Credit guarantee: a public good between State and Market

An international comparison on business models and common issues


a cura di: Alessandro Carpinella

Bancaria Editrice
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This book collects the main evidences emerging from the Kpmg international research on credit guarantee big players (run at the beginning of 2011) and the proceedings of the workshop held in Rome on the 14th and 15th of October 2011 that was joined by the representatives of the leading credit guarantee players from around the world.The main achievement of this project of research and communication is that everywhere credit access is a "public good" and credit guarantee has become the best way to facilitate it. Operators adopt different business models but they tackle the same challenges: research of the optimal size, credit guarantee bankability, self sustainability versus government grants, credit quality worsening, relationships with banks and opportunity of widening the offer with accessory services. Nowadays regulatory frameworks are very diversified and the "globalization" of the industry is just at the beginning of its path.The emerging trends and the key drivers for the industry development are: strengthening local roots, hybridizing the offer with other financial instruments (microcredit, equity investment and insurance products and schemes), stabilizing public support and defining a regulatory structure.

1. Guarantee schemes and guarantee players: an international survey
1.1 The project
1.2 The survey process and the results
1.3 Relevant countries and reference players
1.4 The survey of “Big Players”. Main evidences
1.5 Conclusions
2. Guarantee players: business models comparison
2.1 The Indonesian credit guarantee system. Perum Jamkrindo (Nahid Hudaya and Achmad Sonhadji)
2.2 The Chilean credit guarantee system. Fogape (Alessandro Bozzo)
2.3 The German credit guarantee system. Bürgschaftsbank Baden-Württemberg (Guy Selbherr)
2.4 The Italian credit guarantee system. The network: providers, distribution, products. Assoconfidi (Francesco Bellotti)
2.5 The Italian credit guarantee system. Confidi: role and evolution. Fin.Promo.Ter (Giovanni Da Pozzo)
2.6 The Italian credit guarantee system. Guarantee Consortia: an indispensable economic policy tool. Eurofidi (Giuseppe Pezzetto)
3. Life cycles and innovation paths: challenges and common issues
3.1 The Korean credit guarantee system. Kodit (TaeHeung Kwon and HyoEui Kim)
3.2 The Malaysian credit guarantee system. Credit Guarantee Corporation Malaysia Berhad (Datuk Wan Ahmad Wan Azhar) 
3.3 The Moroccan credit guarantee system. Caisse Centrale de Garantie (Taoufiq Lahrach)
3.4 The Italian credit guarantee system. Product innovation, strategies and risk management. Eurofidi (Andrea Giotti and Massimo Ceretto)
3.5 The Italian credit guarantee system. Operative solutions and proposals for designing a new system. Fedart Fidi (Leonardo Nafissi)
4. The regulatory framework: different approches for different problems
4.1 The decisive role of public support for mutual guarantee systems. Aecm (Marcel Roy)
4.2 The role of European Investment Fund (Eif) (Andrea Kirschen)
4.3 Mutual credit guarantee institutions in Italy. Bank of Italy (Corrado Baldinelli)
4.4 The complications of Antitrust on guarantees system. Italian Antitrust Authority (Salvatore Rebecchini)
5. Final Remarks
5.1 Main achievements
5.2 Emerging trends