The IVF will focus its activity in 2014 in the management of its client portfolio and in recovery work

The Valencian Institute of Finance (IVF), a body dependent on the Ministry of Finance and Public Administration, will focus its credit activity in 2014 on the management of the current portfolio of clients of this organization, which includes operations carried out to date with the private sector, and the management of recoveries, according to the Generalitat.

The Valencian Institute of Finance (IVF), a body dependent on the Ministry of Finance and Public Administration, will focus its credit activity in 2014 on the management of the current portfolio of clients of this organization, which includes operations carried out to date with the private sector, and the management of recoveries, according to the Generalitat.

On January 1, 2014, the demarcation of credit activity became effective, so from that date on, new financing operations carried out with the private sector will be the responsibility of the Valencian Institute of Business Competitiveness (IVACE), dependent of the Ministry of Economy, Industry, Tourism, and Employment.

As explained by the general director of the Valencian Institute of Finance, Enrique Montes, will remain the responsibility of the IVF the financing, the provision of guarantees and the management of the indebtedness of the Valencian public sector, as well as relations with banking entities and supervision of financial institutions that are under the administrative tutelage of the Generalitat.

The demarcation of the credit activity that until now was developed from the IVF – Montes said – “is another step in the process of rationalization and use of our technical and human resources.” The new IVACE, for its ability to concentrate various disciplines related to industry and competitiveness, “can have a global vision of the specific financing needs demanded by the Valencian productive fabric, and thus allocate the financial support of the Consell to those projects more developers, more innovative and advanced, and with greater added value, “he said.

The IVF, for its part, will maintain the portfolio of already subscribed operations, which present a great diversity, by integrating both loans to SMEs and strategic operations that transcend the private sphere, for which they require specialized management and monitoring by the IVF. In this new stage, the Institute will maintain its efforts to facilitate adequate financing of the operations that make up its portfolio, so that those SMEs that are already borrowers of this agency can face the loans https://www.paydaynow.net/get-cash-advance-payday-loans/ subscribed.

On the other hand, the Valencian Institute of Finance will continue to develop the work of attracting financing and managing indebtedness. In this sense, the director of this agency has indicated that “the last two years have been especially difficult for the financing of the autonomous communities, markets have been closed to our emissions and we had to resort to extraordinary financing mechanisms.”

Therefore, the State has provided different funding mechanisms such as the Supplier Payment Plan and the Autonomic Liquidity Fund (FLA), “whose management for the Valencian Community has been developed through the Valencian Institute of Finance”, he recalled.

Payment plan to suppliers

The payment plan for suppliers in 2012 allowed the Generalitat to pay 593,482 invoices for a value of 4,354.9 million, a figure to which a further extension of the aforementioned plan was added by another 69.8 million.

In 2013, the payment plan was carried out in several phases. In the first of these phases, already paid, the Generalitat has received 930.6 million, destined to the payment of invoices from suppliers of basic public services, such as health or education and local entities. It is expected that next February the State will make effective the second phase of this Plan, which will address outstanding debts with those suppliers not covered in the previous tranche.

On the other hand, through the Liquidity Fund for the Autonomous Communities (FLA), the Consell has covered deficits and maturities for the years 2012 and 2013, for a total amount close to 6,950 million euros.

For the year 2014, the Valencian Institute of Finance will maintain its permanent attention on the markets and its permanent contact with possible investors, trying to make some issue of Valencian public debt as soon as the markets are receptive.

On the other hand, as a novelty in 2014, the Institute has assumed the functions that the Electronic Technology and Certification Agency (ATCE) has been developing so far, as provided in the Law on fiscal measures, administrative and financial management, and of the Generalitat for 2014, known as the Accompaniment Law.

Thus, since January 1, it is the Institute’s responsibility to provide the services of certification of advanced electronic signature and services related to the identification and electronic signature, maintaining for this the brands ‘Agency of Technology and Electronic Certification’ and ‘ACVV’.

On the other hand, during 2014, the Institute will carry out an update, simplification and consolidation of the autonomic regulations on prudential supervision of financial institutions, as well as the adaptation to the basic state regulations on savings banks, contained in the recent Law 26/2013, of December 27, of savings banks and banking foundations.