BETA

27 Amendments of Marco ZANNI related to 2016/0276(COD)

Proposal for a regulation
Citation 5 a (new)

Having regard to the opinion of the European Court of Auditors,

2017/03/27
Committee: BUDG ECON

Proposal for a regulation
Recital 1

(1) Since the Investment Plan for Europe was presented in November 20143 , the conditions for an uptake in investment have improved and confidence in Europe’s economy and growth are returning. The Union is now in its fourth year of moderate recovery, with Gross Domestic Product growing at 2% in 2015. The comprehensive efforts initiated with the Investment Plan are already delivering concrete results, despite the fact that macroeconomic effects of larger investment projects cannot be immediate. Investment is expected to pick up gradually throughout 2016 and 2017 although it remains below historical lno granular and detailed data have been made available concerning the attainment of the objectives of the fund such as, for example, the impact on jobs created and on the additional rise in the GDP of each Member State; every document concerning the EFSI proclaims its ability to attract investment on the basis of anticipated outcomes rather than those actually achievelsd. _________________ 3 COM(2014) 903 final.

2017/03/27
Committee: BUDG ECON

Proposal for a regulation
Recital 2

(2) This positive momentum should be maintained and efforts need to be continued to bring investment back to its long-term sustainable trend. The mechanisms of the Investment Plan work and should be reinforced to continue the mobilisation of private investments in sectors important to Europe's future and where market failures or sub-optimal investment situations remain.deleted

2017/03/27
Committee: BUDG ECON

Proposal for a regulation
Recital 3 a (new)

(3a) On 11 November 2016, the European Court of Auditors published an opinion in which it stated that: ‘the European Commission plans to increase and extend the investment fund at the heart of the “Juncker Plan” were drawn up too soon and with little evidence that the increase is justified’. The Court of Auditors also highlighted the fact that ‘no comprehensive impact assessment has been made’ and criticised the ‘deletion of the provision linking the continuation of EFSI to the results of an independent evaluation’. It also emphasised ‘the risk that the multiplier effect is overstated’, and that the objectives and results cited were those expected and not ones confirmed by tangible, accurate, clear or immediate statistics.

2017/03/27
Committee: BUDG ECON

Proposal for a regulation
Recital 4

(4) The EFSI, implemented and co- sponsored by the EIB Group, is ~~firmly on track to deliver the objective of~~allegedly expected to mobilis~~ing~~e at least EUR 315 billion in additional investments in the real economy by mid- 2018. The market absorption has been particularly quick under the SME Window where the EFSI is delivering well beyond expectations. In July 2016 the SME Window was thus scaled-up by EUR 500 million within the existing parameters of the Regulation (EU) 2015/1017. A larger share of financing to be geared towards SMEs given the exceptional market demand for SME financing under the EFSI: 40% of the increased risk bearing capacity of the EFSI should be geared towards increasing access to financing for SMEsHowever, to date no certain, clear and transparent data are available concerning the results objectively attained.

2017/03/27
Committee: BUDG ECON

Proposal for a regulation
Recital 5

(5) On 28 June 2016 the European Council concluded, albeit in the absence of the intended independent assessment which could supply precise and objective data, that "The Investment Plan for Europe, in particular the European Fund for Strategic Investments (EFSI), has already delivered concrete results and is a major step to help mobilise private investment while making smart use of scarce budgetary resources. The Commission intends to soon put forward proposals on the future of the EFSI, which should be examined as a matter of urgency by the European Parliament and the Council.". This conclusion has been contradicted both by the report of 11 November 2016 by the European Court of Auditors and by the independent report by EY likewise published in November. The report states that, since the EFSI has only just been launched, it is too early to predict whether it will achieve its political objectives, add value to the economy, environment and society, help to reduce the unemployment rate and encourage growth.

2017/03/27
Committee: BUDG ECON

Proposal for a regulation
Recital 6

(6) The EFSI was established for an initial period of three years and with the aim of mobilising at least EUR 315 billion in investments. ~~Given its success, the Commission is committed to the doubl~~The programme has fallen short in terms of ensuring of the EFSI, both in terms of duration and financial capacity. The legal extension covers the period of the current Multiannual Financial Framework and should provide a total of at least half a trillion euro investments by 2020. In order to enhance the firepower of the EFSI even further and reach the aim of doubling the investment target, Member States should also contribute as a matter of priorityquality, additionality, economic and social utility and sustainability of the projects financed. Despite this, after barely one year of the EFSI being in operation, and without the independent evaluation to which the EFSI’s potential extension was linked being conducted, the Commission has launched a proposal on the doubling of the EFSI, in terms both of duration and of financial capacity. The European Parliament should therefore reject the intended extension of the Commission’s legislative proposal.

2017/03/27
Committee: BUDG ECON

Proposal for a regulation
Recital 9

(9) Additionality, a key feature ~~of the EFSI, should be strengthened~~which hitherto has been missing from the EFSI, should genuinely be taken into account in the selection of projects. In particular, operations should only be eligible for EFSI support if they address clearly identified market failures or sub-optimal investment situations. Operations in infrastructure under the Infrastructure and Innovation Window linking two or more Member States, including e-infrastructure, should be considered additional given their inherent difficulty and their high added value for the Union.

2017/03/27
Committee: BUDG ECON

Proposal for a regulation
Recital 12

(12) For the full investment period, the Union should provide a Union guarantee (the 'EU guarantee') which should not, at any time, exceed EUR 26 000 000 000 in order to enable the EFSI to support investments, of which a maximum of EUR 16 000 000 000 should be available prior to 6 July 2018.deleted

2017/03/27
Committee: BUDG ECON

Proposal for a regulation
Recital 13

(13) It is expected that when the EU guarantee is combined with the EUR 7 500 000 000 to be provided by the EIB, the EFSI support should generate EUR 100 000 000 000 additional investment by the EIB and EIF. The amount of EUR 100 000 000 000 supported by the EFSI is expected to generate at least EUR 500 000 000 000 of additional investment in the real economy by the end of 2020.deleted

2017/03/27
Committee: BUDG ECON

Proposal for a regulation
Recital 16

(16) In line with the exceptional market demand for SME financing under the EFSI which is expected to continue, the EFSI SME Window should be enhanced. Particular attention should be paid to social enterprises, including through the development and deployment of new instrumentExperience so far with the SME Window points to a sharp increase in indirect financing of SMEs, through highly opaque structures and speculative investment funds geared towards maximising short-term profits rather than towards supporting the real economy and the SMEs themselves.

2017/03/27
Committee: BUDG ECON

Proposal for a regulation
Recital 17 a (new)

(17a) To make the EFSI transparent, the EIB should publish all the information in and results of impact assessments of the operations conducted, and should also explain the added value and additionality of each individual project funded. Similarly, the EIB must publish disaggregated statistics on each project funded, including EFSI lending through financial intermediaries, giving ex-ante and ex-post assessments of each project with a detailed explanation of the selection and assessment indicators and criteria used. Finally, it is necessary to publish objective data relating to jobs directly and indirectly created through the EFSI.

2017/03/27
Committee: BUDG ECON

Proposal for a regulation
Article 1 – paragraph 1 – introductory part

Regulation (EU) No 2015/1017 isceases to be effective as of the deadlines already stipulated, but must be amended as follows:

2017/03/27
Committee: BUDG ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 1

Regulation (EU) No 2015/1017
Article 4 – paragraph 2

(1) Article 4(2) is amended as follows: a) by the following: '(ii) the amount, of no less than EUR 7 500 000 000 in guarantees or cash, and the terms of the financial contribution which is to be provided by the EIB through the EFSI;'; b) the following: ‘i) detailed rules on the provision of the EU guarantee, includingdeleted in point (a), point (ii) is replaced in point (c), point (i) its ~~arrangements on coverage, its defined coverage of portfolios of specific types of instruments and the respective events triggering possible calls on the EU guarantee;';~~replaced by in accordance with Article 11,

2017/03/27
Committee: BUDG ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 2

Regulation (EU) No 2015/1017
Article 5 – paragraph 1 – subparagraph 3

(2) in Article 5(1) the third subparagraph is replaced by the following: 'To better address market failures or sub- optimal investment situations, EIB special activities supported by the EFSI shall typically have features such as subordination, participation in risk- sharing instruments, cross-border characteristics, exposure to specific risks or other identifiable aspects as further described in Annex II. EIB projects carrying a risk lower than the minimum risk under EIB special activities may also be supported by the EFSI if the use of the EU guarantee is required to ensure additionality as defined in the first subparagraph of this paragraph. The projects supported by the EFSI that consist of physical infrastructure linking two or more Member States or of the extension of physical infrastructure or services linked to physical infrastructure from one Member State to one or more Member States, shall also be considered to provide additionality.';deleted

2017/03/27
Committee: BUDG ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 4 – point d

Regulation (EU) No 2015/1017
Article 7 – paragraph 12 – subparagraph 2 – second sentence

Decisions approving the use of the EU guarantee shall be public and accessible, and include the rationale for the decision, with particular focus on compliance with the additionality criterion. ~~The publication shall not contain commercially sensitive information. In reaching its decision, the Investment Committee shall be supported by the documentation provided by the EIB.~~

2017/03/27
Committee: BUDG ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 5 – point c

Regulation (EU) No 2015/1017
Article 9 – paragraph 3

(c) paragraph (3) is replaced by the following: ‘3. The investment period during which the EU guarantee may be granted for supporting financing and investment operations covered by this Regulation shall last until: a) 31 December 2020, for EIB operations for which a contract between the EIB and the beneficiary or financial intermediary has been signed by 31 December 2022; b) 31 December 2020, for EIF operations for which a contract between the EIF and the financial intermediary has been signed by 31 December 2022.';deleted

2017/03/27
Committee: BUDG ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 5 – point d

Regulation (EU) No 2015/1017
Article 9 – paragraph 4

~~(d) paragraph 4 is~~ deleted;

2017/03/27
Committee: BUDG ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 6

Regulation (EU) No 2015/1017
Article 10 – paragraph 2 – point a

(6) in Article 10(2), point (a) is replaced by the following: ‘a) guarantees, capital market instruments, any other form of funding or credit enhancement instrument, including subordinated debt, equity or quasi-equity participations, including in favour of national promotional banks or institutions, investment platforms or funds;deleted EIB loans, guarantees, counter-

2017/03/27
Committee: BUDG ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 7 – point a

Regulation (EU) No 2015/1017
Article 11 – paragraph 1

(a) paragraph 1 is replaced by the following: ‘1. any time, exceed EUR 26 000 000 000, of which a part may be allocated for EIB funding or guarantees to the EIF in accordance with paragraph 3. Aggregate net payments from the general budget of the Union under the EU guarantee shall not exceed EUR 26 000 000 000 and not exceed EUR 16 000 000 000 prior to 6 July 2018.’deleted The EU guarantee shall not, at

2017/03/27
Committee: BUDG ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 7 – point b

Regulation (EU) No 2015/1017
Article 11 – paragraph 3

3. Where the EIB provides funding or guarantees to the EIF in order to conduct EIB financing and investment operations, the EU guarantee shall provide for a full guarantee on such funding or guarantees provided that an amount of at least EUR 4 000 000 000 of funding or guarantees is provided by the EIB without coverage by the EU guarantee, up to an initial limit of EUR 6 500 000 000. ~~Without prejudice to paragraph 1, t~~That limit may where appropriate be adjusted by the Steering Board.

2017/03/27
Committee: BUDG ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 8

Regulation (EU) No 2015/1017
Article 12

(8) Article 12 is amended as follows: (a) paragraph 5 is replaced by the following: ‘5. fund referred to under paragraph 2 shall be used to reach an appropriate level (target amount) to reflect the total EU guarantee obligations. The target amount shall be set at 35 % of the total EU guarantee obligations.;’ ‘7. calls on the EU guarantee, the level of the guarantee fund falls below 50 % of the target amount, or it may fall below that level within a year according to a risk assessment by the Commission, the Commission shall submit a report on exceptional measures that may be required.;’ ‘8. endowments to the guarantee fund provided for in points (b) and (d) of paragraph 2 above the target amount shall be used within the limits of the investment period provided for in Article 9 to restore the EU guarantee up to its full amount. 9. fund provided for in point (c) of paragraph (2) shall be used to restoredeleted Endowments to the guarantee From 1 July 2018, if as a result of After a call on the EU guarantee, Endowments to the EU guarantee up to its full amount. 10. is fully restored up to an amount of EUR 26 000 000 000, any amount in the guarantee fund in excess of the target amount shall be paid to the general budget of the Union as internal assigned revenue in accordance with Article 21(4) of Regulation (EU, Euratom) No 966/2012 for any budget lines which may have been used as a source of redeployment to theIn the event that the EU guarantee ~~fund.;’~~

2017/03/27
Committee: BUDG ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 9 a (new)

Regulation (EU) No 2015/1017
Article 16 – paragraph 2

(9a) Article 16(2) is amended as follows: 2. The EIB, in cooperation with the EIF where appropriate, shall submit a~~n annual~~ six- monthly report to the European Parliament and to the Council on EIB financing and investment operations covered by this Regulation. The report shall be made public and shall include: a) an assessment of EIB financing and investment operations at operation, sector, country and regional levels, and their compliance with this Regulation, in particular with the criterion of providing additionality, together with an assessment of the allocation of EIB financing and investment operations between the general objectives set out in Article 9(2); b) an assessment of the added value, the mobilisation of private sector resources, the estimated and actual outputs and the outcomes and impact of EIB financing and investment operations ~~on an aggregated basis, including the~~, including the direct and indirect impact on employment creation; c) an assessment of the extent to which operations covered by this Regulation contribute to the achievement of the general objectives set out in Article 9(2) including an assessment of the level of EFSI investments in the areas of research, development and innovation and transport (including TEN-T and urban mobility), telecommunications, energy infrastructure and energy efficiency; d) an assessment of the compliance with the requirements concerning the use of the EU guarantee and with the key performance indicators referred to in Article 4(2)(f)(iv); e) an assessment of the leverage effect achieved by EFSI-supported projects; f) a description of the projects where the support of the European Structural and Investment Funds is combined with the support of the EFSI, and the total amount of the contributions from each source; g) the financial amount transferred to ~~beneficiaries and an assessment of EIB financing and investment operations on an aggregated basis~~financial intermediaries and final beneficiaries, analytical statistical data for each funded project, including EFSI loan transactions through financial intermediaries and an assessment of EIB financing and investment operations on an aggregated basis; ga) independent ex-ante and ex-post assessments for each project, with a detailed explanation of the indicators and criteria used for selection and evaluation; h) an assessment of the added value of individual EIB financing and investment operations, and of the aggregate risk associated with those operations; i) detailed information on calls on the EU guarantee, losses, returns, amounts recovered and any other payments received; j) the financial reports on EIB financing and investment operations covered by this Regulation audited by an independent external auditor.

2017/03/27
Committee: BUDG ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 10

Regulation (EU) No 2015/1017
Article 18 – paragraph 6 to 8

(10) Article 18 is amended as follows: a) paragraph 6 is replaced by the following: ‘6. By 30 June 2018 and 30 June 2020, the Commission shall submit to the European Parliament and the Council a report containing an independent evaluation of the application of this Regulation.'; b)deleted paragraphs 7 and 8 are deleted.;

2017/03/27
Committee: BUDG ECON

(13) in Article 23(2), the first and second sentences of the first subparagraph are replaced by the following ‘The power to adopt delegated acts referred to in Article 7(13) and (14) shall be conferred on the Commission for a period of five years from 4 July 2015. The Commission shall draw up a report in respect of the delegation of power not later than nine months before the end of the five-year period.deleted

2017/03/27
Committee: BUDG ECON

Proposal for a regulation
Article 1 – paragraph 1 – point 14

Regulation (EU) No 2015/1017
Annex II

~~(14) Annex II is amended as set out in the Annex to this Regulation.~~deleted

2017/03/27
Committee: BUDG ECON

Proposal for a regulation
Article 2 – paragraph 1

Regulation (EU) No 1316/2013
Article 5 – paragraph 1

Regulation (EU) No 1316/2013 is amended as follows: 1) replaced by the following: ‘1. The financial envelope for the implementation of the CEF for the period 2014 to 2020 is set at EUR 29 992 259 000 in current prices. That amount shall be distributed as follows: a) 000, of which EUR 11 305 500 000 shall be transferred from the Cohesion Fund to be spent in line with this Regulation exclusively in Member States eligible for funding from the Cohesion Fund; b) 091 602 000; c) These amounts are without prejudice to the application of the flexibility mechanism provided for under Council Regulation (EU, Euratom) No 1311/2013(*). ________________ (*) Council Regulation (EU, Euratom) No 1311/2013 of 2 December 2013 laying down the multiannual financial framework for the years 2014-20 (OJ L 347, 20.12.2013, p. 884).’deleted in Article 5, paragraph 1 is transport sector: EUR 23 895 582 telecommunications sector: EUR1 energy sector: EUR 5 005 075 000.

2017/03/27
Committee: BUDG ECON