Development and Finance from issue 2008/3

György Radnai - Márton Vadász - Lajos Nagy

Role of Guarantees in Enterprise Promotion

- Abstract -

Approximately fifty guarantee organisations operate in the European Union. Of these, the French SOCAMA established in 1917 has the longest history. These institutions operate in various legal forms. Approximately 40% operate in the form of mutual guarantee societies, i.e. enterprises, whose paying obligations are guaranteed by the societies, contribute themselves to the wealth and capital of the guarantee organisation, they participate in the running of the society. Two-thirds have no branches, and it is only the Italian Fedartfidi and Federconfidi that have extensive national networks with 289 branches owned by Fedartfidi and 81 branches owned by Federconfidi. In most cases, their activities are governed by specific legislation. Currently, the AECM (Association Européenne du Cautionnement Mutuel/European Association of Mutual Guarantee Societies) has 32 members in the European Union and Turkey.

György Radnai, CEO (Garantiqa Creditguarantee Plc.)
Márton Vadász, managing director (Garantiqa Creditguarantee Plc.)
Lajos Nagy, senior executive (Garantiqa Creditguarantee Plc.)

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