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"Experience of INVEGA with the use of financial engineering instruments in Lithuania 20 May 2011 JEREMIE NWP, Brussels Audrius Zabotka Deputy Director.

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Presentation on theme: ""Experience of INVEGA with the use of financial engineering instruments in Lithuania 20 May 2011 JEREMIE NWP, Brussels Audrius Zabotka Deputy Director."— Presentation transcript:

1 "Experience of INVEGA with the use of financial engineering instruments in Lithuania 20 May 2011 JEREMIE NWP, Brussels Audrius Zabotka Deputy Director General INVEGA

2 UAB Investicijų ir verslo garantijos (INVEGA) - Investment and Business Guarantees, Ltd. Established by the Government of Lithuania, registered on 29th November 2001 On 5 March 2004 INVEGA counter-guarantee agreement with EIF under the MAP Since 2001 issuance of individual guarantees Since 2006 administration of microcrediting programme Since 2009 administrator of Global Grant Since 2009 manager of the JEREMIE HFs (ERDF + ESF) 32 employees 2 INVEGA - Investment and Business Guarantees, Ltd.

3 Small credits_1 2 EUR 6 m Small credits_1 2 EUR 6 m Micro credits for SME 1 EUR 8 m Micro credits for SME 1 EUR 8 m Instrument funded by National budget Instrument funded by National budget Open credits fund 3 EUR 29 m Open credits fund 3 EUR 29 m Small credits_2 2 EUR 29 m Small credits_2 2 EUR 29 m Financial Engineering Instrument funded by ERDF Financial Engineering Instrument funded by ERDF INVEGA fund (JHF) EUR 58 m Entrepreneurship Promotion Fund (JHF) EUR 15 m Entrepreneurship Promotion 4 EUR 14,48 m Entrepreneurship Promotion 4 EUR 14,48 m Financial Engineering Instrument funded by ESF Guarantee Fund - Individual guarantees 5 EUR 37,4 m Guarantee Fund - Individual guarantees 5 EUR 37,4 m Compensation of interests EUR 30 m 6 Compensation of interests EUR 30 m 6 Individual guarantees

4 Small credits_1 2 EUR 6 m Small credits_1 2 EUR 6 m Micro credits for SME 1 EUR 8 m Micro credits for SME 1 EUR 8 m Instrument funded by National budget Instrument funded by National budget Open credits fund 3 EUR 29 m Open credits fund 3 EUR 29 m Small credits_2 2 EUR 29 m Small credits_2 2 EUR 29 m Financial Engineering Instrument funded by ERDF Financial Engineering Instrument funded by ERDF INVEGA fund (JHF) EUR 58 m Entrepreneurship Promotion Fund (JHF) EUR 15 m Entrepreneurship Promotion 4 EUR 14,48 m Entrepreneurship Promotion 4 EUR 14,48 m Financial Engineering Instrument funded by ESF Guarantee Fund - Individual guarantees 5 EUR 37,4 m Guarantee Fund - Individual guarantees 5 EUR 37,4 m Compensation of interests EUR 30 m 6 Compensation of interests EUR 30 m 6 Individual guarantees

5 ERDF since April 2009 Term up to 31 Dec 2014 Budget: EUR 29 m (no co financing from the banks) Participating 4 banks Max. Credit amount EUR 101 thousands One credit per SME per 12 months Purpose for investments and working capital for development or general business expansion State aid scheme: de minimis (restricted sectors: under de minimis rules) 5 INVEGA fund: Small credit programme-2

6 ERDF since April 2009 Term up to 31 Dec 2015 Budget: EUR 29 m Participating banks – 8 selected (agreements with 7 banks) Open credit fund: Co-financing of up to 75 % of the credit to SME but not more than EUR 434 thousands Two credit per SME per 12 months Credit term for SME up to 72 months Max. bank margin < 3 % Interests 3 m Vilibor % (>3; <7) Interest 3 m Euribor + 0.1% (>1; <3) Purpose for investments and working capital for development or general business expansion State aid scheme: de minimis (restricted sectors: under de minimis rules) 6 INVEGA fund: Open Credit Fund

7 Small credits_1 2 EUR 6 m Small credits_1 2 EUR 6 m Micro credits for SME 1 EUR 8 m Micro credits for SME 1 EUR 8 m Instrument funded by National budget Instrument funded by National budget Open credits fund 3 EUR 29 m Open credits fund 3 EUR 29 m Small credits_2 2 EUR 29 m Small credits_2 2 EUR 29 m Financial Engineering Instrument funded by ERDF Financial Engineering Instrument funded by ERDF INVEGA fund (JHF) EUR 58 m Entrepreneurship Promotion Fund (JHF) EUR 15 m Entrepreneurship Promotion 4 EUR 14,48 m Entrepreneurship Promotion 4 EUR 14,48 m Financial Engineering Instrument funded by ESF Guarantee Fund - Individual guarantees 5 EUR 37,4 m Guarantee Fund - Individual guarantees 5 EUR 37,4 m Compensation of interests EUR 30 m 6 Compensation of interests EUR 30 m 6 Individual guarantees

8 ERDF since August 2009 Term up to 31 Dec 2015 Budget: EUR 37.4 m INVEGA has co-operation agreements with (all commercial banks ) Guarantee fund: provides 80 % guarantee on INVEGAs individual commitments on SME loans Targets 1100 guarantees, guarantee portfolio of EUR 112 m Individual guarantee rate up to 80 % of the credit to SME but not more than EUR 1,5 m Guarantee premium 3-4 % Purpose of guaranteed loan for investment or working capital loans for the expansion and the development of SMEs general business activity State aid scheme: de minimis (restricted sectors: under de minimis rules) 8 Guarantee fund

9 Small credits_1 2 EUR 6 m Small credits_1 2 EUR 6 m Micro credits for SME 1 EUR 8 m Micro credits for SME 1 EUR 8 m Instrument funded by National budget Instrument funded by National budget Open credits fund 3 EUR 29 m Open credits fund 3 EUR 29 m Small credits_2 2 EUR 29 m Small credits_2 2 EUR 29 m Financial Engineering Instrument funded by ERDF Financial Engineering Instrument funded by ERDF INVEGA fund (JHF) EUR 58 m Entrepreneurship Promotion Fund (JHF) EUR 15 m Entrepreneurship Promotion 4 EUR 14,48 m Entrepreneurship Promotion 4 EUR 14,48 m Financial Engineering Instrument funded by ESF Guarantee Fund - Individual guarantees 5 EUR 37,4 m Guarantee Fund - Individual guarantees 5 EUR 37,4 m Compensation of interests EUR 30 m 6 Compensation of interests EUR 30 m 6 Individual guarantees

10 ESF since December 2009 Term up to 31 Dec 2015 Budget: EUR 15 m Co-operation agreements with the Consortium led by Central Credit Union (+57 Credit Unions) Entrepreneurship Promotion: Trainings for SMEs Microcredits for start-up micro companies (legal entities and individuals) < 12 months One credit per entity 10 % co-financing of the microcredit by Credit Unions State aid scheme: de minimis (restricted sectors: under de minimis rules) 10 Entrepreneurship Promotion Fund (EPF)

11 11 Implementation of JHF/FEI INVEGA FundGuarantee Fund Entrepreneurship Promotion Fund Small CreditsOpen Credit Fund Signature of funding agreement April 2009 August Dec 2009 Contribution to the JHF/FEI EUR 29m EUR 37.4mEUR 15m Disbursements/ commitments to SMEs as of 31 March 2011 EUR 38,3mEUR 18,1mEUR 100,1mEUR 0,7m

12 Small credits_1 2 EUR 6 m Small credits_1 2 EUR 6 m Micro credits for SME 1 EUR 8 m Micro credits for SME 1 EUR 8 m Instrument funded by National budget Instrument funded by National budget Open credits fund 3 EUR 29 m Open credits fund 3 EUR 29 m Small credits_2 2 EUR 29 m Small credits_2 2 EUR 29 m Financial Engineering Instrument funded by ERDF Financial Engineering Instrument funded by ERDF INVEGA fund (JHF) EUR 58 m Entrepreneurship Promotion Fund (JHF) EUR 15 m Entrepreneurship Promotion 4 EUR 14,48 m Entrepreneurship Promotion 4 EUR 14,48 m Financial Engineering Instrument funded by ESF Guarantee Fund - Individual guarantees 5 EUR 37,4 m Guarantee Fund - Individual guarantees 5 EUR 37,4 m Compensation of interests EUR 30 m 6 Compensation of interests EUR 30 m 6 Individual guarantees

13 A web- link to further information on each measure 1.http://www.invega.lt/en/index.php?option=com_content&task=view&id=234&Ite mid=80 2.http://www.invega.lt/en/index.php?option=com_content&task=view&id=304&Ite mid=88 3.http://www.invega.lt/en/index.php?option=com_content&task=view&id=313&Ite mid=89http://www.invega.lt/en/index.php?option=com_content&task=view&id=313&Ite mid=89 4.http://www.invega.lt/en/index.php?option=com_content&task=view&id=320&Ite mid=92http://www.invega.lt/en/index.php?option=com_content&task=view&id=320&Ite mid=92 5.http://www.invega.lt/en/index.php?option=com_content&task=view&id=186&Ite mid=79http://www.invega.lt/en/index.php?option=com_content&task=view&id=186&Ite mid=79 6.http://www.invega.lt/en/index.php?option=com_content&task=view&id=190&Ite mid=87http://www.invega.lt/en/index.php?option=com_content&task=view&id=190&Ite mid=87 13

14 Contacts UAB Investicijų ir verslo garantijos (INVEGA) (Investment and Business Guarantees, Ltd.) Konstitucijos ave. 7 (16 th floor), LT Vilnius Tel , faks to: 14


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