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Transcript of Martin Koch
Policy session: Alternative roads to finance for SMEs20 November 2015
Capital Markets Union (CMU)
Martin KOCHPolicy Officer
Unit C1 - Capital Markets UnionDirectorate General for Financial Stability, Financial Services
and Capital Markets Union (FISMA)
• Stable financial system
– Greater variety of funding options cushion the impact of a contraction in bank lending
– More developed equity markets support long-term investment
• Integrated financial system
– Deeper and more liquid markets lower costs and increase competitiveness
– MS with small and large capital markets can benefit
– Facilitate shock absorption within EMU (risk-sharing
CMU: Stronger capital markets support investment, growth & jobs
CMU Action Plan: Actions in 6 key areas
Actions for alternative ways of finance: Crowdfunding Business Angels Venture Capital (EuVECA; Fund-of-Funds) Loan finance (STS securitisation; loan originating funds) Better information, support and advice
For non-listed companies (for mid-caps; SMEs?) Private placements Covered bonds
CMU Action Plan: Finance for start-ups and SMEs