EFSI Info-session for the Flemish Region

EFSI Info-session for the Flemish Region Publieke financiering van infrastructuurprojecten voor transport, ziekenhuizen, onderwijs, water en energie, ...

Brussels, 14 September 2015

12/09/15

European Investment Bank Group

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EFSI – Publieke financiering

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“Eligibility”  voor  EFSI  projecten:   q 

Welke  sectoren/projecten  mag  EIB  financieren?   q 

Klassieke  EIB  sectoren:  strategische  infrastructuur,  innovaEe  en  kenniseconomie,     klimaatacEe  en  KMO’s  

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Commercial  Real  Estate  (ook  sociale  woinginbouw  voor  verkoop)  

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Gesloten  instellingen  

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Wapenhandel  

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Tabak  en  alcohol  

KatalyEsch  effect   q 

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Uitgesloten  sectoren  –  idem  

Publieke  investering  met  substanEële  private  inbreng   q 

Niet:  lening  aan  regio/gemeenschap  

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Wel:  intercommunalen  met  ontvangsten  van  gebruikers  (water,  energie,  afval  ..)  

European Investment Bank Group

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EFSI – Publieke financiering

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“AddiEonality”  van  EFSI  projecten:   q 

Voor  EIB:  geen  klasieke  EIB-­‐leningen  (versus:  Wat  niet  zou  gefinancierd  kunnen  worden   zonder  EFSI)   q 

Hoger  risico  (Interne  raEng  minder  dan  D-­‐;    externe  raEng  BBB-­‐  of  minder)   q 

Was  vroeger  ook  mogelijk  onder  “Special  AcEvity”.  

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Nu  veel  groter  volume  (400%)  

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Voorbeelden:   q 

PF/PPP  :  Offshore  Wind  

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Risk  Sharing:  Innovfin  –  UCB  

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Mezzanine/Sub-­‐ordinated  loans/Project  Bonds:  A11  

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Guarantees:  pordolios  van  KMO-­‐leningen  

 

12/09/15

European Investment Bank Group

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EFSI – Publieke financiering

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“AddiEonality”  van  EFSI  projecten:   q 

Hoger  risico    

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Nieuwe  instrumenten   q 

De-­‐linking:  SaarLB  

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Rechtstreekse  lening  aan  een  fonds  (Non  Bank  Financial  InEtuEon):  Qredits  

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Semi-­‐publiek  fonds  voor  investeringen  voor  energiezuinige  woningen  

 

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European Investment Bank Group

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EFSI – Publieke financiering

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Criteria:   q 

Zelfde  goedkeuring  als  klassieke  EIB-­‐leningen  met  bijkomende  goedkeuring  EFSI   investment  commihee  

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Zelfde  pricing  en  risicopremie  als  voor  klassieke  leningen   q 

Cost  of  funding   q 

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Voordeel  van  AAA-­‐raEng  

Zelfde  CRPG  en  risicopremie   q 

Risico-­‐inschaing  EIB  via  Internal  RaEng  System  (markt-­‐conform)  

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Geen  liquiditeitspremie  

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EIB  =  non-­‐for-­‐profit  

 

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European Investment Bank Group

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EFSI – Publieke financiering

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Te  volgen  procedure:   q 

Aanvraag  lening  via  direct  contact  EIB  of  via  PMV  

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Eerste  screening  en  PIN  

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Goedkeuring  Member  State  en  EU-­‐Com  

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EIB  Management  Commihee  

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EFSI  Investment  Commihee  

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EIB  Board  of  Directors  

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Loan  negoEaEon  

 

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European Investment Bank Group

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EFSI – Publieke financiering

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Volume/Budget   q 

EIB:  EUR  70  miljard  nieuwe  leningen  per  jaar  

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Vroeger  5%  Special  acEvity  (hoger  risico)  

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Nu  20%  EFSI  (hoger  risico)  

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Budget  voor  België:  EUR  2  miljard  

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Target  EFSI:  EUR  400m  (alle  sectoren)  

 

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European Investment Bank Group

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EFSI – Publieke financiering

Volume  in  België  

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2014   q 

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Public

 750  

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Sociale  woningbouw  

 100  

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Healthcare

 

 120  

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Water

 

 450  

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Transport

 

   80  

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Corporate

 250  

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Banks

 650  

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Project  Finance

 250

Public

 730  

 

   

2015   q 

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Sociale  woningbouw  

 100  

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Healthcare

 

 230  

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Water

 

 400  

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Corporate

 350  

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Banks

 800  

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Project  Finance

 310  

 

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European Investment Bank Group

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Key messages: General

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Impact-oriented operations: Objective to maximise economic impact in EU (project investment cost)

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Flexible, diverse products: Adapted to client’s needs

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Risk-absorbing to trigger investments with higher risk profile (additionality), but economically and technically viable (bankability)

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Eligibility criteria mostly defined in terms of sectors

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Maximising private finance / capital

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All 28 MS coverage

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Focus on employment creation and retention

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Application for EIB loan directly to EIB / EIB partner institution, no separate project list / route via authority or government

Key messages: EIB value added

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EFSI guarantee will enhance substantially EIB’s risk bearing capacity

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Portfolio guarantee and NOT a transaction specific guarantee => same procedures and standards (including pricing) as for EIB “normal operations”.

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Main benefits of EFSI: (i) larger ticket sizes, (ii) new products (notably in subordinated debt/equity-type financing: risk sharing, contingent loans, equitytype financing), (iii) scalable risk sharing instruments with commercial banks as well as national promotional banks and (iv) financing to new client groups (e.g in the field of mid-caps, turn-around financing, lower rated banks, investment platforms).

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Pricing for each project determined based on its individual risk profile, in a manner commensurate with the risk taken.

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Debt-type products shall be priced in line with EIB’s loan pricing methodology.

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Equity-type investments shall be priced in line with the market, absent which market testing or benchmarking shall be used.

Sound banking practices. In particular, CRPGs apply.

Mobilising new investment

EFSI

12/09/15

EIB Group

European Investment Bank Group

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Q&A…

12/09/15

European Investment Bank Group

Thank you!

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