In recent months ESMA, and the national competent authorities (NCAs), have been working to improve the timeliness and completeness of the data underpinning the monthly DVC and quarterly bond liquidity assessment publications. While these efforts have produced some positive results, the current situation remains unsatisfactory with significant data completeness issues.  

ESMA considers the provision of timely, complete and accurate data as essential for the proper implementation of MiFIR and compliance with its requirements. To ensure data completeness ESMA will start publishing completeness indicators for all venues covered by DVC and bond data reporting.

Steven Maijoor, Chair, said:

 “ESMA is committed to ensuring data completeness to facilitate the consistent application of the DVC and bond market liquidity rules across the EU. Moreover, we need to ensure a level playing field between trading venues. These goals can only be accomplished if the relevant data from trading venues is consistently complete and correct. The two indicators that ESMA will start publishing from October and November should make trading venues increase their efforts to provide timely and complete data. The DVC and bond liquidity assessments are key building blocks of the MIFID II objective to increase transparency.”

New indicators

In order to increase the incentives for trading venues to deliver data for the performance of the DVC and bond liquidity calculations on a timely basis, ESMA will publish two completeness indicators:

• The Completeness Ratio: is an indicator that provides information on the completeness of a particular venue taken in isolation, irrespective of the performance of other venues. The completeness ratio is calculated as the number of records received from a venue divided by the total number of records expected from that venue over the relevant period. One record corresponds to a bi-weekly report in the case of completeness for the DVC and to a one-day report in the case of completeness for bond liquidity.
• The Completeness Shortfall: is a measure that gives an indication of a venue’s performance in terms of completeness compared to other trading venues. It reflects the percentage of missing data for which a particular venue is responsible.

ESMA will publish one file containing trading venue identification information – MIC Code, full name, country of the NCA – and quantitative information – Completeness Ratio, Completeness Shortfall, number of ISINs, number of reporting periods and number of incomplete ISINs.

Next steps and publication of indicators

ESMA will publish completeness indicators as follows:

• DVC: on 8 October 2018 with the next DVC update and then on a monthly basis. The period used to calculate the completeness indicators will include all the months related to (i) the calendar years relevant for any of the monthly files that can be modified on the DVC publication date and (ii) the calendar year relevant for the DVC publication of the month e.g. on 8 October 2018 the period will include all the months from 1 April 2017 to 31 August 2018.

A venue which has submitted all its DVC records will have a Completeness Ratio of 100% and a Completeness Shortfall of 0%. The completeness shortfalls across all venues adds up to 100%. 

• Bond liquidity: from the next bond liquidity quarterly assessment publication by 1 November 2018 and then on a quarterly basis. The period used to calculate the completeness indicators will be the calendar quarter used for the quarterly liquidity assessment published on the publication day of such calculations (e.g. for the November 2018 publication the calendar quarter used will be 1 July 2018 – 30 September 2018).

A venue which has submitted all its bonds records will have a Completeness Ratio of 100% and a Completeness Shortfall of 0% (The completeness shortfalls across all venues adds up to 100%).  

• EUR 30m loan is expected to improve access to finance for around 600 SMEs
• This is the fourth EIB Group operation with TBC – the largest bank in Georgia
• Signature of EU grant of EUR 3.25m to support water projects in Georgia

The European Investment Bank (EIB) has agreed to lend EUR 30m to TBC Bank, the largest bank in Georgia, in order to broaden the access to finance of Georgian small and medium-sized enterprises (SMEs), which represent more than 90% of companies active in the country. The EIB funds will be provided in the framework of the European Union’s EU4Business initiative, designed to support SMEs in the six Eastern Partnership countries (Armenia, Azerbaijan, Belarus, Georgia, Moldova and Ukraine).  Around 600 Georgian SMEs are expected to benefit from the loan.

The EU bank has signed with the Georgian Ministry of Regional Development and the Georgian water utility company, the United Water Supply Company of Georgia, an Eastern Partnership Technical Assistance Trust Fund (EPTATF) Grant Agreement for an amount of EUR 3.25m. These funds will be used for the financing of specialised professional services to support the utility in the implementation of the EIB Kutaisi Waste Water project.

Under a finance contract dated 15 October 2015, the EU bank made available to the Georgian Ministry of Regional Development a loan of up to EUR 100m, which will improve the wastewater collection and treatment in Kutaisi. The project is part of Georgia’s Water Sector Rehabilitation Program which consists in a series of investments that aim at improving water supply in Kutaisi, Ureki, Poti and Zugdidi and wastewater collection and treatment in Kutaisi, Ureki and Poti (Kutaisi Waste Water project).

EIB Vice-President Vazil Hudák commented: “thanks to the EIB support, Georgian SMEs will improve their access to longer term finance, which is a prerequisite for their growth and competitiveness. Our fourth loan with TBC Bank is expected to support the development of approximately 600 small and medium size companies, by giving them better access to finance. We hope this will promote job creation and foster the general development of Georgia’s economy”. On the grant signature VP Hudak acknowledged the importance of the blending schemes by saying: “to implement the water sector projects in Georgia in more efficient way, we are combining our lending with EU grants. With today’s signature, it is the region of Kutaisi which will benefit from a modern water network and increased quality of water systems, backed by European financing”.

Georgia’s Minister of Regional Development and Infrastructure, Maya Tskitishvili, commented: “The EIB is one of our largest financing partners for infrastructure projects. To date, it has provided around EUR 1.3 billion to support various public infrastructure projects, including roads, municipal amenities and water and wastewater facilities. Today we have signed a grant agreement with the EIB for the financing of the Kutaisi Wastewater Project. Kutaisi is the country’s second largest city and this project will enable us to provide better living conditions for the local population. We are currently completing the final phase of preparatory works for the project and the actual construction will commence in 2019. This is the third project in the water sector that is being implemented with the support of our European partners and we hope that our fruitful cooperation will serve as a basis for financing other priority infrastructure projects in Georgia. The support provided by the EU and its Member States through different instruments available within the framework of the Eastern Partnership Trust Fund and Neighbourhood Investment Facility is hugely valued and makes an important contribution to the development of our country.”

“We are proud to have built such a successful relationship with the EIB, TBC Bank’s long standing partner. This is already the fourth transaction we have successfully accomplished since the launch of our partnership in 2012, which is a testament to the truly efficient working relationship our respective organisations have formed. This facility will help TBC Bank to further strengthen its leading position in the Georgian small and medium-sized enterprises (SME) segment,” stated Vakhtang Butskhrikidze, CEO of TBC Bank.

This is the fourth EIB Group operation with TBC Bank and builds upon the fruitful cooperation of the EU bank with this Georgian institution. Since 2011, TBC Bank has on-lent EIB funds for SMEs totalling EUR 85m.

The EIB loan can be combined with portfolio guarantees supporting SMEs which were extended to TBC Bank last year through two instruments also promoted under the EU4Business Initiative: the InnovFin portfolio guarantee, supporting innovative SMEs, and the DCFTA Initiative East portfolio guarantee, unlocking additional financing for small businesses. The overall objective is to allow TBC Bank to extend financing on favourable terms to a broader group of small and medium-sized companies that would otherwise have limited access to the bank’s lending.

In these operations, the EIB has joined forces with the European Union to strengthen economic development in the countries that have signed Association Agreements with the EU – namely Georgia, Moldova and Ukraine – by providing financial and technical support targeted at SMEs in these three countries. The EU supports private sector development in the Eastern Partnership countries by enhancing access to finance for SMEs, improving the business environment and providing advisory services to local businesses.

Ms President, Excellencies, Distinguished Guests,

I am honoured to speak on behalf of the European Union and its Member States.

Tuberculosis remains the world’s deadliest infectious disease. It is also preventable and curable. We must strengthen the response and ensure universal access to prevention, diagnostics, treatment and care, including for the most vulnerable.

We welcome the political declaration of this High-Level Meeting as a concise and action oriented document that calls for an accelerated response and renewed commitment. We would like to thank the co-facilitators of Antigua and Barbuda and Japan, for their able leadership in the negotiations

In the European Union, we have countries with very low tuberculosis incidence, close to tuberculosis elimination, and countries with high tuberculosis incidence. Many countries also face additional challenges, including multi-drug resistance and particular vulnerabilities of people infected with HIV and hepatitis. Despite recent progress, especially in the EU, sustained efforts are needed if Europe as a region is to meet the 2030 targets and eradicate tuberculosis.

Tuberculosis continues to affect disproportionally the most vulnerable – the poor, the homeless, and the socially marginalised, including people infected with HIV. As such, health and social policies must work hand in hand and we must reach those most at risk.

Strengthening public health systems is paramount. Strong health systems and affordable access to health services, including prevention, diagnostics and treatment, should be the cornerstones of the response. We welcome the development of national and regional tuberculosis strategies addressing the challenges and capacities of each country, and acceleration of plans to achieve universal health coverage.

We recognise that multi-drug resistant tuberculosis is a global health threat. Resistance to antimicrobial therapies greatly increases the risk of deaths or serious complications and is associated with much higher treatment costs. We must urgently tackle antimicrobial resistance through a one health approach in human and animal health, ensuring the prudent use of antibiotics.

Investment in research is critical. This involves developing effective and affordable medicines, including those addressing drug-resistant forms of tuberculosis and child-friendly formulations. We also need new rapid diagnostic tools. Crucially, we must invest more in new prevention tools like vaccines and in applied research to scale up existing and new tools for maximum impact. The European Union contribution to research is important. We will continue to invest in this area and will ensure that new tools for tuberculosis are rapidly made accessible to all.

The European Union is at the forefront of the fight against tuberculosis in partner countries. The European Union and its Member States are the largest contributors to the Global Fund to fight AIDS, Tuberculosis and Malaria. The support of the Global Fund to Tuberculosis has led to impressive results. During 2017, in countries where the Global Fund invests, 5 million people with tuberculosis were treated and 102 000 people with drug-resistant tuberculosis were on treatment. Tuberculosis is the disease that has seen the greatest impact in relation to investments made and we strongly believe that this should be taken into account in the future. Consequently; thus, we commit to supporting a successful replenishment of the Global Fund in 2019.

Tuberculosis can affect everyone – but every country’s capacity to respond might vary.

We must approach this epidemic from all angles – funding, research, prevention, treatment and education. We also need to increase collective action and solidarity with the vulnerable amongst us and those living in low income countries that cannot afford basic services. A multi-sectoral accountability framework, with an appropriate degree of independence, is critical to the success of this declaration.

The European Union will continue to support action to address tuberculosis at home, in the European neighbourhood, and globally, using the financial, technical, and political instruments available to it.

Thank you.