PB EGF RISK-SHARING FOR MIDCAPS & LARGE CORPS

Projektträger – zwischengeschaltetes Finanzinstitut

PIRAEUS FINANCIAL HOLDINGS SA

Ort

• Griechenland

Beschreibung

Risk-sharing instrument deployed under the European Guarantee Fund (EGF) for the support of mid-caps and large corporates in Greece that are active in sectors that are in line with the EIB's long-term mission (innovation, environment and intermediated support for small and medium-sized enterprises (SMEs)) and have been affected by the COVID-19 pandemic.

Additionality and Impact

The proposed operation consists of a guarantee in favour of Piraeus Bank covering up to 75% of the loan-by-loan losses that may incur in a portfolio of financings to eligible MidCaps and large corporates in Greece. By addressing the underlying market failure in access to finance faced by companies due to information asymmetries and higher screening costs for smaller investments, which has been exacerbated due to the impact of COVID-19, the operation is fully in line with EU, the Bank's, as well as the Hellenic Republic's strategic objective to support uninterrupted access to finance and liquidity for enterprises. The guarantee will offer credit loss protection and capital relief to Piraeus Bank on the portfolio to be covered. This would allow for the creation of additional headroom in the bank's balance sheet and increase in its credit risk appetite, which would be reflected in the benefits passed to final beneficiaries and which would take the form of reduced pricing, higher volumes of financing, access to finance for clients that in the absence of the guarantee would not be possible, lower collateral requirements.

Ziele

Improve access to finance for companies in Greece and, namely, at beneficial terms, through the provision of capital relief and credit loss protection to Piraeus Bank on a portfolio of new eligible transactions.

Sektor(en)

• Durchleitungsdarlehen - Durchleitungsdarlehen

Vorgeschlagene EIB-Finanzierung (voraussichtlicher Betrag)

EUR 225 million

Gesamtkosten (voraussichtlicher Betrag)

EUR 735 million

Umweltaspekte

Final beneficiaries will be required to comply with the applicable national and EU legislation, as appropriate.

Auftragsvergabe

Final beneficiaries will be required to comply with the applicable national and EU legislation, as appropriate.

Projektstatus

Unterzeichnet - 21/12/2021