Zbigniew Klepacki, BGK, Poland

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Zbigniew Klepacki, BGK, Poland
Polish Guarantee Scheme
Present role and challenges
Warsaw, 2013
BGK – key information
•
Established in 1924
•
100% state-owned
•
Operates pursuant to BGK act
(cannot go into bankruptcy)
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Operates under the Banking Law Act
•
Supervised by Polish Financial Supervision Authority
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First-choice bank for the State in delivery of projects state funds
and social/economic development programmes
•
Organizes finance under Polish Investments programme.
Organizes efficient model for operating with regard to
guarantees for businesses (de minimis PGL)
•
Fitch rating same as for the State Treasury “A-” in
foreign currency and “A” in domestic currency
The bank manages programmes and government funds with
regard to development and modernization of infrastructure
(transport, municipal, housing, environmental protection)
•
•
Leading bank in finance and services for local government
units, municipal companies and healthcare institutions
Zero risk weight for BGK guarantees as part of
government programmes
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Organises funds and the system for supporting export
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Operates country-wide
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The bank supports absorption of EU funding
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Leading institution in the process of consolidating public
finances
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Head office in Warsaw
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Branch in each provincial capital
BGK IS THE MANAGER OF:
Joint European Support for Sustainable Investment In City Areas (JESSICA)
Joint European Resources for Micro-to-Medium Enterprises (JEREMIE)
Technology Credit Fund as a part of Innovative Economy Programme
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Guarantee Scheme in Poland
Republic of
Poland
Founder and
owner
Minority
shareholder
(Major guarantee provider)
JEREMIE
funds
6 regions
Refinancing
Guarantees:
Strategic
projects
infrastructure
De minimis guarantees
(temporary anti-crisis
instrument)
Counter
guarantee
Guarantee
Funds
6 regions
Gurantees:
JEREMIE
Gurantees:
based on
Bank’s equity
Gurantees:
based on
Funds’ equity
ENTERPRISES
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BGK guarantee products
Source of
funding
BGK
BGK guarantee product
Individual guarantees
• Loans for investments and working capital,
• Performance guarantees supporting projects co financed by EU structural funds
• Max. 10 mln EUR
• Max. 80% of loan principal
Portfolio guarantees
• Loans for investments and working capital
• Min 100 000 PLN max 3 500 000 PLN
• Max 60% of loan principal
STATE
EU
Portfolio guarantees - de minimis Guarantee Line
• Anti-crisis financial instrument
• Loans for working capital only
• Max 3 500 000 PLN
• Max 60% of loan principal
JEREMIE counter guarantees and portfolio guarantees
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BGK operates as the JEREMIE funds manager in 6 regions of Poland
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BGK provides portforlio guarantees for banks and counter guarantees for
guarantee funds
Function
Permanent
support
Counter – ciclical
measure
(temporary)
Permanent
support
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New product: de minimis Portfolio Guarantee Line
Objectives
to avoid the negative impact of
economic slow down on SME sector
to create incentives for banks to grant
loans to SMEs
Credit
agreements
SME
Risk assesment - outsourcing
Bank -Lender
Duration of the programme – 2 years
SME
Costs and expenses (i.a. defaults)
covered from State budget
Product for SMEs of creditworthiness
approved by the bank
In the first year of the guarantee
duration - no guarantee fee, second
year - 0,5% p.a.
For new loans finnancing current
finnancial purposes – investment
excluded
Guarantee duration – max 27 months
Credit portfolio
SME
SME
Portfolio de minimis
guarantee agreement
Grant eqivalent – 13,33% o the
guaranteed ammount
Enterpreneur contacts only the Bank – Lender
Max 3 500 000 PLN , max coverage 60%
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Sale of sureties and guarantees in Poland
7 880 000 000
8 000 000 000
7 500 000 000
7 000 000 000
6 000 000 000
7 836 %
5 000 000 000
4 000 000 000
3 000 000 000
1 909 775 570
1 743 462 877
2 000 000 000
869 175 000
1 000 000 000
34 144 001
11 %
-42 %
967 000 000 -10 %
2010
2%
890 000 000
425 682 087
397 %
19 970 000
0
870 000 000
99 299 980 0
2011
2012
2013 end of June
gurantees granted by all regional Funds including regional programs and JEREMIE
Forecast
at the end of 2013
BGK’ guarantees (including de minimis guarantee)
de minimis guarantee
growth of Regional Funds business activity
growth of BGK’s guarantee business activity
growth of BGK de minimis guarantee business activity
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de minimis guarantee and SME category
SME
Value of the
guarantees
(in PLN)
No. of
enterprises
Micro
1 231 415 387
12 520
Small
1 385 937 133
4 111
Medium
744 861 898
892
Source: Own calculations based on the BGK’s data
Data as of 31 August 2013
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Challenges
1. Reducing SMEs’ financial gap
Insufficient guarantee support for Polish SMEs as compared to EU
average.
EU: 3696 EUR
per 1
SME
PL: 291 EUR
per 1
SME
2. Absorbtion of the EU funds
EU financial prospective 2014 – 2020:




adjustments to the guarantee system in Poland,
optimal institutional structure,
effective distribution of EU funds,
significant role of financial instruments.
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Guarantee Scheme in Poland – new financial prospective
EU Structural Funds, Operational Programmes: national and regional
Republic of
Poland
Founder
and owner
Minority
shareholder
(Major guarantee provider)
Guarantee
Fund – BGK as
the manager
Refinancing
Guarantees:
Strategic
projects
infrastructure
De minimis guarantees
(temporary anti-crisis
instrument)
Gurantees:
based on
Bank’s equity
Guarantee
Funds
Counter
guarantee
Gurantees,
Finnancial
instruments
Gurantees:
based on
Funds’ equity
ENTERPRISES
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Contact - Guarantee Center
Al. Jerozolimskie 7, 00-955
Warszawa, Polska
tel.: +48 22 522 91 91
e-mail: Sekretariat [email protected]
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