2014-2020? Table 1: Changes relating to the ERDF, ESF and EAFRD 2007-2013 ERDF/ESF 2007-2013 EAFRD 2014-2020 ESI Funds Source of Financial instruments Financial Financial instruments may financing can provide support instruments can provide support from all from Structural Funds provide support ESI Funds through financial only (ERDF and ESF) from EAFRD only instruments under a common legal separate common legal framework under a under – framework for ERDF legal framework). Art 37(1) CPR. and ESF only. Scope of Support for enterprises, Support only for Support for all thematic support development, enterprises as objectives. Any investment energy efficiency and defined by Article which is financially viable renewable energies in 51(3) of Regulation and does not give rise to the building sector. No 1974/2006. sufficient funding from market sources can be supported through financial instruments Art 37(1) – CPR. Indirect requirement for Requirement for Compulsory ex-ante Set-up an evaluation of gaps risk assessment assessment for any FI Art – between supply and of expected losses 37(2)(3) CPR. demand for financial only for guarantee instruments for funds, introduced enterprises and at the within the level of Holding fund. programming period. (i.e. no requirement in the beginning of the programming period). Implementation Financial instruments at Financial Contribution to EU level options national or regional instruments at financial instruments. level with or without national or regional holding fund tailor tailor made Financial instruments at – – made only only national, regional level, transnational or The investment in level: credit lines directly by - Off-the-shelf; MA [covered by Article - Tailor-made. 43a(1)(b) of the In addition to General Regulation] implementation through was not possible under Funds of funds or entrusted financial instruments entities: rules (only under - Direct implementation by repayable assistance). managing authority (loans/guarantees only) - Article 38 CPR Payments Possibility to pay to the financial instruments Phased payments declared and declare to the Commission 100% of the to the Commission linked amount committed to the financial instrument to disbursements to final – not linked to disbursements to recipients. recipients.
2014-2020? Table 1: Changes relating to the ERDF, ESF and EAFRD 2007-2013 ERDF/ESF 2007-2013 EAFRD 2014-2020 ESI Funds Source of financing Financial instruments can provide support from Structural Funds only (ERDF and ESF) under a common legal framework for ERDF and ESF only. Financial instruments can provide support from EAFRD only under separate legal framework). Financial instruments may provide support from all ESI Funds through financial instruments under a common legal framework – Art 37(1) CPR. Scope of support Support for enterprises, development, energy efficiency and renewable energies in the building sector. Support only for enterprises as defined by Article 51(3) of Regulation No 1974/2006. Support for all thematic objectives. Any investment which is financially viable and does not give rise to sufficient funding from market sources can be supported through financial instruments – Art 37(1) CPR. Set-up Indirect requirement for an evaluation of gaps between supply and demand for financial instruments for enterprises and at the level of Holding fund. Requirement for risk assessment of expected losses only for guarantee funds, introduced within the programming period. (i.e. no requirement in the beginning of the programming period). Compulsory ex-ante assessment for any FI – Art 37(2)(3) CPR. Implementation options Financial instruments at national or regional level with or without holding fund – tailor made only The investment in credit lines directly by MA [covered by Article 43a(1)(b) of the General Regulation] was not possible under financial instruments rules (only under repayable assistance). Financial instruments at national or regional – tailor made only Contribution to EU level financial instruments. Financial instruments at national, regional level, transnational or level: - Off-the-shelf; - Tailor-made. In addition to implementation through Funds of funds or entrusted entities: - Direct implementation by managing authority (loans/guarantees only) - Article 38 CPR Payments Possibility to pay to the financial instruments and declare to the Commission 100% of the amount committed to the financial instrument – not linked to disbursements to recipients. Phased payments declared to the Commission linked to disbursements to final recipients.