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Business year 2011
21
EUR 422m of guarantees under the JEREMIE mandate
(20 transactions).
New products
In 2011, EIF launched the RSI* Facility. RSI is an EIF, EIB
and European Commission (DG Research and Innovation)
joint pilot guarantee scheme aimed at improving access
to debt finance for innovative SMEs and small mid-caps
(enterprises with fewer than 500 employees) in support of
research, development and innovation projects. RSI comple-
ments the scope of the existing Risk Sharing Finance Facility
(RSFF), which is managed by the EIB and mainly addresses
large corporates and mid-caps. With RSI, EIF makes avail-
able loans and financial leases through selected financial
intermediaries. Serving as a basis for the EU 2014-2020
programming period, RSI complements other existing EU
SME support schemes, such as the CIP SMEG programme.
Guarantees resources and mandates
European Commission mandate: catalysing SME
lending
The CIP SMEG programme, which EIF is managing for the
EC, aims to enhance access to finance for SMEs through-
out the EU, Iceland, Norway and Liechtenstein, as well as
in Croatia, the Former Yugoslav Republic of Macedonia,
Montenegro, Serbia, and Turkey. The SME guarantee is
In 2011, EIF signed 47 new transactions across Europe
which amounted to over EUR 1.46bn. EUR 932m were
dedicated to own risk guarantees and EUR 107m to
guarantees under CIP (maximum first loss liability), cor
responding to a notional volume of EUR 1.7bn for CIP,
up from EUR 1.1bn at end 2010, indicating that the
market demand for guarantees under the CIP facility
remained strong. During 2011, EIF accelerated its regional
business development activity under mandate and signed
EIF own resources
Mandates
2011 guarantee commitments and mobilised resources – in EUR m
Maximum liability
Mobilised resources
8 000
7 000
6 000
5 000
4 000
3 000
2 000
1 000
0
1461
7 626
932
4 813
2 813
529
Supported loan volume under SMEG – in EUR m
Guarantee commitments
Guaranteed loan volume
0
2008
2009
2010
2011
500
1 000
1 500
2 000
2 500
1 660
1 187
2 299
1 309
108
96
116
75
* RSI: Risk-Sharing Instrument