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1.

Expert evaluation network delivering policy analysis on the performance of cohesion policy 2007-2013 [er] : syntesis report. task 1, Policy paper on innovation. European Commission. Directorate-General for Regional Policy.

Publication

[Brussels] : [European Commission], [2010]

Summary

This report synthesises the policy papers on innovation produced by the evaluation network for each of the Member States. It should be noted that since the reports were produced in June-July of this year, the comparable data they include are based on information up to the end of 2009, i.e. for the first two years of the present programming period only, More, up-to-date data, however, are included in many of them from national sources, from interviews with Managing Authorities especially. The main aims of the reports were to: summarise national and regional innovation policies and the relationship between the two; indicate the contribution of the ERDF to innovation policy; outline any evidence on the achievements of the ERDF; indicate the challenges for innovation policy that need to be tackled. The report adopts a broad definition of innovation, corresponding to that included in the third edition of the Oslo Manual. An innovation is, therefore, the implementation of a new or significantly improved product (good or service) or process or a new method of marketing or organisation.

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2.

Expert evaluation network delivering policy analysis on the performance of cohesion policy 2007-2013 (Year 2 - 2012) [er] : task 1 : financial engineering : Austria. European Commission. Directorate-General for Regional Policy.

Publication

[Brussels] : [European Commission], [2012]

Summary

In four out of the nine Austrian ERDF Convergence and Competitiveness programmes, Financial Engineering Instruments (FEIs) were planned in the 2007-2013 period (Burgenland, Oberösterreich, Kärnten, Wien). Out of the wide spectrum of possible FEIs (equity, guarantees or loans) only the type venture capital (in early phases) and private equity (for mature enterprises) were targeted. Concerning the share of the ERDF allocated to FEIs, FEIs represent between 4% (Oberösterreich) and 10% (Kärnten) of the ERDF funding in the programmes. The Private Equity and Venture Capital funds (PE and VC) were introduced into the regional competitiveness programmes because a significant market failure was identified. The environment for fundraising for private equity and venture capital has got even worse recently on account of new regulatory demands and the economic crisis.

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3.

Expertenausschuss für die Bewertung der Ergebnisse der Kohäsionspolitik 2007-2013 : Synthese der Länderberichte 2011 : Zusammenfassung. European Commission. Directorate-General for Regional Policy.

Publication

[Brussels] : [European Commission], [2012]

Summary

Der vorliegende Bericht bietet einen Überblick über die wichtigsten Punkte aus den vom Netzwerk nationaler Experten erstellten 27 Länderberichte für das Jahr 2011 zur Überwachung der Performance der aus Mitteln des EFRE und des Kohäsionsfonds im Zeitraum 2007-2013 mitfinanzierten Programme. Er ist ein Follow-up-Bericht des Ende 2010 erstellten Berichts und berücksichtigt folgende Aspekte: wirtschaftlicher Kontext, in dem die Programme umgesetzt werden, die Aussichten für die restliche Programmperiode und wie beide sich im Laufe des letzten Jahres verändert haben; Auswirkungen der Krise und der entsprechenden Maßnahmen, um ihr zu begegnen, auf die regionale Ungleichgewichte und die in den verschiedenen Teilen der EU verfolgte Entwicklungspolitik; Umfang der Hilfen für die Mitgliedstaaten aus Mitteln des EFRE und des Kohäsionsfonds im Verhältnis zu den Entwicklungsausgaben; Fortschritt bei der Umsetzung von Programmen in der EU und das Ausmaß, bis zu dem die Ende 2010 zutage getretenen Verzögerungen verkürzt und Absorptionsprobleme überwunden wurden; Ergebnis der bisher getätigten Ausgaben in den verschiedenen Politikbereichen; in den Mitgliedstaaten durchgeführte Bewertungen der von der EU mitfinanzierten Programme.

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4.

Expert evaluation network delivering policy analysis on the performance of Cohesion Policy 2007-2013 [er] : task 2 : country report on achievements of cohesion policy (Slovenia). Year 2 – 2012. European Commission. Directorate-General for Regional Policy.

Publication

[Luxembourg] : [Publications Office], [2012]

Summary

Slovenia is currently in the second dip of a double-dip recession. Following the modest economic growth in the previous two years (according to the first annual estimate, real GDP growth for 2011 was revised upwards by 0.8 p.p.), a new contraction of economic activity is expected in 2012 (-2.0%) and in 2013, when GDP will decline further (-1.4%). The labour market remained constrained at the end of 2011 and at the beginning of 2012. Unlike in most EU countries, the general government deficit in Slovenia grew somewhat in 2011 and reached the highest level since 1995. Problems in Slovene banking sector and the corporate sector's reliance on bank finance limit the economy's adjustment capacity. Implementation of OPs was very limited in terms of new contracts signed in 2011. Only few public calls and projects were approved. The majority of activities were focused on the implementation of approved operations. The political crisis is one of the main reasons for this situation. Nevertheless, compared to the situation at the end of year 2010, the drawing of EU funds from EU Budget has accelerated. That is the consequence of the strategy implemented by the Managing Authority (MA) and Intermediate Bodies (IBs) in order to speed up the preparation of certified claims for reimbursement to the European Commission (EC). The EC approved the changes of the Operational Programme ‘Environmental and Transport Infrastructure Development (OP ETID) and Operational Programme Strengthening Regional Development Potentials (OP SRDP) in April 2011. After the mentioned redistribution the overall value of the OP ETID amounts to EUR 1,577 million and the overall value of the OP SRDP to EUR 1,768 million. More than EUR 300 million has been reprogrammed. In the framework of both mentioned Operational Programmes (OPs) almost EUR 196 million is intended for redistribution for the promotion of innovations and development-research projects.

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5.

Expert evaluation network delivering policy analysis on the performance of Cohesion Policy 2007-2013 [er] : task 2 : country report on achievements of cohesion policy (Sweden). Year 2 – 2012. European Commission. Directorate-General for Regional Policy.

Publication

[Luxembourg] : [Publications Office], [2012]

Summary

In Sweden EU funding for cohesion programmes are looked upon as support for efforts to build more dynamic regional economies. The strategic action needed to achieve this was analysed in the course of preparing the programmes. The analysis carried out then in combination with the fact that the Swedish economy has so far been relatively unaffected by the financial crisis has made it possible to fulfil the original plans of supporting structural changes. So far the financial crisis has had no effect on the implementation of programmes. The new commitments made in 2011 in the programmes for regional competitiveness and employment were on a similar scale as in 2010. EUR 112.5 million, representing 20% of the resources available, was committed to 156 projects, so that at the end of 2011, 98% of the resources available for the period had been committed. The strongest growth in commitments was in small priority areas like tourism and culture. At the end of 2011 expenditure carried out amounted to 50% of commitments. The co-financing committed amounts to 142% of the ERDF, 80% of this financing coming from public sources. The implementation of the Structural Funds has been below expectations with regard to business and corporate involvement. Managers of the programmes consider that fear of infringing state aid rules contribute to making implementation unnecessarily complicated. The cross-border cooperation (CBC) programmes managed in Sweden are lagging behind the regional competition and employment programmes in terms of commitments and expenditure. At the end of 2011, 84% of the resources available were committed and expenditure amounted to only 28% of these. Disbursements have accelerated in 2012. The co-financing committed as regards territorial programmes corresponds to only 44% of the ERDF-available. Public sources are responsible for 98% of the co-financing of these programmes, which attract almost no private co-financing. In addition, few firms are involved in the implementation of cross-border projects.

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6.

Expert evaluation network delivering policy analysis on the performance of Cohesion Policy 2007-2013 [er] : task 2 : country report on achievements of cohesion policy (Spain). Year 2 – 2012. European Commission. Directorate-General for Regional Policy.

Publication

[Luxembourg] : [Publications Office], [2012]

Summary

A new contraction in Spanish GDP has been announced for the current year, 2012, (-1.7% according to official government data). The entire Spanish economy is losing ground to Europe. This is especially serious in Convergence regions, which are quickly falling behind. The imbalances of the Spanish economy (mainly low productivity and the real estate bubble) do not affect Spanish regions equally. The more technologically advanced regions (Competitiveness regions such as Basque Country, Navarra, Madrid, and Cataluña) are facing the current crisis more easily than some of the Convergence regions, especially the southern less developed regions, which are encountering serious problems with unemployment and economic stagnation. - Most of the priorities and measures in Spain are aligned with the goals of the Lisbon strategy both in the Convergence (including Phasing-out and Phasing-in) and Competitiveness regions. The regional development policy in Spain is targeted at reducing regional disparities and boosting investment in lagging regions. - Overall implementation and Target Achievement Rates (TARs) experienced significant progress in 2011. In general, an adequate balance between the two dimensions of financial implementation and TARs is perceived and it seems that the programmes’ progress is overall positive.

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7.

Expert evaluation network delivering policy analysis on the performance of Cohesion Policy 2007-2013 [er] : task 2 : country report on achievements of cohesion policy (United Kingdom). Year 2 – 2012. European Commission. Directorate-General for Regional Policy.

Publication

[Luxembourg] : [Publications Office], [2012]

Summary

The impact of the recession continues to be felt most in those regions that have the highest unemployment rate. The regions that were formerly heavily industrialised are the most exposed to the adverse effects. Early signs of recovery are apparent in the more prosperous regions and thus those parts of the United Kingdom that have the greatest access to economic opportunity. The weaker regions are heavily exposed to job losses from cut-backs in public expenditure that still have some considerable way to go. Younger workers are particularly disadvantaged. The effects of the recession continue to constrain achievement and constraints on public expenditure impeded the availability to match fund. Overall the economic climate in which ERDF is being delivered continues to be very challenging, but the contribution that it is making to the economic restructuring of some of the United Kingdom’s weakest areas remains significant. There have been changes to the shape and form of government regional policy. In England the Regional Development Agencies (RDAs) were abolished and there has been a move to a local growth agenda. This has been reflected in new policy initiatives that include Enterprise Zones, the creation of Local Enterprise Partnerships (LEPs) across England and reforms to the land-use planning system. The LEPs are just beginning to develop their capacity to stimulate enterprise at the local level and HM Government has thus not assigned them responsibility for managing ERDF at the present time. The regional delivery model in the Devolved Administrations of Scotland, Wales and Northern Ireland established by the previous government has been less affected. The broad priorities of the programmes remain intact and are being implemented much as originally planned but being affected by the impact of the recession. Programmes that devote a large proportion of their expenditure to funding enterprise support (some 69% overall) are clearly going to have to work harder in severe recessions. This has been confirmed in a number of recent interim Mid-Term evaluations. The latest of these has been for Northern Ireland and the London Competiveness region. The programme has been able to respond to the needs of business during recessionary times and the lack of funding from conventional funders. It has been less able to respond to the problems of particular disadvantaged groups in the labour market, including the young, because it is overwhelming a programme committed to the creation and support of enterprise, innovation and support for key transformative infrastructure.

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8.

Expert evaluation network delivering policy analysis on the performance of cohesion policy 2007-2013 (Year 2 - 2012) [er] : task 1 : financial engineering : Ireland. European Commission. Directorate-General for Regional Policy.

Publication

Luxembourg : European Commission, 2013.

Summary

In this Report Financial Engineering Instruments (FEIs) are defined broadly to include all means of financial support other than non-repayable grants or subsidies. The Report examines: • FEIs in Ireland co-financed by the ERDF and in particular those managed by County and City Enterprise Boards (CEBs), • Selected FEIs which are publicly-funded or publicly-funded in association with the private sector, • Privately-funded venture capital is active in Ireland and some information is provided, but a detailed examination is beyond the scope of the Report. Two important FEIs (JEREMIE and JESSICA) were developed by the EU Directorate General for Regional Policy in co-operation with the European Investment Bank and other financial institutions in the framework of the 2007-2013 programming period. However, in 2007 Ireland decided not to use these particular instruments during this programme period. These FEIs will be re-examined by the government for the forthcoming programme (Minister for Finance, 2011).

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9.

Expert evaluation network delivering policy analysis on the performance of cohesion policy 2007-2013 (Year 2 - 2012) [er] : task 1 : financial engineering : Hungary. European Commission. Directorate-General for Regional Policy.

Publication

Luxembourg : European Commission, 2013.

Summary

In the 2004-2006 Hungarian Programmes there were no financial instruments, but in the 2007- 2013 period the total amount of Financial Engineering Instruments (FEIs) in percentage of the ERDF support is around 6%. FEIs are financed mainly (but not only) by the Economic Development Operational Programme. The financial allocation of the EDOP 4th priority (financial instruments) was increased by 3% in 2009 through Operational Programme (OP) modification. The concrete forms of FEI include credit, guarantee and capital as well. In 2007 the Hungarian government decided to implement JEREMIE without the European Investment Fund (EIF) acting as a holding fund, but with the newly created Venture Finance Hungary Plc.

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10.

Expert evaluation network delivering policy analysis on the performance of cohesion policy 2007-2013 (Year 2 - 2012) [er] : task 1 : financial engineering : Greece. European Commission. Directorate-General for Regional Policy.

Publication

Luxembourg : European Commission, 2013.

Summary

Greece has traditionally provided non-refundable grants to the business sector. A diversification of financial support started in the previous programming period with one guarantee and one equity (fund of funds) scheme and increased significantly in 2007-2009 with JEREMIE/JESSICA and an Entrepreneurship Fund, the latter offer loans and later will also offer guarantees. In theory FEIs appear to have higher multiplication effects for the economy, a recycling effect offering the opportunity to create a lasting legacy for the current funds, a rationalisation of investment decisions, faster procedures and better monitoring. Commercial banks have demonstrated a vivid interest in participating in all these schemes. Conversely, general problems indicate that they may be more costly in terms of management and need more complex reporting. Specifically in Greece, agency problems in the past indicate that it is crucial to proceed with more precise rules and systematic, transparent evaluations to ensure the benefits of FEIs. There is no reliable evidence but the data from the previous programming period raises certain concerns.

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11.

Expert evaluation network delivering policy analysis on the performance of cohesion policy 2007-2013 (Year 2 - 2012) [er] : task 1 : financial engineering : Germany. European Commission. Directorate-General for Regional Policy.

Publication

Luxembourg : European Commission, 2013.

Summary

The two public financial institutions that play a key role at national level with respect to Financial Engineering Instruments (FEIs) are: National Innovation Agency (OSEO) for debt and guarantee and deposit and consignment group (Caisse des Dépôts et Consignations - CDC) Enterprises for equity. OSEO works in partnership with Regions and uses ERDF. CDC manages the national Seed Capital Fund and the Strategic Investment Fund (FSI), and plays a central role in “FSI-Regions”, a ‘decentralised’ instrument of FSI; it plans to be involved in the implementation of Structural Funds in the next programming period. At the end of December 2011, there were 178 operations of financial engineering resulting from the 2007-2013 Operational Programmes (OPs) amounting to a committed total of EUR 313.46 million, of which EUR 118.69 million funded by ERDF; debt and guarantee (including soft loans) amount to EUR 159.27 million (50.8%), of which 54.11 million ERDF-funded; equity amount to EUR 154.18 million (49.2%), of which EUR 64.57 million ERDF-funded. Three regions have signed a JEREMIE agreement: Auvergne, Languedoc-Roussillon and Provence-Alpes-Côte-d’Azur (PACA). Half of the regions are using loans, in particular prêts d’honneur; 10 have set up an equity instrument; 8 have set up a guarantee fund.

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12.

Expert evaluation network delivering policy analysis on the performance of cohesion policy 2007-2013 (Year 2 - 2012) [er] : task 1 : financial engineering : France. European Commission. Directorate-General for Regional Policy.

Publication

Luxembourg : European Commission, 2013.

Summary

The two public financial institutions that play a key role at national level with respect to Financial Engineering Instruments (FEIs) are: National Innovation Agency (OSEO) for debt and guarantee and deposit and consignment group (Caisse des Dépôts et Consignations - CDC) Enterprises for equity. OSEO works in partnership with Regions and uses ERDF. CDC manages the national Seed Capital Fund and the Strategic Investment Fund (FSI), and plays a central role in “FSI-Regions”, a ‘decentralised’ instrument of FSI; it plans to be involved in the implementation of Structural Funds in the next programming period. At the end of December 2011, there were 178 operations of financial engineering resulting from the 2007-2013 Operational Programmes (OPs) amounting to a committed total of EUR 313.46 million, of which EUR 118.69 million funded by ERDF; debt and guarantee (including soft loans) amount to EUR 159.27 million (50.8%), of which 54.11 million ERDF-funded; equity amount to EUR 154.18 million (49.2%), of which EUR 64.57 million ERDF-funded. Three regions have signed a JEREMIE agreement: Auvergne, Languedoc-Roussillon and Provence-Alpes-Côte-d’Azur (PACA). Half of the regions are using loans, in particular prêts d’honneur; 10 have set up an equity instrument; 8 have set up a guarantee fund.

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13.

Expert evaluation network delivering policy analysis on the performance of cohesion policy 2007-2013 (Year 2 - 2012) [er] : task 1 : financial engineering : Finland. European Commission. Directorate-General for Regional Policy.

Publication

Luxembourg : European Commission, 2013.

Summary

The role of Financial Engineering Instruments (FEIs) in ERDF programmes in Finland is rather limited. There are two forms of FEI in use in the present programming period: (1) subsidised loans and guarantees to SMEs, and (2) provision of venture capital for seed and start-up stages for innovative SMEs. Both forms of FEI are organised and administered by Finnvera, a specialised financing company owned by the State of Finland. The share of finance for FEI (subsidised loan & guarantee support and venture capital) is 5.6% of total ERDF commitments (June 2012).The share of new jobs and new enterprises created by FEIs receiving support from the ERDF, loans and guarantees in particular, is much higher. While subsidised loans and guarantees were already used in the previous ERDF programming period, venture capital for SMEs became available as a new ERDF instrument as late as August 2011 when Finnvera established a new fund Aloitusrahasto Vera Oy - Seed Fund Vera Ltd. It is the only ERDF co-financed venture capital measure in the present programmes. Aloitusrahasto Vera makes ERDF co-financed venture capital investments in start-up and early-stage innovative enterprises. The requirements for receiving financing are innovativeness and growth potential.

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14.

Expert evaluation network delivering policy analysis on the performance of cohesion policy 2007-2013 (Year 2 - 2012) [er] : task 1 : financial engineering : Estonia. European Commission. Directorate-General for Regional Policy.

Publication

Luxembourg : European Commission, 2013.

Summary

Financial Engineering Instruments (FEIs) for the period 2007-2013 funded by the ERDF in Estonia are related to first the innovation and growth capacity of enterprises (EUR 100.9 million; 7% of the total budget of the relevant Operational Programme (OP) and second with energy efficiency (EUR 17 million; 1.1% of the total budget of the relevant OP), and all operate as specific funds. Following the global economic crisis, additional resources were allocated to enterprise-oriented FEIs. FEIs address various market failures. The private market in Estonia does not offer adequate capital to entrepreneurs who lack sufficient collateral and/or sufficient level of self-financing as well as an appropriate financial history, and the FEIs addressed these market failures. These issues have become much more acute given the global economic crisis, as credit insurance providers became more conservative. In the field of energy efficiency, the market failure targeted by the FEI relates to the high prices of loans for apartment building renovation. The FEIs do not explicitly aim at the pursuit of positive socio-economic spillovers (e.g. knowledge spillovers) and so grant funding is a preferred option.

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15.

Expert evaluation network delivering policy analysis on the performance of cohesion policy 2007-2013 (Year 2 - 2012) [er] : task 1 : financial engineering : Denmark. European Commission. Directorate-General for Regional Policy.

Publication

Luxembourg : European Commission, 2013.

Summary

This paper examines the use of Financial Engineering Instruments (FEIs) in Denmark. Three instruments are supported by the ERDF. Two are examined in this paper. One instrument is established as a venture capital fund and two are loan funds. All initiatives are established under the ‘Regional Competitiveness and Employment Objective’ as part of the Operational Programme (OP) ‘Innovation and Knowledge’. Two FEIs were established in the current programme period, one dates back to 2004. Three main arguments have been used to justify the use of the ERDF to support FEIs in Denmark: 1) regional-based FEIs enable initiatives to address regional challenges specifically, 2) FEIs can help to close ‘the gap’ in access to finance in the market (due to the current financial situation) for profitable SMEs, and 3) FEIs can be used to ensure the sustainability and effectiveness of ERDF appropriations. A study of two FEIs shows that the authorities aim to ensure that FEIs meet programme targets in three ways : first, the two FEIs have clear and stringent requirements for enterprises seeking support, so that only projects that can actually help to meet the objectives of regional competitiveness and job creation are assured of funding. Secondly, both FEIs are organised with a Board of Directors with representatives from the regional authority to monitor their operation and from a private firm responsible for day-to-day management. Thirdly, the two FEIs are committed to achieving certain goals, e.g. the number of jobs created or maintained and the number of investments or loan granted. The goals and their achievement will be evaluated at the end of the programminge period.

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16.

Expert evaluation network delivering policy analysis on the performance of cohesion policy 2007-2013 (Year 2 - 2012) [er] : task 1 : financial engineering : Czech Republic. European Commission. Directorate-General for Regional Policy.

Publication

Luxembourg : European Commission, 2013.

Summary

• Two forms of Financial Engineering Instruments (FEIs) are currently in use in the Czech Republic: Loan Fund and Guarantee Fund, which are used in three (sub)programmes (START, GUARANTEE and PROGRESS). • Altogether approx. 10% of Operational Programme (OP) Enterprise and Innovation has been allocated to these 3 (sub)programmes; 2,399 SMEs have received support from these funds so far (2,057 guarantee, 342 loan); both schemes are popular among SMEs - the demand greatly exceeds supply. • The main challenge of sub-programmes using FEIs is to set up an acceptable rate of risk – if set too low, commercial banks could take over, if set too high – huge losses emerge. • The authorities responsible for operation of FEIs do not see a significant difference in administrative costs between FEIs and standard non-refundable instruments (grants). • Currently, the Venture Capital Fund is in its final stages of preparation. • No targeted evaluation of these instruments has been performed so far. • Due to a dispute concerning legal issues over the implementation mode of FEIs between the Managing Authority (MA) and the European Commission (EC) because the intermediary body (Czecho-Moravian Guarantee and Development Bank) has not been selected via public tendering procedure despite the fact it is partly privately owned, none of these schemes is now open for applications. Nevertheless, the data available as well as interviews carried out confirmed that FEIs previously operated successfully.

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17.

Expert evaluation network delivering policy analysis on the performance of cohesion policy 2007-2013 (Year 2 - 2012) [er] : task 1 : financial engineering : Cyprus. European Commission. Directorate-General for Regional Policy.

Publication

Luxembourg : European Commission, 2013.

Summary

The use of ERDF FEIs in Cyprus is composed of only two schemes supported by the JEREMIE initiative, a Funded Risk Sharing Scheme (EUR 20 million, 50% of which will be provided by the Bank of Cyprus (BoC) and 50% by the ERDF and national funds) and a First Loss Portfolio Guarantee scheme addressed to all SMEs seeking to collateralise part of their loan portfolio (EIF aims to provide for the EUR 8 million collateral for the programme and generate about 6 times the amount in loans). There is higher demand for the former. The only non-ERDF FEI is similar to the Funded Risk Sharing Scheme initiative implemented by CCCB. All other incentives are grants and there is no venture capital at all in the country. FEIs were for the first time introduced in the current programming period, taking advantage of the opportunities offered by the Structural Funds. FEIs are recognised as having higher multiplication effects for the economy, application procedures are faster and payments are easier to be disbursed. FEIs are more appropriate for more mature investments, which can rapidly generate income, and would be less appropriate for R&D and innovation initiatives that are risk-loaded and take long time to commercialise. These first incentives need to be considered as pilots. Although not yet formally evaluated, it is assumed that their contribution to the national economy will be positive, allowing a better policy mix for business development. However, at the micro level, improvements in the management cost structure are needed, as well as procedural clarifications and softer rules, related more to content than form.

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18.

Expert evaluation network delivering policy analysis on the performance of cohesion policy 2007-2013 [er] : task 1 : financial engineering : Bulgaria. Year 2 - 2012. European Commission. Directorate-General for Regional Policy.

Publication

Luxembourg : European Commission, 2013.

Summary

JEREMIE and JESSICA are the two European initiatives, providing EU funding for the use of Financial Engineering Instruments (FEIs) in Bulgaria. The First Loss Portfolio Guarantee (FLPG), the Risk Capital Fund, the Growth Capital Fund, the Mezzanine Fund, the Entrepreneurship Acceleration and Seed Financing Instrument and the Funded Risk Sharing Product (FRSP) are the currently available types of FEIs under the JEREMIE initiative. Two Regional Urban Development Funds provide investments under JESSICA. Due to slow structuring and implementation, however, only one of the the above mentioned FEIs are operational: FLPG. Experts cite several key advantages for using FEIs rather than grants in Bulgaria, such as better risk sharing, higher leveraging of public funds, more flexible partnership with local financial institutions, and better access to development capital for SMEs. Despite the potential benefits of FEIs, traditional grant financing remains the predominant form of European funds disbursement in Bulgaria. This is mostly due to the lack of indigenous experience with FEIs but also to the fact that most of Bulgaria’s funding in the 2007 – 2013 period has been in the public infrastructure area, which is less suitable for FEIs. It seems that Managing Authorities (MAs) will have little influence over the selection of final beneficiaries in the case of JEREMIE. The European Investment Fund (EIF) left Fund managers free to select the different FEIs to manage the Funds and to establish their own criteria according to their market experience. The few private Venture Capital (VC) funds in Bulgaria have partnered together to manage the new FEIs. Therefore, it is reasonable to expect that they will transfer their objectives and governance approach to EIF-funded FEIs. The Bulgarian authorities will have a greater say in the in the case of JESSICA, as principal final beneficiaries are municipalities. A monitoring framework is available for both JEREMIE and JESSICA as part of their respective operational programmes. Whether or not these assessment mechanisms will be effective remains to be seen, as no comprehensive evaluations have been executed so far. There are no specific performance indicators and targets, at least publicly available, for the separate FEIs in Bulgaria.

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19.

Expert evaluation network delivering policy analysis on the performance of cohesion policy 2007-2013 (Year 2 - 2012) [er] : task 1 : financial engineering : Belgium. European Commission. Directorate-General for Regional Policy.

Publication

Luxembourg : European Commission, 2013.

Summary

Financial Engineering Instruments (FEIs) are widely used in Belgium and have a long tradition. The ERDF has co-financed some of these since the 1994-1999 programming period and there is wide experience in managing such schemes although the arrangements set up are relatively complex. In the current programming period FEIs are supported by the Convergence Programme in Hainaut and the Competitiveness and Employment Programmes in Brussels and the Walloon Region. Finance from the ERDF for FEIs amounts to 11-12% of the total available in the Walloon region and to 5% in Brussels. No ERDF funding goes to FEIs in the Flemish region. In the Walloon region and in Hainaut, FEIs mainly take the form of venture capital (VC) funds which receive over 90% of the ERDF allocation to these though loan guaranties and microcredits are equally supported. In both programmes, FEIs are confined to enterprise support and are aimed at facilitating access to finance for business creation and expansion. FEIs are seen as complements rather than as alternatives to non-refundable grants. In the Brussels region, the ERDF co-finances the BRUSOC micro finance institute which helps people who have difficulties in obtaining a bank loan to get the necessary finance to become self-employed, to start a business or to initiate a social economy project in the region’s priority intervention zone.

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20.

Expert evaluation network delivering policy analysis on the performance of cohesion policy 2007-2013 (Year 1 - 2011) [er] : incentives for developing renewable energy supplies and improving the energy efficiency of housing : review of the literature. European Commission. Directorate-General for Regional Policy.

Publication

Luxembourg : Publications Office, 2012.

Summary

The purpose of this literature review is to summarise the main points to come out of the studies and reports which have been produced in recent years on two sets of issues: The costs of producing electricity from the main types of renewable energy sources (water, wind, solar photovoltaic and thermal, and bio fuels) in different parts of the EU and the rates of profitability that these imply as compared with the cost of electricity generated from fossil fuels. The various obstacles – financial, regulatory and institutional – which impede the implementation of measures to increase the energy efficiency of housing. An initial aim, however, is to review the relevant theoretical literature on the case for public intervention in the two areas concerned and, beyond this, the justification for intervention at EU level.

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