BGK - HBOR

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BGK - HBOR
State Development Bank
Role of BGK in the absorption
of EU Funds
Zagreb, 15 October 2014
State Development Bank
BGK – general information
• Established in 1924
• 100% state-owned
 Fitch rating same as for the State
Treasury “A-” in foreign currency
and “A” in domestic currency.
• Operates pursuant to BGK Act
and the Banking Law Act
• The bank’s authorities:
 Supervisory Board:
representatives of ministers of
finance, economy, State
Treasury and infrastructure
 Management Board
• Operates country-wide
 Head office in Warsaw
 Branch in each of 16
provincial capital
• Supervised by Polish
Financial Supervision
Authority
• Zero risk weight for BGK
guarantees as part of
goverment programmes
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Cohesion policy in Poland 2007-2013
Total: 67,9 bn EUR:
•
•
•
50,6 bn EUR for 5 national operational programmes:
•
Infrastructure and Environment (28,3 bn EUR)
•
Innovative Economy (8,7 bn EUR)
•
Development of Eastern Poland (2,4 bn EUR)
•
Human Capital (10 bn EUR)
•
Technical Assistance (0,5 bn EUR)
17,3 bn EUR (ERDF) for 16 regional
operational programmes (ROP)
Less than 1% of the total funds were
allocated to financial instruments
dedicated to:
Financial instruments in 2007-2013
OP HC
0,03 bn PLN
1%
– support to SMEs (loans, guarantees, equity)
– revitalisation of cities
– labour market
Operated by:
OP DEP
0,18 bn PLN
5%
OP IE
0,73 bn PLN
19%
ROP JEREMIE
1,70 bn PLN
44%
BGK
others
ROP other ROP
0,52 bn PLN JESSICA
13%
0,68 bn PLN
18%
– social economy
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Roles of BGK in EU funds management
Paying agent:
• Servicing payments of all (non-agricultural) EU Funds
Holding Fund Manager:
• ROP’s – JEREMIE (Joint European Resources for Micro-to-Medium Enterprises)
projects
• Project in Operational Programme ’Development of Eastern Poland’
• Project in Social Economy Entities Financing
Urban Development Fund (Financial Intermediary):
• ROP’s – JESSICA (Joint European Support for Sustainable Investment in City Areas)
Implementing Agency:
• Technological Credit Fund
Provider of prefinancing loans:
• Rural Development Programme 2007-2013
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BGK as Paying Agent
•
Since 1st January 2010 BGK has been playing a role of paying
agent for all non-agricultural EU Funds in Poland
•
Until 25 September 2014 BGK has paid out to the final beneficiaries
200 bn PLN (c. 48 bn EUR)
•
The payment system works in the following scheme:
Beneficiary
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BGK
1
Authorized
Institution
2
3
4
Ministry of
Finance
1. Beneficiary applies for
payment to the authorized
institution
2. Payment order is sent to
BGK
3. BGK notifies to MoF needs
for European resources
4. MoF transfers money to its
account at BGK
5. BGK executes payment to
the beneficiary
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Prefinancing in Rural Development Programme 2007-2013
• BGK may grant loans from the state budget for the
prefinancing of projects to the beneficiaries of the Rural
Development Programme 2007-2013
• The amount of granted loan cannot exceed the amount of
funds obtained from the European Agricultural Fund for Rural
Development, awarded to the borrower (eg. Beneficiary) as a
part of financial assistance
• The loan is granted in PLN on preferential terms and
collateralized by blank promissory note
• So far BGK has supported almost 5000 beneficiaries with
loans, that amounted to 3,56 bn PLN
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Financial Instruments at BGK: general information
Financial instruments (loans,
guarantees, equity) and mixed
instruments.
JEREMIE (Joint European
Resources for Micro-toMedium Enterprises)
Areas:
JESSICA (Joint European
Support for Sustainable
Investment in City Areas)
• micro, small and medium enterprises
• revitalisation and development of cities
• innovation of Polish entrepreneurs
Technology Credit Fund
• social economy
In total – ca. 1,1 bn EUR
from national and regional
OPs 2007-2013
Project in Operational
Programme ’Development
of Eastern Poland’
Social Economy Entities
Financing – Pilot Scheme
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JEREMIE and Operational Programme
’Development of Eastern Poland’ (1)
JEREMIE is the EU initative to support
micro, small and medium-sized
enterprises in access to finance
through the repayable financial
instruments.
Managing Authority
Holding Fund Manager
FINANCIAL INSTRUMENTS
•
counter-guarantees for guarantee
funds
•
global loan for loan funds and banks
(commercial and cooperative)
•
portfolio guarantee for banks
(commercial and cooperative)
Debt
instruments
Financial
intermediary
Guarantee
instruments
Financial
intermediary
Financial
intermediary
Financial
intermediary
Equity
instruments
Financial
intermediary
Financial
intermediary
Final Recipients (SMEs)
Total:
• JEREMIE – 406,7 mln EUR
• Project in Operational Programme ’Development
of Eastern Poland’ – 43 mln EUR
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JEREMIE and Operational Programme
’Development of Eastern Poland’ (2)
JEREMIE by BGK as Manager:
6 regions:
•
•
•
•
•
•
Wielkopolskie
Zachodniopomorskie
Pomorskie
Dolnośląskie
Łódzkie
Mazowieckie
14,7
119,9
Project in Operational Programme
’Development of Eastern Poland’:
5 regions:
• Warmińsko-Mazurskie
• Podkarpackie
• Lubelskie
• Świętokrzyskie
• Podlaskie
68,6
67,0
97,1
45,1
OP DEP
implementation area
JEREMIE implementation area
[project value in
region (bn EUR)]
JEREMIE financial intermediary
OP DEP financial intermediary
So far, BGK:
• has signed agreements with over 70 financial intermediaries
• has supported over 22 600 SMEs
• with the financial instruments amounting to ca. 220 mln EUR
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JESSICA (1)
JESSICA is an EU initiative to support sustainable urban
development and revitalisation through financial
engineering mechanism.
In Poland, JESSICA is being implemented in 5 regions
(Wielkopolskie, Zachodniopomorskie, Pomorskie,
Śląskie, Mazowieckie)
BGK plays the role of Urban Development Fund
manager in 3 of them.
Funds to BGK for the implementation of JESSICA Initiative:
– Wielkopolska– ca. 75 mln EUR
– Pomorze – ca. 41 mln EUR
– Mazowsze – ca. 45 mln EUR
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JESSICA (2)
•
Our offer – preferential loans:
 up to 20 years
 low interest rates (0,4%-2,0%)
 grace period for the repayment of capital – 1 year after the completion of the
investment
 complementary funding from BGK is possible
• Effects:
 Over 80 investment projects have been funded
 Loans with a total value of over 160 mln EUR
 More than 66% investors from the public sector (mainly local governments and
municipal companies)
 20 projects concerning historic buildings
 ⅔ of the investments are fulfilled in cities with less than 50 thousand residents
 Lowest loan (ca 20 thousand EUR) was given for thermomodernisation of multi-family
residential building, highest one (around 10 mln EUR) for revitalisation of railway
station in Sopot
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JESSICA projects
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Technological Credit
Mixed instrument aimed at promoting innovations in the SME sector by means
of credits for investments focused on developing innovative technological solutions
Credits for the execution of technological investment were granted by 18 commercial
banks
Over 432 mln EUR has been allocated
Technology Premium (grant) was granted by BGK:
• up to approx. 1 mln EUR for a partial pay off of the credit drawn from
a commercial bank
Technological Credit results:
• Financial support granted for 687 projects
of SMEs launching innovative technologies
(including 464 already completed)
• Total amount of payment
(up to September 2014) – 310 mln EUR
• Total amount of credits granted
by commercial banks – approx. 580 mln EUR
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Cohesion Policy in Poland 2014-2020
Total: 76,88 bn EUR:
• 45,58 bn EUR for 6 national operational programmes:

Infrastructure and Environment (27,41 bn EUR)

Eastern Poland (2,00 bn EUR)

Smart Growth (8,61 bn EUR)

Digital Poland (2,17 bn EUR)

Knowledge, Education, Growth (4,69 bn EUR)

Technical Assistance (0,7 bn EUR)
• 31,3 bn EUR for 16 regional operational programmes
May 2014 – Agreement with EC on Partnership Agreement
Ongoing negotiations with EC of operational programmes
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State Development Bank
Possible roles and tasks for BGK in years 2014-2020
• Paying agent for EU funds
• Prefinancing of loans for rural areas
• Implementation of financial instruments – in ROP’s and national OP’s
• Implementation of the mixed instrument similar to Technological
Credit
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State Development Bank
Contact information:
Marek Szczepański
Managing Director
EU Funds Division
[email protected]
Bank Gospodarstwa Krajowego
Al. Jerozolimskie 7
00-955 Warsaw, Poland
BGK Line: +48 22 596 58 81, 801 66 76 55
e-mail: [email protected]
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