The business vision for a
Capital Markets Union in Europe
CONNECTING CAPITAL
"The Capital
Markets Union must
focus on helping
medium-sized firms
to access the finance
they need to achieve
their growth
ambitions and
create jobs"
Growth in Europe will come from unlocking the
potential of our medium-sized businesses. The
Capital Markets Union should enable businesses
to connect to capital markets, helping them
achieve their growth ambitions and create jobs.
Medium-sized businesses need to be the focal point of the
Capital Markets Union. Growth in Europe will come from
unlocking the potential of these firms. In the UK they represent
less than 2% of firms but account for nearly a quarter of all
economic revenue.
But businesses face barriers to further success – 35% of UK
medium-sized firms cited access to long-term capital as their
main barrier to growth. And the picture is similar across Europe.
The difference will be made if we can find more ways to connect
capital to European business ambition. We need the Capital
Markets Union to:
1.
Back business-led initiatives that increase firms’
financing options;
2.
Attract investors by showing that European business is
a great choice for investment;
3.
Connect medium-sized businesses to the capital that
can fuel their growth ambitions.
Broadly, the Commission’s approach in the Green Paper is the
right one – supporting solutions that markets and businesses
are creating themselves and only using regulation where it will
really make a difference. British business sees this as a
welcome new approach – a sign that the EU is changing for the
better by putting business at the heart of its drive for jobs and
growth. Following this through in practice will now be important.
European medium-sized businesses want the EU to focus on
delivering quick wins, connecting capital to business ambition to
fuel growth today, rather than getting side-tracked by longerterm, more intractable challenges.
The CBI’s action plan for connecting capital to business
ambition is aimed at helping the Commission deliver these progrowth wins for business.
THE BIG PICTURE
Medium-sized businesses must be the focal point of the Capital Markets Union
Medium-sized businesses can drive growth and job creation in Europe
Europe's priority is growth and jobs. The key to achieving this will be unlocking the potential of medium-sized
companies – as an engine of growth across Europe. Their potential has been demonstrated. The German ‘mighty
Mittelstand’ accounts for 37% of total corporate turnover and employs more than 15 million people1.
We need to replicate this across Europe, where these firms are often under-valued, rarely recognised for their
contribution to the economy, and their needs not catered for. With the right tools and support, these firms can play a
leading role in supporting growth and job creation.
In the UK, for example, businesses turning over between £10m and £100m represent less than 2% of firms but
account for 23% private sector revenue and 16% of total employment 2. In 2011, a CBI report found that ‘scaling-up’
medium-sized firms could inject as much as £20bn into the UK economy by 20203. And ambition is there too – in a
2014 survey, three quarters of UK medium-sized firms had confidence in growth over the next five years 4.
But firms face barriers accessing the long-term finance they need
In order to scale up, firms need access to a diverse range of funding sources to match their varied growth ambitions.
But at the moment, Europe remains far too dependent on bank lending compared to the US – medium-sized
companies in the US have roughly five times as much funding from capital markets as those in the EU5. This
dependency has become a barrier to growth across Europe as banks deleverage their balance sheets.
Although the supply of alternative sources to finance has increased since the crisis, a gap remains, particularly for
much needed long-term growth capital. In the UK, 35% of small and medium-sized firms cited access to long-term
capital as their number one barrier to growth6. This gap will only get bigger as recovery in Europe picks up, and
companies look to increase investment – in the UK, the Office for Budget Responsibility predicts business
investment to grow at over 8.5% between 2014 and 2017.
Our research shows that barriers to capital market financing can exist for a number of reasons, as illustrated in
Exhibit 1. Broadly, these fall into three categories:
1.
Too few long-term financing options exist for medium-sized businesses;
2.
An investment environment that does not encourage the supply of long-term capital to businesses;
3.
A disconnect between businesses and the capital they need due to poor awareness of the options available.
Exhibit 1: Common barriers faced by European businesses seeking financing for growth
Bank lending does not
match current needs or is
declined. The business is
not given guidance on
alternative options.
Businesses lack the
capability to explore
financing options –
information is hard to
find and inconsistent.
The business does not
consider seeking
financing options across
the EU, outside its own
Member State.
Financing options do not
meet their needs for
diversification and longterm finance.
The firm wishes to use
equity financing but is
unable to find an investor
willing to take a minority
stake.
Investors cannot access
reliable and up-to-date
information on the
business, so are unable to
accurately assess the
risks.
Limited inward global
investment to Europe
means the overall pool of
finance available for
businesses is reduced.
The regulatory
environment makes longterm investment an
unattractive prospect for
investors.
Alignment to our three action areas:
1.
Back business-led initiatives that increase firms’ financing options;
2.
Attract more investors by showing that European business is a great choice for investment;
3.
Connect medium-sized businesses to the capital that can fuel their growth ambitions.
2
We need to unlock capital markets for medium-sized businesses
We want a Europe where, as in Exhibit 2, the journey for a business seeking the long-term finance they need is
much more straightforward and barriers are minimal. The Capital Markets Union can make a difference here, but the
solution to this structural challenge is complex and won’t be solved by any one action alone. To achieve this vision
we need the Capital Markets Union to:
1.
Back business-led initiatives that increase firms’ financing options;
2.
Attract more investors by showing that European business is a great choice for investment;
3.
Connect medium-sized businesses to the capital that can fuel their growth ambitions.
Exhibit 2: A potential growing business experience within successfully connected European capital markets
1. A European mediumsized business seeks
capital to support its
ambitious growth plans
2. The business knows
where to go for clear,
straightforward
information on financing
options across the EU
3. There are a range of
long-term financing
options available that
meet their needs
4. The competitiveness of
the market attracts inward
investment to the EU,
increasing funding options
for the businesses
5. The marketplace allows
the business and potential
investors to easily connect
6. Potential investors have
all information they need
to appropriately assess the
risk
7. As the regulatory
environment supports
long-term investment,
investors are keen to
provide the financing
8. Having received the
financing they need, the
business grows, creating
job opportunities across
the EU
Alignment to our three action areas:
1.
Back business-led initiatives that increase firms’ financing options;
2.
Attract more investors by showing that European business is a great choice for investment;
3.
Connect medium-sized businesses to the capital that can fuel their growth ambitions.
The EU’s role needs to be one of facilitation to achieve this vision
Businesses want the EU to be evaluated not on the number of pieces of legislation that are passed but on the
outcomes delivered and the growth and jobs created as a result. The Capital Markets Union Green Paper marks a
welcome change in approach – with the Commission supporting market-driven solutions when they are likely to be
effective, and regulatory changes only when necessary.
The EU needs to deliver quick wins and not get bogged-down by longer-term debates around insolvency, tax and
corporate law – areas where Member States are better suited to act – at the expense of concrete progress in areas
of immediate benefit to businesses. And early progress is essential to break down barriers for our medium-sized
businesses and supply them with much-needed investment to fuel growth today.
The CBI’s action plan to connect capital to business ambition sets out where the Commission has a role to play and
where it should support market-led initiatives which can deliver the best solution to boost growth and jobs.
3
THE ACTION PLAN
1. Back business-led initiatives that increase firms’ financing options
The Commission should:
Member States / businesses should be left to:

Publically support and promote the ICMA guide to
encourage the uptake of private placements across
Europe and use of the best practice framework.

Consider exempting private placements from
Withholding Tax, thereby removing an administrative
barrier and incentivising investors.

Ensure Solvency II risk calibrations incentivise
insurers to invest in private placements.

Consider reviews into the use of equity finance and the
role the tax system might play in boosting it.

Promote the UK’s Business Growth Fund as an
example of an industry initiative that provides firms
with equity growth capital.

Help raise awareness and understanding of equity
financing amongst the wider business community,
sharing other businesses’ experiences.
2. Attract more investors by showing that European business is a great
choice for investment
The Commission should:
Member States / businesses should be left to:

Help signpost Member State and industry-led
initiatives for potential investors across Europe.
Provide, as non-legislative guidance, best practice for
the quality and sharing of credit information.

Prioritise the development of solutions to increase the
availability of credit information on medium-sized
businesses to investors.


Conduct a full assessment of all EU legislation to
ensure objectives of the Capital Markets Union are
supported, in particular the FTT regulation, Banking
Structural Reform and MiFID.
Explore business-led initiatives to provide a voluntary
credit scoring system for medium-sized firms that are
considering external finance.

Ensure national rules enable investment into new longterm investment products such as European Long
Term Investment Funds (ELTIFs) and European
Venture Capital Funds (EuVECAs)

Make increasing attractiveness of EU markets and
attracting inward investment a key objective of the
Capital Markets Union. Ensure equivalence regimes
are appropriately designed to avoid creating barriers
to global markets.
3. Connect medium-sized businesses to the capital that can fuel their
growth ambitions
The Commission should:
Member States / businesses should be left to:

Encourage industry initiatives that raise awareness of
alternative sources of finance and facilitate the
sharing of information for businesses.

Increase business awareness of capital market
financing options through initiatives such as industry
guides and knowledge sharing events.

Consider, as part of the Prospectus Directive review,
simplified disclosure requirements for secondary
issuance, while ensuring investors have access to all
relevant information.

Create Member State level ‘one stop shops’ as a
central source of information on government support
schemes for medium-sized businesses looking for
finance.
4
1. Back business-led initiatives that
increase firms’ financing options
European medium-sized firms need long-term growth
capital to support their growth ambitions. But
businesses do not always have access to the longterm financing they need – and this gap is expected
to widen as the recovery picks-up and business
investment increases. The solution is to make sure
European firms have access to a wider range of
capital market financing options, from debt to equity.
Market-led initiatives are underway to address this –
the EU and Member States must get behind these in
order to unlock long-term growth capital.
European private placement markets lag behind
the US but could offer a real solution for mediumsized businesses
Well-established private placement markets can
directly connect firms and investors. With maturities
of between 5 and 12 years, these markets can
provide the financing to underpin businesses’ longterm growth objectives and help them diversify their
sources of debt finance.
But EU markets lag behind the US in this form of
funding. While the US market raises around $45bn
annually7 the EU market remains both smaller and
fragmented. Around €9bn a year is raised via the
German Schuldschein market8, £4bn via the UK
market9 and €3bn via the French Euro-Private
Placement market10 – but the combined total is still
far smaller than in the US and many Member States
are yet to develop a market at all. There is potential to
grow though, with the 2012 Breedon Review
estimating that in the UK alone an extra £15bn of
long-term growth capital could be unlocked.
Developing private placement markets in Europe
could provide a means to channel available long-term
capital directly into larger medium-sized businesses.
To date, the market across Europe has been held
back by a lack of standardised documentation; poor
knowledge and awareness of this financing source;
and a regulatory environment that hasn’t done
enough to incentivise investors.
standards set out in the market guide and to promote
the long-term benefits that private placements can
have in public speeches, media interventions and
online EU material. Raising awareness of the guide
amongst both investors, companies and advisors will
help boost demand.
Secondly, how Solvency II is calibrated and
implemented will also affect the market as insurers
are an important potential investor into private
placements. The Commission should make sure that
EU insurers face similar incentives to invest in private
placements as their US counterparts and other EU
investors. This can be achieved by ensuring a level
playing field for investors and considering revision to
final calibrations for insurers of the spread risk capital
weightings, accounting for the fact that assets are
held to maturity.
To further incentivise private placement investment,
Member States could consider exempting private
placements from Withholding Tax, as recently
announced in the UK, removing an administrative
barrier for investors.
Businesses with experience of equity financing
have positive messages to tell, yet equity remains
underutilised in Europe
Business leaders with experience of using equity are
clear about the positive impact it has had on their
business – opening up new avenues for other finance
and increasing their access to outside advice and
skills. In the UK, 81% of small and medium-sized
businesses (SMEs) with direct experience of it would
recommend equity to another business12.
However, the perception remains one of caution. Only
3% of SMEs across the EU used equity finance
between April and September 201413. Concerns
about losing ownership or decision-making abilities
are significant barriers to the take-up of equity
financing, despite the fact that there are many equity
finance providers who are willing to take a minority
stake.
But now things are starting to progress. A market-led
working group, coordinated by the International
Capital Market Association (ICMA) published a guide
in February 2015, which outlines a voluntary
framework for common market standards and best
practice11.
Businesses have told us they want long-term equity
financing options that allow them to accelerate
growth, manage the risks, keep control and work in
partnership with an investor to build shareholder
value. While our research suggests a significant
barrier to equity financing is culture, which is hard to
tackle, another barrier is availability of equity
providers that can take a minority stake to fit firms’
wishes to keep control of the business.
In line with the Commission’s desire for nonlegislative solutions where possible, the EU’s role
should be, firstly and most importantly, to support the
We have seen some market-led progress in this area.
A successful example of an industry-driven solution is
the Business Growth Fund (BGF) in the UK, set up in
5
July 2010. The BGF typically takes a minority stake in
businesses (10%-40%) and a seat on the board. With
financial backing of the UK’s five main banks, the
BGF14:

Provides capital of £2-10m for a minority equity
stake to established medium-sized firms;

Has invested nearly £500m in over 80 companies;

Is already the largest single growth capital
investor in SMEs in the UK15.
The long-term partnership approach offered by BGF
is what businesses are looking for. A role for the
Commission could be to help facilitate best practice
sharing between Member States, using the BGF
model as a working example of an initiative that
successfully channels equity growth capital into
medium-sized firms.
An area where Member States can play a role is by
analysing the impact of the tax treatment of equity
versus debt as a barrier to businesses taking up
equity finance. In the UK, CBI has been calling for a
cross-departmental review to look at boosting the use
of equity finance – to see whether or not there is a
role that the tax system can further play to achieve
this. Taxation remains an area where Member States
are best placed to make changes, so it is therefore
important any reviews are left to the discretion of
Member States. The EU can play a role in
highlighting tax incentives across Member States to
facilitate information sharing.
Corporate bonds are a source of financing
that can be tailored to suit business’ needs
The ability to tailor financing options to suit their
needs is important for firms. While
standardisation of the corporate bond market
could be of benefit to investors by increasing
secondary liquidity, it would not necessarily be
in the best interests of businesses. Any action
taken should first address whether barriers to
issuance exist, and be market-led, with issuers
and investors working together to ensure the
needs of both parties are satisfied.
Ensure Solvency II risk calibrations incentivise
insurers to invest in private placements.
Promote the UK’s Business Growth Fund as an
example of an industry initiative that provides
firms with equity growth capital.
Member states / businesses should be left to:
Consider exempting private placements from
Withholding Tax, thereby removing an
administrative barrier and incentivising investors.
Consider reviews into the use of equity finance
and the role the tax system might play in
boosting it.
Help raise awareness and understanding of
equity financing amongst the wider business
community, sharing other businesses’
experiences.
2. Attract more investors by showing
that European business is a great
choice for investment
Capital is available across Europe and beyond, and
investors are signalling an appetite for investing into
companies. We must make sure these are European
companies. We need to boost investor confidence
and encourage long-term investment to channel
growth capital into European medium-sized
businesses. Identifying barriers that exist for investors
and breaking these down should be a key element of
the Capital Markets Union.
Without reliable information on businesses,
investors cannot assess potential risks of an
investment
The Commission should:
A major barrier for investors looking to invest in
medium-sized businesses is the availability of reliable
credit information. Feedback to a 2014 Bank of
England discussion paper found incomplete access to
the information needed to assess a prospective
borrower to be the main constraint in the UK SME
market16. Information asymmetry in the lending
market further limits the ability of those outside the
banking sector to analyse the risk of direct investment
into companies.
Publically support and promote the ICMA guide
to encourage the uptake of private placements
across Europe and use of the best practice
framework.
Measures to improve access to credit data across
Member States will help facilitate better decisions by
providers and boost investment into firms. It could
also support wider EU initiatives aimed at improving
Recommendations
6
the supply of finance to businesses, such as the
development of the EU’s securitisation market.
The good news is that there are already initiatives
underway across Europe, with 16 of the 28 Member
States having, or in the process of developing, a
Central Credit Register17. Some are choosing publicly
supported systems, such as in France where the
Central Bank captures all available financial
information on individual businesses and providing a
score for a fee through its FIBEN service.
Others are encouraging market-based initiatives. To
address information asymmetry, the UK’s Small
Business, Enterprise and Employment Act 2015
imposes a duty on designated banks to provide
information about SME customers to designated
private ‘credit data platforms’ who must fulfil a set of
criteria, including to ensure data privacy. Subject to
customer consent, the platforms then pass it on to
finance providers. Independent benchmarks for midmarket companies' creditworthiness are also in the
process of being developed by credit rating agencies,
to increase transparency and comparability of
businesses for potential investors.
agree on a set of key principles. Similar to the ICMA
guide to private placements, this would give firms
looking for finance a baseline they know investors
have confidence in.
The regulatory environment must encourage
long-term investment and support the
Commission’s growth objective
Following the financial crisis more than 40 regulations
were passed by the last Commission to ensure the
stability of our financial sector. With the Capital
Markets Union a key objective for this Commission, it
is important we now look at whether previous reforms
help or hinder capital market financing.
A review should carefully analyse rules that have
already been implemented as well as considering
rules that are currently under discussion. The focus
should be on assessing the impact on capital market
financing for medium-sized firms, of both individual
pieces of regulations as well as their cumulative
impact.
Specific areas that should be addressed are:

The Financial Transaction Tax (FTT) has the
potential to harm growth, jobs and investment
across Europe and more specifically risk harming
liquidity in secondary markets.

EU Banking Structural Reform must not damage
the ability of medium-sized businesses to access
more sophisticated financing options that can
support their growth.

MiFID discussions should take heed of concerns
regarding possible impacts on market making and
secondary market activity which are critical to
European businesses.
This market-led approach is the right one, allowing
the market to adapt on existing infrastructure and
avoiding disruption to market participants.
The Commission should not stifle market-led
approaches, and an EU-wide solution would not be
flexible enough to cater for the nature of various
Member State markets. Rather, we welcome the
Commission’s plans to hold workshops to develop
recommendations on SME credit information, bringing
together key stakeholders, and finding a solution that
suits all parties.
The Commission’s role can also be to help signpost
new initiatives for investors across Europe, for
instance by using existing EU infrastructure including
SME networks and contact points can help get this
information out to investors. The Commission could
consider providing a non-legislative guide of best
practice standards for credit information, that Member
States and businesses can use to ensure high quality
information and that the appropriate infrastructure is
in place to allow data to be shared.
A potential market solution that businesses could
explore would be the establishment of a voluntary
credit scoring system for medium-sized firms that are
considering external finance, bringing together
investors, advisors and medium-sized businesses to
Europe must remain competitive and attractive to
inward investment
Data from the International Monetary Fund (IMF)
shows there is considerable potential for attracting
further equity and debt investment into Europe18,
which would increase the pool of finance available for
businesses. This must be a priority.
The Capital Markets Union needs to take into account
the wider global context and in breaking down internal
barriers, it should not build up external barriers to
international investment.
So we welcome the Commission’s recognition of the
importance of the EU’s competitiveness as a place for
7
financial services. If inappropriately designed, third
country ‘equivalence regimes’ can hinder global
markets and prevent inward investment. To work
effectively, equivalence tests should focus on desired
outcomes and be proportionate to the risks posed.
of the Capital Markets Union. Ensure
equivalence regimes are appropriately designed
to avoid creating barriers to global markets.
The EU must also be outward-looking, opening up
new trade opportunities for business and continuing
to pursue bilateral trade deals such as the
Transatlantic Trade and Investment Partnership
(TTIP).
Prioritise the development of solutions to
increase the availability of credit information on
medium-sized businesses to investors.
Products that encourage long-term, crossborder investment should be promoted
End investors should be able to easily access
new fund products designed to increase longterm, cross-border investment into companies
and projects that need it, such as European LongTerm Investment Funds (ELTIFs). It is important
that banks, insurers and pension funds are
incentivised to invest in ELTIFs and business
would support Member States looking into
whether the incentive structures are right,
including on taxation.
Another source of growth capital is venture
capital. European Venture Capital Funds
(EuVECAs) provide a framework to deliver this
patient capital directly to businesses but have so
far seen limited uptake. There should be an
assessment of whether there is an overlap of
disclosure requirements between the EuVECA
regulation and the Prospectus Directive. If so,
disclosure requirements should be eased, as a
reduction of administrative costs could help boost
uptake by investors, in turn providing more funds
for businesses.
Recommendations
The Commission should:
Help signpost Member State and industry-led
initiatives for potential investors across Europe.
Provide, as non-legislative guidance, best
practice for the quality and sharing of credit
information.
Conduct a full assessment of all EU legislation to
ensure objectives of the Capital Markets Union
are supported, in particular the FTT regulation,
Banking Structural Reform and MiFID.
Make increasing attractiveness of EU markets
and attracting inward investment a key objective
Member states / businesses should be left to:
Explore business-led initiatives to provide a
voluntary credit scoring system for mediumsized firms that are considering external finance.
Ensure national rules enable investment into
new long-term investment products such as
ELTIFs and EuVECAs.
3. Connect medium-sized
businesses to the capital that can
fuel their growth ambitions
The biggest barrier to increasing capital market
financing is businesses awareness and capability to
access the right sources of long-term finance to
support their growth ambitions. The EU’s role in
supporting firms is one of enabling, helping make
sure information exists and is readily available to
businesses, and optimising information requirements
for firms wanting to raise capital market finance.
To make use of capital market financing,
businesses need to be aware of the options that
exist
Culture and awareness rank highly as barriers to
finance. Businesses often don’t want to opt for
alternative finance or aren’t aware of the options
available. Only 16% of EU SMEs would currently
consider equity financing relevant for their business,
and only 4% for debt financing. And the number
actually using these sources is even lower – only 3%
used equity and 1% used debt between April and
September 201419.
In the UK, only around a third of SMEs are aware of
alternative funding sources such as business angels,
peer-to-peer lending and crowdfunding, and
awareness of who provides these types of funding is
even lower; for some funding sources only just over
two out of ten know where to go20.
One solution is enabling businesses to get advice
from existing financing channels. In the UK,
8
legislative change made in early 2015 will introduce a
‘referral process’ whereby banks will refer customers
who are declined to other financing options, helping
to provide the information they need. This solution is
a good example of a Member State tackling
challenges in a way that fits their national
circumstances. We do not believe we need EU
legislation in this area, but it can act as an enabler by
sharing best practice.
Other business-led solutions are knowledge sharing
workshops or events to help connect medium-sized
businesses with potential investors. These have been
mentioned as useful ways to increase business
awareness and understanding. The CBI has led a
series of successful roundtables bringing together
medium-sized businesses to discuss, amongst other
issues, access to alternative sources of finance. We
would be happy to involve the Commission in one of
these to help their work as they build the Capital
Markets Union.
Culture change must come bottom up from
businesses themselves, but the Commission can help
encourage and facilitate the sharing of information for
businesses across Member States, making use of
existing EU communication channels, to increase
awareness of the capital market financing options
available to them.
We should optimise information requirements for
medium-sized firms trying to access capital
markets
High quality information is essential for those looking
to invest in a business and a prospectus is a key
source of this information.
It is important however that the administrative and
time costs incurred by companies do not act as a
barrier to issuing bonds or shares. Requirements for
the prospectus should strike a careful balance
between providing investors with the information they
need and avoiding unnecessary burdens on the
issuer.
In the UK, issuers have commented that the time to
approve prospectuses can be extensive, making the
listing process unpredictable and more costly. When
businesses need to raise additional finance and face
the choice between a secondary issue (with
associated prospectus costs) or a loan facility through
an existing banking relationship, they could be likely
to opt for the latter – reducing the diversity of finance.
The Commission should therefore look into
differentiating requirements for initial offerings and
secondary issues. Once a company has publicly
issued bonds or shares, rigorous disclosure and
governance requirements apply such as the Market
Abuse Directive, Transparency Directive and
Shareholders’ Rights Directive. If more securities of
the same type are issued, investors can already
access a lot of information through these disclosures,
as well as the original prospectus and the value of the
existing securities. A simplified prospectus approach
would be a significant step to reducing the barriers to
issuance and increasing use of capital markets.
A simplified disclosure approach would need to make
sure that significant information about the issuer has
been made available to the public, and to avoid any
potential abuse of the rules. A threshold may be
needed, for example, defining maximum relative size
of the secondary compared to the initial issue and to
the current share capital of the issuer, as well as a
limit on the maximum time between issuances.
Suggestions for a common EU SME accounting
standard are also put forward in the Green Paper,
with an aim of increasing cross-border comparability
of companies. We believe this risks being an overly
burdensome and costly process for firms and we are
not convinced the main barriers to investment lies in
standardisation of accounting and therefore do not
believe this should be a priority.
Recommendations
The Commission should:
Encourage industry initiatives that raise
awareness of alternative sources of finance and
facilitate the sharing of information for businesses.
Consider, as part of the Prospectus Directive
review, simplified disclosure requirements for
secondary issuance, while ensuring investors
have access to all relevant information.
Member states / businesses should be left to:
Increase business awareness of capital market
financing options through initiatives such as
industry guides and knowledge sharing events.
Create Member State level ‘one stop shops’ as a
central source of information on government
support schemes for medium-sized businesses
looking for finance.
9
References
1
Federal Ministry for Economic Affairs and Energy, The German Mittelstand: driving the economy, October 2014
2
ONS, CBI analysis, 2013
3
CBI, Future Champions, 2011
4
CBI Mid-Markets Survey, Millward Brown, 2014
5
European Commission, Capital Markets Union Green Paper, 2015
6
CBI, Slice of the Pie, 2014
7
HIMCO, Private Placement Debt: diversification, yield potential in a complementary IG asset, 2013
8
Euractiv, www.euractiv.com/sections/innovation-enterprise/schuldschein-investment-alternative-europe-308755
9
Standard & Poor’s, Mid-Market Funding in Europe is Making Strides, But Has Far To Go, April 2014
10
Euro PP, www.euro-privateplacement.com/news2_en.htm
11
ICMA, The Pan-European Corporate Private Placement Market Guide, Feb 2015
12
CBI, Slice of the Pie, 2014
13
European Commission, Survey on the Access to Finance of Enterprises, Nov 2014
14
Business Growth Fund, www.businessgrowthfund.co.uk
15
Barclays and BGF, Entrepreneurs Index, Nov 2013
16
Bank of England, Summary of feedback received on the BoE May 2014 Discussion Paper on UK credit data, Nov 2014
17
Bank of England, Discussion Paper: Should the availability of UK credit data be improved?, May 2014
18
European Commission, Capital Markets Union Green Paper, 2015
19
European Commission, Survey on the Access to Finance of Enterprises, Nov 2014
20
British Business Bank, Small Business Finance, 2014
For further information or a copy in large text
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Rachel Bentley, Special projects manager, CBI
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E: rachel.bentley@cbi.org.uk
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