eprc designing financial instruments: building on the experience of fin-en in the new funding period...
TRANSCRIPT
EPRC
DESIGNING FINANCIAL INSTRUMENTS: BUILDING ON THE EXPERIENCE OF FIN-
EN IN THE NEW FUNDING PERIOD
Fiona Wishlade, European Policies Research Centre, University of Strathclyde, Glasgow
FIN-EN final conference: “Financial Instruments in European Regional Policy”,
Committee of the Regions, Brussels, 5 November 2014
EPRC FIN-EN guidelines
• Based on review of Thematic Reports
• Complemented by wider literature
• Interviews with partners• Outputs reviewed with
partners• Consolidate experience
into single output for wider reference
2 Fiona Wishlade, European Policies Research Centre, University of Strathclyde
EPRC Planning phase…
3 Fiona Wishlade, European Policies Research Centre, University of Strathclyde
EPRCSome undertook dedicated gap analyses
Many used EIF
FIN-EN lesson: quality gap analysis is crucial
2014-20: ex ante assessment obligatory
4 Fiona Wishlade, European Policies Research Centre, University of Strathclyde
Finance gap
EPRC Structures
• Mainly context-driven
• FIN-EN lessons: – block of finance
facilitates rapid implementation
– holding funds can increase flexibility
• 2014-20 – additional option of EU level funds
5 Fiona Wishlade, European Policies Research Centre, University of Strathclyde
EPRC
6 Fiona Wishlade, European Policies Research Centre, University of Strathclyde
Setting-up phase…
EPRCAppointing fund managers: lessons from FIN-EN• Devote sufficient time and effort; make funding
agreements attractive to intermediaries, and enforceable
Communicating the strategy: lessons from FIN-EN• Seminars, networking etc. effective at promoting deal
flow, but social media useful for raising public profile and understanding
Managing financial flows: lessons from FIN-EN• Setting up time and quality of gap analysis affect
capacity to predict flows; NOTE: significant change in 2014-20 on phasing of contributions
7 Fiona Wishlade, European Policies Research Centre, University of Strathclyde
Selected lessons…
EPRC
Combined instruments,
including grants and soft
support = flexible, tailored
solutions
Loans+ simple option - potential for crowding out
Guarantees + cost-effective- additionality difficult to determine
Equity+ management input and high returns-complex, risky, specialised
8 Fiona Wishlade, European Policies Research Centre, University of Strathclyde
Types of instrument
FIN-EN: no one-size fits
all
EPRC
9 Fiona Wishlade, European Policies Research Centre, University of Strathclyde
Operational phase…
EPRCMonitoring: lessons from FIN-ENidentify all relevant actors from outset; explore real-time shared data options
Evaluation: lessons from FIN-ENuse interim evaluations to recalibrate instruments
ESIF 2014-20: reporting requirements defined at outset – management verification requirement similar to FIN-EN ‘best practice’
10 Fiona Wishlade, European Policies Research Centre, University of Strathclyde
Selected lessons..
EPRC• ESIF 2014-20: Ex ante assessment
• FIN-EN: Importance of gap analysis a clear lesson
Gap analysis
• ESIF 2014-20: EU level FI; off-the shelf• FIN-EN: context dependent; how useful
now?Structures
• ESIF 2014-20: Phased payments in line with progress
• May restrict flexibility –FIN-EN ‘watchword’ Financial flows
• FI-TAP –support for establishing FI• FIN-EN – major issue in 2007-13 for some,
but not now
Technical assistance
11 Fiona Wishlade, European Policies Research Centre, University of Strathclyde
New FI context
EPRC
Thank you!
European Policies Research Centre:
http://www.eprc.strath.ac.uk/eprc/
12 Fiona Wishlade, European Policies Research Centre, University of Strathclyde