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Using Financial Instruments in the Slovak Republic in the 2014-2020 Programming Period

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Using Financial Instruments in the Slovak Republic in the 2014-2020 Programming Period Using Financial Instruments in the Slovak Republic in the 2014-2020 Programming Period A study in support of the Ex-ante Assessment Volume I December 2014 Final Report Disclaimer Any disclosure of this report to a third party is subject to this disclaimer. This report has been drafted by PwC at the inst ruction and under the supervision of the European Investment Bank (EIB) for use by the EIB and by the Ministry of Finance of the Sl ovak Republic. The contents and layout of this report are subject to copyright owned by the Ministry of Finance of the Slovak Republic save to the extent that copyr ight has been legally licensed to the EIB or is used by the EIB and by PwC under licence. An y views expressed herein reflect the current views of the author(s), and may not in any circumstance be regarded as stating an official position of the EIB or the Ministry of Finance of the Slovak Republic. Opinions expressed herein may differ from views set out in other documents, including other research published by EIB or the Ministry of Finance of the Slovak Republic. The content of the report is based on market conditions prevailing , and on data and information obtained by the author(s) from various external sources and assumed to be accurate, correct and reliable, at the date of publication / submission, therefore changes affectin g such matters after the time of submission may impact upon the content. Nothing in this report constitutes investment, legal, or tax advice to the Mi nistry of Finance of the Slovak Republic (or to any other person), nor shall be relied upon as such advice. Specific professional advice should always be sought separately before taking any action based on this report. The EIB cannot be held responsible for any loss or damage howsoever arising from the use of this report or of the information contained herein by any person other than EIB. 2 Contents Executive Summary .................................................................................................................................. 14 1 Introduction ...................................................................................................................................... 20 1.1 Objectives and rationale of the study ........................................................................................................ 20 1.2 Structure of the study ................................................................................................................................. 21 1.3 General methodology ................................................................................................................................. 22 1.4 Economic and demographic environment of Slovakia ............................................................................... 23 2 General considerations and guidance on the use of FIs covering Thematic Objectives in the Slovak Republic ................................................................................................................................................... 26 2.1 General overview of the past Programming Period (2007-2013) and how it evolved for the new Programming Period (2014-2020) in the Slovak Republic .................................................................................... 26 2.2 Investment priorities in the Programming Period 2014-2020 .................................................................... 27 3 Analysis of market failures, sub-optimal investment situations and investment needs ................. 35 3.1 Supply side analysis .................................................................................................................................... 35 3.1.1 Slovak commercial banks ........................................................................................................................................... 36 3.1.2 International financial institutions and specialised funds .......................................................................................... 40 3.1.3 Summary of the supply-side analysis ......................................................................................................................... 54 3.2 Demand side analysis ................................................................................................................................. 54 3.2.1 Energy production ...................................................................................................................................................... 55 3.2.1.1 Key players of the energy market .................................................................................................................. 57 3.2.1.2 Demand characteristics ................................................................................................................................. 58 3.2.1.3 Key challenges and needs of the sector ......................................................................................................... 63 3.2.1.4 Summary of key findings ............................................................................................................................... 64 3.2.2 Infrastructure ............................................................................................................................................................. 65 3.2.2.1 Key players in the infrastructure sector ......................................................................................................... 66 3.2.2.2 Demand characteristics ................................................................................................................................. 67 3.2.2.3 Key challenges and needs of the sector ......................................................................................................... 74 3.2.2.4 Summary of key findings ............................................................................................................................... 76 3.2.4 Waste management ................................................................................................................................................... 77 3.2.4.1 Key players of the waste management sector ............................................................................................... 77 3.2.4.2 Demand characteristics ................................................................................................................................. 79 3.2.4.3 Key challenges and needs of the sector ......................................................................................................... 81 3.2.4.4 Summary of key findings ............................................................................................................................... 82 3.2.5 Municipal and urban development ............................................................................................................................ 82 3 3.2.5.1 Demand characteristics – EE in buildings ...................................................................................................... 91 3.2.5.2 Key challenges and needs of the sector - EE in buildings ............................................................................. 100 3.2.5.3 Summary of key findings – EE in buildings ................................................................................................... 101 3.3 Gap assessment ........................................................................................................................................ 105 4 Review of the lessons learnt from the past and from similar existing funds ................................. 112 4.1 EIB supported financial instruments ........................................................................................................ 112 4.2 Other instruments .................................................................................................................................... 115 4.3 Summary of lessons learnt ....................................................................................................................... 119 5 Proposed investment strategy and potential value added of Financial Instruments .................... 122 5.1 Proposed sub-fund strategy ..................................................................................................................... 123 5.1.1 Transportation infrastructure and energy production ............................................................................................. 125 5.1.2 Energy efficiency in buildings ................................................................................................................................... 129 5.1.3 Waste and water management ................................................................................................................................ 133 5.1.4 Municipal and urban development .......................................................................................................................... 136 5.2 Identification of State aid implications ..................................................................................................... 139 5.3 Technical assistance ................................................................................................................................. 145 5.3.1 Managing Authority/Fund of Funds level Technical Assistance ............................................................................... 145 5.3.2 Financial intermediary level Technical Assistance
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