Eurofidi - Garanzia Fidi

A company that guarantees

Credit Guarantee Corporations are structures which, operating on the basis of the principles of mutuality and solidarity, offer guarantees for aiding companies in access­ing loans (short, medium and long term) for the develop­ment of economic and productive activities.
Established in the ‘50s in the handicraft sector, the activ­ity of the CGCs has undergone constant development and, due to the current negative situation, has assumed an increasingly crucial role in lessening the impact of the crisis for craftsmen and small companies with regard to access to credit. In all, the Italian CGC system has guar­anteed loans amounting to approximately 45 billion euro (of which 20 in 2009 alone), while the volume of existing guarantees amounts to around 22 billion (of which 9.4 issued last year).
In this scenario, for its size, structure and service capac­ity Eurofidi represents not only one of the largest Italian CGC but also one of the major guarantee entities in Eu­rope. In 2009 its members counted almost 41 thousand companies, in favour of which the banking system granted loans for an overall sum of 8.3 billion euro (2.7 billion in 2009 alone), with over 5.2 billion euro’ worth of guar­antees issued by Eurofidi (1.9 billion during last year). Approximately one fifth of the loans and guarantees from Italian CGCs, therefore, are granted in the context of Eurofidi operations.

Eurofidi 2010: financial intermediary

At the end of April 2010, Banca d’Italia officially announced the inclusion of Eurofidi in the special list referred to in Article 107 of the Consolidated Banking Law (Leg. Dec. 385/93). This concluded the process of the company’s transformation into supervised financial intermediary, i.e. an organism subject to the control of Banca d’Italia. Guarantees issued by ‘Eurofidi Financial Intermediary’ now have special value for companies, as they transmit the weightage recognised by Banca d’Italia to the guaranteed party, allowing it to increase its credit access capacity. This transformation also involves tangible advantages for banks, generally enabling them to reduce the absorption of capital and benefit from a more solid and organised guarantor.
During the process of transformation to financial interme­diar, in November of 2009 the Board of Directors of Eu­rofidi approved the 2010-2012 development plan and, on the basis of the delegation assigned by the Sharehold­ers’ meeting, proposed an capital increase. Regione Pie­monte has already authorised Finpiemonte Partecipazioni, a key institutional partner of the company, to underwrite the increase, and the leading banking partners have confirmed their subscription.
The presence of Regione Piemonte and several of the most important banking groups gives Eurofidi solidity and reliabil­ity (the company’s Total Capital Ratio, the main indica­tor of company solidity, is 10.55%, much higher than that required by Banca d’Italia). These are the same qualities which the company undertakes to transmit to its partners.

Headquarter

Via Perugia, 56 - 10152 Turin
Telephone: +39 011.24191 - Fax: +39 011.238283