de 
capital de risc;   
ROMANIA, 
BUCHAREST 
Instrument de 
garanție 
neplafonată;   
ROMANIA, 
BUCUREȘTI 
Portofoliu de 
credite cu 
partajarea 
riscului;   
ROMANIA, 
BUCHAREST 
Acceleratoare 
de 
antreprenoriat 
& fonduri 
seed;    
Portofoliu de 
credite cu 
partajarea 
riscului pentru 
IMM-uri 
inovative ;    

Fund of 
funds 

Fondul 
European de 
Investiții 

ROMANIA, 
BUCHAREST 

Fund of 
funds 

Fondul 
European de 
Investiții 

ROMANIA, 
BUCUREȘTI 

Fund of 
funds 

Fondul 
European de 
Investiții 

ROMANIA, 
BUCHAREST 

Fund of 
funds 

Fund of 
funds 

86 

 
 
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
 
 
 
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
 
 
 
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
 
 
Slovakia 

I. Identification and description of the entities which implment FIs 

1 

2 

3 

4 

5 

CCI 

Priority 
Axis 

ESI 
Fund 

Name and 
address of 
Financial 
Instrument 

Type of 
financial 
instrument 

6 
Name of implementing 
body 

Name of the 
body 
implementing 
the financial 
instrument 

Official 
address/place 
of business 
(country and 
town name) 

Ex ante 
assessment 
completed 

Selection/designation 
procedure launched 

7 

8 

9 

10 

11 

II. Amounts of OP contributions committed and paid to FIs at the end of 2016, in EUR mln  
16=17+18 

13=14+15+16 

12 

14 

15 

17 

18 

19 

20 

21 

22=23+24+25+26 

23 

24 

III. Investments made in final recipients at the end of 2016, in EUR mln 
25 

27=28+29+30+31 

28 

29 

30 

26 

31 

32 

33 

34 

Out of which 

Out of which 

Out of which 

Out of which 

Out of which 

Out of which 

Signature 
of the 
funding 
agreement 

OP amounts 
commitment 
to FI 

ERDF 

CF 

OP amounts 
paid to FI 

ERDF 

CF 

Out of 
which 
national 
cofinancing 

public 
cofinancing 

private 
cofinancing 

MCF 
paid 

base 
remuneration 

performance 
based 
remuneration 

OP amount paid 
to final 
recipients 

loans  guarantees  equity 

ESIF amounts 
paid to final 
recipients 

other 
financial 
instruments 

loans  guarantees  equity 

national 
public 
cofinancing 
paid to 
final 
recipients 

other 
financial 
instruments 

national 
private 
cofinancing 
paid to 
final 
recipients 

Amount of 
loans 
issued 
backed by 
guarantees 

Fund of 
funds 

SZRB Asset 
Management, 
a.s. (SZRBAM) 
ako správca 
SIH 

Grösslingova 
44, 811 09 
Bratislava, 
Slovenská 
republika 

Fund of 
funds 

SZRB Asset 
Management, 
a.s. (SZRBAM) 
ako správca 
SIH 

Grösslingova 
44, 811 09 
Bratislava, 
Slovenská 
republika 

Fund of 
funds 

SZRB Asset 
Management, 
a.s. (SZRBAM) 
ako správca 
SIH 

Grösslingova 
44, 811 09 
Bratislava, 
Slovenská 
republika 

Fund of 
funds 

SZRB Asset 
Management, 
a.s. (SZRBAM) 
ako správca 
SIH 

Grösslingova 
44, 811 09 
Bratislava, 
Slovenská 
republika 

Fund of 
funds 

SZRB Asset 
Management, 
a.s. (SZRBAM) 
ako správca 
SIH 

Grösslingova 
44, 811 09 
Bratislava, 
Slovenská 
republika 

05/01/2015 

No 

30/04/2015 

25.6 

0 

21.8 

05/01/2015 

Yes 

30/04/2015 

51.7 

0 

43.9 

05/01/2015 

No 

30/04/2015 

4.1 

0 

3.5 

05/01/2015 

No 

30/04/2015 

25.7 

21.9 

0 

05/01/2015 

No 

30/04/2015 

32.9 

27.9 

0 

2014SK16M1OP001 

1 

CF 

2014SK16M1OP001 

2 

CF 

2014SK16M1OP001 

4 

CF 

2014SK16M1OP001 

5 

ERDF 

2014SK16M1OP001 

6 

ERDF 

2014SK16M1OP002 

4 

ERDF 

Finančný 
nástroj pre 
Operačný 
program 
Integrovaná 
infraštruktúra 
- Prioritná os 
1;   N/A 
Finančný 
nástroj pre 
Operačný 
program 
Integrovaná 
infraštruktúra 
- Prioritná os 
2;   Slovenská 
republika, 
Bratislava 
Finančný 
nástroj pre 
Operačný 
program 
Integrovaná 
infraštruktúra 
- Prioritná os 
4;   N/A 
Finančný 
nástroj pre 
Operačný 
program 
Integrovaná 
infraštruktúra 
- Prioritná os 
5;   N/A 
Finančný 
nástroj pre 
Operačný 
program 
Integrovaná 
infraštruktúra 
- Prioritná os 
6;   N/A 

Finančný 
nástroj pre 
Operačný 
program 
Kvalita 
životného 
prostredia;    

Fund of 
funds 

SZRB Asset 
Management, 
a.s. (SZRBAM)  

04/03/2015 

SZRB Asset 
Management, 
a.s., 
Grösslingova 
44, 811 09 
Bratislava, 
Slovenská 
republika 
SZRB Asset 
Management, 
a.s., 
Grösslingova 
44, 811 09 
Bratislava, 
Slovenská 
republika 

29/04/2015 

43.7 

Yes 

29/04/2015 

67.1 

2014SK16M1OP002 

1 

CF 

Investovanie 
do sektora 
odpadového 
hospodárstva;    

Fund of 
funds 

SZRB Asset 
Management, 
a.s. (SZRBAM)  

04/03/2015 

2014SK16RFOP002 

3 

ERDF 

2014SK16RFOP002 

4 

ERDF 

Slovak 
Investment 
Holding, a.s. 
(SIH), 
Finančný 
nástroj pre 
IROP, 
Prioritná os 3;    
Slovak 
Investment 
Holding, a.s. 
(SIH), 
Finančný 

Fund of 
funds 

SZRB Asset 
Management, 
a.s. (SZRBAM) 
ako správca 
SIH 

SZRBAM, 
Groslingova 
44, 811 09 
Bratislava, 
Slovenská 
republika 

Fund of 
funds 

SZRB Asset 
Management, 
a.s. (SZRBAM) 
ako správca 
SIH 

SZRBAM, 
Groslingova 
44, 811 09 
Bratislava, 
Slovenská 

04/03/2015 

28/05/2015 

5.9 

04/03/2015 

28/05/2015 

139.2 

0  

35  

0  

0  

0  

10.9  

16.8  

1.5  

34.8  

0 

0 

0 

0 

0 

0 

0 

0 

0 

29.7 

5.2 

5.2 

0 

1.6 

1.4 

.2 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

9.3 

0 

1.6 

1.6 

0 

.1 

.1 

0 

0 

14.3 

2.5 

2.5 

0 

.1 

.1 

0 

1.3 

.2 

.2 

0 

27.8 

7 

7 

.7 

.7 

87 

 
 
 
 
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
1 

2 

3 

4 

5 

CCI 

Priority 
Axis 

ESI 
Fund 

Name and 
address of 
Financial 
Instrument 

Type of 
financial 
instrument 

2014SK05M0OP001 

6 

ERDF 

2014SK16RFOP001 

3 

ERDF 

2014SK16RFOP001 

4 

ERDF 

2014SK05M0OP001 

3 

ESF 

nástroj pre 
IROP, 
Prioritná os 4;    
Slovak 
Investment 
Holding, a.s. 
(SIH), 
Finančný 
nástroj pre 
OP ĽZ, 
Prioritná os 6;    
Slovak 
Investment 
Holding, a.s. 
(SIH), 
finančný 
nástroj pre 
OP Výskum a 
inovácie, 
prioritná os 3;   
n/a 
Slovak 
Investment 
Holding, a.s. 
(SIH), 
finančný 
nástroj pre 
OP Výskum a 
inovácie, 
prioritná os 4;   
n/a 
Slovak 
Investment 
Holding, a.s. 
(SIH), 
Finančný 
nástroj pre 
OP ĽZ, 
Prioritná os 3;    

Fund of 
funds 

Fund of 
funds 

Fund of 
funds 

Fund of 
funds 

I. Identification and description of the entities which implment FIs 

7 

8 

9 

10 

11 

II. Amounts of OP contributions committed and paid to FIs at the end of 2016, in EUR mln  
16=17+18 

13=14+15+16 

12 

14 

15 

17 

18 

19 

20 

21 

22=23+24+25+26 

23 

24 

III. Investments made in final recipients at the end of 2016, in EUR mln 
25 

27=28+29+30+31 

28 

29 

30 

26 

31 

32 

33 

34 

Out of which 

Out of which 

Out of which 

Out of which 

Out of which 

Out of which 

Signature 
of the 
funding 
agreement 

OP amounts 
commitment 
to FI 

ERDF 

CF 

OP amounts 
paid to FI 

ERDF 

CF 

Out of 
which 
national 
cofinancing 

public 
cofinancing 

private 
cofinancing 

MCF 
paid 

base 
remuneration 

performance 
based 
remuneration 

OP amount paid 
to final 
recipients 

loans  guarantees  equity 

ESIF amounts 
paid to final 
recipients 

other 
financial 
instruments 

loans  guarantees  equity 

national 
public 
cofinancing 
paid to 
final 
recipients 

other 
financial 
instruments 

national 
private 
cofinancing 
paid to 
final 
recipients 

Amount of 
loans 
issued 
backed by 
guarantees 

6 
Name of implementing 
body 

Name of the 
body 
implementing 
the financial 
instrument 

Official 
address/place 
of business 
(country and 
town name) 
republika 

Ex ante 
assessment 
completed 

Selection/designation 
procedure launched 

SZRB Asset 
Management, 
a.s. (SZRBAM) 
ako správca 
SIH 

SZRB Asset 
Management, 
a.s. (SZRBAM) 
ako správca 
SIH 

SZRB Asset 
Management, 
a.s. (SZRBAM) 
ako správca 
SIH 

SRZB Asset 
Management, 
a.s. (SZRBAM) 
ako správca 
SIH 

SZRB Asset 
Management, 
a.s., 
Grösslingova 
44, 81109 
Bratislava, 
Slovenská 
republika 

SZRB Asset 
Management, 
a.s., 
Grösslingova 
44, 811 09 
Bratislava, 
Slovenská 
republika 

SZRB Asset 
Management, 
a.s., 
Grösslingova 
44, 811 09 
Bratislava, 
Slovenská 
republika 

SRZB Asset 
Management, 
a.s., 
Grösslingova 
44, 81109 
Bratislava, 
Slovenská 
republika 

04/03/2015 

04/03/2015 

04/03/2015 

04/03/2015 

14/03/2016 

13.6 

3.4  

2.9 

.5 

.5 

0 

Yes 

11/01/2016 

74 

62.9 

0 

18.5  

15.7 

0 

2.8 

2.8 

0 

.4 

.4 

0 

Yes 

11/01/2016 

10.4 

5.2 

0 

2.6  

1.3 

0 

1.3 

1.3 

0 

.1 

.1 

0 

05/05/2016 

58.5 

14.6  

2.2 

2.2 

0 

88 

 
 
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
 
 
1 

2 

3 

4 

5 

7 

8 

9 

10 

11 

II. Amounts of OP contributions committed and paid to FIs at the end of 2016, in EUR mln  
16=17+18 

12  13=14+15+16 

15 

17 

18 

14 

19 

20 

21 

22=23+24+25+26 

23 

24 

III. Investments made in final recipients at the end of 2016, in EUR mln  
25 

27=28+29+30+31 

26 

29 

30 

28 

31 

32 

33 

34 

Slovenia 

I. Identification and description of the entities which implment FIs 

CCI 

Priority 
Axis 

ESI Fund 

2014SI16MAOP001 

01 

ERDF 

2014SI16MAOP001 

03 

ERDF 

2014SI16MAOP001 

06 

ERDF 

2014SI16MAOP001 

04 

Name and 
address of 
Financial 
Instrument 

Sklad 
skladov 1. 
OS;    
Sklad 
skladov 3. 
OS;    
Sklad 
skladov 
6.OS;    
Sklad 
skladov 4. 
OS;    

Type of 
financial 
instrument 

6 
Name of implementing 
body 

Name of the 
body 
implementing 
the financial 
instrument 

Official 
address/place 
of business 
(country and 
town name) 

Ex ante 
assessment 
completed 

Selection/designation 
procedure launched 

Fund of 
funds 

Fund of 
funds 

Fund of 
funds 

Fund of 
funds 

31/12/2015 

No 

31/12/2015 

No 

31/12/2015 

No 

31/12/2015 

No 

Out of which 

Out of which 

Out of which 

Out of which 

Out of which 

Out of which 

Signature 
of the 
funding 
agreement 

OP amounts 
commitment 
to FI 

ERDF 

CF 

OP amounts 
paid to FI 

ERDF 

CF 

Out of 
which 
national 
cofinancing 

public 
cofinancing 

private 
cofinancing 

MCF 
paid 

base 
remuneration 

performance 
based 
remuneration 

OP amount paid 
to final 
recipients 

loans  guarantees  equity 

ESIF amounts 
paid to final 
recipients 

other 
financial 
instruments 

loans  guarantees  equity 

national 
public 
cofinancing 
paid to 
final 
recipients 

other 
financial 
instruments 

national 
private 
cofinancing 
paid to 
final 
recipients 

Amount of 
loans 
issued 
backed by 
guarantees 

89 

 
 
 
 
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
 
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
 
 
Spain 

I. Identification and description of the entities which implment FIs 

1 

2 

3 

4 

5 

CCI 

Priority 
Axis 

ESI Fund 

Name and 
address of 
Financial 
Instrument 

Type of 
financial 
instrument 

2014ES16RFOP011 

03 

ERDF 

ICF 
Eurocrèdit;    
Barcelona, 
Catalunya. 
ESPAÑA 

Direct 
management 

Instituto 
Catalán de 
Finanzas 

30/06/2015 

6 
Name of implementing 
body 

Name of the 
body 
implementing 
the financial 
instrument 

Official 
address/place 
of business 
(country and 
town name) 
Gran Via de 
les Corts 
Catalanes, 
635 08010 
Barcelona, 
Catalunya. 
ESPAÑA 

7 

8 

9 

10 

11 

II. Amounts of OP contributions committed and paid to FIs at the end of 2016, in EUR mln 
16=17+18 

12  13=14+15+16 

14 

17 

18 

15 

19 

20 

21 

22=23+24+25+26 

23 

24 

III. Investments made in final recipients at the end of 2016, in EUR mln  
25 

27=28+29+30+31 

26 

28 

29 

30 

31 

32 

33 

34 

Ex ante 
assessment 
completed 

Selection/designation 
procedure launched 

Out of which 

Out of which 

Out of which 

Out of which 

Out of which 

Out of which 

Signature 
of the 
funding 
agreement 

OP amounts 
commitment 
to FI 

ERDF 

CF 

OP amounts 
paid to FI 

ERDF 

CF 

Out of 
which 
national 
cofinancing 

public 
cofinancing 

private 
cofinancing 

MCF 
paid 

base 
remuneration 

performance 
based 
remuneration 

OP amount paid 
to final 
recipients 

loans  guarantees  equity 

ESIF amounts 
paid to final 
recipients 

other 
financial 
instruments 

loans  guarantees  equity 

national 
public 
cofinancing 
paid to 
final 
recipients 

other 
financial 
instruments 

national 
private 
cofinancing 
paid to 
final 
recipients 

Amount of 
loans 
issued 
backed by 
guarantees 

2014ES16RFOP020 

01 

ERDF 

2014ES16RFSM001  Eje 3 

IF. 
NAVARRA 
SODENA;   
España. 
Navarra 
Iniciativa 
PYME;   
España 

Specific fund 

SODENA 

España. 
Navarra 

10/04/2015 

Yes 

Specific fund 

Fondo 
Europeo de 
Inversiones 

Luxemburgo  25/12/2013 

Yes 

26/01/2015 

800 

800 

715.3  

715.3 

0 

0 

0 

3.5 

3.5 

0 

679.7  

679.7 

679.7 

679.7 

0 

0 

3016.3 

90 

 
 
 
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
 
  
 
  
  
  
  
  
  
 
 
 
I. Identification and description of the entities which implment FIs 
7 

4 

5 

Name and 
address of 
Financial 
Instrument 

Type of 
financial 
instrument 

6 
Name of implementing body 
Name of the 
body 
implementing 
the financial 
instrument 

Official 
address/place of 
business (country 
and town name) 

8 

9 

10 

11 

II. Amounts of OP contributions committed and paid to FIs at the end of 2016, in EUR mln  
20 

12  13=14+15+16 

16=17+18 

19 

14 

15 
Out of which 

17 
18 
Out of which 

Out of which 

Out of which 

21 

22=23+24+25+26 

23 

24 

III. Investments made in final recipients at the end of 2016, in EUR mln 
25 
31 
Out of which 

30 
Out of which 

27=28+29+30+31 

26 

28 

29 

Ex ante 
assessment 
completed 

Selection/designation 
procedure launched 

Signature 
of the 
funding 
agreement 

OP amounts 
commitment 
to FI 

ERDF 

CF 

OP amounts 
paid to FI 

ERDF 

CF 

Out of 
which 
national 
cofinancing 

public 
cofinancing 

private 
cofinancing 

MCF 
paid 

base 
remuneration 

performance 
based 
remuneration 

OP amount paid 
to final 
recipients 

loans  guarantees  equity 

other 
financial 
instruments 

ESIF amounts 
paid to final 
recipients 

loans  guarantees  equity 

other 
financial 
instruments 

32 
national 
public 
cofinancing 
paid to 
final 
recipients 

06/02/2015 

Yes 

20/10/2016 

77.5 

38.7 

9.7  

9.7 

06/02/2015 

Yes 

30/09/2015 

17.9 

10.3  

2.2 

0 

8 

0 

8 

0 

0 

0 

0 

.2 

.2 

.5  

.5 

.3 

.3 

.3 

Sweden 

1 

2 

3 

CCI 

Priority 
Axis 

ESI 
Fund 

2014SE16RFOP009 

3 

ERDF 

2014SE16RFOP006 

3 

ERDF 

2014SE16RFOP002 

3 

ERDF 

2014SE16RFOP001 

2 

ERDF 

2014SE16RFOP003 

2 

ERDF 

2014SE16RFOP005 

1 

ERDF 

2014SE16RFOP004 

2 

ERDF 

2014SE16RFOP007 

3 

ERDF 

2014SE16RFOP008 

3 

ERDF 

2014SE16RFOP009 

2 

ERDF 

ALMI Invest 
Greentech ;   Box 
70407, 10725 
Stockholm, 
Sverige 
ALMI Invest Norra 
MellanSverige 
fond II;   Box 356, 
651 08 
Karlstad/Sverige 
ALMI Invest 
Småland och 
öarna fond II;   
Klubbhusgatan 
13, 55303 
Jönköping, 
Sverige 
ALMI Invest Syd 
fond II;   
Scheelevägen 15, 
223 63 Lund, 
Sverige 
ALMI Invest 
VästSverige fond 
II;   
Lindholmspiren 5, 
417 56 Göteborg 
Almi Invest 
Stockholm Fond 
II;   Box 70407, 
10725 Stockholm, 
Sverige 
Almi Invest Östra 
Mellansverige 
Fond II;   
Platensgatan 29, 
58220 
Linköping/Sweden 
Almi Mitt Fond II;   
Nybrogatan 13, 
87131 Härnösand, 
Sverige 
Partnerinvest i 
Norr Fond II;   
Storgatan 74, 
94132 Piteå, 
Sverige 
Swedish Venture 
Initiative;   
Avenue J.F. 
Kennedy 37 B, 
Luxemburg / 
Stockholm,  
Sverige 

Specific 
fund 

ALMI Invest 
Greentech AB 

Box 70407, 107 
25 Stockholm, 
Sverige 

Specific 
fund 

ALMI Invest 
Norra 
MellanSverige 
AB 

Box 356, 651 08 
Karlstad/Sverige 

Specific 
fund 

ALMI Invest 
Småland och 
öarna AB 

Klubbhusgatan 
13, 553 03 
Jönköping, 
Sverige 

Specific 
fund 

ALMI Invest 
Syd AB 

Scheelevägen 15, 
223 63 Lund, 
Sverige 

Specific 
fund 

Almi Invest 
Västsverige 
AB 

Lindholmspiren 
5, 417 56 
Göteborg, 
Sverige 

Specific 
fund 

ALMI Invest 
Stockholm 
fond II 

Box 70407, 107 
25 Stockholm, 
Sverige 

Specific 
fund 

Almiinvset 
Mitt AB 

Nybrogatan 13, 
87131 
Härnösand, 
Sverige 

Specific 
fund 

Partnerinvest 
Övre 
Norrland AB 

Storgatan 74, 
94132 Piteå, 
Sverige 

Fund of 
funds 

Eurpean 
Investment 
Fund 

Avenue J.F. 
Kennedy 37 B, 
Luxemburg / 
Stockholm,  
Sverige 

06/02/2015 

Yes 

30/09/2015 

14.3 

06/02/2015 

Yes 

30/09/2015 

23.8 

11.9 

06/02/2015 

Yes 

30/09/2015 

21 

06/02/2015 

Yes 

30/09/2015 

19.1 

9.5 

Specific 
fund 

ALMI Invest 
Östra 
MellanSverige 
AB 

Platensgatan 29, 
58220 
Linköping/Sverige 

06/02/2015 

Yes 

30/09/2015 

17.9 

8.9 

06/02/2015 

Yes 

30/09/2015 

17.9 

8.9 

30/09/2015 

19.1 

9.5 

06/02/2015 

Yes 

29/04/2016 

46.2 

23.1 

11.6  

5.8 

5.8 

5.8 

5.1  

7  

9.9  

7.3  

6.6  

7.3  

5  

1.8 

3.3 

3.3 

.2 

.2 

3 

4 

4 

.4 

.4 

0 

1.8 

8.1 

8.1 

.3 

.3 

2.4 

5 

5 

0 

.2 

.2 

0 

2.2 

0 

4.3 

4.3 

.3 

.3 

2.2 

5.1 

5.1 

.2 

.2 

2.4 

2.6 

2.6 

.2 

.2 

1.1  

.8  

1.1  

1.4  

.4  

.8  

1.1 

.8 

1.1 

1.4 

.4 

.8 

.6 

.3 

.5 

.7 

.2 

.4 

.6 

.3 

.5 

.7 

.2 

.4 

.6 

.5 

.7 

.2 

.4 

33 
national 
private 
cofinancing 
paid to 
final 
recipients 

34 

Amount of 
loans 
issued 
backed by 
guarantees 

91 

 
 
 
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
 
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
 
  
  
  
  
  
  
  
  
  
  
 
  
  
  
 
  
  
  
  
  
  
  
  
  
 
  
 
  
  
  
  
  
  
  
  
  
  
 
  
  
 
  
  
  
  
  
  
  
  
  
 
  
  
  
 
  
  
  
  
  
  
  
  
  
 
  
 
  
  
  
 
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
 
 
United Kingdom 

I. Identification and description of the entities which implment FIs 

CCI 

Priority 
Axis 

ESI Fund 

Name and 
address of 
Financial 
Instrument 

Type of 
financial 
instrument 

6 
Name of implementing 
body 

Name of the 
body 
implementing 
the financial 
instrument 

Official 
address/place 
of business 
(country and 
town name) 

1 

2 

3 

4 

5 

7 

8 

9 

10 

11 

II. Amounts of OP contributions committed and paid to FIs at the end of 2016, in EUR mln 
16=17+18 

12  13=14+15+16 

17 

19 

14 

15 

18 

20 

21 

22=23+24+25+26 

23 

24 

III. Investments made in final recipients at the end of 2016, in EUR mln  
25 

27=28+29+30+31 

28 

29 

30 

26 

31 

32 

33 

34 

Ex ante 
assessment 
completed 

Selection/designation 
procedure launched 

Out of which 

Out of which 

Out of which 

Out of which 

Out of which 

Out of which 

Signature 
of the 
funding 
agreement 

OP amounts 
commitment 
to FI 

ERDF 

CF 

OP amounts 
paid to FI 

ERDF 

CF 

Out of 
which 
national 
cofinancing 

public 
cofinancing 

private 
cofinancing 

MCF 
paid 

base 
remuneration 

performance 
based 
remuneration 

OP amount paid 
to final 
recipients 

loans  guarantees  equity 

ESIF amounts 
paid to final 
recipients 

other 
financial 
instruments 

loans  guarantees  equity 

national 
public 
cofinancing 
paid to 
final 
recipients 

other 
financial 
instruments 

national 
private 
cofinancing 
paid to 
final 
recipients 

Amount of 
loans 
issued 
backed by 
guarantees 

2014UK16RFOP003 

2 

ERDF 

2014UK16RFOP003 

2 

ERDF 

2014UK16RFOP003 

2 

ERDF 

2014UK16RFOP001 

1 

ERDF 

2014UK16RFOP001 

4 

ERDF 

2014UK16RFOP001 

1 

ERDF 

2014UK16RFOP001 

3 

ERDF 

2014UK16RFOP001 

4 

ERDF 

Co-
investment 
Fund;   
Northern 
Ireland, 
Belfast 
Development 
Fund I 
(Crescent 
Capital);   
Northern 
Ireland, 
Belfast 
Development 
Fund II 
(Kernel 
Capital);   
Northern 
Ireland, 
Belfast 
Greater 
Manchester - 
Fund of 
Funds - PA1;   
Greater 
Manchester 
Combined 
Authority, 
Town Hall, 
Albert 
Square, 
Manchester, 
England, 
M60 2LA 
Greater 
Manchester - 
Fund of 
Funds - PA4;   
Greater 
Manchester 
Combined 
Authority, 
Town Hall, 
Albert 
Square, 
Manchester, 
England, 
M60 2LA 
Midlands 
Engine 
Investment 
Fund - PA1;   
Foundry 
House, 3 
Millsands, 
Sheffield, 
England, S3 
8NH 
Midlands 
Engine 
Investment 
Fund - PA3;   
Foundry 
House, 3 
Millsands, 
Sheffield, 
England, S3 
8NH 
Midlands 
Engine 
Investment 

Specific 
fund 

Specific 
fund 

Invest NI 
through 
Clarendon 
Fund 
Managers 

Invest NI 
through 
Crescent 
Capital 
Limited 

Specific 
fund 

Invest NI 
through The 
Bank of 
Ireland 
Kernel Capital 
Growth Fund 

Northern 
Ireland, 
Belfast 

Northern 
Ireland , 
Belfast 

Northern 
Ireland, 
Belfast 

31/03/2014 

Yes 

22/12/2014 

17.6 

31/03/2014 

Yes 

20/12/2013 

29.6 

31/03/2014 

Yes 

10/02/2016 

29.6 

Fund of 
funds 

Greater 
Manchester 
Fund of 
Funds 

Fund of 
funds 

Greater 
Manchester 
Fun of Funds 

Greater 
Manchester 
Combined 
Authority, 
Town Hall, 
Albert 
Square, 
Manchester, 
England, M60 
2LA 

18/11/2016 

Greater 
Manchester 
Combined 
Authority, 
Town Hall, 
Albert 
Square, 
Manchester, 
England, M60 
2LA 

18/11/2016 

No 

22/11/2016 

66.7 

33.4 

0 

22/11/2016 

66.7 

33.4 

0 

Fund of 
funds 

Midlands 
Engine 
Investments 
Limited 

Fund of 
funds 

Midlands 
Engine 
Investments 
Limited 

Foundry 
House, 3 
Millsands, 
Sheffield, 
Endland, S3 
8NH 

Foundry 
House, 3 
Millsands, 
Sheffield, 
England, S3 
8NH 

Fund of 
funds 

Midlands 
Engine 
Investments 

Foundry 
House, 3 
Millsands, 

11/11/2016 

Yes 

21/11/2016 

4.8 

1.4 

0 

11/11/2016 

Yes 

21/11/2016 

192.2 

56.7 

0 

11/11/2016 

Yes 

21/11/2016 

10.6 

3.1 

0 

0  

0  

0  

0  

0  

0  

0  

0  

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

92 

 
 
 
  
  
 
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
 
 
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
1 

2 

3 

4 

5 

7 

8 

9 

10 

11 

I. Identification and description of the entities which implment FIs 

II. Amounts of OP contributions committed and paid to FIs at the end of 2016, in EUR mln 
16=17+18 

12  13=14+15+16 

14 

15 

17 

18 

19 

20 

21 

22=23+24+25+26 

23 

24 

III. Investments made in final recipients at the end of 2016, in EUR mln  
25 

27=28+29+30+31 

28 

29 

30 

26 

31 

32 

33 

34 

CCI 

Priority 
Axis 

ESI Fund 

Name and 
address of 
Financial 
Instrument 

Type of 
financial 
instrument 

Ex ante 
assessment 
completed 

Selection/designation 
procedure launched 

Out of which 

Out of which 

Out of which 

Out of which 

Out of which 

Out of which 

Signature 
of the 
funding 
agreement 

OP amounts 
commitment 
to FI 

ERDF 

CF 

OP amounts 
paid to FI 

ERDF 

CF 

Out of 
which 
national 
cofinancing 

public 
cofinancing 

private 
cofinancing 

MCF 
paid 

base 
remuneration 

performance 
based 
remuneration 

OP amount paid 
to final 
recipients 

loans  guarantees  equity 

ESIF amounts 
paid to final 
recipients 

other 
financial 
instruments 

loans  guarantees  equity 

national 
public 
cofinancing 
paid to 
final 
recipients 

other 
financial 
instruments 

national 
private 
cofinancing 
paid to 
final 
recipients 

Amount of 
loans 
issued 
backed by 
guarantees 

6 
Name of implementing 
body 

Name of the 
body 
implementing 
the financial 
instrument 
Limited 

Official 
address/place 
of business 
(country and 
town name) 
Sheffield, 
England, S3 
8NH 

Fund - PA4;   
Foundry 
House, 3 
Millsands, 
Sheffield, 
England, S3 
8NH 
North East 
LEP Area - 
Fund of 
Funds - PA3;   
Leeds, 
United 
Kingdom 
North East 
LEP Area - 
Fund of 
Funds - PA4;   
Leeds, 
United 
Kingdom 
Northern 
Powerhouse 
Investment 
Fund - PA1;   
Foundry 
House, 3 
Millsands, 
Sheffield, 
England, S3 
8NH 
Northern 
Powerhouse 
Investment 
Fund - PA3;   
Foundry 
House, 3 
Millsands, 
Sheffield, 
England, S3 
8NH  
Northern 
Powerhouse 
Investment 
Fund - PA4;   
Foundry 
House, 3 
Millsands, 
Sheffield, 
England, S3 
8NH 
SME Holding 
Fund (1);   5 
Atlantic Quay 
150 
Broomielaw 
Glasgow 
Scotland G2 
8LU 
SME Holding 
Fund (3);   5 
Atlantic Quay 
150 
Broomielaw 
Glasgow 
Scotland G2 
8LU 
The Wales 
Business 
Fund 
(supported 
by ERDF) 
SO2.1 EW;   
Wales, 
United 
Kingdom, 
Cardiff 
The Wales 
Business 
Fund 
(supported 
by ERDF) 

2014UK16RFOP001 

3 

ERDF 

2014UK16RFOP001 

4 

ERDF 

2014UK16RFOP001 

1 

ERDF 

2014UK16RFOP001 

3 

ERDF 

2014UK16RFOP001 

4 

ERDF 

2014UK16RFOP004 

1 

ERDF 

2014UK16RFOP004 

3 

ERDF 

2014UK16RFOP006 

2 

ERDF 

2014UK16RFOP005 

2 

ERDF 

Fund of 
funds 

North East 
(SPV) Limited 

Leeds, United 
Kingdom 

14/11/2016 

Yes 

15/11/2016 

147 

59.5 

0 

Fund of 
funds 

North East 
(SPV) Limited 

14/11/2016 

Yes 

15/11/2016 

13.7 

5.6 

0 

Fund of 
funds 

Northern 
Powerhouse 
Investments 
Limited 
(NPIL) 

Foundry 
House, 3 
Millsands, 
Sheffield, 
England, S3 
8NH 

Fund of 
funds 

Northern 
Powerhouse 
Investment 
Limited 
(NPIL) 

Foundry 
House, 3 
Millsands, 
Shefield, 
England, S3 
8NH 

Fund of 
funds 

Northern 
Powerhouse 
Investments 
Limited 
(NPIL) 

Foundry 
House, 3 
Millsands, 
Sheffield, 
England, S3 
8NH 

Fund of 
funds 

Scottish 
Government 

Fund of 
funds 

Scottish 
Government 

Atlantic Quay 
150 
Broomielaw 
Glasgow 
Scotland G2 
8LU 

5 Atlantic 
Quay 150 
Broomielaw 
Glasgow 
Scotland G2 
8LU 

Fund of 
funds 

Finance 
Wales 
Investments 
Ltd 

Wales, 
United 
Kingdom, 
Cardiff 

Fund of 
funds 

Finance 
Wales 
Investments 
Ltd 

Wales, 
United 
Kingdom, 
Cardiff 

15/11/2016 

Yes 

21/11/2016 

30.3 

10.6 

0 

15/11/2016 

Yes 

21/11/2016 

365.1 

129.4 

0 

15/11/2016 

Yes 

21/11/2016 

46.5 

16.1 

0 

01/02/2015 

Yes 

13/01/2016 

14.6 

14.6 

0 

01/02/2015 

Yes 

13/01/2016 

32.5 

32.5 

0 

30/09/2015 

Yes 

15/12/2016 

40.5 

30/09/2015 

Yes 

15/12/2016 

121.6 

0  

0  

0  

0  

0  

0  

0  

11.9  

25.2  

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

2.5 

0 

9.4 

9.4 

0 

.3 

.3 

0 

15.9 

0 

9.4 

9.4 

0 

1 

1 

0 

93 

 
 
  
  
  
  
  
  
  
  
  
  
  
  
  
 
 
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
1 

2 

3 

4 

5 

7 

8 

9 

10 

11 

I. Identification and description of the entities which implment FIs 

II. Amounts of OP contributions committed and paid to FIs at the end of 2016, in EUR mln 
16=17+18 

12  13=14+15+16 

17 

18 

19 

15 

14 

20 

21 

22=23+24+25+26 

23 

24 

III. Investments made in final recipients at the end of 2016, in EUR mln  
25 

27=28+29+30+31 

28 

29 

30 

26 

31 

32 

33 

34 

CCI 

Priority 
Axis 

ESI Fund 

Name and 
address of 
Financial 
Instrument 

Type of 
financial 
instrument 

6 
Name of implementing 
body 

Name of the 
body 
implementing 
the financial 
instrument 

Official 
address/place 
of business 
(country and 
town name) 

Ex ante 
assessment 
completed 

Selection/designation 
procedure launched 

Out of which 

Out of which 

Out of which 

Out of which 

Out of which 

Out of which 

Signature 
of the 
funding 
agreement 

OP amounts 
commitment 
to FI 

ERDF 

CF 

OP amounts 
paid to FI 

ERDF 

CF 

Out of 
which 
national 
cofinancing 

public 
cofinancing 

private 
cofinancing 

MCF 
paid 

base 
remuneration 

performance 
based 
remuneration 

OP amount paid 
to final 
recipients 

loans  guarantees  equity 

ESIF amounts 
paid to final 
recipients 

other 
financial 
instruments 

loans  guarantees  equity 

national 
public 
cofinancing 
paid to 
final 
recipients 

other 
financial 
instruments 

national 
private 
cofinancing 
paid to 
final 
recipients 

Amount of 
loans 
issued 
backed by 
guarantees 

SO2.1 WWV;   
Wales, 
United 
Kingdom, 
Cardiff 
The Wales 
Business 
Fund 
(supported 
by ERDF) 
SO2.5 EW;   
Wales, 
United 
Kingdom, 
Cardiff 
The Wales 
Business 
Fund 
(supported 
by ERDF) 
SO2.5 WWV;   
Wales, 
United 
Kingdom, 
Cardiff 
techstart  NI 
University of 
Ulster Equity 
Fund;   
Northern 
Ireland, 
Belfast 
techstart NI 
Queen’s 
University of 
Belfast 
Equity Fund;   
Northern 
Ireland, 
Belfast 
techstart NI 
SME equity 
fund;   
Northern 
Ireland, 
Belfast 
Greater 
Manchester - 
Fund of 
Funds - PA1;   
Greater 
Manchester 
Combined 
Authority, 
Town Hall, 
Albert 
Square, 
Manchester, 
England, 
M60 2LA 
Midlands 
Engine 
Investment 
Fund - PA1;   
Foundry 
House, 3 
Millsands, 
Sheffield, 
England, S3 
8NH 
Northern 
Powerhouse 
Investment 
Fund - PA1;   
Foundry 
House, 3 
Millsands, 
Sheffield, 
England, S3 
8NH 
Midlands 
Engine 

2014UK16RFOP006 

2 

ERDF 

2014UK16RFOP005 

2 

ERDF 

2014UK16RFOP003 

2 

ERDF 

2014UK16RFOP003 

2 

ERDF 

2014UK16RFOP003 

2 

ERDF 

2014UK16RFOP001 

2014UK16RFOP001 

2014UK16RFOP001 

2014UK16RFOP001 

Fund of 
funds 

Finance 
Wales 
Investments 
Ltd 

Wales, 
United 
Kingdom, 
Cardiff 

30/09/2015 

Yes 

15/12/2016 

16.3 

Fund of 
funds 

Finance 
Wales 
Investments 
Ltd 

Specific 
fund 

Invest NI 
through 
Pentech 
Ventures LLP 

Northern 
Ireland, 
Belfast 

Specific 
fund 

Invest NI 
through 
Pentech 
Ventures LLP 

Northern 
Ireland, 
Belfast 

Specific 
fund 

Invest NI 
through 
Pentech 
Ventures LLP 

Northern 
Ireland, 
Belfast 

30/09/2015 

Yes 

15/12/2016 

35.3 

31/03/2014 

Yes 

09/07/2014 

3 

31/03/2014 

Yes 

09/07/2014 

3 

31/03/2014 

Yes 

05/08/2015 

34 

Fund of 
funds 
specific 
fund 

Greater 
Manchester - 
Fund of 
Funds 

Greater 
Manchester 
Combined 
Authority, 
Town Hall, 
Albert 
Square, 
Manchester, 
England, M60 
2LA 

Fund of 
funds 
specific 
fund 

Midlands 
Engine 
Investments 
Limited 

Foundry 
House, 3 
Millsands, 
Sheffield, 
England, S3 
8NH 

Fund of 
funds 
specific 
fund 

Northern 
Powerhouse 
Investments 
Limited 
(NPIL) 

Foundry 
House, 3 
Millsands, 
Sheffield, 
England, S3 
8NH 

Fund of 
funds 

Midlands 
Engine 

Foundry 
House, 3 

22/11/2016 

66.7 

33.4 

0 

21/11/2016 

4.8 

1.4 

0 

21/11/2016 

30.3 

10.6 

0 

21/11/2016 

192.2 

56.7 

0 

3.9  

7.7  

0  

0  

0  

0  

0  

0  

0  

.8 

0 

3.1 

3.1 

0 

.1 

.1 

0 

4.6 

0 

3.1 

3.1 

0 

.3 

.3 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

94 

 
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
 
 
  
 
 
  
  
  
  
  
  
  
 
 
  
 
 
  
  
  
 
 
  
 
 
  
  
  
  
  
 
 
  
 
 
  
  
  
1 

2 

3 

4 

5 

7 

8 

9 

10 

11 

I. Identification and description of the entities which implment FIs 

II. Amounts of OP contributions committed and paid to FIs at the end of 2016, in EUR mln 
16=17+18 

12  13=14+15+16 

14 

18 

19 

15 

17 

20 

21 

22=23+24+25+26 

23 

24 

III. Investments made in final recipients at the end of 2016, in EUR mln  
25 

27=28+29+30+31 

28 

29 

30 

26 

31 

32 

33 

34 

CCI 

Priority 
Axis 

ESI Fund 

Name and 
address of 
Financial 
Instrument 

Type of 
financial 
instrument 

Ex ante 
assessment 
completed 

Selection/designation 
procedure launched 

Out of which 

Out of which 

Out of which 

Out of which 

Out of which 

Out of which 

Signature 
of the 
funding 
agreement 

OP amounts 
commitment 
to FI 

ERDF 

CF 

OP amounts 
paid to FI 

ERDF 

CF 

Out of 
which 
national 
cofinancing 

public 
cofinancing 

private 
cofinancing 

MCF 
paid 

base 
remuneration 

performance 
based 
remuneration 

OP amount paid 
to final 
recipients 

loans  guarantees  equity 

ESIF amounts 
paid to final 
recipients 

other 
financial 
instruments 

loans  guarantees  equity 

national 
public 
cofinancing 
paid to 
final 
recipients 

other 
financial 
instruments 

national 
private 
cofinancing 
paid to 
final 
recipients 

Amount of 
loans 
issued 
backed by 
guarantees 

6 
Name of implementing 
body 

Name of the 
body 
implementing 
the financial 
instrument 
Investments 
Limited 

Official 
address/place 
of business 
(country and 
town name) 
Millsands, 
Sheffield, 
England, S3 
8NH 

specific 
fund 

Fund of 
funds 
specific 
fund 

Fund of 
funds 
specific 
fund 

Northern 
Powerhouse 
Investments 
Limited 
(NPIL) 

Foundry 
House, 3 
Millsands, 
Sheffield, 
England, S3 
8NH 

Fund of 
funds 
specific 
fund 

Greater 
Manchester 
Fund of 
Funds 

Greater 
Manchester 
Combined 
Authority, 
Town Hall, 
Albert 
Square, 
Manchester, 
England, M60 
2LA 

Fund of 
funds 
specific 
fund 

Midlands 
Engine 
Investments 
Limited 

Foundry 
House, 3 
Millsands, 
Sheffield, 
England, S3 
8NH 

Fund of 
funds 
specific 
fund 

North East 
(SPV) Limited 

Leeds, United 
Kingdom 

Fund of 
funds 
specific 
fund 

Northern 
Powerhouse 
Investments 
Limited 
(NPIL) 

Foundry 
House, 3 
Millsands, 
Sheffield, 
England, S3 
8NH 

21/11/2016 

365.1 

129.4 

0 

22/11/2016 

66.7 

33.4 

0 

21/11/2016 

10.6 

3.1 

0 

15/11/2016 

13.7 

5.6 

0 

21/11/2016 

46.5 

16.1 

0 

0  

0  

0  

0  

0  

Investment 
Fund - PA3;   
Foundry 
House, 3 
Milldands, 
Sheffield, 
England, S3 
8NH 
North East 
LEP Area - 
Fund of 
Funds - PA3;    
Northern 
Powerhouse 
Investment 
Fund - PA3;   
Foundry 
House, 3 
Millsands, 
England, 
Sheffield, S3 
8NH 
Greater 
Manchester - 
Fund of 
Funds - PA4;   
Greater 
Manchester 
Combined 
Authority, 
Town Hall, 
Albert 
Square, 
Manchester, 
England, 
M60 2LA 
Midlands 
Engine 
Investment 
Fund - PA4;   
Foundry 
House, 3 
Millsands, 
Sheffield, 
England, S3 
8NH 
North East 
LEP Area - 
Fund of 
Funds - PA4;   
Leeds, 
United 
Kingdom 
Northern 
Powerhouse 
Investment 
Fund - PA4;   
Foundry 
House, 3 
Millsands, 
Sheffielf, 
England, S3 
8NH 

2014UK16RFOP001 

2014UK16RFOP001 

2014UK16RFOP001 

2014UK16RFOP001 

2014UK16RFOP001 

2014UK16RFOP001 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

95 

 
 
 
 
 
  
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
 
  
 
 
  
  
  
  
  
 
 
  
 
 
  
  
  
  
  
  
  
 
 
  
 
 
  
  
  
 
 
  
 
 
  
  
  
  
  
 
 
  
 
 
  
  
  
  
  
 
 
 
 
ESF and YEI 

1.  Executive summary 

Main findings and key figures 

By the end of 2016 a number of FIs had been created with ESF and YEI funds. Managing 

authorities mainly envisaged loan or micro-loan schemes with two exceptions, a German 

FI which is reported as a quasi-equity scheme and an Italian multi-product scheme. All 

the FIs were created under thematic objective (TO) 8 ‘promoting sustainable and quality 

employment  and  supporting  labour  mobility’  and  under  TO  9  ‘promoting  social 

inclusion, combating poverty and any discrimination’.  

Managing authorities in 7 Member States reported progress in setting up FI and, out of 

the 36 OPs with planned amounts for FIs, the information reported concerns 22 OPs. For 
almost  all  reported  FIs43,  the  ex-ante  assessment,  a  regulatory  precondition  for  the 
creation of an FI, took place before the signature of the funding agreement44. Procedures 

for selecting or designating the bodies implementing FIs were in most cases completed 

by the end of 2016. 

Some  funding  agreements  were  signed  by  the  end  of  2015  and  many  were  finalised 

during  the  first  semester  of  2016.  On  this  basis,  OP  contributions  of  EUR  418  million 

were committed to FIs, including EUR 294 million from ESF and EUR 26 million from 
YEI45. Of these commitments, EUR 104 million had been paid to FIs, including EUR 62 

million of ESIF and 21 million YEI.  

By the end of the reporting period 3 FIs in  2 Member States (DE,  LT),  had committed 

EUR 1 million in loans to final recipients, including EUR 806,070 of ESF resources. 2 

FIs  in  DE  had  made  payments  of  EUR  854,000  to  final  recipients,  of  which  EUR 

43 Article 37(2) of Common Provision Regulation (EU) 1303/2013. 
44 The dataset included one FIs for which details on the completion date of the ex-ante assessment were not 

provided. These were in LT. 

45 The commitment amount at national level is not available 

96 

 
 
 
 
 
                                                 
 
683,000  was  ESF.  FIs  supported  some  72  final  recipients  of  which  50  were  micro-

enterprises and 22 were individuals, mainly through loans. 

Main messages 

FIs can be co-funded by the ESF to support the investment priorities outlined in the ESF 

Operational Programmes of the Member States and regions. They are not an alternative 

to support provided by the ESF but an additional arm helping to free more resources to 

pursue the same goals. 

Indications  from  2014-2020  OPs  are  that  Member  States  plan  to  commit  about  EUR  1 
billion  from  ESF  and  YEI  to  FIs46,  about  1.1%  of  the  total  ESF  and  YEI  allocations47. 

Figure  8  highlights  the  variations  between  Member  States,  with  the  highest  allocations 

planned in HR, LT and BG, and no allocations in 16 Member States.  

Figure 8 Share of ESF and YEI allocations to FI per country during 2014-2020, OP allocations to FIs 

* The EU total planned amount refers to the all 28 MSs 

46  The  planned  allocations  of  almost  EUR  1  billion  should  also  be  considered  in  the  context  of  the 
mandatory  ex  ante  assessments.  These  may  recommend  corrections  in  allocations  or  to  not  proceed 
with FIs. 

47 Planned amounts are subject to variation across the programming period 

97 

 
 
 
 
 
 
 
                                                 
 
The data in  this  summary  shows some progress  in making the planned FIs operational. 

The  following  table  provides  an  overview  of  the  implementation  progress  in  terms  of 

number of FIs by type and the status of the steps foreseen by the regulation. 

Table 7 Overview of implementation by MS, end 2016 (ESF and YEI) 

N° of Fund 
of Funds 

N° of 
Specific 
Funds 

N° of Fund of 
funds specific 
fund 

Ex-ante 
assessment 
completed 

Funding 
agreements 
signed 

1 

1 

1 

12 

1 

16 

3 

3 

6 

1 

3 

1 

3 

1 

12 

1 

22 

1 

3 

0 

2 

2 

10 

1 

19 

1 

1 

MS 

BG 

DE 

HU 

IT 

LT 

PL 

SK 

Total 

As regards the allocation of resources to final recipients, few ESF and YEI resources had 

been invested by the end of 2016 (as shown in the following table).  

Table 8 FIs implementation progress by MS, end 2016 (ESF and YEI) 

OP commitment 
to FI (ESF and 
YEI) 

Payment to FI 
(ESIF) 

Payments to FI 
(YEI) 

Commitments to 
final recipients 
(ESF and YEI) 

Payments to 
final recipients 
(ESF and YEI) 

30,872,875 

72,240,000 

- 

53,110,059 

24,546,803 

89,550,741 

49,725,000 

2,175,608 

15,745,300 

- 

1,599,970 

6,136,701 

23,580,745 

12,431,250 

5,872,8752 
- 

- 

14,680,145 

- 

- 

- 

- 

798,240 

- 

- 

7,830 

- 

- 

- 

683,120 

- 

- 

- 

- 

- 

MS 

BG 

DE 
HU1 
IT 

LT 

PL 

SK 

320,045,478 

EU 
1 At the reference date, Hungary presents one record without any information on commitments and payments 
2 In BG, the breakdown of the YEI resources is as follows: 5,872,875 YEI and complementary ESF, 518,326 national 
co-financing 

61,669,575 

20,553,020 

806,070 

683,120 

Outlook and next steps 

There is an increasing need to improve the efficiency and effectiveness of public policies 

since challenges are more and more demanding and, at the same time, public budgets are 

under pressure. 

98 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
ESF  FIs  represent  a  resource-efficient  way  of  deploying  cohesion  policy  resources  in 

pursuit of the Europe 2020 Strategy objectives, targeting projects with potential financial 

viability. 

For  the  current  period,  an  improved  regulatory  framework  and  extended  support 

activities (fi-compass platform) provide ground for a substantial increase in the role that 

FIs can play for achieving the goals of the ESF. 

DG  Employment,  Social  Affairs  and  Inclusion,  has  the  objective  to  increase  the  use  of 

FIs under the ESF in terms of budget, territorial coverage and types of investment. 

More  efforts  are  needed  to  speed  up  the  setup  and  implementation  of  ESF  FIs  and  in 

order to ensure disbursement to final recipients in time for the closure of the 2014-2020 

programming period. 

It  is  of  crucial  importance  that  the  FIs  are  constantly  monitored  by  the  responsible 

managing authorities on the progress made in achieving their results. 

99 

 
 
 
 
 
 
2.  2016 reporting exercise 

Data submission and collecting 

For  ESF  and  YEI,  data  were  submitted  based  on  the  reporting  template  prepared  by  the 
Commission  and  submitted  through  the  SFC201448  reporting  module  as  part  of  the  annual 

implementation reports.  

Data  on  FI  are  reported  at  three  levels;  the  OP,  the  instrument  and  the  product(s).  OP 

information includes details of financial intermediaries under any fund of funds. The product 

level enables reporting on FIs that provide more than one financial product, especially where 

products  are  combined,  such  as  any  loan  or  interest  rate  subsidy,  or  loans  combined  with 

equity.  Information  at  product  level  covers  the  amounts  committed,  investments  in  final 

recipients, the number of contracts signed and investments made, as well as the number and 

type of final recipients. All other information is provided at the level of the FI. 

For the reporting in 2017 relating to the end of 2016, 7 Member States using FIs under ESF 

submitted data to the Commission. Two of them (BG, IT) also reported on FIs under the YEI. 
Out of the 36 OPs with planned amounts for FIs, the information reported concerns 22 OPs49. 

Among the OPs reporting, one brings together ESF and YEI and 1 only concerns YEI. Of the 

22 OPs, IT reported on 1 multi-OP FIs, which were both implemented through a specific fund 

structure.  

48  SFC2014's  main  function  is  the  electronic  exchange  of  information  concerning  shared  Fund  management 

between Member States and the European Commission 

49 CCI codes of the OPs: 2014BG05M9OP001, 2014DE05SFOP002, 2014DE05SFOP012, 2014DE05SFOP014, 
2014HU05M2OP001, 2014IT05M9OP001, 2014IT05SFOP002, 2014IT05SFOP020, 2014IT05SFOP021, 
2014LT16MAOP001, 2014PL05M9OP001, 2014PL16M2OP001, 2014PL16M2OP003, 
2014PL16M2OP005, 2014PL16M2OP006, 2014PL16M2OP008, 2014PL16M2OP009, 
2014PL16M2OP010, 2014PL16M2OP012, 2014PL16M2OP013, 2014PL16M2OP016, 
2014SK05M0OP001 

100 

 
 
 
  
                                                 
 
Quantity and quality of the data provided 

The complete set of data was downloaded from SFC2014 on 17 July 2017 with cut-off date 

31  December  2016.  Both  compulsory  and  optional  data  underwent  careful  automatic  and 

manual  quality  checks  to  evaluate  accuracy  and  consistency.  Data  have  been  also  validated 

with the help of DG EMPL desk officers. 

These checks identified missing information, as well as some inaccuracies and inconsistencies 

in the data. These are detailed under the relevant sections of this report. 

Approach to processing data 

Processing the data included the following: 

  Where no ex ante assessment completion data was reported, the FIs were still included 

in the total count50; 

  FIs receiving contributions from more than one priority axis or more than one OP are 

counted as one FI, if this can be clearly identified from the data provided51; 

  FI  reporting  more  than  one  type  of  financial  instrument  were  counted  in  each  type 

group 

More detailed information on how inconsistent data were treated is provided in the text. 

Comparison with the previous reporting exercise 

Some inaccuracies were noted in the previous reporting exercise. In particular: 

 

the ESF share of OP contributions committed to some FIs were not reported: this was 

still the case for some FIs (HU, IT, PL); 

 

the amount committed by thematic objective were missing for some FIs: this was still 

the case for some FIs (HU, IT, LT, PL); 

50 These FIs do not report any further detail. 
51 The ESF dataset contains 29 records which refer to 23 FIs 

101 

 
 
 
 
 
 
 
                                                 
 
 

information about the implementation options (type of FI set up) were missing for 

some FIs: this was not reported for five FIs in DE, HU, IT, LT and PL in 2017; 

 

 

information about the legal status was missing for one FI in SK; 

information about the type of selection procedure was missing for some FIs. However, 

one out of four reported the signature of the funding agreement. 

  One Lithuanian FI has funding agreement date and no ex ante assessment date 

While other inaccuracies noted in the previous reporting exercise were corrected52, a different 

type  of  inconsistency  was  identified,  as  one  FI  reported  commitments  to  FIs  for  which  no 

funding agreement had been signed (PL). 

Increased inaccuracies do not signify lower quality reporting by managing authorities. Many 

more FIs were reported in this reporting exercise, so data quality is not fully comparable with 

information submitted in 2016. 

52  In  2016,  the  following  information  was  missing  for  some  FIs:  OP  contributions  committed  to  some  FIs;  
information  about  the  products  offered;  information  about  the  name  of  the  body  implementing  the  FI; 
information about the type of implementing body. 

102 

 
 
 
  
 
                                                 
 
3.  Summary of data collected on FIs implemented under ESF and YEI 

At the end of 2016 there were 23 FIs either being set up or already operational53. Of these, 16 

are funds of funds, 6 are specific funds and 1 is a fund of funds specific fund. Most FIs were 

reported in PL with 12, followed by DE (3) and IT (3).  

Table 9 Overview of implementation by MS, end 2016 (ESF and YEI) 

N° of Fund 
of Funds 

N° of Specific 
Funds 

N° of Fund of 
funds specific 
fund 

Ex-ante 
assessment 
completed 

Funding 
agreements 
signed 

1 

1 

1 

12 

1 

16 

3 

3 

6 

1 

3 

1 

3 

1 

12 

1 

22 

1 

3 

0 

2 

2 

10 

1 

19 

1 

1 

MS 
BG 
DE 
HU 
IT 
LT 
PL 
SL 

Total 

The FIs support TO 8 and TO 9 through different products. Loans and microloans were the 

most  chosen  products,  with  a  few  OPs  implementing  equity  and  quasi-equity.  No  FI  was 

reported under TO 10 or TO 11. 

Overall progress  

At  the  end  of  2016,  EUR 418  million  of  OP  contribution  had  been  committed  to  FIs  in 
funding agreements in 6 Member States54 including EUR 294 million of ESF and 26 million 

of  YEI  contributions.  Subsequent  payments  have  been  made  by  managing  authorities  in  6 

Member States. OP resources paid into FIs were EUR 104 million including EUR 62 million 

ESIF and EUR 21 million YEI.  

Of the 19 FIs to which managing authorities committed programme contributions in funding 

agreements, 18 received payments. This confirms that more FIs were operational by the end 

53 1 FIs did not report the date of ex ante assessment completion. 
54 At the end of 2016, no amounts were reported for the HU financial instrument reporting information. 

103 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                                 
 
of  2016,  with  an  increase  of  the  commitment  paid  into  FIs  to  25%55.  Managing  authorities 

follow the system of phased applications for interim payments under Article 41 of CPR. 

Despite the progress in the payment to FI, the disbursement rate remains low with only 0.7% 

of the resources paid to the FI received by the final recipients. 

National  co-financing  was  EUR  21.5  million,  of  which  EUR 20.6  million  was  from  public 

sources and EUR 0.9 million from private sources. Private co-financing is reported by 2 FIs 

which received payments from ESF in Lithuania and Poland 

Managing authorities in 4 Member States (BG, LT, PL, SK) committed EUR 221 million to 

funds  of  funds,  of  which  EUR 189  million  was ESF.  Two  Member  States  (DE,  IT)  had  not 

committed resources to a fund of funds. 

Payments  of  EUR 56  million  to  funds  of  funds  were  made  in  4  Member  States  of  which 

EUR 44  million  was  ESF.  A  fund  of  funds  in  LT  committed  EUR 25  million  to  a  financial 

intermediary and made payments of EUR 8,700. 

As at the end of 2016, 3 FIs in 2 Member States (DE, LT), had committed EUR 1 million in 

micro-loans to final recipients, including EUR 806,070 of ESF resources.  

Two  FIs  in  DE  had  made  payments  of  EUR 854,000  to  final  recipients,  of  which 

EUR 683,000 was ESF. Their total national co-financing of EUR 170,000 was entirely from 

public sources 

55 According to the report 2015, mainly due to the early stage of implementation, no payments to FIs as well as 

to final recipients were reported by the managing authorities. 

104 

 
 
 
 
 
 
                                                 
 
Progress  in  set-up  and  selection  of  bodies  of  implementing  FIs,  including  the  body 
implementing a fund of funds 

The  obligation  to  conduct  an  ex-ante  assessment  is  a  key  requirement  for  the  2014-2020 

programming  period.  The  mandatory  ex  ante  assessment  for  FIs  must  establish  evidence  of 

market failure (or suboptimal investment situations) and estimate the level and scope of public 

investment needs. This assessment must also set out the most suitable types of FI. Moreover, 

the  ex-ante  assessment  must  be  submitted  to  the  OP  monitoring  committee  for  information 

and  its  summary  findings  and  conclusions  must  be  published  within  3  months  of  being 

finalised. 

Comprehensive reporting requirements allow Member States to  report on the progress  of FI 

implementation from the set-up, including the progress of ex ante assessments and selection 

of bodies implementing FIs. 

By the end of 2016, ex-ante assessments had been completed for 22 FIs to be implemented in 

22 OPs. Ex-ante assessments were completed for 8 OPs in 2014, 13 OPs in 2015 and only 1 in 

2016.  

16 OPs report information about progress on the selection of bodies implementing FIs. Four 
indicate that the process had not yet started, and there was no information for 2 OPs56.  

Fund of funds managers are awarded in many cases either by inter-administrative cooperation 

procedure or in-house, despite many FIs adopted other procedures.  

Two OPs implementing funds of funds in BG or PL report on the type of selection procedure 

although a selection process had not been launched yet. 

56 Funding agreements have been signed for 13 funds of funds, 5 specific funds and 1 fun of funds specific fund 
in all reporting Member States with the exception of HU. Managing authorities indicated that the process of 
selecting financial intermediaries had not yet started or information was not provided for 7 OPs in BG, IT, 
LT, SK and PL. 

105 

 
 
 
 
 
 
 
 
                                                 
 
Managing  authorities  had  signed  19  funding  agreements  by  the  end  of  2016  (Figure  9),  of 

which 13 were funding agreements with funds of funds, 5 funding agreements with specific 

funds and 1 fund of fund specific fund.  

Fundusz  funduszy  Pomorza  Zachodniego  Jeremie2  required  the  longest  time  between 

completion of the ex-ante assessment and signature of the funding agreement (812 days).  

Figure 9 Progress in setting up FIs, by number of FIs, end 201657 (ESF and YEI) 

25

20

15

10

5

0

Ex ante
assessment
completed

Selection
procedure
launched

Funding
agreement
signed

Committment
from MA to FI

Payment from
MA to FI

Committments
to final
recipients

Investment in
final recipients

57  A  date  of  signature  of  the  funding  agreement  was  reported,  but  no  selection  had  started  or  details  on  the 

progress with selection had not been reported for 4 FIs.  

106 

 
 
 
 
 
 
 
                                                 
 
Implementation arrangements 

When supporting FIs the managing authorities may choose different implementation modes: 

  Contribution to EU level instruments under Article 38(1)(a) CPR; 

 

Investment  in  the  capital  or  existing  or  newly  created  legal  entities  under 

Article 38(4)(a) CPR;  

  Entrusting implementation tasks to  financial intermediaries, such  as the  EIB Group, 

international financial institutions and financial institutions aiming at the achievement 

of public interest and bodies governed by public or private law under Article 38(4)(b) 

CPR; and  

  Undertaking implementation tasks directly, in the case of FIs consisting solely of 

loans or guarantees, under Article 38(4)(c) CPR. 

In 2 funds the managing authority intends to invest in the capital of existing or newly created 

entities. 12 funds of funds and 3 specific funds are entrusted with implementation.  

Two  FIs  (DE,  LT)  reported  on  signing  the  funding  agreement  but  did  not  report  on  their 

implementation arrangements (type of set up).  

The bodies referred to in Article 38(4)(b) to which implementation tasks are entrusted should 
open fiduciary accounts58 in their name and on behalf of the managing authority, or set up FI 
as a separate block of finance59 within the financial institution.  

Based on the data for the end of 2016, 4 FIs for which a funding agreement has been signed 

opened a fiduciary account in their name and on behalf of the MA, of which 3 were funds of 

funds  and  1  a  specific  fund.  10  FIs  report  a  separate  block  of  finance  within  the  financial 

institutions.  For  1  FI,  the  managing  authority  reported  information  about  the  signature  of 

funding agreement signed, but did not provide information about the legal status.  

58  Fiduciary  account  -  the  amount  in  the  account  is  managed  by  the  financial  intermediary  on  behalf  of  the 
managing  authority  and  FI,  while  the  amount  in  the  account  remains  in  the  ownership  of  the  Fund  of 
Funds/specific funds/managing authority. 

59 A separate block of finance – the amount is included in the balance sheet of the financial institution. It relies 
on  accounting  entries  within  the  financial  intermediary  in  order  to  track  the  drawdown.  Funds  need  to  be 
separately accounted for and clearly segregated from the other assets of that financial institution. 

107 

 
 
 
 
 
                                                 
 
According to the data reported to the Commission, among the FI reporting on the signature of 

the funding agreement: 

  1  financial  intermediary  (existing  or  newly  created  legal  entity),  has  received 

investment in its capital from the managing authority through a fund of funds.  

  1 fund of funds is managed by the EIB (PL); 

 

financial institutions aiming at the achievement of public interest under the control of 

a public authority manage 10 funds of funds and 3 specific funds;  

  bodies  governed  by  public  or  private  law  manage  1  funds  of  funds  in  BG  and  2 

specific funds in DE and IT. 

Operational programme contributions committed and paid to financial instruments 

At the end of 2016 EUR 418 million of OP contribution had been committed to FIs in funding 

agreements  in  6  Member  States  (Table  10  ).  Of  the  ESIF  share,  ESF  EUR  294  million  and 

YEI  EUR 26  million  contributions  had  been  committed.  Subsequent  payments  have  been 

made  by  managing  authorities  in  6  Member  States.  OP  resources  of  EUR 104  million  was 

paid into FIs of which EUR 62 million was ESIF and EUR 21 million YEI.  

Table 10 Amounts committed in the funding agreements and paid to the FIs, end 2016, in million EUR  

MS 

OP amount 
committed to FI 

of which ESF and 
YEI 

OP amount paid 
to FI 

of which ESIF 

of which YEI 

BG 

DE 

IT 

LT 

PL 
SK 

35,802,966.39 

30,872,875.23 

8,950,741.59 

2,175,608.92 

5,872,875.00 

87,700,000.00 

72,240,000.00 

25,187,000.00 

15,745,300.00 

- 

109,294,105.30 

53,110,058.97 

22,522,805.00 

1,599,970.10 

14,680,144.74 

26,810,562.00 

24,546,803.00 

6,702,640.50 

6,136,701.00 

100,286,673.19 
58,500,000.00 

89,550,740.95 
49,725,000.00 

26,205,805.06 
14,625,000.00 

23,580,744.95 
12,431,250.00 

- 

- 
- 

Total 

418,394,306.88 

320,045,478.15 

104,193,992.15 

61,669,574.97 

20,553,019.74 

108 

 
 
 
 
 
 
Total support paid to final recipients 

2  Member  States  (IT,  DE)  provided  information  about  the  products  offered  by  6  specific 
funds (Figure 6) and funding agreements have been signed for 5 of these specific funds60. The 

majority of product-specific funds with funding agreements signed are loan and micro-loan, 

followed by equity and quasi-equity funds. There is a multiproduct FI in IT with loans, equity 

and quasi-equity.  

Figure 10 FIs planned and set up by product, end 2016 (ESF/YEI) 

1 

1 

4 

Loans

Equity Multi

No  Member  State  reported  other  support  combined  with  FIs  in  the  sense  of  Article  37(7) 

CPR,  according  to  which  a  FI  may  be  combined  with  grants,  interest  rate  subsidies  and 

guarantee fee subsidies.  

Of the 7 Member States which report information on FIs, 2 reported on commitments to final 

recipients DE, LT. This totalled EUR 1 million ESF, with 72 contracts signed.  

By the end of 2016, EUR 850 000 of OP contributions had been disbursed, entirely through 

loans. ESF contributions resulted in 61 investments.  

60 Information on the type of products a FI offers is not provided on the level of funds of funds, but only on the 

level that that makes payments to final recipients. 

109 

 
 
 
 
 
                                                 
 
Table 3 Payments to FIs, commitments and payments to final recipients, end 2016, in million EUR (ESF/YEI) 

MS 

OP amount 
paid to FI 

of which ESIF  of which YEI 

8,950,741 

2,175,609 

25,187,000 

15,745,300 

BG 

DE 

IT 

LT 

PL 

22,522,805 

6,702,640 

26,205,805 

1,599,970 

6,136,701 

23,580,745 

12,431,250 
61,669,575 

OP amount 
committed 
to final 
recipients 
- 

of which 
ESIF61 

OP amount 
invested in 
final 
recipients 

of which 
ESIF62 

- 

- 

- 

997,800 

798,240 

853,900 

683,120 

- 

- 

8,700 

7,830 

- 

- 

- 

- 

- 

- 

- 

- 

5,872,87563 
- 

14,680,144 

- 

- 

SK 
Total 

14,625,000 
104,193,992 

- 
20,553,020 

- 
1,006,500 

- 
806,070 

- 
853,900 

- 
683,120 

Final recipients supported 

In the 2007-2013 programming period reporting on the type of final recipients supported by 

FIs was optional. These data are compulsory for the 2014-2020 programming period.  

FIs supported around 72 final recipients of which 50 were microenterprises and 22 individuals 

based in DE (Table 5) through loans.  

Table 11 Number and type of final recipients supported by product, end 2016 (ESF/YEI) 

Final 
recipients 
supported 
through: 

Loans 

Guarantees 

Equity 

Other 

Total 

Large 
enterprises  SMEs 

of which micro 

Individuals 

0 

- 

- 

- 

0 

50 

- 

- 

- 

50 

50 

- 

- 

- 

50 

22 

- 

- 

- 

22 

Total 
number of 
final 
recipients 

Other final 
recipients 

- 

- 

- 

- 

- 

72 

- 

- 

- 

72 

61 Only ESF resources have been committed to final recipients 
62 Only ESF resources have been invested in final recipients 
63 In BG, the breakdown of the YEI resources is as follows: 5,872,875 YEI and complementary ESF, 518,326 

national co-financing 

110 

 
 
 
 
 
 
 
 
                                                 
 
Management costs and fees 

In 2007-2013 management costs paid to bodies implementing were calculated on the basis of 

amounts contributed to the FI and were, in many cases, decoupled from performance. Based 

on the lessons learned, management costs and fees in 2014-2020 are linked to performance in 

delivering  funds  to  final  recipients.  Applicable  thresholds  and  criteria  for  determining 

management costs and fees on the basis of performance are set out in Articles 12 and 13 of 

the  Commission  Delegated  Regulation  (EU)  No  48/2014,  and  are  aimed  at  increasing  the 

efficiency and effectiveness of investments and avoiding undesirable practices such as double 

charging costs to both final recipients as well as ESF and YEI. 

The  performance  based  approach  should  take  into  account  disbursement  of  contributions 

provided  by  ESF  and  YEI,  resources  paid  back  from  investments  or  from  the  release  of 

resources  committed  for  guarantees,  as  well  as  the  quality  of  measures  before  and  after  the 

investment decision to maximise its impact and the contribution of the FI to the objectives and 

outputs of the programme.  

Payments have been reported to 19 funds, of which 13 were funds of funds, 5 specific funds 

and 1 fund of funds specific fund. Almost half the funds (10) reported management costs and 

fees  of zero (7  funds  of  funds, 1  specific  fund under a fund of funds and 2 specific funds). 

Total  management  costs  and  fees  are  EUR 800,000  with  the  DE  fund  Mikromezzaninfonds 

reporting EUR 530,000. 

Interest and gains from treasury management, and amounts repaid and reinvested 

Article  43  CPR  clarifies  how  managing  authorities  should  deal  with  interest  or  other  gains 

generated  from  the  investment  of  ESF  and  YEI  contributions  to  FIs.  The  2014-2020  rules 

provide for reporting on this information from the outset. For 2007-2013, information about 

treasury management was reported only at closure.  

Interest  and  gains  generated from  treasury  management  are reported by  19  FIs  (13 funds of 

funds, 1 fund of funds specific fund and 5 specific funds) in BG, DE, IT, LT and PL. By the 

end  of  2016,  FIs  accrued  income  attributable  to  ESF  totalling  EUR 174,700  and  negative 

111 

 
 
 
 
 
 
 
interest of - EUR 21,500. Income is reported in DE, LT and PL whereas the negative interest 

was reported in BG. IT reported no income or costs.  

An important characteristic of FIs, in comparison to grants, is that they can generate reflows. 

These reflows consist of capital repayments, such as the principal of a loan, an exit from an 

equity  participation  as  well  as  the  release  of  amounts  set  aside  for  guarantees.  Other  gains, 

include interest,  guarantee fees, dividends or other capital  gains.  According to  Article 44 of 

the CPR these instruments shall be reused for: 

  Further investments through the same or other FIs;  

  Preferential remuneration of private investors  or public investors operating under the 

market economy principle; 

  Reimbursement of management costs and fees of the FIs.  

As  at  the  end  of  2016,  2  DE  FIs,  Mikrodarlehenfonds  III  and  Gründerrichtlinie  Teil  B: 

Mikrokredite, reported on resources returned in micro-loans instruments.  

Almost  EUR 6,500  had  been  repaid,  of  which  EUR 3,000  was  principal  and  almost  EUR  3 

500  interest.  None  of  the  funds  reported  reusing  reflows  for  preferential  remuneration  or 

management costs and fees. 

Value of equity participation 

The  value  of  equity  participations  in  enterprises  made  by  venture  capital  funds  or  co-

investment facilities depend on the performance of the enterprises. The value may increase or 

decrease  over  the  investment  period  but  actual  reflows  will  only  be  available  with  an  exit 

from  the  investment.  This  may  happen  many  years  after  the  initial  investment.    In  order  to 

have  information  on  the  progress,  managing  authorities  report  on  the  value  of  equity 

participations. The amount to be reported is the book value of the investment at the end of the 

reporting year. Depending on the applicable accounting rules ‘Book value = nominal value of 

investments  adjusted  for  fair-value  movement,  less  impairments  of  assets’.  Fondo  Social 

Impact Investment (SII) with equity and quasi-equity products reported a value of zero for the 

investment. 

112 

 
 
 
 
 
 
 
Leverage 

The ability to attract additional resources is a key characteristic of FIs and a primary argument 

for promoting their use to deliver ESIF policy objectives. A definition of leverage is provided 

in  the  Financial  Regulation  (EU,  Euratom  N°  966/2012)  Article  140(2)(d):  'the  Union 

contribution  to  an  FI  shall  aim  at  mobilising  a  global  investment  exceeding  the  size  of  the 

Union contribution' and in Article 223 of the Rules of Application is further specified as: 'the 

amount of finance to eligible final recipients divided by the amount of the Union contribution'  

The CPR refers to the 'expected leverage effect' which is established on the basis of the  ex-

ante assessment and the signature of the funding agreement with the body implementing the 

FI.  After  launching  the  FI  there  is  an  'achieved  leverage  effect'.  Additional  resources,  and 

hence leverage, can be accumulated at different levels – fund of funds (if applicable), specific 

funds and final recipients.  

In the reporting, managing  authorities provide the expected leverage  effect  according to  the 

funding agreement for each FI. The achieved leverage effect is calculated under SFC2014 to 

ensure coherence across OPs and FIs. The formula for the achieved leverage effect is:  

                                     Total amount of finance which reached eligible 
final recipients as of the end of a reported year  
------------------------------------------------------------------------------ 

Achieved leverage effect =  
                                                                Eligible ESIF support which contributed to the 
                                                              total amount of finance indicated in the numerator    

The total finance which reached eligible final  recipients is the sum of the amounts reaching 

final  recipients  from  (1)  the  ESIF  contribution;  (2)  the  national  co-financing  (public  or 

private); (3) the contribution by other investors, and (4) other forms of support combined in a 

single FI operation. 

The  ESIF  support  which  contributed  to  the  amount  reaching  final  recipients  includes  ESIF 

resources invested in final recipients and the ESIF share of management costs and fees.  

Reporting  on  non-OP  resources  mobilised  through  FIs  and  expected  leverage  is  only 

obligatory in annual implementation reports for 2017, 2019 and the final report. 

113 

 
 
 
 
 
                            
 
 
 
 
Expected leverage  was reported for 5  specific funds in  IT and DE, ranging from 1.3 to  2.2. 

The multi-product instrument reported an expected leverage of zero and the quasi-equity FI of 

1.7.  

For  2  specific  loan  funds  in  DE  the  data  necessary  to  calculate  the  achieved  leverage  was 

provided.  This  was  1.25  for  Mikrodarlehenfonds  III  -  ESF-Förderzeitraum  2014-2020  and 

1.19 for Gründerrichtlinie Teil B: Mikrokredite. 

Indicators and achievements  

Information concerning the FI contribution to priority axis indicators is compulsory in 2017, 

2019 and at closure. Specific targets should be fixed in the funding agreements against which 

progress is reported. Reporting is no longer limited to only one indicator 'jobs created' as in 

the  2007-2013  programming  period.  Managing  authorities  can  choose  from  a  list  of  output 

indicators approved in the OPs. 

In  the  2017  reporting  exercise  for  the  end  of  2016,  indicator  information  is  therefore 

compulsory.  

Information on common indicators is available only for DE Mikromezzaninfonds for CO23 - 

supported  micro,  small  and  medium-sized  enterprises  (including  cooperative  enterprises, 

enterprises of the social economy), with a target of 1,801 and achievement of 389 (22%). 

114 

 
 
 
 
 
 
 
 
Thematic objectives 

Reporting on the TOs supported by FIs is necessary for the European Commission to report 

under  the  framework  of  the  Investment  Plan  for  Europe.  However,  this  is  not  a  legal 

obligation under the CPR. In most cases a priority axis is clearly linked to a TO, so reporting 

could be derived from the information provided for the TO.  

The largest share of commitment is assigned to TO 8,  EUR 365 million or 87% of the total 

amount  committed  to  18  FIs.  The  other  commitments  refer  to  TO  9  with  EUR 54  million 

(13%), through 3 FIs in 3 Member States (BG, IT, PL). 

Table  12  Number  of  FIs  per  TO,  commitments  to  FIs  in  EUR  and  as  %  of  total  commitment  by  TO  (ESF  and  YEI, 
2016)

64

TO 

08 

09 

N° of FIs 
18 

4 

Amount committed to FIs 

364,759,716.80  

53,634,590.08  

Total 

22 
(1)  Bulgarian FI is counted in both TOs 

418,394,306.88 

Of which ESIF  As share of total 
271,762,582.37    

87% 

48,282,895.78    

320,045,478.15 

13% 

- 

BG,  IT  and  PL  are  the  only  Member  States  planning  FIs  for  both  TOs.  The  Bulgarian  FI 

(Гаранции  и  микрокредитиране)  under  OP  Human  Resources  Development  -  ESF/YEI 

relates to both TOs. 

64  In  order  to  provide  consistent  data,  calculations  do  not  refer  to  the  TO  amounts  committed  data  as  some 

amounts are missing compared to the OP amounts committed data. 

115 

 
 
 
 
 
 
 
                                                 
 
 
4.  Conclusions 

This summary reports on the progress of financing and implementing FIs for the 22 OPs out 

of the 36 OPs with planned amounts for FIs, up to the end of 2016.  

OP contributions committed to FIs were EUR 418 million, including EUR 294 million from 
ESF and EUR 26 million from YEI65. Of these commitments EUR 104 million had been paid 

to FIs, including EUR  62 million of ESIF and 21 million YEI.  

By  the  end  of  2016,  3  FIs  in  2  Member  States  (DE,  LT),  had  committed  EUR  1  million  in 

loan  to  final  recipients,  including  EUR  806.070  of  ESF  resources.  2  FIs  in  DE  had  made 

payments to final recipients of EUR 854 000 of which EUR 683 000 was ESIF 

The largest share of total funding is intended for TO 8, EUR 365 million or 87% of the total 

committed to FIs. The other EUR 54 million (13%) of committed resources refer to TO 9.  

It  is  crucial  to  remind  that  only  complete,  reliable  information,  provided  by  the  managing 

authorities  in  the  context  of  the  annual  implementation  report  (AIR)  exercise  within  the 

regulatory deadlines will enable the Commission services to issue a comprehensive summary 

on implementing and financing FIs for 2016. 

Therefore,  early  collection  and  transmission  to  the  Commission  of  FIs  data  by  managing 

authorities can substantially contribute to the identification and elimination of potential gaps 

and errors in good time, namely before its official submission. 

Substantial efforts were made by the Commission, providing guidance, to improve the quality 

of  data,  nevertheless  several  problems  regarding  the  accuracy  of  data  remain  and  the  ESF 

managing  authorities  are  asked  to  pay  particular  attention  to  these  elements  for  the  next 

reporting exercise. 

65 The commitment amount at national level is not available 

116 

 
 
 
 
 
 
 
 
 
                                                 
 
EAFRD 

1.  Executive summary  

Financial instruments (FIs) under the European Agricultural Fund for Rural Development 

(EAFRD)  are  an  important  delivery  mechanism  and  in  this  programming  period  are 

being  set  up  by  Managing  Authorities  gradually.  Though  there  was  a  certain  level  of 

preliminary experience – not equally spread across Member States  - in operating FIs in 
the  previous  programming  period66,  EAFRD  Managing  Authorities  (MAs)  needed  time 

to  prepare  and  launch  the  ex-ante  assessments  and  set  up  financial  instruments,  mostly 
due  to  the  completely  new  legal  framework  with  which  they  had  to  comply67. 

Consequently, though there are many positive developments taking place on the ground, 

factual  implementation  results  by  the  end  of  2016  cover  only  3  Financial  Instruments 

under  3  Rural  Development  Programmes  (RDPs)  where  funding  agreements  had  been 

signed with the implementing bodies by the end of 2016.  

Main findings and key figures  

By end of 2016, 43 Managing Authorities out of the 112 RDP MAs have started ex-ante 

assessments required for setting up financial instruments in accordance with Article 37 of 

the  CPR,  out  of  which  28  assessments  have  been  completed.  Till  the  end  of  2016, 

EUR 62.77 million of RDP contributions were committed to FIs in funding agreements 

in  3 RDPs  (Estonia, FR Languedoc-Roussillon, DE Mecklenburg-Vorpommern), out  of 

which  EUR 51.85  million  is  the  EAFRD  contribution.  Subsequent  payments  of 

EUR 22.81  million  have  been  made  by  the  MAs  in  the  reporting  year,  out  of  which 

EUR 19.51 million is an EAFRD amount.  

66  In  the  period  2007-2013,  FIs  were  implemented  in  14  Rural  Development  Programmes  (in  7  Member 

States). 

67  In  programming  period  2007-2013  the  rules  guiding  the  set-up  of  financial  instruments  under  the 
EAFRD  were  based  on  few  principles  that  MAs  had  to  follow  as  well  as  some  generic  rules  on  the 
eligibility of expenditure at closure. 

117 

 
 
 
 
 
                                                 
 
EAFRD  allocations  by  thematic  objectives  (TO)  show  the  dominant  position  of  the 

competitiveness related SME financing (TO3), which receives more than 70% of the total 

EAFRD commitments under FIs, amounting to EUR 40 million. Another 21% (EUR 10 

million)  is  planned  for  sustainable  and  quality  employment  (TO8),  while  6%  (EUR  3 

million)  for  low  carbon  economy  (TO4).  Similarly,  EAFRD  allocations  by  focus  areas 

(FA)  show  that  MAs  intend  to  provide  FI  support  primarily  to  projects  aiming  at 

increasing competitiveness (of agricultural holdings and food-processors). Consequently, 

55%  of  total  EAFRD  FI  commitments  are  allocated  to  rural  development  focus  area 
2A68,  amounting  to  EUR 28.4  million.  Focus  areas  3A69  and  6A70  both  receive  an 
allocation of EUR 10 million (~20%), while FA 5C71 receives below EUR 3 million (5%) 
and FA 5E72 accounts for the marginal EUR 200,000.  

By  the  end  of  2016,  one  FI  (Estonia)  had  signed  loan  contracts  with  final  recipients 

committing EUR 5.83 million of public funding (out of which EUR 5.25 million EAFRD 

funding).  The  actual  payments  made  to  final  recipients  amounted  to  EUR 5.61  million 

(out  of  which  EUR 5.05  million  from  EAFRD).  In  total  33  final  recipients  were 

supported  via  these  loans,  all  falling  under  SME  category,  and  out  of  which  31  were 

microenterprises.  Sector-wise,  25  final  recipients  are  agro-food  enterprises,  and  8  final 

recipients are non-agricultural rural enterprises.  

Main messages 

As mentioned above, many MAs are in the process of exploring the possibility to set up 

FIs under the EAFRD or are undertaking real actions that require time. However, MAs 

had the possibility to programme from the outset certain amounts to be used under FIs as 

68 Focus area 2A Improving the economic performance of all farms and facilitating farm restructuring and 

modernisation 

69 Focus area 3A Improving competitiveness of primary producers by better integrating them into the agri-
food chain through quality schemes, adding value to agricultural products, promotion in local markets 
and short supply circuits, producer groups and organisations and inter-branch organisations 

70 Focus area 6A Facilitating diversification, creation and development of small enterprises, as well as job 

creation   

71 Focus area 5C Facilitating the supply and use of renewable sources of energy, of by-products, wastes and 

residues and of other non food raw material, for the purposes of the bio- economy. 
72 Focus area 5E Fostering carbon conservation and sequestration in agriculture and forestry. 

118 

 
 
 
 
                                                 
 
indication of their future intentions. The sum up of all these indications from 2014-2020 

RDPs show that 17 MAs from 9 MSs have planned to commit about EUR 560 million to 

FIs under their RDP, out of which around EUR 420 million of EAFRD amount, as of end 

of 2016. 

Figure 11 Indicative allocations to FIs in approved RDPs, as in the end of 2016, in million EUR73 

Compared  to  the  overall  budget  of  EAFRD  dedicated  to  increasing  competitiveness  of 

the sector, the use of FIs under rural development is still quite marginal in the EU as a 

whole, if year 2016 is taken as a benchmark. EAFRD MAs as well as stakeholders need 

further familiarisation and information dissemination to better understand the scope and 

value  added  of  these  instruments.  This  is  why  the  Commission  organized  four  major 

conferences  and  several  other  dedicated  information  events  for  interested  MAs.  In  this 

context, it is also important to note that for the smooth and efficient introduction of FIs, 

MAs should allocate sufficient  resources  – both financially  and human resource-wise – 

for the management of the instrument.  

73  Based  on  Financing  Plans  of  RDPs  officially  approved  as  of  31.12.2016.  Estonia  signed  a  Funding 
Agreement  with  lower  amounts  than  foreseen  in  the  initially  approved  RDP,  but  the  corresponding 
RDP modification was approved in 2017. Within the total RDP commitment indicated for France, for 
PACA region only the EAFRD commitment is known and taken into account. 

119 

 
 
 
 
 
                                                 
 
Though the current report with cut-off date end of 2016 includes only 3 RDPs where FIs 

had been launched, during 2017 several MAs advanced on the setting up of FIs, and it is 

expected many more FIs to be launched in 2018. So far MAs are interested in loan and 

guarantee  instruments  in  a  tailor-made  format  and  also  in  complementing  financial 

instruments under shared management with other resources. With regard to the selection 

of  implementing  bodies,  Member  States  chose  different  types  of  implementing  bodies 

taking into account their national circumstances. 

120 

 
2.  2016 reporting exercise 

Data submission and collection 

Under  the  EAFRD,  MAs  were  required  for  the  first  time  to  submit  the  annual 

implementation  reports  on  financial  instruments  (in  accordance  with  Article  46  of 
Regulation 1303/2013) via the integrated SFC2014 reporting module74 in Section 10 of 

the  Annual  Implementation  Report  module  under  EAFRD.  This  way  the  reporting 

exercise  is  aligned  with  the  practice  of  the  other  ESI  Funds.  Following  the  common 

structure of ESIF FI reporting, MAs were provided guidance on reporting in general (by 

DG REGIO),  as well as  on EAFRD-specific reporting requirements (by DG AGRI).  In 

order to obtain and ensure consistent reporting, all MAs under EAFRD were required to 

report  some  basic  information  on  the  implementation  of  FIs  to  the  relevant  extent 
(referred  to  as  Intro  module75),  while  detailed  reporting  was  only  required  from  those 

RDPs  where  the  funding  agreement  had  been  signed  between  the  MA  and  the 

implementing body (resulting in 3 detailed reports for 2016). Furthermore, certain Fund-

specific  monitoring  data  (e.g.  sub-sectorial  and  size  category  identification  of  final 

recipients) was requested via an additional Excel template from the FI where payments to 

final  recipients  had  been  made  (as  of  next  reporting  exercise  this  data  will  be  also 

requested within SFC, not in the form of an Excel attachment).   

Quantity and quality of the data provided 

The introduction of the  Intro module proved very useful, since it provides reliable data 

and general overview of all the RDPs with regard to the process of setting-up financial 

instruments.  Earlier  indications  were  unreliable,  ad-hoc  and  not  required  to  be  updated 

whether  ex-ante  assessment  has  been  indeed  started  or  whether  it  has  been  officially 

completed,  selection  of  implementing  bodies  has  been  officially  launched  or  just 

intended etc., which is overcome by this method.  

74 SFC2014's main function is the electronic exchange of information concerning shared Fund management 

between Members States and the European Commission.  

75 Whether ex-ante assessment  has been started, start and completion date  of ex-ante assessment,  date  of 
launching selection procedures for implementing bodies, date of signature of funding agreement. 

121 

 
 
 
 
 
                                                 
 
Concerning the detailed reporting, since reporting on FIs is a very new exercise both for 

MAs under EAFRD and for DG AGRI (with limited data reported in previous year), and 

the reporting template is quite complex, there were several exchanges between the policy 

unit,  the  programme  coordinators  and  the  MAs  to  obtain  the  appropriate  data.  The 

involved  MAs  were  co-operative  in  providing  the  necessary  information.  Aligning  the 

general  reporting  requirements  of  FIs  with  the  Fund-specific  monitoring  framework 

generated several exchanges, on the basis of which the technical aspects of reporting of 

FIs under EAFRD can be streamlined and finalised for the next reporting exercise.  

Approach to processing data 

As mentioned in the previous point, all 112 RDPs fulfilled reporting requirements in the 

Intro module covering basic information on the setting-up of FIs, while detailed reporting 

was  requested  from  3  RDPs  where  funding  agreements  had  been  signed.  Reporting  on 

FIs under EAFRD is required on measure level.  

122 

 
 
 
3.  Summary of data collected on financial instruments by Fund  

Aggregated  information  across  all  MS  –  number  of  FIs,  programme  amounts 

committed in Funding Agreement, RDP amounts paid to FIs, amounts disbursed to 

final recipients; aggregate information by implementation options 

There  are  three  RDPs  as  of  31.12.2016  for  which  information  on  commitments  in 

funding agreements can be given. 

Table 13 Amounts committed in the funding agreements and paid to the FIs till the end of 2016, in million EUR  

Rural 
Development 
Programme 

Estonia 

FR Languedoc-
Roussillon 

DE 
Mecklenburg-
Vorpommern 

Name of FI 

MAK 2014-2020 
rahastamisvahend 

FOSTER TPE-PME 

Darlehensfonds zur 
Förderung der 
Markteinführung 
innovativer 
Produktentwicklungen in 
der 
Ernährungswirtschaft 

RDP amount 
committed 
to FI 

out of which 
EAFRD 

RDP amount 
paid to FI 

of 

out 
which 
EAFRD 

36 

15 

32.4 

9.5 

16.56 

3.75 

14.9 

2.36 

11.77 

10 

2.5 

2.25 

Total 

62.77 

51.85 

22.81 

19.51 

By the end of 2016 EUR 62.77 million of RDP contributions had been committed to FIs 

in  signed  funding  agreements  in  3  RDPs  (Estonia,  FR  Languedoc-Roussillon,  DE 

Mecklenburg-Vorpommern). Out of this amount EUR 51.85 million is EAFRD funding. 

Subsequent  payments  of  EUR 22.81  million  had  been  made  by  the  MAs  to  FIs,  out  of 

which EUR 19.51 million EAFRD funding.  

As of end of the reporting period only the Estonian FI made commitments and payments 

to  final  recipients,  EUR 5.83  million  and  EUR 5.61  million  respectively  (out  of  which 

EUR 5.25 million and EUR 5.05 million EAFRD).  

Progress in set-up and in selection of bodies implementing the financial instruments, 

including the body implementing a fund of funds by end of 2016 

By end of 2016, in total 43 Managing Authorities out of the 112 RDP MAs had started 

ex-ante  assessments  required  for  setting  up  financial  instruments,  out  of  which  28 

assessments were completed. From these, 7 MAs had launched selection of implementing 

123 

 
 
 
 
 
 
 
 
 
bodies  and  3  MAs  had  signed  funding  agreements.  In  Estonia  and  DE  Mecklenburg-

Vorpommern  the  selection  of  implementing  body  was  made  in  accordance  with  the 

provisions  of  the  public  procurement  directive,  while  in  FR  Languedoc-Roussillon  the 

implementation was directly awarded to the European Investment Fund (EIF). 

Table 14 Progress in set-up and in selection of bodies implementing FIs, end of 2016  

RDP 

Completed ex-ante 

Languedoc-

Mecklenburg-

Estonia 
FR 
Roussillon 
DE 
Vorpommern 
RO 
FR - Midi-Pyrénées 
IT Lombardia 
IT Toscana 

Yes 
Yes 

Yes 

Yes 
Yes 
Yes 
Yes 

Launched selection of 
implementing bodies 
Yes 
Yes 

Signed Funding 
Agreement 
Yes 
Yes 

Yes 

Yes 
Yes 
Yes 
Yes 

Yes 

No 
No 
No 
No 

Description  of  financial  instrument  and  implementation  arrangements;  bodies 

implementing  financial  instruments  (specific  funds),  and  the  bodies  implementing 

fund of funds (where applicable) 

Table 15 Description of FIs under EAFRD, 31.12.2016  

RDP 

Estonia 

FR 
Languedoc-
Roussillon 
DE 
Mecklenburg-
Vorpommern 

Implementation 
option 
Art 38(4)b 
entrustment 

Art 38(4)b 
entrustment 

Art 38(4)b 
entrustment 

Type of FI 

Type of products 

Legal status 

Tailor-
made 

Tailor-
made 

Tailor-
made 

Loan 

Guarantee 

Loan 

separate 
block of 
finance 
separate 
block of 
finance 
separate 
block of 
finance 

In the case of all the reported 3 FIs implementation was entrusted to bodies in accordance 

with  Article  38(4)(b)  of  Regulation  1303/2013.  In  Estonia  and  DE  Mecklenburg-

Vorpommern the selection of the implementation body was made in accordance with the 

provisions  of  the  public  procurement  directive,  while  in  FR  Languedoc-Roussillon  the 

implementation was directly awarded to EIF. All 3 FIs under EAFRD are tailor-made. 2 

FIs offer loan products (the Estonian FI provides two types of loans for different target 

groups with different loan amounts), while one FI offers first-loss portfolio guarantee.  

124 

 
 
 
 
 
 
Total  amount  of  support  paid  to  the  final  recipients  or  to  the  benefit  of  final 

recipients,  or  committed  in  guarantee  contracts  by  the  financial  instrument  for 

investments in final recipients, by product, out of which ESIF, out of which public 

and private national co-financing 

Till  end  of  2016  commitments  and  payments  to  final  recipients  were  made  under  the 

Estonian FI. Under the two loan products of the Estonian FI EUR 5.83 million of public 

funding  was  committed  in  loan  contracts  with  final  recipients,  out  of  which  EUR  5.25 

million was EAFRD funding. By the end of 2016 in total EUR 5.61 million was paid out 

to final recipients, out of which 5.05 million was EAFRD funding. 

Table 16 Commitments and payments under EAFRD FIs to final recipients till end of 2016, in million EUR  

Development 

Rural 
Programme 
Name of FI 
Name of product 

Type of financial product 
Total 
amount  of  RDP 
contributions  committed  in 
loans with final recipients 
out of which EAFRD 

Total 
amount  of  RDP 
contributions  paid  to  final 
recipients through loans 
- out of which EAFRD 
-  out  of  which 
total 
amount  of  national  co-
financing76 

Estonia 

MAK 2014-2020 rahastamisvahend 

Mikro- ja 
väikeettevõtete 
kasvulaen 
Loan 

2.35 

2.12 

2.35 

2.12 

0.24 

Pikaajaline 
investeerimislaen 

Total 

Loan 

3.48 

3.13 

3.26 

2.93 

0.33 

5.83 

5.25 

5.61 

5.05 

0.56 

76 Under EAFRD national co-financing can come only as public co-financing in accordance with Article 59 

of R.1305/2013. 

125 

 
 
 
 
 
                                                 
Final recipients supported by FIs – number and type of final recipients 

Till end of 2016, in total 33 final recipients were supported by the RDP FI products in 

Estonia, all falling under SME category, out of which 31 were microenterprises.  

Table 17 Number and type of final recipients supported by FI in Estonia, as of end of 2016  

Large 
enterprises 

SMEs 

Final recipients supported 
out of which 
microenterprises 

Individuals  Other type of 

Name of 
financial 
product 

ja 

Mikro- 
väikeettevõtete 
kasvulaen 
Pikaajaline 
investeerimislaen 
Total 

0 

0 

0 

27 

6 

33 

27 

4 

31 

0 

0 

0 

final 
recipients 
0 

0 

0 

Total 

27 

6 

33 

Due  to  the  EAFRD-specific  monitoring  framework,  it  is  also  required  to  report  on  the 

sub-sector and size category of the final recipients. Out of the 33 final recipients, sector-

wise, 22 final recipients are agricultural enterprises, 3 are active in food processing and 

marketing,  while  8  final  recipients  are  non-agricultural  rural  enterprises.  Size-wise,  the 

agricultural  enterprises  with  size  larger  than  50  hectare  and  with  size  below  5  hectare 

both received 40-40% of the commitments under the competitiveness measure Nr 4 for 

agriculture.  

Table 18 Uptake of the EE FI in the agricultural sector according to the size categories, as of end of 2016 

Number  of  operations 
supported 
Public expenditure of the 
FI operation (mln EUR) 

< 5 Ha 

5-10 Ha 

10-20 Ha 

20-50 Ha 

> 50 Ha 

Total 

5 

2 

0 

2 

13 

22 

1.27 

0.12 

0.00 

0.42 

1.35 

3.15 

Management costs incurred or management fees paid (by programme and priority 

or measure) 

Two FIs reported payment of management cost and fees till the end of 2016 amounting to 

EUR 51,092. 

126 

 
 
 
 
 
 
 
 
 
Table 19 Management cost and fees paid to FIs as of end of 2016, in EUR  

RDP 

Total amount of management costs and fees paid out of RDPs, EUR 

Languedoc-

Estonia 
FR 
Roussillon 
DE  Mecklenburg-
Vorpommern 
Total 

Measure 4 
0 
12,397 

38,695 

51,092 

Measure 6 

Measure 8 

Total 

0 
0 

- 

0 

- 
0 

- 

0 

0 
12,397 

38,695 

51,092 

Interest  and  other  gains  generated  by  support  from  ESI  Funds  to  the  financial 

instrument  and  programme  resources  paid  back  to  financial  instruments  from 

investments (according to Articles 43 and 44) 

As  of  end  of  2016  only  Estonia  reported  interest  and  other  gains  generated  by  support 

from EAFRD to the FI and resources paid back. The Estonian FI generated EUR 6,220 

interest  and  other  gains  from  treasury  management,  while  interest  payments  from  final 

recipients amounted to EUR 68,340. 

Information on the performance of the financial instrument 

As  of  end  of  2016  with  only  Estonia  having  final  recipients,  there  are  no  defaults 

reported yet.  

Progress  in  achieving  the  expected  leverage  of  investments  made  by  the  financial 

instrument (years 2017, 2019 and closure) 

Being a function of the design of the FI product, expected leverage of the loan type of FIs 

are significantly lower than that of the portfolio guarantee FIs. The expected leverage of 

the Estonian FI is 1.56, while it is 1.18 for the FI in DE Mecklenburg-Vorpommern (only 

national public co-financing is envisaged). However, the first-loss portfolio guarantee of 

FR  Languedoc-Roussillon  is  expected  to  generate  a  leverage  of  5.  Estonia  reported  an 

achieved leverage of 2.24 as of end of 2016, which is significantly higher than expected, 

implying that the financial intermediaries are in fact providing additional financing to the 

targeted segment within the scheme than what has been projected. 

127 

 
 
 
 
 
 
 
 
 
 
 
 
Contribution  to  the  common  output  indicators  (implementation  reports  in  years 

2017, 2019 and final report) 

Contribution to common output indicators was reported by the Estonian FI. 

Table 20 Contribution to common output indicators under the Estonian FI, as of end of 2016  

Common output indicator 
O1 Total public expenditure (EUR) 
O3  Nr  of  actions/operations  supported  (only 
for measure 4) 
O4 Nr of holdings/beneficiaries supported 

Target value 
36,000,000 
180 

Achieved value 
5,614,000 
25 

146 

30 

Reporting broken down by themes - report on FIs by TOs/Union priorities for rural 

development 

In  accordance  with  Point  3.1  of  the  common  ESIF  reporting  template,  amounts  of 

EAFRD  funds  committed  (EUR)  in  funding  agreements  by  the  end  of  2016  are 

presented,  broken  down  by  TOs  and  Union  Priorities/Focus  Areas  for  Rural 

Development.  

EAFRD  allocations  by  thematic  objectives  (TO)  show  the  dominant  position  of  the 

competitiveness related SME financing (TO3), which receives more than 70% of the total 

EAFRD commitments under FIs  amounting to  EUR 40 million.  Another 21% (EUR 10 

million)  is  planned  for  sustainable  and  quality  employment  (TO8),  while  6%  (EUR 3 

million) for low carbon economy (TO4). 

Table 21 EAFRD amounts committed (in million EUR), by Thematic Objectives of the CPR 

RDPs/TOs 

SMART GROWTH 

Languedoc-

EE 
FR 
Roussillon77 
DE  Mecklenburg-
Vorpommern 
Total 

TO3 
18.89 
9.25 

10 

38.14 

SUSTAINABLE 
GROWTH 
TO4 
2.69 
0.2 

0 

2.89 

INCLUSIVE 
GROWTH 
TO8 
10.82 
0 

0 

9.45 

Total 

32.4 
9.45 

10 

51.85 

77 The amount appears in the measure descriptions of the RDP in question.   

128 

 
 
 
 
 
 
 
                                                 
Figure 12 EAFRD amounts falling under thematic objectives under FI funding agreements, 31.12.2016 (million 
EUR)  

TO 8, 
10.82 

TO 4,  
2.89 

TO 3, 
38.14 

Figure 13 EAFRD amounts falling under thematic objectives under FI funding agreements, 31.12.2016 (%) 

TO 8 
21% 

TO 4 
6% 

TO 3 
73% 

Indicative allocation of FI resources in  the signed funding agreements broken down by 

focus areas shows that MAs intend to provide FI support primarily to projects aiming at 

increasing  competitiveness.  Consequently,  55%  of  total  EAFRD  commitments  are 

allocated  to  rural  development  focus  area  2A,  amounting  to  EUR  28.4  million.  Focus 

areas  3A  and  6A  receives  similar  allocation  of 10-10  million  (~20-20%),  while  FA  5C 

receives below EUR 3 million (5%) and FA 5E a marginal EUR 200,000. 

129 

 
 
 
 
 
 
 
 
 
Table 22 EAFRD amounts committed (in million EUR), by Union priorities/Focus Areas for rural development  

RDPs/FAs 
EE 
FR Languedoc-
Roussillon 
DE 
Mecklenburg-
Vorpommern 
Total 

2A 
15.29 
3.1 

10 

3A 
3.6 
6.15 

0 

5C 
2.69 
0 

0 

28.39 

9.75 

2.69 

5D 
0 
0 

0 

0 

5E 
0 
0.2 

0 

6A 
10.82 
0 

Total 
32.4 
9.45 

0 

10 

0.2 

10.82 

51.85 

Figure 14 EAFRD amounts committed to RD focus areas under FI funding agreements, 31.12.2016 (million EUR)  

FA 5E,  
0.2 

FA 5D,  
0 

FA 6A,  
10.82 

FA 5C,  
2.69 

FA 3A,  
9.75 

FA 2A,  
28.39 

Figure 15 EAFRD amounts committed to RD focus areas under FI funding agreements, 31.12.2016 (%)  

FA 5E 
0% 

FA 5D 
0% 

FA 5C 
5% 

FA 6A 
21% 

FA 3A 
19% 

FA 2A 
55% 

Commitments and payments to final recipients are reported on measure level, and as of end of 

2016 data are available for the Estonian FI.  

130 

 
 
 
 
 
 
 
 
 
 
 
 
Table 23 Investments in final recipients under the Estonian loan FI, in million EUR, broken down by measures, 
as of end of 2016  

Total  amount  of  programme 
contributions  committed 
in 
loans with final recipients 
out of which EAFRD 

Total  amount  of  programme 
contributions  paid  to  final 
recipients through loans 
out of which EAFRD 
out of which total amount 
of national co-financing78 

Measure 4 
4.13 

Measure 6 
1.7 

3.72 
3.91 

3.52 
0.39 

1.53 
1.7 

1.53 
0.17 

Total 
5.83 

5.25 
5.61 

5.05 
0.56 

78 Under EAFRD national co-financing can come only as public co-financing in accordance with Article 59 

of R.1305/2013. 

131 

 
 
                                                 
4.  Conclusions 

The data gathered in this summary report represent information concerning the progress 

in  financing  and  implementing  FIs  in  the  current  programming  period  till  the  end  of 

2016. Till the cut-off date of the report,  EUR 62.77 million  of RDP  contributions  were 

committed to FIs in funding agreements in 3 RDPs (Estonia, FR Languedoc-Roussillon, 

DE  Mecklenburg-Vorpommern),  out  of  which  amount  EUR 51.85  million  is  EAFRD 

contribution. Subsequent payments of EUR 22.81 million have been made by the MAs, 

out of which EUR 19.51 million is EAFRD contribution.  

EAFRD  allocations  by  thematic  objectives  (TO)  show  the  dominant  position  of  the 

competitiveness related SME financing (TO3), which receives more than 70% of the total 

EAFRD commitments under FIs, amounting to EUR 40 million. Another 21% (EUR 10 

million)  is  planned  for  sustainable  and  quality  employment  (TO8),  while  6%  (EUR 3 

million)  for  low  carbon  economy  (TO4).  Similarly,  EAFRD  allocations  by  focus  areas 

shows  assignment  of  55%  of  the  total  EAFRD  FI  commitments  to  rural  development 

focus area 2A, amounting to EUR 28.4 million. Focus areas 3A and 6A both receive an 

allocation of 10 million (~20% each), while FA 5C receives below EUR 3 million (5%) 

and FA 5E a marginal EUR 200 000.  

As of end of 2016, one FI (Estonia) made commitments and payments to final recipients, 

EUR 5.83  million  and  5.61  million  respectively  (out  of  which  EUR 5.25  million  and 

EUR 5.05 million EAFRD), through which 33 final recipients were supported via loans, 

all falling under SME category, out of which 31 were microenterprises. Sector-wise, 25 

final recipients are agro-food enterprises, and 8 final recipients are non-agricultural rural 

enterprises. 

Despite the slow start, considerable and increasing interest can be observed on the side of 

MAs in  familiarising and setting-up FIs. As a result of all this,  major developments on 

FIs under the EAFRD are expected to happen in the coming years. 

132 

 
 
 
 
 
Lessons learnt with regard to the next reporting exercise 

1) Based  on  the  experiences  gained  so  far,  the  harmonisation  of  FI-specific  and  Fund-

specific  reporting  framework  under  EAFRD  can  now  be  finalised  from  a  technical 

point  of  view,  which  is  necessary  in  order  to  facilitate  the  efficient  and  consistent 

reporting on FIs across a larger number of participating RDPs.  

2) Reporting  on  Total  investment  (common  output  indicator  O2)  under  EAFRD  is 

obligatory, and in order to ensure comprehensive assessment of RDPs (including both 

grants and FIs), from the next reporting period (year 2017) it will be required to report 

on Total investment also for projects supported by FIs.  

3) Taking  into  account  the  entire  integration  of  FI  reporting  into  the  Annual 

Implementation  Report  of  RDPs  in  SFC,  and  also  the  increasing  number  of  RDPs 

associated with FIs, the Commission will communicate the requirements and technical 

information to MAs in a sufficient format and in a timely manner in order to facilitate 

the proper adaptation of the reporting framework in the Member States.  

133 

 
 
 
 
 
K
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0
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2
6
4
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N
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