Pedro Pisonero Pérez (IBERAVAL Spain) - Development of Latin American Guarantee Systems

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AECM Seminar: “Breaking down barriers: Guarantees, an international perspective” Istanbul - 17 October 2014 Pedro Pisonero Pérez Managing Director. IBERAVAL SGR (Spain) 1

Transcript of Pedro Pisonero Pérez (IBERAVAL Spain) - Development of Latin American Guarantee Systems

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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(2012)

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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AECM Seminar: “Breaking down barriers: Guarantees, an international perspective”

Istanbul - 17 October 2014

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