pedro pisonero pérez (iberaval spain) - development of latin american guarantee systems
TRANSCRIPT
AECM Seminar: “Breaking down barriers: Guarantees, an international perspective”
Istanbul - 17 October 2014
Pedro Pisonero Pérez Managing Director. IBERAVAL SGR (Spain)
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1.- Guarantee Systems in the World
2.- Formats of Guarantee Systems
3.- Spanish System.
4.- Guarantee Schemes in Latin America
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The Guarantee Systems are globally implanted
Great diversity of systems:
◦ Historical moments
◦ Economic and social environments
◦ Public policy
◦ Role of the private sector
Different levels of safety, quality, efficacy, impact and
relevance
Widely use in developed countries
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Guarantee Funds; Guarantee programs; Guarantee Societies: mutualist and cooperative (Corporation and Foundation))
Guidelines for classifying the guarantees systems
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Concept Society of Guarantee Guarantee ProgramLaw field Private Public
Legal personalityCorporations: specific mutual or
corporate
Public banks or development
agencies, companies / entities of
public law, state agencies ;
Foundations, regulated institutions
ResourcesMixed, predominantly private or
publicPublics
Capitalization Social CapitalAutonomous liquid resource: Fund or
guarantee trusts
Administration and
responsibility of risk
The guarantee operator assumes
the risk on their assets. The owner
of the resource and the
administrator are the same
The guarantee operator doesn´t
assume the risk on their assets. It's
only resource manager . The owner
of the resource and the administrator
are not the same
Duration / timing Permanent Temporal
Social objectExclusive to grant guarantees for
SMEs
Provide guarantees to SMEs shared
with other activities of the operator /
manager (except for specific cases of
public law entities, exclusively )
Creation and origin of
guarantee agenciesSocial agreement
Administrative or Government
decision
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Legal personality
Partners
Public Guarantee Funds
SBA, NAFIN,
SEBRAE,
FOGAPE-
BANESTADO,
ecc.
CGC’s Japaneses,
FNG of Colombia,
SA, FOGABA
(Argentina),
FOGAPI (Peru),
ecc
Private and
mixed
-- --
SGR = SCM=
SGS=SGM Bürgschaftsbanken GmbH ;
ETC.
Guarantee
Funds
Garantee
Programs
Guarantee
Societies
Limited liability companies, with variable capital
Provide guarantees for loans and financial advisory
services
Partners: SMEs
For the business operations
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SGR
Regions Other institutions
CERSA, SA ( Counter Guarantee
System)
Non Financial Institutions SMEs
Financial Institution
UE – EIF Spanish State
Counter guarantee Capital
Capital / Counter guarantee / Other contributions
Capital Counter guarantee
Capital Guarantee Fee
Contracts Financing
Recognized guarantee Qualified guarantee
LEGISLATION / REGULATORY AND SUPERVISION : BANK OF SPAIN
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Associated companies 113,950 SMEs
Jobs 713,896 employees
Induced investment 34,587 million €
Guarantees granted 29,229 million €
Outstanding risk 4,704 million €
Guarantees provided in the exercise 837 million €
Term Financing 94% long term (+3 years)
Size beneficiary companies 94% less than 50 employees
Economic and social impacts 2013/12/31
Antecedents The Spanish law 1/94 and the Portuguese of 1995 have influenced in
the development of systems of Mutual Guarantee Societies in a remarkable way in Latin America.
The Guarantee Systems in the Latin American environment have evolved, especially in the context of new legislation on Mutual Guarantee Societies (SGR), influenced by the Spanish law reform of 1994, which had influence on the development of systems like Portugal (1995), Argentina (1995), Venezuela (1999), Brazil (since 1999) -more intensively in recent years, Uruguay (2000), El Salvador (2001) , Chile (2007), Nicaragua (2008), Honduras (2011) and Peru (2012), as well as the first legislative impulses that are taking place in Guatemala or Dominican Republic.
However there are some differentiated schemes.
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The Ibero American network of guarantees (REGAR), was born in the International Symposium of Valladolid and Burgos (Spain) in 1998, organized by IBERAVAL SGR, for the mutual knowledge, identification of best practices and exchange of experiences among the Ibero American systems and entities of guarantees.
The annual Ibero American Forum of Guarantee Systems and Financing for Micro and SMEs has been celebrated for 19 years.
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According to the figures there is a high expectation of growth of these systems/schemes of guarantee and their support from development banks and governments for the next years. It´s expected to continue banking more micro and small – sized businesses.
They require more efficient and developed regulatory frameworks, as well as national and supranational strengthening schemes that are starting their development.
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REGAR Red Iberoamericana de Garantías www.redegarantias.com
IBERAVAL SGR www.iberaval.es
CESGAR Confederación Española de Sociedades de Garantía Recíproca http://www.cesgar.es
ALIGA Asociación Latinoamericana de Instituciones de Garantía http://www.aligalat.org
Presentations of Pablo Pombo- International Consultant Expert in System of Guarantees
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