Press conference by Harald Noack, Member of the European Court of Auditors, on the ECA special report on the ERDF spending on financial instruments for SMEs
Harald Noack, Member of the European Court of Auditors, gave a press conference following the publication of the special report (n° 2/2012), in which the European Court of Auditors concludes that the effectiveness and efficiency of the European Regional Development Fund (ERDF) spending on financial instruments for small and medium enterprises (SMEs) were hampered by the regulatory framework being inappropriate for the different types of financial instruments used. There were widespread delays in the funds reaching the recipient SMEs and the supported actions were ineffective in leveraging in private investment. SME financing gap assessments, when prepared, suffered from significant shortcomings. In addition, some recipient SMEs were charged unjustified management fees by the financial intermediaries used. The other participants at the press conference were Juan Ignacio González Bastero, Head of cabinet of Harald Noack, Member of the European Court of Auditors, Dennis Wernerus, Auditor at the European Court of Auditors, and Emmanuel Rauch, Head of the Unit "Human capital, technology and innovation, enterprises, ICT and information society, technical assistance" at the European Court of Auditors.
Juan Ignacio González Bastero, Harald Noack, Dennis Wernerus and Emmanuel Rauch (from left ... Reference:P-020630 Date:26/03/2012