Die Multiplikatorwirkung der Gesundheit (German Edition)

Easier in the equipment are rigid view sun visor Sie kommen ohne Mechanismus aus. They come from without mechanism. Their vertical slats are in a simple frame structure, in which each two differently shaped single lamellae alternately upstream and are arranged one behind the other, so that they prevent direct sunlight compared to a rectangular irradiation at the highest position of the sun.

The front plates 24a covering with its two lateral ends 24b of the respective adjacent, but reset arranged rear fins 24c. The arrangement is very simple by an imaginary secant 24e between the lateral ends 24b from a front forward to the next lamination continued as an imaginary tangent to the adjacent rear plate 24c is. Attend any Sun always an almost complete reflection of the incident thermal radiation without affecting the amount of light in hot regions too much is produced. In the upper as in the lower frame part 24 rigid view sun visor, the vertical slats are in a milled-out guide slot 24g of identical bending of the slat holder 24f is inserted, secured arbitrarily and is firmly connected to the highest position of the sun with the respective frame part according to means.

Bei dieser Anordnung bilden Tangenten und Sekanten parallel verlaufende Geraden. In this arrangement, tangent and secant form parallel straight lines. In slight modification example lamella holder 24f may be inserted movable with a rotary lever 24i in the upper and lower frame part 24 and be fitted with rotatable cable. They are in stable design even for use outside of buildings in front of windows and glass surfaces when they are rotatable manufactured with cable amending slat position.

You can also achieve excellent effects between double windows. Baths are the rooms in which the human body feels particularly intense the much colder surface temperatures of walls because of their design and function. For some time, coated rigid foam panels are used as a base for tile and tiles that are very well suited to reduce the usual heat absorption. Today they belong to the high standard of new homes. With vertically inserted reinforcements, spot-welded, and the wall side provided a sufficient number of suction cups for temporarily fastening on tiles or tiles, or eyelets for hanging, they offer a practical and convenient protection for the bare warm body.

They are prepared in the masses of local requirements, with or without cutouts for mixing faucets, soap dishes, shower facilities, etc. In continuation of the inventive concept, the heat shield combination can also be designed as an encircling curtain, which remains to be fully closable circumferentially and folded at any point during non-use in any single, double or triple guidance.

In ansprechender Farbgebung, bzw. The current revival of ancient Roman Hypokaustentechnik uses while advanced manufacturing and products, but does not use best possible operation. Die angebotenen Produkte brauchen ca. The products offered need about 30 to 50 minutes before the heat supplied noticeable and is recyclable. In use, the air-permeable space side grains can be color left or colored. In an analogous effect an opposite wall side is designed for sucking the exhaust air. Closed hypocausts be fitted on the room side by applying a thin, highly thermally conductive layer and serve as a pure heat radiation walls with very short heating time.

If this type of Hypokaustentechnik applied at the same time in rooms with the layer element technology, you get an exceptionally good indoor climate. The majority of transport is strongly heated by climatic influences, especially through intensive and diffuse solar radiation during downtime and slow speed. Because of the very small volume of air in transport and the intense heat transfer, it is advantageous to enlarge outlets funnel-shaped and install diffusers glued or mortared round grains in the air outlets to mitigate the direct air flow.

This excessive heating, cooling and drafts are avoided. The very high in transport heat stresses on the body parts can be by introduction of multiple alternating layers of preferably embossed plastic foam sheets, but significantly also reduce glass wool fleece with reflective films by a heat reflection between the inner lining and the outer vehicle shell comes off. The reduced thermal load allows less Zuluftvolumina and improves ride comfort. Zur Verdeutlichung der Patentanmeldung dient die Formel: It requires the knowledge of the processes in the building mass, the thermal behavior of the building material used, physics, thermodynamics, thermodynamics and physiology of the human organism.

The sensible arrangement of static-related buildings in the interaction of heat storage, heat transmissions, heat radiation and heat absorption in Verbinung with heat reflection, thermal effects, such as open air trapped volumes on the approximation of thermal influences on the human organism. The higher the value TVx is detected, the higher the factor increases heat load and the more difficult is the control of the forces acting on the organism indoor climate.

Das Bauwesen des Jahrhunderts hat im Laufe dieser Zeitspanne ganz entscheidende Fortschritte hinsichtlich Gestaltung, Beherrschung statischer Aufgaben und rationaler Produktionsverfahren erzielt. The construction of the 20th century has made very significant progress in terms of design, control static tasks and rational production during this period.

In the same period, the biocompatibility learned rather a step backwards. While at present the concrete building materials, glass, metal and stone are dominant, missing products and processes real climate balance between buildings and the human body. They relate to the correction of the atmospheric conditions and pass the bulk thermal performance of the building fabric.

Consequence of this aberration are common complaints of overheating, drafts, humidity and general malaise, which must be rectified either by air conditioners, cooling blankets, humidifier or air dryer, ceiling or floor fans. Although the scientific community knows that in large rooms called the airconditioning is easier than in small and medium-sized rooms. She has neither hard to solve the tasks yet recognized the problem as such and corrected.

The physical condition should be kept to the facts, to create a balancing medium which expands the existing air volume and remove the thermal loads on the building structure as defined by cross-buffering. In the usual planning, no thought penetrates to the disproportion between the heat storage capacity of the building structure opposite the trapped her room air. An accurate determination of the relationship between the two media can not be set up because of different room sizes and the materials used. At best, the room air store between one and three percent of the heat that can be absorbed by the fabric and thus proves to be incompatible.

In any form and by any means, heated is ventilated or cooled, and always at full efficiency, the building structure is involved with their physical properties and prevents the climate agreement. In very large numbers low energy buildings are developed and presented as prototypes. They all have in common is that they are characterized almost exclusively by manipulation of facades and roofs, but not a separation of the fabric of the air have become the object of development.

Based on the human body, this lack is to be regarded as failure because of the progress in construction is intended primarily to man and his health benefit. The object underlying the invention product design deals with a building material group whose heat-physical behavior fills the gap between building materials and insulation in an extremely wide range, particularly well adapted to the human body and consequently sensitivity erzeut room conditions, which corresponds to an ideal outdoor climate.

It protects the sensitive human organism optimal and controlled from the effects of the massive buildings. All attempts by technical processes and new products to make the indoor climate in medium-sized and small rooms comfortable, cost- and energy-saving, thermal incompatibility of formative and affected components, building and insulating materials, the air and the human body is subject. This indicates the need to focus all efforts on the constant physiology of the human organism, which is consistent with its evolutionary ambient air in a special relationship, the optimum temperature range compared to the naked, and very scantily clad people is closely connected.

This explains the large number of listed products and phenomena to their modes of action through appropriate counteraction with the greatest possible and thermally separated air gaps results annulled. Sie sind im einzelnen unter Ziffern, Buchstaben und Zeichen gekennzeichnet. They are characterized in detail with numbers, letters and characters. Die Zusammensetzung der Schichtelemente 3 wird durch die erstrebte Wirkung vorgegeben, um einen bis zu prozentigen Luftanteil zu erreichen.

The composition of the layer elements 3 is determined by the effect sought to achieve up to 85 percent air content. Zu beachten ist die Unbrennbarkeit jeweiliger Zusammenstellung. Note the non-flammability respective compilation. Interior molded and back air spaces reduce the heat acting weight. Another requirement is to bring always a thermal separation between the primary heavy fabric and layer elements. Layer elements suitable as diffusers for ventilation as well as for temperature control by means of supplied air. In deeper layers of wall and ceiling heavy and suitable minerals high heat storage capacity can be used in pure bonding with, for example, epoxy resins as heat storage materials for temporary heat storage.

Because of the wide range beneficial supplements that offer all regions, each of which sought thermal behavior can be predetermined. For the sake of rational production and simultaneous interruption of the building internal heat radiation, the simple vapor barrier is not sufficient if there is no, or too little air gap exists between buildings and vapor barrier, or even the simple reflection film possible loads does not stand up.

Small to large-volume air spaces 4 between individual prevent reflection films respectively, the heat transmission decrease in the interaction of insulation and vapor diffusion barriers. Material in the most common insulating materials and films are detected, so that the user corresponding to current building regulations, or can meet requirements of the building owner. Montage is a ready-layer member made of fiber gypsum as binders and coarse expanded glass and back covering a steam diffusion layer and spacers. The top is made to include only swellable clay with reflection coating to be little heat, while the lower part of expanded glass or foam glass.

Another version 3n shows a film element of coarse-grained foam glass or foam glass 2h fully embedded with mortar from surface coating 10 with large air pockets 4 and optionally a square head 32 or round connection to the following layer elements about or and including a spacer 5f. Ihr Vorteil erweist sich durch die Dauer der Wirksamkeit in jeder klimatisch bedingten Situation. Your advantage proves by the duration of effectiveness in any climate-related situation. Depending on the existing multiple alternating layers of high gloss reflective films with insulating intermediate layers 12 and layer elements made of swellable clay 2j , those with reflection coating 2y ' and the heat storage layer 19 may optionally the interior climate can be controlled very accurately and the heating power of a tiled stove for further spaces be harnessed.

Such means building to reduce the heat loads in intense sunlight noticeably wherein with the aid of multiple alternating layers of high gloss reflective films with insulating intermediate layers 12 and vapor diffusion barriers 1 and the atmospheric heat load can be reduced. Incident solar radiation heats only the facing masonry, heated air may be in the air gap 4 to rise above and escape. The air quality inside the building is maintained by clever ventilation slightly to the best of our state. For newly constructed buildings, the rays of the sun shield is shown in Fig.

The equipment is relatively inexpensive, provides for escape of the trapped heat through the punched-out air passage 4c and the masonry additional protection with applied in strips multiple alternating layers of high gloss reflective films with insulating intermediate layers 12 and spacers 5b or 5c but which were not shown clearly in the illustration of FIG.

In regions with very high temperature between day and night, even as between summer and winter, it seems advisable to heat and cold defense by sandwich construction, ie defense against heat and cold both to proceed inside and outside. The very low weight prevents massive warming and shields the sunlight 7e very well. As shown in Fig. Die Darstellung in Fig.

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The illustration in Fig. This usual climates due to continuous heat stress, the version with multiple heat rejection worthwhile. Through the air duct 4a above the concrete floor 21 ' is cool air between the heat shield 14 and the lower part of the sheet member 3f , separated with spacers 5a supplied to and after recording of the room air heat in the upper part of the layer member 3f ascended together with the ceiling 21 '' of hot air between the supporting wall side air passage 4a and the heat shield 14 downwardly to the air slots 4f is pressed.

For additional heat rejection constructions are shown in FIGS. They may also according to FIG. Figure 7h shows a supporting wall structure made of climate stones 18 and curtain wall with wide air channels 4 , separately attached to spacers multiple alternating layers of high gloss reflective films with insulating intermediate layers 12 and a plaster layer of insulating material 6f with a rear plastic film 6n , Die Konstruktion nach Fig. The construction according to Fig. Figure 7k illustrates another facade structure great strength with a high-strength plaster layer is in a multi-layer of alternating high gloss reflective films with insulating intermediate layers 12 with spacers 5f are held.

From the air duct 4a flowing heated or cooled air into the air gap 4 and seeps in the lower part of the exducer 11 ' in the portion serving as a diffuser 3 in the respective space. Always in the building and use-related situation be exducer according to Fig. The air passage can be prevented arbitrarily by a surface protective layer 10 so that an improved version of a conventional Hypokaustenwand arises which requires only a very short heating times and requires correspondingly low heat demand.

This type Hypokaustentechnik particularly suitable to utilize residual heat of a strong heat source in neighboring rooms. Holzwerkstoffen und in Fig. In the supply air 4i , the supply air flow is determined and shown on the left side of the diagram seen from an angled horizontal and slightly increased outflow opening 4G in the space and arranged on the right only from the horizontal.

This is followed by the usual heat-insulating layer 2 and for reflecting the in the air duct 4a entrained heat a multi-layer of alternating high gloss reflective films with insulating intermediate layers The air gaps and inevitably resulting high efficiency reflective films ensure very minimal heat losses and constantly better stay conditions. Similarly, however, the floor-layer elements are formed in massive production and with the bottom of Fig.

Floor-layer elements can also get a waffle or wavy bottom to keep the heat transmission from the bearing surface low. Liners such as wood 6s , or wood materials reduce heat transmission also. The thermal separation is of great importance, because the ascending heat which is taken up avidly by massive structural masses, and requires continuous reheating during the heating periods.

This ideal forms can bring about optimal indoor climate depending on land use and climatic zone with alternating matched volumes of aggregates. The detailed representation of Fig. A rounded surface on all sides hardly allowed right-angled incidence of the sunlight. Damalige Baumeister wussten, warum sie Kuppeln gestalteten und haben diese schon vor Jahrhunderten mit einer Reflexionsschicht ausgestattet. Dama Lige architect knew why they designed domes and they have fitted centuries ago with a reflective layer.

If the option for venting used, the high heat load in hot climates can be considerably reduced. This design by forming several domes on flat roofs can now be applied, Fig. Important is a very lightweight design to avoid large crowds with their heat storage capacity. There is a risk of sandstorms, domes require a tightly closable venting. The insert a multiple alternating layer of high-gloss films with reflection insulating intermediate layers is shown for better shielding against strong heated air, but not drawn.

Air inclusions are not desirable, because it creates an accumulation of heat, which can not escape. The vent according to FIG. Other indentations as shown in Fig represented 21l serve the same purpose. By the waveform can be made between the remaining air spaces both loading and venting. Should it be advisable multiple metabolic condition may consist of high gloss reflective films with insulating intermediate layer 12 also be applied to the underside of the insulation layer. The supernatants of the roofs and the air gaps are suited to mitigating by using regular wind movements direct sunlight.

The construction will depend on the respective intended climate zone and can also be equipped with internal temperature control by means of heated or cooled air at very high cooling such as heat stress. For walkways, spas, lounges, this design because too cold or too warm preventable walls is particularly well suited. Similarly, with diffusers 3a canopies, according to Fig. Eine derartige Anordnung zeigt Fig. Such an arrangement is shown in Fig. Of the total amount of the loan, the final beneficiary thus received a loan at a very advantageous rate. Once the operation had been carried out, it repaid both its bank and the State which had obtained the Phare funds and thus had funds available for allocation elsewhere.

Micro-loans were also granted at preferential rates to small firms under the Phare programme. They were often distributed by non-bank institutions. According to various sources, these operations do not seem to have worked to the total satisfaction of the various players involved. There were repayment defaults. This can perhaps be explained in part by the difficulties that persisted while these operations were being carried out.

It was also often difficult to find partners to disburse the loans. These operations were frequently organised in parallel with grants of guarantees, e. The conclusions which can today be drawn from the provision of interest-rate subsidies for loans to SMEs are the following:. The most important factors would appear to be the margin that can be earned by the bank compared to alternatives e. The purpose of this action was to finance investments for the reconstruction of the means of production and the economic and social infrastructure in the areas affected by the earthquake of November which hit the Italian regions of Campania and Basilicata.

The amount of such loans could not exceed a principal equivalent to ECU 1 billion, subject to deduction of any operations of the same nature carried out by the EIB from its own resources. To remedy the damage caused by the earthquake quickly and effectively by financing the investments required for the reconstruction of the means of production and the economic and social infrastructure. Contractors of loans granted under the Council Decision on the basis of projects presented by the Italian authorities.

Under this agreement, the loans were granted to state bodies, regional authorities, credit institutions and other bodies designated by the Italian Treasury. The agreement between the Treasury Minister, the Commission and the EIB specified that applications for subsidised loans were to be forwarded by the Italian Treasury with its favourable opinion; the loans were to be used exclusively to finance investment projects in accordance with the Council Decision. The Court of Auditors pointed out that EIB checks were inadequate and that the Commission carried out no checks at all. In its replies, the Commission stated that the projects were eligible in accordance with the criteria laid down in the Decision and had been examined individually by the Commission in accordance with the procedure under Article 21 of the Bank's Statute.

The Italian authorities reported the estimated cost of the damage to be ECU 13 million. Reconstruction of the damaged infrastructure and means of production was achieved by projects presented by the Italian authorities and declared eligible by the Commission in accordance with the Council Decision and the tripartite agreement.

Regarding the time taken to complete the work, there were various reasons for the delays: Regarding job creation, the Commission indicated in its replies that this criterion was secondary to the main objective reconstruction. No cost-effectiveness analysis was carried out. The reason for choosing interest-rate subsidies is the leverage effect: Did the beneficiaries gain from the financial advantages conferred by the interest-rate subsidies-. Almost all the projects were public-sector projects water, railways, roads, public buildings, etc. The effect of the subsidies was therefore to reduce the cost to the public authorities' budget.

The Bank produced progress reports on the work and summary reports by project and by group or economic sector see above table. Representatives of the Commission and the Bank were present at several on-site inspections by the Court of Auditors. The interest-rate subsidies concerned were intended for the reconstruction of the means of production and the economic and social infrastructure, including housing, in the affected regions.

The same subsidy was granted to recipients of EIB loans made for the same purposes.

The subsidies were granted in respect of projects in the western parts of Athens and Piraeus, in the towns of Corinth, Loutrakio, Megara, Thive, Kiato and Preveza and in other localities. The projects were presented by the Greek authorities.

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The EIB participated in the selection procedure. The latter managed the loans according to the requirements of a cooperation agreement with the Commission and its usual loan criteria. Some ECU 27 million in subsidies helped the Greek authorities to finance the individual projects concerned. On a proposal from the Commission based on Article of the Treaty, the Council decided to grant exceptional aid to the population affected by the earthquake of September in the Kalamata region of Greece.

The loans were granted by the EIB out of its own resources within the authorised limit, equivalent to a capital value of ECU million. The objective was to finance the reconstruction of infrastructure, buildings and homes damaged by the earthquake and to help re-create the economic conditions that prevailed in the region, of which Kalamata is the main town, prior to the earthquake. In the first case, the subsidies were paid direct by the Commission to the EIB, enabling it to reduce its interest rate.

In the second, the Commission paid the subsidy direct to the DLF, which then passed it on to the final beneficiaries. The Commission paid to the EIB on each interest payment date the amount in each currency equivalent to the difference between the interest to be paid in that currency by the borrower and the interest which should have been paid on that date if the normal interest rate being subsidised had been increased by 3 percentage points a year.

The EIB monitored project implementation and administered the loans. Monitoring was undertaken in accordance with its usual procedures. This was clearly the case as regards the MEN tranche since the State was the only final beneficiary of the subsidy. A cost-effectiveness analysis was not carried out. The reason for choosing an interest subsidy is the leverage effect: The EIB is monitoring project implementation. Subsidies of three percentage points for a maximum period of twelve years were disbursed on loans granted by the EIB out of its own resources up to a total capital value equivalent to ECU They total ECU 4 over the life of the loans.

For control purposes, the Autonomous Region of Madeira is required to present twice yearly, before 30 April and 30 October, a report to the EIB on the progress of the projects until their completion. The most recent report confirms that the regional authorities have met all their contractual obligations.

The authorities had to report to the Commission on project implementation before 31 December and 31 December Visibility is guaranteed at project sites by means of signboards indicating clearly that Community aid has been provided. Representatives of the Commission visited Madeira at the end of October and produced an evaluation report COM final of 11 June Objectives of the initiative: Project investment in industry and related services, in tourism, in large and small urban centres and in rural areas. The criteria for granting the subsidies are the same as conditions under the EIB global loan scheme.

Given the large number of applications, there has been a focus on manufacturing, processing and accommodation-related tourism projects, with priority given to smaller companies in Northern Ireland. Eligible project costs comprise new investment in fixed assets and stocks maintenance expenditure and normal vehicle replacement are specifically excluded. Loans were approved by intermediary banks up to 31 March in the form of term loans, leasing agreements or hire-purchase agreements.

The term must not be less than five years and can be up to fifteen years, with repayment of principal in equal instalments commencing not later than two years after the first disbursement. Applications are submitted by intermediary banks to the scheme's appointed agents. Decisions by the EIB are communicated to the intermediary banks, which inform the borrowers.

The review carried out by the EIB in concluded that "the general reaction to the scheme in both Northern Ireland and the border counties has been very positive". Eligible capital investment projects for which applications were made to the scheme far exceeded the amount of subsidies available, necessitating early closure of the scheme. The estimated increase in employment attributable to the approved projects is over 7 new jobs in Northern Ireland and 1 in the border counties. Since then, the EIB has continued to manage the project portfolios and will do so until the loans are repaid.

Priority was given to projects that placed emphasis on the environment including urban development , transport including infrastructure , education or training. The subsidies are linked to loans or tranches of loans from the EIB, which administers the entire mechanism. They are paid at the same time as the associated EIB loan or tranche.

The subsidy applications were evaluated by the EIB. These evaluations were sent to the Commission for its opinion and to the Financial Mechanism Committee appointed by the EFTA member countries and the Commission for a decision. Under Article 8 of the Cooperation Agreement of 30 June concluded between the EFTA member countries and the EIB, financial control of the operations is carried out in accordance with the audit and discharge procedures set out in the Bank's Statute for all its operations.

The European Court of Auditors is preparing an audit of projects part-financed by the Financial Mechanism. Under the operational guidelines of 10 June approved by the Financial Mechanism Committee and the EIB, promoters are asked to give appropriate publicity to projects receiving loans subsidised by the Financial Mechanism in such a way as to make recipients and the general public aware of its assistance with project implementation commemorative plaques in the case of infrastructure works.

In so far as the borrower benefits fully from the financial advantage conferred by the interest-rate subsidies paid by it, the Mechanism acts as an incentive for promoters to carry out projects in the sectors covered. The matter is among those being addressed as part of an audit currently being carried out by the Financial Mechanism Committee.

Every year the EIB produces a general progress report on the implementation of the projects receiving assistance under the Mechanism. The EIB carried out an overall ex ante evaluation of each project proposed prior to the Financial Mechanism Committee's taking a decision. A Commission report on the implementation of operations financed by the Mechanism is sent each year to the Council, Parliament, the Economic and Social Committee and the Committee of the Regions. For the countries of the western Balkans, interest-rate subsidies are granted for EIB loans in respect of projects in two countries: This represents a partial interest-rate subsidy in respect of this first loan, which totals EUR60 million.

A further subsidy of EUR5. This will probably be granted in In addition, if the EIB grants further subsidised loans to the country of EUR40 million bringing the total of such loans to EUR million , the Commission will be required to grant a further interest-rate subsidy. On past experience this will require a subsidy of the order of EUR8 million that will need to be disbursed in The legal bases for subsidies for projects in FYROM are the cooperation agreement and the transport agreement, which mentions infrastructure projects of mutual interest as being eligible for Community funding.

For Bosnia and Herzegovina, the legal basis is the Council decision granting the Community guarantee to the EIB for loans to that country. The interest-rate subsidy is disbursed after the decision by the Board of Directors to grant the loan. It is committed when the loan is signed. It is paid as a lump sum at the time of payment of each instalment of the loan, on the basis of a calculation of its present value.

The visibility of the Community contribution is very poor. It is difficult to ensure consistency between the project cycle, managed by the EIB, and the requirements of managing the Community budget. The instrument's usefulness is relative in that the capacity of the countries concerned to borrow on commercial terms is very limited. This limitation aside, the interest-rate subsidies on EIB loans for transport infrastructure projects in the Balkans, and especially in the republics set up following the break-up of Yugoslavia, have proved very useful to the development of projects of mutual interest to the Community and the beneficiary countries.

The Community's particular interest derives from the international transit role these countries have and its importance for the smooth functioning of the single market and for connecting the Community to the applicant countries of southern and eastern Europe. The transport agreements in force with Slovenia and FYROM form a specific legal basis for Community financial assistance, including in the form of interest-rate subsidies. However, the pattern of cooperation followed in Albania, i.

The granting of an interest-rate subsidy or direct co-financing may, however, be envisaged on a case-by-case basis where the EIB has a comparative advantage as implementing agent. In such a case, it is important, notably in order to ensure satisfactory visibility of Community assistance, that the two institutions cooperate closely in vetting projects, which should also correspond to Community priorities.

For each of the programmes examined, specific attention has been paid to the operational aspects of interest-rate subsidies. A number of general observations now follow. Interest-rate subsidies have always been linked to mechanisms introduced in very specific circumstances, such as the deep recession in the early s to support job creation, structural adjustment and the launch of transport projects. In most cases, the facilities have been administered by the EIB on behalf of the Commission, while the subsidy mechanisms have been laid down in a cooperation agreement between the Commission and the EIB.

For smaller loans, and SME loans in particular, financial intermediaries have carried out the project appraisal on the basis of criteria previously agreed upon with the EIB, which has subsequently given its approval. The agents have ensured that approved subsidy applications are registered and processed on a "first come, first serve" basis.

They have also been responsible for processing and checking the evidence which beneficiaries have been asked to submit in relation to the criteria set out in the Council decisions. They have therefore played an important role in ensuring that potential beneficiaries are treated in a uniform manner and that all administrative procedures linked to verification of applications and payment of the subsidies have been handled in a consistent fashion. In most cases, in order to qualify for a subsidy, the beneficiary has had to declare in a sworn statement that the conditions laid down in the decision job creation, etc.

Where the nature of the programme so permits, projects are selected from approved national programmes so as to reinforce the monitoring and control obligations of financial intermediaries and local authorities. Member States, the EIB or financial intermediaries are responsible first and foremost for the proper functioning of the management and control systems. Adding to the different levels of intervention complicates monitoring and control. The reconstruction aid programmes for earthquake damage where even the regional and local authorities are involved are one example of a complex monitoring and control instrument.

In most programmes, given the number and nature of beneficiaries SMEs, etc. The Council has indicated that further control by other Community institutions would be superfluous. Projects financed by soft loans are subject, in general, to the rules regarding technical progress and thus to associated requirements e. As for the documentary aspects, the Community origin of interest-rate subsidies is clearly spelt out in the financing contracts signed between financial intermediaries and beneficiaries.

However, in a number of programmes e. SME facility , the origin of the subsidies may be lost sight of because of the degree of dispersion among the banking networks concerned and the proliferation of national and regional aid managed by certain financial intermediaries. Visibility can also be tested, to the extent that the borrower benefits fully from the financial advantage conferred by interest-rate subsidies. In the case of subsidies linked to a global loan or forming part of an overall grant, it is more difficult to verify that the financial advantage has been passed on.

Nevertheless, competition between banks should ensure that this advantage is passed on in full to final beneficiaries. In the case of exceptional aid granted in the wake of natural disasters, the prime objective of restoring the means of production and permitting a return to normal living conditions has been achieved within satisfactory periods and on satisfactory terms, bearing in mind the difficulties caused by the earthquakes Italy and Greece and by the cyclone that devastated Madeira. Mention should be made of cases where fewer jobs than expected have been created, where additional costs have been incurred and where there have been delays in carrying out the work e.

It is evident that adding to the different tiers of decision-making gives rise to delays and to monitoring, management and control difficulties. The budgetary impact has, therefore, been confined to the amount of the interest-rate subsidies themselves. The life of EIB loans was also longer and the repayment conditions more favourable grace period. These advantageous terms relative to the conditions generally imposed by commercial banks for similar operations helped in the long term to diversify the resources generally available to the region and to develop capital markets. The work has also led to job creation direct and indirect.

Kalamata and Madeira , also necessary in order to restore normal living conditions. It must be mentioned here that, in the normal course of events, the EIB does not finance housing construction. In these cases, however, the Council decisions made express reference to the reconstruction of housing exclusively for those whose homes had been seriously damaged.

Irrespective of the aid schemes introduced by Member States, greater recourse has been had to these programmes in structural action areas and this has boosted job creation.

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Below are a number of points for consideration:. They have in some cases led to, and in others reinforced, close cooperation between the EIB and the banks or financial intermediaries, imparting a significant multiplier effect to Community assistance. Since the budgetary funds earmarked for the programmes are not renewable understandably so since the measures had a limited objective , it has not been possible to improve cost effectiveness.

Therefore, an insufficient rate of return was obtained as regards efforts to implement an administrative management package as well as the learning curve of intermediaries and clients. Taking all programmes into account, the share financed by the EIB was lower on average. Since the remainder was financed by intermediary banks or other financial institutions, this shows that the Community contribution had an additionality effect.

It is evident that the most immediate and visible effect has been a fall in the price of money, this being the benchmark other things being equal for the different alternatives. A lower price makes the entrepreneur's decision easier:. Since interest-rate subsidies are tied to longer-term projects and are conditional on a prior examination of project eligibility and monitoring, they have made it possible:. Such monitoring obliges the enterprise to improve the programming and follow-up of the more demanding projects, all to the advantage of the project itself.

Most intermediary banks take a positive view of interest-rate subsidies. Below is a summary of the arguments:. The intermediary allocates the interest-rate subsidy direct to its client, passing on the credit and cash-flow risk. This is more effective and more direct than a guarantee, which does not entail credit and requires a more complicated and more unreliable procedure.

It is the temporary and revocable delegation of responsibility that allows competing banking networks to assume part of the cost of allocating interest-rate subsidies under optimum conditions by incorporating it into existing, tried-and-tested systems and into the overall service provided to the enterprise. The value added stems from the dilution and transformation of the cost within an overall financial and commercial relationship.

Like measures taking other forms, interest-rate subsidies caught by Article 87 1 are, in principle, incompatible with the common market. This provision states that, save as otherwise provided for in the Treaty, any aid granted by a Member State or through state resources in any form whatsoever which distorts or threatens to distort competition by favouring certain undertakings or the production of certain goods is, in so far as it affects trade between Member States, incompatible with the common market. However, the principle of incompatibility does not amount to a full-scale prohibition.

Articles 87 2 and 87 3 of the Treaty specify a number of cases in which state aid could be considered acceptable "exemptions". The existence of these exemptions also justifies the vetting of planned state aid measures by the Commission, as provided for in Article 88 of the Treaty. This article stipulates that Member States must notify to the Commission any plan to grant state aid before putting such plan into effect.

It also gives the Commission discretionary power to decide whether the proposed aid measure qualifies for exemption or whether the "State concerned shall abolish or alter such aid". In exercising its discretionary powers, the Commission has developed specific approaches depending on the size of the firm, its location, the industry concerned, the purpose of the aid, etc. As its power is discretionary, the Commission has sought to publicise its approach in order to ensure that its discretion is exercised with proper openness and that authorities and businesses are clear about their legal position.

To do so, it has published the criteria it applies when deciding whether aid measures notified to it qualify for exemption. These publications have taken the form of regulations, communications, notices, frameworks, guidelines and letters to Member States. In many cases they define "eligible costs" i.

It is a principle of, for example, Structural Fund operations that the use of Community resources must also be consistent with Community competition rules. In general, though with some exceptions, the state aid rules do not specify the form of an aid measure. Different forms of aid grant, interest-rate subsidy, guarantee are analysed for their "net grant equivalent" for the application of the state aid rules.

Considerations of state aid policy are therefore not a critical factor in the comparison of interest-rate subsidies with other forms of aid. As a rule, the Commission considers only the borrower to be the beneficiary of state aid in the form of an interest-rate subsidy, provided that mechanisms are in place to ensure that the subsidy is fully passed on in reduced interest payments. This is the case even though as shown in Section 6.

However, they do provide an incentive in that they reduce enterprises' financial charges and thus promote access to credit. At a modest cost to the budget, they have helped to generate a high volume of investments leverage effect. They are tied to, and accompany, long-term financing, thereby fostering investments which create stable jobs. The participation of private banks in programmes involving interest-rate subsidies is one way of publicising Community initiatives. In cases where financial intermediaries operate in a non-market environment, fully transparent terms and conditions e. The advantage of using a direct grant lies in increased transparency and administrative simplicity.

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However, there is less risk of abuse when interest-rate subsidies are tied to bank loans. Nevertheless, the burden of control must not outweigh its benefits. Complicated conditions regarding outturn and quantification should be avoided. In Italy there are currently over 80 laws designed to support business investment capital grants and interest-rate subsidies, often combined , only half of which were activated in Of these, only half a dozen may be considered to be significant because of their widespread application.

At first, the purchase of machinery was encouraged by a financing scheme based on bills of exchange. In December the reduction in the reference rate fixed by the government 6. The medium-term loan granted in this connection, with the support of a guarantee fund, is eligible for a maximum reduction of 4. The rate applicable in the country of exportation is reduced by 4. The management of the credit lines relating to these facilities is usually entrusted to a lead bank Mediocredito Centrale for SMEs, IMI for large firms, etc.

The final recipient bank assumes all the risks of the operation, including the follow-up and recovery of any unpaid debts. Generally speaking, checks are carried out at three levels: Industry, Treasury, Agriculture , on the basis of documents and on-the-spot surveys. Naturally, such checks, which are necessary throughout the period in which the loan is being paid off around ten years , impose a heavy administrative burden, especially on the Industry Ministry, which is responsible for a larger number of smaller-scale SMEs and riskier operations.

The visibility of the instruments, conditions and objectives is strictly ensured, both in the wording of loan contracts and in the promotion of specific instruments, with the implementing arrangements being published regularly in the press. This allows each firm to calculate accurately the financial advantage it can expect; in the event of a dispute, the financial intermediary risks criminal proceedings. The usefulness of the instrument is evaluated at regular intervals on the basis of surveys and questionnaires sent to beneficiaries.

The surveys conducted by Mediocredito Centrale over the period among a sample of SMEs comprising firms which did and firms which did not benefit from the scheme described in point A produced the following results:. Since interest-rate subsidies in France have been used almost exclusively in two sectors: In both cases, they pursue several objectives: In recent years, for strictly limited amounts and for a strictly limited period, the government has occasionally had recourse to interest-rate subsidies in order to restore forests destroyed by the winter storms in Public assistance, which was available on a generous scale at first, has tended to decline over time, with the result that the craft sector was recently excluded.

This trend is attributable to the fall in interest rates, but also to the narrower targeting of farms. The criteria for granting an interest-rate subsidy are laid down in great detail by law, by the Rural Code and by ministerial decrees age of the farmer, size of the enterprise, type of production, quantities produced, etc.

For most loans, the beneficiary must carry out a multiannual investment programme approved by the administration; the applicant must, therefore, be assisted by a management consultant or by the administration in drawing up and implementing the programme. The system of interest-rate subsidies in France developed in three main phases. From to credit controls , the State provided both the capital and the subsidy. In practice, it made available to financing bodies specialised in specific sectors i. With growing demands on the budget, the State decided in the s to redirect its efforts towards the loan categories with the highest rate of subsidy, in particular establishment and modernisation.

However, the arrangements for granting subsidies remained more or less unchanged compared with the previous period. Since the budget allocation for the agricultural subsidy has fallen sharply, in part because of the increase in EAGGF refunds with respect to establishment and modernisation aid, but mostly because of the increase in the cost of bank financing since Since successive improvements aimed at opening up access for farms run as joint-stock companies, for example were made to the system of subsidised loans at the same time as the subsidy rates were lowered.

As for the financial management arrangements, subsidies are, in general, paid out quarterly by the Ministry of Agriculture and Fisheries to a public body CNASEA which each month reimburses the financial intermediaries for expenditure calculated on the basis of loan repayment requirements. Once the files have been vetted by decentralised departments, each bank is responsible for financial accounting on the basis of a central computer system which filters files vetted by the various bank branches throughout the country, according to the contractual conditions laid down.

Monitoring and checks are carried out at three levels: Visibility of the measure and provision of information to potential beneficiaries are ensured by administrative departments, by bank branch officials and by trade associations that advise applicants, help them present their projects and filter or redirect applications to the most appropriate source of financing. During the period of credit controls, when there was therefore a shortage of fresh capital, the scheme had a major impact on investment by small agricultural and craft enterprises and, conversely, imposed a very heavy burden on the state budget, given the very advantageous conditions offered.

During the phase of liberalisation and simultaneous tightening of the allocation criteria, the scheme remained highly effective, especially in the agricultural sector, when it came to increasing the capitalisation of small farms and boosting their productivity. Its success was due in part to the back-up and information provided by the trade organisations to their members, which made it possible to optimise the scheme's impact.

The scheme is judged to have been very effective in the sector in promoting unprecedented modernisation and giving an important boost to the establishment of young farmers. According to some financial intermediaries, the tightening of the allocation criteria, on the one hand, and the fall in interest rates, the cost of the computer changeover to the year and the introduction of the euro, on the other, have seriously complicated the management of interest-rate subsidies and made the authorisation procedures a less attractive proposition for lead banks. In the craft sector, the State is moving towards abolishing the system of subsidies to craftworkers and replacing it with a system of public guarantees.

This trend is dictated by the constraints imposed by the EU on Member States' budgetary discipline. By means of the guarantee, the Treasury therefore aims to reduce the rationing of credit to small craft businesses and thus allow an increase in more risky financing that would not have been possible on market conditions. Given the present cost of money, the reduction in the cost of credit brought about by the subsidy no longer appears to be a priority objective in this sector. Official opinions appear to diverge considerably. Some point to the bureaucracy of the system, in particular as regards checks, the outdated nature of the instrument given the current level of interest rates, and the need to improve computer tools in order to reduce management costs.

Others, however, stress the proven effectiveness of interest-rate subsidies as regards agricultural investment, with subsidies being considered to be an instrument well suited to the capitalisation levels in the sector average investment of FRF 1 million, i. More generally, interest-rate subsidies are considered a highly appropriate instrument for carrying out investments which have low profitability but are necessary to meet statutory standards.

This is the case, for example, when SMEs have to meet pollution standards or when an unforeseeable event, such as a natural disaster, disrupts normal economic activity or when, even in normal circumstances, the return on investment in forestry is satisfactory but very long-term. In Germany the measures taken by the federal administration to encourage economic development in the case of SMEs traditionally take the form of loans managed primarily through the special European Recovery Programme Fund ERP. In the main, this assistance has been in the form of repayable loans, with facilities such as:.

The loans are granted mainly through the enterprise's own bank, with the result that all credit institutions are involved in these operations. As they are responsible for repaying the loans to the Fund, the borrower must provide the usual guarantees required for any bank loan e. A subsidy under this scheme does not consist in granting a lower fixed rate valid for the life of the loan, but in fixing a progressive rate from the first to the sixth year, followed by a stable rate up to the tenth year. In addition, in the case of a twenty-year loan, the grace period is ten years.

For this type of assistance, a traditional bank guarantee is not required, which means that the credit is granted in the form of a personal loan. Here too, however, the profitability of investment projects is monitored by the credit institutions participating in the overall financing. At the same time, the Regulation established a framework regulating the granting of. There are contacts with Prof. Zur Arbeitsgruppe von Prof.

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