THE GUARANTEE SYSTEMS AND THE SMEs ACCESS TO CREDIT


di: Marina Damilano, Paola De Vincentiis, Eleonora Isaia, Giuseppe Pezzetto, Patrizia Pia, Cristina Rovera

Editore
Edibank
Anno
2008
Pagine
262
ISBN
978-88-449-0459-3
Disponibilità
Disponibile
Prezzo di copertina€ 35,00
Prezzo Internet Sconto 5% € 33,25
IVA assolta dall'editore

Presentazione

The individual entrepreneurs, the professionals and the SMEs often find it hard to get loans from banks, both for the financing of the working capital and for structural investments aimed at expanding or renewing the business activities. These difficulties stimulated in the past the public authorities and the community to look for solutions. Thus various organisations were born in many countries, both in Europe and in the rest of the world, with one objective in common: to make it easier and improve the conditions of access to credit for the smaller firms. This objective was first pursued by means of the granting of guarantees to the banks who issued the loans, with the aim of lowering the credit risk they incurred (using a risk sharing strategy). Secondly, and only in certain contexts, the guarantors gradually started to supply services aimed at facilitating the difficult relationship between the banks and the small firms, especially regarding the communication and management of the critical phases of the life cycle of the firm. For historical reasons, or as a reaction to the particular characteristics of each economic context, the institutions and guarantee systems have taken on different organisational structures in the various countries. Moreover, in some cases, this experience goes back a long time, as well as being a deep-rooted tradition present throughout the territory. On the contrary, in other cases the organisations are relatively new, and are taking their first steps in trying to repeat the success stories seen in other countries.

The intention of this work is to provide a close observation of the guarantee systems for the small and medium firms, as well as making a comparison of the six countries where this phenomenon has developed in a significant and consolidated way: Italy, Germany, Spain, France, South Korea and Japan. However, before analysing these cases, the following paragraphs will try to give a general description of the topic and answer some preliminary questions: Why do small firms often find it more difficult to get loans than other kind of firms? What are the main obstacles that emerge in the relationship between the banks and the SMEs and how does the antidote provided by the credit guarantee institutions work? Is it possible in some way to classify the various credit guarantee systems for SMEs that are present in the world? What role does the State play, or what role can the State play to favour the development of the guarantee system? What is the situation in Europe? How many micro, small and medium firms are there? Is there any empirical evidence that proves their difficulties in gaining credit from banks? How many guarantee institutions are there and what role do they play as mediators in the firm-bank relationship?

THE AUTHORS
THANKS
1. AN INTRODUCTION TO THE MUTUAL GUARANTEE SYSTEMS AND THE SMES ACCESS TO CREDIT
Introduction
1.1 The SMEs and the access to credit: obstacles and antidotes
1.2 An attempt at classifying the credit guarantee systems
1.3 The role and modalities of the public support for the guarantee systems
1.4 A picture of the situation in Europe
1.4.1 The importance of the small-medium firms in the EU-19 Area
1.4.2 The difficulties facing the European SMEs for access to credit
1.4.3 The diffusion and features of the guarantee systems
1.5 The guarantee systems and Basel 2
1.6 The structure and methodology of the research
2. THE GUARANTEE SYSTEM IN ITALY
Introduction
2.1 The juridical and structural features of the Italian guarantee system
2.2 The operational features of the confidi
2.2.1 The credit guarantee funds
2.2.2 The procedure for approving the guarantees
2.2.3 The credit risk management
2.2.4 The typical structure of the balance sheet
2.2.5 The typical structure of the income statement
2.2.6 The public support to the activity of the confidi
2.3 The confidi and Basel 2
2.4 Some conclusive remarks
APPENDIX ' THE CASE OF EUROFIDI
Introduction
1. The organisation and the features of the activity performed
2. The transformation process into a supervised intermediary
3. The international expansion
3. THE CREDIT GUARANTEE SYSTEM IN GERMANY
Introduction
3.1 The juridical and structural features of the German system of mutual guarantee
3.2 The operational features of the bürgschaftsbanken
3.2.1 The typical structure of the balance sheet
3.2.2 The typical structure of the income statement
3.2.3 The procedure for approving the guarantees
3.2.4 The credit risk management
3.2.5 The public support to the activity of the bürgschaftsbanken
3.2.6 The collateral services offered to the firms
3.3 The bürgschaftsbanken and Basel 2
3.4 A comparison with the Italian system and some conclusive remarks
4. THE CREDIT GUARANTEE SYSTEM IN FRANCE
Introduction
4.1 The juridical and structural features of the French credit guarantee system
4.2 The operational features of the French credit guarantee system
4.2.1 The features of guarantees
4.2.2 The typical structure of the balance sheet
4.2.3 The typical structure of the income statement
4.2.4 The procedure for approving the guarantees
4.2.5 The credit risk management
4.2.6. The counter-guarantee systems
4.2.7 The collateral services offered to the firms
4.3 The French guarantors and Basel 2
4.4 Acomparison with the Italian system and some conclusive remarks
5. THE CREDIT GUARANTEE SYSTEM IN SPAIN
Introduction
5.1 The juridical and structural features of the Spanish credit guarantee system
5.2 The operational features of the Sociedades de Garantía Recíproca (SGR)
5.2.1 The features of the guarantees issued
5.2.2 The typical structure of the balance sheet
5.2.3 The typical structure of the income statement
5.2.4 The procedure for approving the guarantees
5.2.5 The credit risk management
5.2.6 The public support to the Sociedades de Garantía Recíproca
5.2.7 The collateral services offered to the firms
5.3 The Sociedades de Garantía Recíproca and Basel 2
5.4 A comparison with the Italian system and some conclusive remarks
6. THE GUARANTEE SYSTEM IN SOUTH KOREA
Introduction
6.1 The juridical and structural features of the Korean guarantee system
6.2 The operational features of Korean Funds
6.2.1 The features of the guarantees issued
6.2.2 The typical structure of the balance sheet
6.2.3 The typical structure of the income statement
6.2.4 The procedure for approving the guarantees
6.2.5 The credit risk management
6.2.6 The collateral services offered to the firms
6.3 The Korean Funds and Basel 2
6.4 A comparison with the Italian system and some conclusive remarks
7. THE CREDIT GUARANTEE SYSTEM IN JAPAN
Introduction
7.1 A brief history and evolutionary trends
7.2 The juridical and structural features of the Japanese credit guarantee system: the Credit Supplementation System
7.3 The operational features of the Credit Guarantee Corporations (CGCs)
7.3.1 The situation of the balance sheet
7.3.2 The operative results
7.3.3 The procedure for approving the guarantees
7.3.4 The credit risk management
7.3.5 The collateral services offered to the firms
7.4 The operational features of the Japan Finance Corporation for Small and Medium Enterprise (JASME) and the public support to the Credit Guarantee Corporation
7.5 The Japanese credit guarantee system and Basel 2
7.6 A comparison with the Italian system and some conclusive remarks
8. A FINAL LOOK AT THE CASES ANALYSED AND SOME CONCLUSIVE REMARKS