The cosme efsI agreement on counter-guarantee will enable SOCAMA to support EUR 1 billion in additional loans and 33,000 French SMEs are expected to benefit over the next two years. This is a follow-up agreement after the successful application of the old COSME guarantee and essentially doubles the portfolio already supported by the COSME programme. The EIF has already successfully partnered with SOCAMA under previous COSME programmes and has benefited more than 129,000 French SMEs. As a result, users now benefit from a comprehensive set of documentation and guarantee of their derivatives transactions, in accordance with current margin of variation requirements. The 2002 ISDA Masteragrement (French law) and the documentation of the property transfer guarantee are supported by legal opinions attesting to the applicability of this documentation. A few weeks earlier, ISDA published a civil master contract, the ISDA Master Agreement ( French law); a common law Master Agreement, isda Master Agreement (Irish law); and their respective legal support opinions. This measure has taken into account the UK`s withdrawal from the European Union and should enable market participants to benefit from the automatic recognition and enforcement of EU court decisions. Pierre Moscovici, European Commissioner for Economic and Financial Affairs, Taxation and Customs, said: “This latest agreement, made possible by the investment plan for Europe, will free up billions of euros in loans for tens of thousands of SMEs in France. Facilitating access to the financing that small businesses need to innovate and grow is an essential part of the Commission`s efforts to boost investment, jobs and growth across Europe. We are more confident than ever in our role to overcome the media, politics and public opinion. And we thank you for your support. We know that our readers appreciate our coverage and the overwhelming support we have received since the beginning of the crisis shows that our readers are ready to engage in the journalism they trust and appreciate. We see record interest in our journalism, as our pages doubled last year.
At the same time, the support of readers in the form of recurring monthly financial contributions provides ongoing support for our work able to be innovative. US internet giant Google announced last week that it had reached an agreement with six French newspapers and magazines on copyright payments and that discussions with other media groups were continuing with the aim of reaching a “framework agreement” by the end of the year. Daniel Goupillat, President of the SOCAMA National Federation, said: “This agreement is good news for SOCAMA. It allows us to continue to offer small businesses, together with our partner Banque Populaire, financing for the creation, development and transfer of businesses. These loans do not require a personal guarantee or a reduced financial guarantee from the trustee or his family. Recognizing the inconvenience for parties to use different laws to regulate the closing of their transactions and the guarantee of such transactions, the parties may align the law applicable to their captain`s contract with the law applicable to their existing hedging documentation to ensure that a transaction is governed by the same right as for the transaction itself and for its warranty. Ambroise Fayolle, Vice-President, said: “Sme support is one of the eib Group`s (EIB and FEI) top priorities and will now benefit more businesses in France.