UK industry veteran JimReeve, the founder of UK film financier Visionview, has teamed with TomParkhouse to launch a new financing outfit, International Film Finance Ltd(IFF).
Just prior to the AFM., IFFannounced it was teaming up with global public sector financier DEPFA Bank PLCto provide upfront cash financing of US and International tax credits.
The idea is that film taxcredits, certificate programs and rebates can be monetized by IFF via itsbanking arrangements with DEPFA Bank PLC. These will include the new UK filmtax credits and the German credits (both currently expected to be available byJanuary 2007), Luxembourg certificates, other European subsidies and creditsand the increasing number of US State credits and rebates.
Reeve acknowledged that waitfor the UK film tax credits to become law has led IFF to look at opportunitieselsewhere.
DEPFA Bank plc..aDublin-based public limited company, has a global reach, with a network ofsubsidiaries and branch offices across Europe, as well as in the USA, Japan andHong Kong. The DEPFA share is listed on the Frankfurt Stock Exchange, andincluded in the MDAX index. It is one of the 30 largest companies traded on theGerman equity market. The bank is supervised by the Irish Financial Regulator.DEPFA Bank plc. concentrates on financing public sector entities all over theworld, both on sovereign and sub-sovereign levels. As part of its franchise, DEPFABank plc. undertakes financing of publicly subsidized film productions. Inco-operation with IFF, domestic and international film tax credits can beturned into upfront cash.
'The partnership of IFFand DEPFA Bank plc. combines years of experience and expertise in the film andtelevision industry with the resources of a major financial institution. Thisenables IFF to become involved in and support producers and other financiers inthe financing of films at any budget level and across many jurisdictions,"Reeve said in a statement.