Slovenský záručný a rozvojový fond, s.r.o. (“SZRF”) was set up in March 2009, within the framework of the implementation of the JEREMIE initiative in Slovakia, to be a local state-owned entity through which the European Investment Fund (“EIF”) will perform the JEREMIE activities. The operations of the company, principally venture capital fund investments and guarantees on portfolios of SME loans, are carried out by EIF independently under a separate management agreement, including the contracting of selected financial intermediaries.
Slovenská záručná a rozvojová banka, a.s. (“SZRB”) and EIF are the shareholders of SZRF, with EIF’s participation being held on behalf of the Slovak government until its foreseen exit at the end of 2015.
The benefits of the SPV structure which formed the basis of the Slovak government’s decision include i) transfer of know-how from EIF to Slovakia, ii) the building-up of an institution which can continue these revolving financial instruments in support of SME financing beyond EIF’s involvement (i.e. after EIF exits at end of 2015) and iii) coordination with existing entities active in state SME support such as Slovenská záručná a rozvojová banka, a.s. (SZRB).
SZRF has a two tiers management structure comprising 1) two executives, acting jointly, and 2) a supervisory board, which in the context of JEREMIE also acts as the Investment Board, being the main body representing the Managing Authorities vis-à-vis EIF and supervising the JEREMIE implementation in Slovakia.
More information about the corporate structure can be found in the Commercial Registry.
Other information related to the SZRF Investment Board and SZRF financial statements:
Appointment of SZRF first IB members by the Government of SR
Current list of SZRF IB members and observers
SZRF Investment Board Statutes
SZRF Accounting closure for the year 2013
SZRF Accounting closure for the year 2012
SZRF Accounting closure for the year 2011
SZRF Accounting closure for the year 2010
SZRF Accounting closure for the year 2009