1. Loan, Risk capital, Grant, Repayable advances

2. - Increasing the amount of risk capital invested in innovative businesses

3. - Bridging the funding gap by facilitating access to risk capital;

4. Nevertheless, the availability and allocation of risk capital remains sub-optimal.

5. the Communication on State aid and risk capital in all other cases

6. Tax structure often disadvantages equity financing relative to debt financing, constraining risk capital activity.

7. The criteria, which should guide the allocation of risk capital resources, are very general.

8. The criteria which should guide the allocation of risk capital resources are very general.

9. Moreover, risk capital considerations should continue to be fully embedded in all Community and national policies.

10. The Bank shall administer loans from its own resources, including interest-rate subsidies, and risk capital.

11. Nevertheless, the IFI does not have autonomous powers of decision in respect of the allocation of risk capital.

12. However, it can not be excluded that risk capital measures might have the effect of keeping inefficient firms or sectors afloat, which would otherwise disappear.

13. However, in the present case, from whatever angle one views the deduction for risk capital, there is no levy in the Belgian system that would offset that tax advantage such that those two elements are directly linked in the manner described in Krankenheim Ruhesitz am Wannsee-Seniorenheimstatt.

14. The financial analysts who look in detail at flows of investment into individual renewable energy and energy efficiency projects have observed that it is difficult to attract risk capital for investments of less than EUR 10 million. This Fund will be geared particularly to these medium-sized projects up to EUR 10 million.

15. [3] The Action Plan "Financing research" launched by the Commission on 30 April 2003 identifies, in particular, two actions to "ensure that Community legislation on capital adequacy, which will be based on the future Basel II capital agreement, properly takes into account the needs of risk capital providers" and to "examine ways to promote the use of rating systems that include technology risk assessment (technology rating) to enable potential investors to appraise the specific risks and rewards associated to investments in technology-based SMEs" (COM(2003) 226 final, Section 6.4 "Financial markets", Actions 2 and 3, p.