Rochtain AE Laethanta Airgeadais: Ag cabhrú le cruth margadh maoiniú FBManna-chairdiúil

Credit availability for non-financial businesses in the eurozone is now at its lowest point since the beginning of the credit crunch, according to the latest figures from the European Central Bank. Small- and medium-sized enterprises, on which the EU relies for 85% of new jobs in the private sector, are particularly badly affected by this decline as they cannot invest or extent their businesses as long as conditions for credits remain so difficult. Therefore, the European Commission is taking action to rapidly bridge the market gap in the provision of SME financing by providing €3.5 billion of additional funding for SMEs each year from 2014 to 2020, using the new Competitiveness of Enterprises and SMEs programme (COSME). For COSME to be successful is it vital that an effective partnership between EU institutions and the financial organisations that provide SMEs with access to credit is created. This is why Commssion Vice-President Antonio Tajani, commissioner for enterprise and industry, will launch today (18 October) in Rome a series of events - EU Access to Finance Days - to explain how COSME's new financial instruments will work and to encourage reputable financial market operators to become COSME intermediaries.

EU Access to Finance Days will be organised in all EU capitals from autumn 2013 to the end of 2014. The next event will be in Vilnius, Lithuania on 5 November 2013.

Prominent speakers at today's "Access to Finance Day" in Rome include Flavio Zanonato, Italian Minister of Economic Development; Dario Scannapieco, Vice-President of the European Investment Bank; Luigi Federico Signorini, Vice-Director-General of the Bank of Italy; Giovanni Sabatini, Director-General of the Italian Banking Association; Aurelio Regina, Vice-President of Confindustria; and Richard Pelly, CEO of the European Investment Fund. The event will also present the SME-focused activities of the European Investment Bank and other EU programmes that support SMEs.

More information on the EU Access to Finance Days.

Cad é an clár COSME nua? Cad a thairgfidh sé do FBManna?

Chuir an Leas-Uachtarán Tajani in iúl inniu gurb é an Clár um Iomaíochas Fiontair agus FBManna (COSME), a bheidh ar siúl idir 2014 agus 2020, an chéad chlár riamh de chuid an Choimisiúin Eorpaigh atá tiomanta go heisiach do thacaíocht a thabhairt do FBManna. Ar an gcéad dul síos, is ionstraim é COSME chun rochtain ar mhaoiniú do FBManna a fheabhsú, chun tacú lena n-idirnáisiúnú agus chun a rochtain ar mhargaí a fheabhsú.

Leanfaidh COSME den chuid is mó de ghníomhaíochtaí rathúla an Chláir Réime Iomaíochais agus Nuálaíochta (CIP) atá ann faoi láthair, ach tá sé mar aidhm aige freagairt níos fearr a thabhairt do riachtanais FBManna, trí dhíriú ar na catagóirí níos leochailí de ghnólachtaí beaga nach bhfuil an margadh ag freastal orthu faoi láthair.

Aiseolas

Beidh 60 % de bhuiséad measta €2.3 billiún COSME tiomnaithe d'ionstraimí airgeadais, lena soláthrófar ráthaíochtaí agus caipiteal fiontair, d'fhonn sreabhadh creidmheasa agus infheistíochta isteach san earnáil FBM a spreagadh. Soláthróidh COSME saoráid ráthaíochta suas le €150 000 d’iasachtaí FBManna, le fócas ar FBManna a mbeadh deacracht acu airgead a fháil murach sin. Spreagfaidh saoráid cothromais COSME an soláthar caipitil fiontair, agus díreofar go háirithe ar chéim leathnaithe agus fáis na FBManna.

Cuirfear tacaíocht COSME ar fáil do FBManna trí idirghabhálaithe airgeadais creidiúnacha i dtíortha rannpháirteacha - amhail bainc, cuideachtaí léasaithe, cumainn ráthaíochta frithpháirteacha nó cistí caipitil fiontair - chun a áirithiú go mbeidh rochtain chomh héasca agus is féidir ar chreidmheas. Chun freastal ar éagsúlacht an mhargaidh maoinithe do FBManna san Eoraip, ligfidh COSME d’idirghabhálaithe airgeadais táirgí aonair a chruthú is fearr a oireann do riachtanais FBManna ina margadh áirithe.

Coimeádfaidh buiséad COSME go leor de na cláir rathúla chéanna atá i bhfeidhm cheana féin, lena n-áirítear cómhaoiniú don Líonra Fiontraíochta Eorpach, a bhfuil níos mó ná 600 oifig aige san AE agus níos faide i gcéin. Tacóidh COSME freisin le hidirnáisiúnú FBManna, Erasmus d’Fhiontraithe Óga, oideachas fiontraíochta, Deasc Cabhrach IPR agus laghdú ar ualaí riaracháin.

See the full interview with VP Tajani

Cad iad na tionchair a bhfuiltear ag súil leo ó COSME?

The impact of the programme will be enormous. COSME-backed financial instruments should result in an annual increase of €3.5 billion in additional lending to and/or investment in EU companies. Each year, COSME is expected to contribute to an increase in the EU’s GDP of €1.1 billion, and assist 40 000 firms in creating or saving 30 000 jobs and launching 1 200 new business products, services or processes.

Typical SME recipient: Less than 10 staff, €65 000 credit granted

Under the previous European Commission programme to support competitiveness (CIP), loan guarantees were used to stimulate lending to entrepreneurs or small enterprises that normally would not have sufficient collateral to obtain a loan. Ninety percent of the 220 000 SMEs from across Europe that were CIP's beneficiaries up to the end of 2012 had 10 or fewer employees; precisely the category that finds it most difficult to obtain a loan. But thanks to CIP, the average guaranteed loan these small companies received was about €65 000. By the end of December 2012, CIP's financial instruments had mobilised over €13 billion in loans and more than €2.3 billion in venture capital. Comparable benefits will be achieved under COSME, slighted moderated by the fact that COSME will particularly target SMEs that without its support would have difficulty in accessing external finance.

Accessing financing 'extremely difficult' for SMEs

Surveys show that the EU's SMEs are to a very large extent dependent on bank loans for their external financing and that they have very few alternatives: 30% of companies are using bank loans and 40% bank credit lines or overdraft facilities. For 63% of SMEs bank loans are also the most preferable external financing solution to realise firms' growth ambitions. In the economic downturn banks have become more risk-averse, asking for higher risk margins and offering more demanding conditions. Difficult access to credit is among the top concerns (15%) of SMEs: according to the an suirbhé is déanaí by the European Commission about one third of SMEs did not get the finance they had planned for. The latest European Central Bank (ECB) data indicate that overall lending to the non-financial private sector remains weak.

Cén fáth go dteastaíonn clár sonrach uainn chun tacú le maoiniú FBManna

In ainneoin a thábhachtaí atá siad don gheilleagar, tá dúshláin ar leith roimh FBManna i réimse na rochtana ar airgeadas, go príomha mar gheall ar neamhshiméadrachtaí faisnéise. Cé go bhfuil FBManna in ann cásanna láidre gnó a chruthú chun a ngnólachtaí a chruthú agus a leathnú, is gnách go mbíonn iasachtóirí neamhfheistithe chun measúnú a dhéanamh ar na rioscaí a bhaineann le samhlacha gnó FBManna agus bíonn claonadh acu dul i muinín cinntí iasachtaithe atá bunaithe ar fhigiúirí an chláir chomhardaithe amháin. Ach níl cláir chomhardaithe láidir go leor ag go leor FBManna chun critéir formheasa na n-iasachtaí bainc a chomhlíonadh, go háirithe má choinnítear luach an FBM i maoin intleachtúil, i mbonn cliant fónta nó ar mhodhanna eile nach féidir a ghabháil le tuairisciú airgeadais.

Chuir iarmhairtí na géarchéime fiachais isteach go díréireach freisin ar iasachtú do FBManna. I gcomparáid le corparáidí móra, bhí fadhbanna struchtúracha i gcónaí ag FBManna i réimse na rochtana ar airgeadas. Ach tá na saincheisteanna seo níos measa ag an ngéarchéim airgeadais. Le dhá bhliain anuas, de réir staitisticí ón BCE, diúltaíodh do bheagnach aon trian de na FBManna a rinne iarratas ar iasachtaí bainc nó fuair siad níos lú ná mar a d’iarr siad.

Financial intermediaries are vital lifeline

Úsáideann an AE an reachtaíocht agus buiséad teoranta an AE araon chun dul i ngleic leis an drogall ollmhór atá ann faoi láthair infheistíocht a dhéanamh i FBManna agus iasachtaí a thabhairt dóibh. Glactar dhá chur chuige ghinearálta, ar dtús chun tacú le hiasachtaí FBManna a sholáthar – rochtain ar chreidmheas a fheabhsú dá réir – agus sa dara háit chun infheistíocht a spreagadh i FBManna, mar shampla trí chomhinfheistíochtaí le cistí caipitil fiontair.

Cuirtear rochtain ar chúnamh creidmheasa trí idirghabhálaithe airgeadais roghnaithe. Áirítear orthu sin bainc, léasóirí, cumainn ráthaíochtaí frithpháirteacha, soláthraithe micrea-airgeadais agus cistí caipitil fiontair. Ráthaíonn an AE cuid de na rioscaí a ghlacann siad agus léiríonn taithí go gciallaíonn rannpháirtíocht i gclár rochtana AE ar mhaoiniú go gcuireann siad níos mó iasachtaí ar fáil do FBManna ná mar a dhéanfaidís murach é. Cruthaíonn an cur chuige seo éifeacht ghiarála ard freisin: fuarthas amach sa chlár CIP gur cuireadh €1 ar fáil don chuideachta thairbhíoch mar gheall ar gach €30 a chaith an AE ar ráthaíochtaí a úsáideann idirghabhálaithe airgeadais a thugann iasachtaí do FBManna.

Seachas an éifeacht iolraitheora sin, tá buntáistí eile ag baint le húsáid idirghabhálaithe airgeadais: tionchar beartais, toisc go n-íocann idirghabhálaithe airgeadais rannpháirteacha le coinníollacha láidre um fheabhsú creidmheasanna FBManna agus mar sin rannchuidíonn siad le beartais an AE a shaothrú; agus rochtain freisin ar "fios gnó" institiúideach i bhfoirm shaineolas reatha na n-idirghabhálaithe airgeadais.

Conas eile a thacóidh an AE le maoiniú FBManna?

COSME will be complemented by financing for research-and innovation-driven enterprises under the Horizon 2020 programme.

Numerous measures will also be implemented by the EIB Group (the European Investment Bank and the European Investment Fund) as well as will be provided within the framework of European Structural and Investment Funds or under Programme for Employment and Social Innovation and will be linked to the specific policy objectives.

Áiritheofar le comhaontú Basel III iasachtaí bainc leanúnacha do FBManna

The European Commission has also proposed legislation to improve the efficiency of financial markets. Agreement has been reached on the review of the Capital Requirements Directive, Basel III (see MEMO / 13 / 338).

Déanfaidh an creat nua bainc níos daingne. Chun sreabhadh iomchuí creidmheasa a áirithiú do FBManna sa chomhthéacs eacnamaíoch deacair atá ann faoi láthair, tabharfar isteach leis na rialacha nua laghdú ar na muirir chaipitil ar risíocht bainc ar FBManna, trí fhachtóir tacaíochta 0.76 a chur i bhfeidhm. Tabharfaidh sé sin dreasacht iomchuí d’institiúidí creidmheasa chun an creidmheas atá ar fáil do FBManna a mhéadú. Dá bhrí sin ní bheidh srian creidmheasa ar fhormhór na ngnólachtaí beaga mar thoradh ar chobhsaíocht airgeadais níos fearr ár mbanc, ar a bhfuil Basel III dírithe.

Comhtháthú níos fearr ar an margadh caipitil fiontair

A Regulation on European venture capital funds adopted in April 2013 (RIALACHÁN (AE) Uimh. 345 / 2013) will enable venture capitalists to operate more efficiently within the EU. With the help of a European passport fund managers can market their funds across the EU. This will facilitate cross-border fundraising and create a genuine internal market for venture capital funds.

Féach freisin MEMO / 13 / 209.

Rochtain FBM ar mhargaí caipitil a fheabhsú

Trí chuidiú le tuilleadh infheistíochtaí príobháideacha a mhealladh féachann an Coimisiún Eorpach freisin le creat a fhorbairt le haghaidh maoiniú fadtéarmach éifeachtúil, éagsúlaithe agus feabhsaithe do FBManna. Ceann de na réitigh is ea rochtain FBManna ar mhargaí caipitil a fheabhsú: d’fhéadfaí infheisteoirí a spreagadh chun níos mó infheistíochtaí a dhéanamh i FBManna trí mhargaí FBManna níos infheicthe agus FBManna agus lárchaipitlithe atá liostaithe níos sofheicthe.

Dhá thogra le déanaí chun infheisteoirí a mhealladh trí mhargaí FBManna níos infheicthe agus FBManna liostaithe níos infheicthe:

• A proposal for the Markets in Financial Instruments Directive (MiFID) to sustain the development of stock markets specialised in SMEs. (see IP / 11 / 1219 agus MEMO / 11 / 716)
• A proposal for a modification of the Transparency Directive to give better information on listed SMEs.

Gníomhaíochtaí AE go dtí seo chun iasachtú do FBManna a mhéadú

Amhail an 31 Nollaig 2012, bhí breis is €15 billiún curtha le chéile ag Creatchlár Iomaíochais agus Nuálaíochta an AE chun FBManna a mhaoiniú.

1. With a budget of €1.1 billion, the CIP programme has already helped to mobilise over €16 billion for SMEs across Europe.
2. SME guarantee facility (SMEG); thanks to its guarantee schemes, CIP has already helped over 220 000 SMEs to access over €13 billion in loans.
3. The high growth and innovative SME facility (GIF): CIP-funded investments in venture capital funds, already supported investment in over 300 fast growing SMEs of more than €2.3 billion.

Conas a oibríonn an CIP

Chuidigh an Clár CIP (a bheidh ar siúl ó 2007-2013) le GBManna an maoiniú a aimsiú a theastaíonn uathu chun oibriú, forbairt nó fás ag céimeanna éagsúla forbartha.

Tá sé mar aidhm ag CIP maoiniú a dhéanamh níos éasca do FBManna tríd an mbealach is ábhartha a fhorbairt le haghaidh airgeadas seachtrach FBManna: iasacht bainc. Tá sé seo fíorthábhachtach d’fhormhór mór na FBManna. Soláthraíonn an clár freisin bearta atá dírithe ar riachtanais ar leith FBManna a bhfuil ardacmhainneacht fáis acu, ar féidir le hinfheistíochtaí cothromais a bheith ina bhfoinse airgeadais níos oiriúnaí dóibh.

The CIP financial instruments are managed by the European Investment Fund through national and regional financial intermediaries (e.g. banks and venture capital funds) in the member states.

The architecture of the programme mobilises financial institutions to provide additional finance to SMEs.

Ráthaíochtaí iasachta: iasachtaí arna dtacú ag an AE ar fáil do FBManna

1. Younger and smaller firms are more likely to get only some of the finance they requested from the lending institution (financial intermediary), and, in many cases, to be rejected outright. Support is available in the form of loans backed by the EU.
2. Guarantees offered to banks give SMEs access to bank loans
3. under SME Guarantee Facility (SMEG) a lending institution can receive EU guarantee if it intends to lend to SMEs. With an EU guarantee bank can lend to more risky category of clients (young companies, entrepreneurs without a credit history, sufficient collateral, etc.) or simply lend more to SMEs.

Improved access to equity finance

1. Small-scale, highly-innovative companies involve a category of risk, which can rarely be accepted by traditional finance providers and as such need a tailored support – other than bank loan.
2. Half of the CIP resources devoted to SME access to finance are invested by the European Investments Fund in venture capital funds that, in turn, invest in start-ups and SMEs with high growth potential.
3. The high growth and innovative SME facility (GIF) provides capital – usually in the order of millions of Euros – for innovative SMEs in different stages of development.

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