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2nd Annual Report of TMEDE

2nd Annual Report of TMEDE

K. Makedos: " We build the future based on reliability and openness"

Author: TMEDE/Monday, February 25, 2019/Categories: Announcements

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More than 65% of the Engineers make use of TMEDE 's electronic services

Enhancement of TMEDE’s guarantee services

Full member of AECM

Positive decision of ECB on the adequacy of TMEDE

Increase of the Fund's assets

K. Makedos: "Building the future with credibility and extroversion"

"Building the future with credibility and extroversion", the Chairman of TMEDE, Mr. Konstantinos Makedos said, during the presentation of the Second Annual Report of the Fund, held at its Conference Hall, in the presence of the Deputy Minister of Labour, Social Security and Social Solidarity, Mr Tasos Petropoulos, the representative of New Democracy, the Shadow Deputy Minister of Labour, Social Security and Social Solidarity ND, Mr. Notis Mitarakis, the Secretary General of the European Association of Guarantee Institutions (AECM), Mrs Katrin Sturm, and representatives of the Engineering and Banking Industries. In a greeting video recording, the President of AECM, Mr. Bernhard Sagmeister, congratulated TMEDE for the high quality of digital services it provides, announcing that “2019 will be the digitization year for AECM”. 

 

President of TMEDE, Mr. Konstantinos Makedos

More specifically, according to Mr. Makedos, "TMEDE during the previous year, continued enhancing its guarantee services, recording a 4.4% capital increase compared to 2017, and issuing digitally its letters of guarantee, at a rate exceeding 65%”.

The performance guarantees increased by 15.9% compared to 2017. According to the President of the Fund, TMEDE, in compliance with its statutory provisions and applying the International Financial Reporting Standards, has obtained a profit, based on the audit report by certified public accountants, issued with no reservation. 

In 2018, after its successful evaluation, the Fund became a full member of the European Association of Guarantee Institutions (AECM). According to Mr. Makedos, "the prospects for the borrowers are great."

As regards the Fund’s assets, the President of TMEDE highlighted, that last year two new ministerial decisions were issued, transferring substantial assets to the Fund, while in 2019, the State will proceed with full transfer of the Fund’s assets, in accordance with its approved economic viability study. 

"We have assumed the responsibility not only to protect these assets as "the apple of our eye", but also to capitalise them, in order to constitute the basis of prosperity and progress for our Industry and the country," Mr. Makedos said.

 

As he pointed out, "the extension of Fund’s participation in ATTICA BANK, as one of its core shareholders, places TMEDE in a new status of high regulatory requirements and commitments, in order to respond to its supervisory and distinctive role as shareholder towards its investment. The fulfilment of these commitments, as clearly arises from the recent positive decision of the European Central Bank, after a recommendation of the Bank of Greece and SSM, significantly upgrades the rules of corporate governance of the Fund. Our goal is to effectively defend a strategically long-term investment of our industry and rigorously support and promote - within the framework of our institutional role as a shareholder - the reorganization of the Bank, to generate profits and fulfil its development role, supporting small and medium-sized enterprises, “the backbone of the Greek economy ".

In addition, in 2018 TMEDE’s activities “for management of co-funded projects” were certified, while a pilot application was introduced for the development of personalised digital services and information to its members, covering all their needs, such as issuance, return of letters of guarantee and payment of debts, through all modern digital media. The same is true for applications relating to the management and services of the internal users of the Fund, helping them to better organize day-to-day operations, reduce bureaucracy, increase transparency, and save time and costs.

The President of TMEDE added that the supportive activities of the Fund will further expand and "we will proceed with the operation of specific insurance benefits in the fields of Health and Safety and in technical professions and companies tailor-made to the risks linked to Engineer".

In closing Mr. Makedos, stressed: "our Sector must and can enter into a new phase of maturity". He spoke of the need to consolidate a new normality and establish a national development plan, aiming at creating works of a new status, “by promoting projects that maximize the total development benefit, utilise and protect natural resources and create highly qualified jobs". As he characteristically mentioned: "the phenomenon of the thoughtless exceptions should stop once and for all", while he added: "combating climate change and respecting the international commitments undertaken by the country, frame our new field of action", noting that: "the future we build is based on credibility and extroversion".

 

Deputy Minister of Labour, Social Security and Social Solidarity

Mr. Anastasios Petropoulos

The Deputy Minister of Labour, Social Security and Social Solidarity, Mr. Tasos Petropoulos referred to the key role of TMEDE in the sustainability and support of small and medium-sized entrepreneurship in the sectors of studies and construction. He noted that, in 2016, the industry recovered by 16.75% for the first time after 9 years. He pointed out that the Law 4387/16 has significantly reduced the insurance burden for Engineers since 01-01-2017, noting that this year there will be further reductions, as the social security contribution rate will be reduced to 13.33%. In addition, the Deputy Minister said: "the Government proceeded in the separation of the engineer status from the obligation of insurance and the write-off the duplicate debts for related activity. I invite all political forces to support EFKA, the provisions of which allow the significant relief of the burden on the engineering industry, as through the recalculation of contributions and the new debt settlement that will be put to the vote in the Parliament, a reduction in debts up to 70% and increases up to 85% will be applied. Our will is to support the Fund. TMEDE, as a purely guarantee institution becomes solid, getting its finances in order, and there is no reason not to support this effort, which will yield multiple benefits".

 

Shadow Deputy Minister of Labour, Social Security and Social Solidarity ND,

Mr. Notis Mitarakis

Representing the President of New Democracy, the Shadow Deputy Minister of Labour, Social Security and Social Solidarity ND, and former Minister, Mr. Notis Mitarakis, congratulated TMEDE, and he talked about the "impressive track record of a service-oriented institution, with online services for its members, which the Greek State should be jealous of". As for the assets of the Fund, Mr. Mitarakis stressed that the state must fulfil its obligations towards it. He said that "we need a new philosophy in public works, respecting public money, public interest, the environment, but also enhancing public financing and using new financial tools with a multiplier effect", adding that "a key point is the support of the industry through enhanced liquidity and a solution to the NPL’s problem, and rewarding those who consistently pay off their debts with interest rate reductions".

Chairman of the Technical Chamber of Greece, Mr. George Stasinos

The President of the Technical Chamber of Greece, Mr. George Stasinos, during his greeting, stressed the great importance of TMEDE in supporting the engineering industry, the operation of which, as he said, was achieved thanks to the support of both the government and the opposition and the assistance of the Technical Chamber of Greece (TEE) administration. He stressed that "If TMEDE did not exist, the industry would have been completely destroyed, as small and medium-sized engineers and contractors could not have guarantee support and would have been forced out of the market".

Mr. Stasinos underlined the need for the assets of former TSMEDE/ETAAA to be fully transferred to TMEDE, noting that this is necessary, and has been reaffirmed by its sound management, in order for TMEDE to be able to enhance its services towards its members, the Engineers.

The President of TEE pointed out that the biggest problem is the accumulated insurance debt of the engineering industry. He stressed that more than 56,000 self-employed engineers suffer because of these debts, adding that a comprehensive and generous rescheduling is required, "as the partial solution that have been applied until now have failed." He asked both the government and the opposition to take initiatives in this direction.

Mr Stasinos also asked to solve the problem of double insurance for engineers in OAEE and TSMEDE with the adoption of the relevant ministerial decision, and also put a cap on the health insurance contributions, as the current arrangement leads to excessive ones.

The President of TEE, Mr. George Stasinos, having noted that TMEDE is also a shareholder of Attica Bank, owning 32% of its shares, noted: "Having voted against the participation of the former TSMEDE in the Bank's share capital increases, since we estimated that it was not a good investment for the Fund, as unfortunately proven, and that we should not have wasted 800m euros because of such an investment, since there was no a proper management, I will declare my intentions for everyone to know", stressing characteristically that "there will be zero tolerance for political or business favours". He also explained that "the fact that I've never called to be served politicians and businessmen as it might have been occurred in the past, this does not mean that I am indifferent". 

President of the European Association of Guarantee Institutions (AECM), Mr Bernhard Sagmeister

In his video message, the President of the European Association of Guarantee Institutions (AECM), Mr. Bernhard Sagmeister, congratulated TMEDE for the results of the 2nd Annual Report, and in particular for increasing the capital granted through guarantees to small and medium-sized enterprises. He expressed his joy at the fact that the Fund is a vital member of AECM, regarding especially digitization issues. "I already know that your services are very highly digitized," he said, adding that "this year is also the digitization year for the Association". He also said: "I am very proud that we have such an experienced member among us, very active in providing guarantees in a digital way."    

Secretary General of AECM, Katrin Sturm

The General Secretary of AECM, Katrin Sturm, who attended the event, congratulated TMEDE for having an extremely successful year, adding that 2018 was a special year, as of October 15th TMEDE is a full member of the European Association of Guarantee Institutions (AECM). "We are proud to have you as a member," she noted.

The event was also attended by the Shadow Minister of Foreign Affairs of ND Mr. George Koumoutsakos, on behalf of the Ministry of Environment and Energy Mr Damianos Andreou, the Delegation’s President of the Technical Chamber of Greece and Professor Antonia Moropoulou, the President of the Authority for the Examination of Preliminary Appeals Mr. Fotis Katsiyannis, the Deputy General Director of HSPPA Mr. Evangelos Karamanlis, the President of the Board of Directors of Attica Bank Mr. Panagiotis Roumeliotis, the CEO of the Bank Mr. Theodoros Pantalakis, the President of ETEAEP Mr. Nikolaos Mprikis, the President of ESTAMEDE, Mr. Kostas Doukas, members of the administration and the delegation of TEE, Chairmen of associations of Engineers, Contractors and Design Organizations, as well as executives and employees of TMEDE.

 

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