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In this paper we consider a moral hazard problem between a creditworthy …rm which needs funding and a bank. We …rst study under which conditions the …rm does not obtain the loan. We then determine whether and how the intervention of an external …nancial institution can facilitate the access to credit. In particular, we focus on the European Investment Bank Group (EIBG), which provides (i) speci…c credit lines to help banks that …nance small and medium-sized enterprises (SMEs) and (ii) guarantees for portfolios of SMEs'loans. We show that only during crises the EIBG intervention allows to totally overcome the credit crunch.

Credit Availability in the Crisis: Which Role for the European Investment Bank Group?