What we do
Equity products
Technology Transfer
European Angels Fund (EAF) - Co-investments with Business Angels
Venture capital
The Social Impact Accelerator (SIA)
Lower mid-market
Mezzanine Facility for Growth
Pan-European Venture Capital Fund(s)-of-Funds programme
EFSI Equity instrument
Single EU Equity Financial Instrument
COSME - Equity Facility for Growth
InnovFin Equity
Private equity secondary market transactions
EIF-NPI Equity Platform
Debt products
AGRI Guarantee Facility
Credit enhancement
Cultural and Creative Sectors Guarantee Facility (CCS GF)
ENSI - Securitisation Initiative
Erasmus+ Master Loan Guarantee Facility
EREM debt products
Single EU Debt Financial Instrument
COSME - Loan Guarantee Facility
InnovFin SME Guarantee Facility
The SME Initiative
The SME Initiative Bulgaria
The SME Initiative Finland
The SME Initiative Italy
The SME Initiative Malta
The SME Initiative Romania
The SME Initiative Spain
Inclusive finance
EaSI Financial Instruments
EaSI Capacity Building Investments Window
EaSI Guarantee Instrument
European Progress Microfinance Facility
Entrepreneurs supported through Progress Microfinance
European Fund for Strategic Investments (EFSI)
How does EIF contribute to EFSI
How to apply for EFSI financing
Regional Development - Country and sector-specific initiatives
Baltic Innovation Fund (BIF)
Competitiveness Fund-of-Funds for SMEs in Romania
Regional Fund-of-Funds Romania
La Financière Région Réunion
Deep and Comprehensive Free Trade Area Initiative East Guarantee Facility (DCFTA)
Dutch Venture Initiative (DVI-II)
Dutch Growth Co-Investment Programme
European Recovery Programme (ERP)
ERP-EIF Co-Investment Growth Facility
ESIF Fund-of-Funds Czech Republic
ESIF Fund-of-Funds Greece
The Silesia EIF Fund of Funds
EstFund
FOSTER TPE-PME Occitanie
Greater Anatolia Guarantee Facility (GAGF)
G43 - Anatolian Venture Capital Fund Project
JEREMIE
LfA-EIF Facility
Luxembourg Future Fund (LFF)
Mezzanine 'Fund of Fund' for Germany (MDD)
Polish Growth Fund of Funds (PGFF)
Swedish Venture Initiative (SVI)
Turkish Growth and Innovation Fund (TGIF)
Scottish-European Growth Co-Investment Programme
Slovene Equity Growth Investment Programme (SEGIP)
The EIB Group Risk Enhancement Mandate (EREM)
Western Balkans Enterprise Development & Innovation Facility II (WB EDIF II)

JEREMIE Holding Fund Sicily Region (Italy) : Clarification of call for eoi No. JER-010/2

  •  
    Date: 19 November 2010 - 22 March 2011

Logo_Banner

Clarification of the Call for Expressions of Interest No. JER-010/2010/2 to select Financial Intermediaries that will receive resources Call for  from the EIF acting through the JEREMIE Holding Fund for the Sicily Region to implement the Funded Risk Sharing Financial Instrument for microfinance.

The Deadline for the submission of Expressions of Interest has now been extended until 22 March 2011.

Q13:

Is a financial entity regulated by art. 106 TUB allowed to submit a proposal under Call for Expression of Interest or is the call only for banks?

EIF Answer:

The call is open to all eligible entities (Financial Intermediaries) which can legally receive funds from the JHF and disburse them to SMEs. The Intermediary itself has to confirm that it fulfils the eligibility requirement to be authorised to carry out business as credit institution under the applicable regulatory framework. However the EIF will undertake due diligence to ensure that the Financial Intermediaries submitting proposals are acceptable banking counterparts for the EIF with a minimum rating level.

Q14:

Can an intermediary, as defined by art. 106 of TUB (Testo Unico Bancario) - Law 385/95, apply in joint venture with a bank, playing the coordinating entity and lender role?

EIF Answer:

Yes, however the EIF will require all entities to be jointly and severally liable for the performance of all obligations under the operational agreement.

Q15:

Given high expenses for tutoring, coaching, etc. Would it be possible to increase management fees?

EIF Answer:

It is not possible to increase the maximum management fee (i.e. 4%). Management Fee is paid on an annual basis for their origination and servicing of the portfolio.

Q16

In order to secure microcredit loans a guarantee would be of great support and with this regard, is it possible to secure a portion of the micro-loan with a Confidi’s guarantee?

EIF Answer:

Yes, provided that Confidi’s guarantee is not backed by other EU resources. Please see above Q10 about pari-passu guarantee.

Q17:

In the case of a joint venture between a Microfinance Institution (MFI) and a large banking group, can the MFI have the direct relationship with the JHF even if it has no official credit rating?

EIF Answer:

Yes, although the rating is one of the criterion of evaluation. Please note however, that the EIF will require all entities to be jointly and severally liable for the performance of all obligations under the operational agreement.

Q18:

Does a non banking microfinance provider (operating as Financial Intermediary, as defined by art. 106 of TUB) applying to the call for expression of interest in quality of lender entity (therefore assuming the credit risk) obtain a lower score than a banking institute?

EIF Answer:

The proposal will be evaluated taking into consideration Eligibility Criteria and Quality Assessment Criteria. Nonetheless, should a MFI be chosen - notwithstanding a low credit standing - additional risk mitigants will be negotiated.

Q19:

What is meant by "Loan Portfolio"? Does it mean direct micro-loans or also guarantee and co-guarantee of micro-loan?

EIF Answer:

It means micro-loans to micro-enterprises only.

Q20:

Are the interests perceived by each micro-loan to be shared with EIF? What really is the profit for the Financial Intermediary on each micro-loan?

EIF Answer:

The interests paid for the micro-loans will not be shared with the JHF, as the JHF provides its part of the funding free of charge. However, the overall pricing charged by the Financial Intermediary is an important element taken into consideration during the selection process.

Back to top


 
 

Copyright ©

 European Investment Fund 2017 – The European Investment Fund is not responsible for the content of external internet sites.