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Annual Report 2011
30
Latvia
– JEREMIE Holding Fund (EUR 91.5m)
In 2011, Latvian enterprises benefited from investments
and loans provided by five selected financial intermedi -
aries amounting to a total of EUR 70m. Seed and other
early stage equity investments have been made into vari-
ous high potential companies in a wide range of areas
from nano-coating technologies to innovative concrete
flooring mechanisms. At the end of 2011 EIF successfully
transferred the JEREMIE assets to the Managing Authority.
Lithuania
– JEREMIE Holding Fund (EUR 191m)
*
Two new FLPG agreements signed in support of the crea-
tion of a new SME portfolio of EUR 75m complemented
the implementation of FRSP which started in 2010 and has
proved successful within the Lithuanian market with a high
level of interest from SMEs. One of the intermediaries has
deployed the FRSP contractual allocation of EUR 20m in
full and an extended amount has been agreed.
Malta
– JEREMIE Holding Fund (EUR 10m)
One FLPG agreement was signed providing for over
EUR 50m of new loans to Maltese SMEs, including micro-
businesses. During 2011, loans for approximately 20% of
the expected portfolio volume were already provided.
Romania
– JEREMIE Holding Fund (EUR 100m)
With a third FLPG transaction and an allocation under
a venture capital operation EIF has fully committed the
Holding Fund. In the course of the year Romanian SMEs
started to receive loans in support of their development
in a difficult market situation.
Slovakia
– JEREMIE Holding Fund (EUR 100m)
The impact of the resources deployed for SMEs is ex-
pected to materialise during the course of 2012, as calls
for FLPG and VC have been successfully launched.
* A reduction to EUR 170m will be implemented.
in EUR m
Commitments to financial intermediaries
Name
Signature
Total
assets under
management
Equity
FLPG FRSP Total
Mobilised
equity & loans
Greece
2007
250.0
–
– 180.3 180.3
360.7
Romania
2008
100.0
17.5
80.5
– 98.0
427.5
Latvia
2008
91.5
34.7
– 44.0 78.7
138.5
Lithuania
2008
191.0
36.0
12.0 90.0 138.0
303.4
Slovakia
2008
100.0
–
–
–
–
–
Languedoc-Roussillon
2008
30.0
11.0
14.0
2.0 27.0
143.5
Campania
2008
90.0
–
– 70.0 70.0
140.0
Cyprus
2009
20.0
–
8.0 10.0 18.0
69.4
Bulgaria
2009
199.0
21.0
78.4
– 99.4
422.0
Sicilia
2009
60.0
–
– 53.0 53.0
106.0
Malta
2010
10.0
–
8.8
–
8.8
51.0
ESF Sicilia
2010
15.0
–
–
–
–
–
Calabria
2011
45.0
–
–
–
–
–
PACA
2011
20.0
–
–
–
–
–
Total
1 221.5 120.2
201.7 449.3 771.2
2 161.9
Number of transactions
8
14
16
38
JEREMIE Holding Funds under management and amounts committed (at 31 December 2011)
*