The European Investment Bank (EIB) appointed Mazars, Ecorys and the European Policies Research Centre (EPRC) to carry out this Study “Financial Instruments: a stock taking exercise in preparation for the 2014-2020 programming period”. This Study has been carried out in close co-operation with, and input from, the Commission, the European Investment Bank (EIB), and the European Investment Fund (EIF)as well as stakeholders at Member State and regional level involved in implementation of FEIs. As a stocktaking exercise, the Study does not seek to provide an evaluation of the effectiveness of FEI interventions, but instead aims to understand more about currentexperience and future intentions in relation to establishing them. Through learning fromexperience to date, the Study aims to create a pool of knowledge that can be used to assist the Commission, Member States, Managing Authorities (MAs), regions, and Financial Intermediaries in establishing and managing FEIs and FIs as efficiently and effectively aspossible in the future.The Study reviewed current available literature regarding FEI establishment and implementation. This was complemented by inputs from an internet survey, national interviews in the 27 Member States and Croatia, and a detailed analysis of a representative sample of 50 revolving fund case studies.