2022 Annual Event Vienna AECM 30 aniversario (english VF)

The interaction of private and public guarantee institutions for the SMEs´s benefit

Pablo Pombo – AECM Founding President

SUMMARY

About AECM

Private-mixed vs public schemes

1. About AECM: Our history in Europe

SCM

1917

1929

1954

Why? Madrid

Why? Paris

Why? AECM

1978

1981

Stiglitz & Weiss

2005

2015

1992

2022

1991

1988

1994

1991

Basilea I

AECM Creation European Mutual Guarantee Association 10.11.1992 in París 9 founding members from 5 countries

First reform of AECM Statutes 26 members

Third reform of AECM Statutes 48 members from 31 countries

Second reform of AECM Statutes European Association of Guarantee Institutions 41 members

1917-1994

• Private 4 (SCM-SGR-SGM. Fidi, CGC, etc.) and mixed schemes – 4 members
• Counter guarantee - EIF

1948-2022

• Public schemes – 40 members

Communication C.E. 05.09.91 "The role of SCM in SME financing". SEC doc. (91) 1.550 “promote an AECM” Opinions of the CEEP y CES 03.04.92

SCM´s First Community Congress 28-29.11.91 in Madrid Signature of the Final Declaration 29.22.91 10 guarantee institutions "creating a working group to set up the AECM" 29.11.91

Credit Rationingin Markets with Imperfect Information

Mitigation ofguarantee coverage

2. Private vs Public Guarantee Schemes

• Conceptualy framework

• Heterogeneous schemes, with a common mission, in different identified taxonomies, with different business models.

• Private origins (SCM), that persist in mixed systems with resources and/or public counter guarantee, along with a greater general development of public schemes, including with supranational counter guarantee in the EU.

• Mixed schemes remain within the scope of the current concept of public-private collaboration.

2. Private vs Public Guarantee Schemes

• Relationship and permanent interaction effects

• The SME is the common objective, as well as being an instrument facilitating their access to financing under the best conditions.

• Consolidation of the guarantee coverage, of guarantee schemes, integrated into the financial system, with a recognized mitigation value.

• Consolidation of the role of guarantee schemes as a permanent necessity and as a counter cyclical instrument.

The AECM is everyone's home

Thank you very much for your kind attention!

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