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«Rome, 25th June 2013 This paper was drafted by a working group, chaired by Prof. Rainer Masera (Università degli Studi Guglielmo Marconi), with the ...»

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With regard to financing of companies and infrastructure projects, Italian insurance industry might have a more active role. But this would require new financial instruments. It is necessary for Italian companies to tap capital markets with the support and help offered by their reference banks. This process would help improve both the financial structure of the enterprise system and the income flows of the banks. The insurance companies therefore support the possibility of buying adequately structured securitized products and covered bonds; they are ready to contribute to the definition of solutions for the construction of specifically dedicated Funds for the investment in SMEs with good growth prospects.

The European Investment Bank Group (EIB Group), consisting of the EIB and the European Investment Fund (EIF), plays an important role in the financing of businesses, innovation and green growth. While the EIB is very active in the funding of later-stage companies and projects, early stage SME financing is undertaken by the EIF, which uses its resources to share risk and catalyse private-sector funds and banks into increasing their investment in high growth and technology driven enterprises. A wide range of financing solutions are being provided and are being further developed based on the following key building blocks: (i) the transformation of grants and subsidies into revolving financial instruments, with future models of public intervention involving a better combination of grants, equity co-investments, loans, guarantees and fiscal incentives; (ii) the structuring of those interventions to reflect the risk profile and the potential financial, social and environmental return; (iii) using public budgets to stimulate growth via private sector investment (the next generation of Public Private Partnerships – PPPs).

Examples (all of them in their early stage of development) that further incorporate these building blocks are Project Bonds, risk-sharing instruments for innovation, and intellectual property financing [Pelly and Krämer-Eis, 2011].

With specific regard to the banking sector and the new capital requirements, envisaged in CAD IV, and taking into account the current difficult economic situation, it would be wise to review the current European prudential regulation in terms of equity held by banks in private equity, in order to strengthen the recapitalization of operationally valid companies.

The European directive on capital requirements for the exposures in private equity instruments take on great importance for the banks, because they are often among the main subscribers of private equity funds, as well as direct investors in equity of the enterprise sector. A penalizing treatment of these investments makes them less convenient for banks and consequently reduces 34 the financial resources for the creation and development of innovative companies, with a negative impact for the economy.

With regard to the exposures in private equity, both direct and indirect (through specialized funds) the concept of “sufficiently diversified portfolios” is particularly important, because it changes the treatment foreseen by the Basel discipline, based on the assessment of whether the investments are sufficiently diversified. With specific reference to the IRB approach, from the weight falls from 370% to 190% with regard to investments made in terms of a sufficiently diversified portfolio. The directive on of capital requirements, nevertheless, doesn‟t offer a satisfactory definition of this concept. This would instead be necessary, also with a view to avoiding regulatory arbitrage.

The time has come to prepare European legislation that disciplines the provision of capitals through online portals (crowdfunding). In the panorama of new businesses, the category of innovative start-ups must be included. In this respect, Italy is at the forefront. The aim is to create a framework, also in respect of equity crowdfunding. A community wide discipline of this phenomenon could give impetus to growth of a European system. Entrepreneurial initiatives would be stimulated with a view to reaching a critical mass of equity offerings that would generate innate selection and rewarding mechanisms for the best ideas.

Finally, an interesting initiative recently launched in the Italian market can be recalled.

In 2012 Consob, the market watchdog, together with the most prominent finance and industry associations, launched an action plan named "PiùBorsa" consisting of a number of commitments and activities aimed at improving SMEs access to the equity market. In fact, these companies, which represent the bulk and, in many cases, the most innovative tier of the Italian production system, are strongly under-represented in the stock market compared with their role in the economy and still account for only a very small fraction of listed companies.

According to the plan details, education and SME scouting activity will be incremented thanks to a better coordination of current and future initiatives: the Italian Stock Exchange „Elite‟ project, the definition of guidelines to make prospectus production and post-IPO rules compliance easier, the launch of partnership among the associations involved in the plan for the purpose of giving a further boost to the scouting activity of companies potentially interested in tapping the stock market.

Consultancy and assistance in the listing process shall be improved by making easier to identify service providers and compare their costs. In addition specific post-IPO assistance shall be granted to SMEs accessing the program, including reduction of standard market and regulator 35 fees, red-tape reduction through a single facility taking care of all formalities connected with listed status, promotion of services associated with on-going trading such as organization of road-shows, production of financial reports (equity research) and assistance for liquidityproviding activity.





Finally a specific plan for promoting SME-related asset management products has been devised:

a fund of funds project is being developed aimed at collecting resources from institutional investors (foundations, insurance companies, pension funds, government and regional entities) and at subsequently investing them in funds/vehicles devoted to small caps.

Investment of part of the assets of existing open and closed-end funds in listed or about-to-belisted SMEs is being encouraged thanks to the efforts of Assogestioni. At the same time an increasing number of management companies are considering the institution of new funds specialized in SME investment as a way of expanding their range of products and give a positive answer to the mounting demand for alternative financing solutions coming from small and medium Italian businesses.

–  –  –

ABI (Associazione Bancaria Italiana), 2013. Risposta ABI alla consultazione della Commissione Europea sul Libro Verde sul Finanziamento e lungo termine dell‟economia europea COM(2013) 150 final.

Arslanalp, S., Bornhorst, F. and Gupta, S., 2011. Investing in growth. Finance & Development, IMF, Washington, D.C., March.

Association of Financial Markets in Europe (AFME), 2012. Financing European Growth: a new model.

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Balassone, F., Casadio P., 2011. Le infrastrutture in Italia: dotazione, programmazione, realizzazione.

Seminari e convegni. Workshops and Conferences, 17, Banca d‟Italia, Roma, Aprile.

Banca d‟Italia, 2012. L‟efficienza della spesa per infrastrutture. Seminari e convegni, Workshops and Conferences. Atti del convegno “Le infrastrutture in Italia: dotazione, programmazione, realizzazione”, Roma, 28 aprile 2011.

BIS (Bank for International Settlements), 2011. Fixed income strategies of insurance companies and pension funds. Committee on the Global Financial System, CGFS Papers, No. 44, July.

Busnelli, G., Shantaram, V. and Vatta, A., 2012. Competing for the home of the future. McKinsey Quarterly, 1/2012, pp. 59-61.

Castaldo, F., Nicolai, M., 2007. I fondi di private equity per lo sviluppo delle infrastrutture. Quaderni AIFI n. 16/2007, Egea, Milano.

Centre for European Policy Studies (CEPS), European Capital Markets Institute, 2012. Supporting LongTerm investing and retirement savings. October.

Cour-Thimann, P. and Winkler, B., 2013. The ECB‟S non-standard monetary policy measures. The role of institutional factors and financial structure. ECB Working Paper Series, No. 1528, April.

Dabla-Norris, Brumby, J., E., Kyobe, A., Mills, Z. and Papargeorgiou, C., 2011. Investing in Public Investment: An Index of Public Investment Efficiency. IMF Working Papers, WP/11/37. IMF, Washington, D.C., February.

Daníelsson, J. and Shin, H.S., 2003. Endogenous Risk. In Field, P. (ed.), 2003. Modern Risk Management- A History. Risk Books. [online].

Dobbs, R., Oppenheim, J. and Thompson, F., 2012. Mobilizing for a resource revolution. McKinsey Quarterly, 1/2012.

–  –  –

FeBAF, 2011, Il risparmio degli italiani: tendenze e nuove sfide. Bancaria Editrice Financial Stability Board (FSB), 2013. Financial regulatory factors affecting the availability of longterm investment finance. February.

Garonna, P., Sabatini G., 2010, L‟industria del risparmio in Italia dopo la crisi. Bancaria Editrice Gervasoni, A., 2006, Infrastrutture e competitività. Egea, Milano.

Gilibert, P.L., 2012, Banca Europea degli Investimenti. Strumenti finanziari previsti dalla BEI per il rilancio dell‟economia europea: problemi e prospettive. Incontro FeBAF, Roma, 6 dicembre 2012.

Group of Thirty (G30) Working Group on Long-term Finance, 2013. Long-Term Finance and Economic Growth. February.

Gupta, S., Kangur, A., Papageorgiou, C. and Wane, A., 2011. Efficiency-Adjusted Public Capital and Growth. IMF Working Staff Paper, WP/11/217. IMF, Washington, D.C., September.

Helbing, D., 2010. Systemic Risks in Society and Economics. In IRGC Report “The Emergence of Risks:

Contributing Factors”, October.

Liikanen, E., 2012. On the structural reforms of banking after the crisis. Speech of the Governor of the Bank of Finland and Chairman of the Highlevel Expert Group on reforming the structure of the EU banking sector, at the Centre for European Policy Studies, Brussels, October 23, 2012.

Long Term Investors‟ Club (LTIC), 2013. Contribution of the Members of the LTI Club on the draft High Level Principles of Long Term Investment financing of the OECD. May.

Masera, R., 2012. Infrastrutture e loro finanziamento in Europa: implicazioni per il “fiscal compact”.

Bancaria, 6/2012, pp. 2-21.

Masera, R. and Mazzoni, G., 2013. Cost of equity, enterprise value and capital regulation of banking firms. Working Paper, June. Working Paper.

Organisation for Economic Co-operation and Development (OECD), 2013a. The role of banks, equity markets and institutional investors in long-term financing for growth and development. Report for G20 Leaders. February.

Organisation for Economic Co-operation and Development (OECD), 2013b, High-Level Principles of Long-Term Investment Financing by Institutional Investors. May.

–  –  –

Pozsar, Z., Adrian, T., Ashcraft, A. and Boesky, H., 2012. Shadow Banking. Federal Reserve Bank of New York, Staff Report No. 458, February.

Praet, P. 2011. Speech at the 2011 European Pension Funds Congress during the 14th Euro Finance Week, Frankfurt am Main, 15 November.

Pritchett, L., 2000. The tyranny of concepts - CUDIE (Cumulated, Depreciated Investment Effort) is NOT capital. Policy Research Working Paper Series, 2341, The World Bank, Washington, D.C.

Severinson, C. and Yermo, J., 2012. The Effect of Solvency Regulations and Accounting Standards on LongTerm Investing: Implications for Insurers and Pension Funds. OECD Working Papers on Finance, Insurance and Private Pensions, No. 30, OECD Publishing.

http://dx.doi.org/10.1787/5k8xd1nm3d9n-en Swiss Re, 2013. Strengthening the role of long-term investors. February.

United States Senate‟s Permanent Subcommittee on Investigations (PSI), 2013. JPMorgan Chase Whale Trades: A Case History of Derivatives Risks and Abuses. March, 15.

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