37 Amendments of Fabio Massimo CASTALDO related to 2015/0009(COD)
Amendment 34 #
Proposal for a regulation
Citation 4
Citation 4
– having regard to the opinions of the European Economic and Social Committee and, the Committee of the Regions and the European Court of Auditors,
Amendment 40 #
Proposal for a regulation
Recital 4
Recital 4
(4) Throughout the economic and financial crisis, the Union has made efforts to promote growth, in particular through initiatives set out in the Europe 2020 strategy that put in place an approach for smart, sustainable and inclusive growth. The European Investment Bank ('EIB') has also strengthened its role in instigating and promoting investment within the Union, partly by way of an increase in capital in January 2013. Further action is required to ensure that the investment needs of the Union are addressed and that the liquidity available on the market is used efficiently and channelled towards the funding of socially and environmentally viable investment projects. .
Amendment 41 #
Proposal for a regulation
Recital 6
Recital 6
(6) On 26 November 2014, the Commission presented a communication entitled "An Investment Plan for Europe"1 that envisaged the creation of a European Fund for Strategic Investments ('EFSI'), a transparent pipeline of investment projects at European level, the creation of an advisory hub (European Investment Advisory Hub – 'EIAH') and an ambitious agenda to remove obstacles to investment and complete the Single Market. __________________ 1 Communication to the European Parliament, the Council, the European Central Bank, the European Economic and Social Committee, the Committee of the Regions and European Investment Bank entitled "An Investment Plan for Europe". COM(2014) 903 final
Amendment 48 #
Proposal for a regulation
Recital 11
Recital 11
(11) The EFSI should support strategic investments with high economic, social and environmental value added contributing to achieving Union policy objectives.
Amendment 52 #
Proposal for a regulation
Recital 14
Recital 14
(14) The EFSI should target projects delivering high societal, economic and environmental and economic value. In particular, the EFSI should target projects that promote job creation, sustainable long- term growth and competitiveness. The EFSI should support a wide range of financial products, including equity, debt or guarantees, to best accommodate the needs of the individual project. This wide range of products should allow the EFSI to adapt to market needs whilst encouraging private investment in the projects. The EFSI should not be a substitute for private market finance but should instead catalyse private finance by addressing market failures so as to ensure the most effective and strategic use of public money. The requirement for consistency with State aid principles should contribute to such effective and strategic use.
Amendment 56 #
Proposal for a regulation
Recital 15
Recital 15
(15) The EFSI should target sustainable projects with a higher risk-return profile than existing EIB and Union instruments to ensure additionality over existing operations. The EFSI should finance projects across the Union, including in the countries most affected by the financial crisis. The EFSI should only be used where financing is not available from other sources on reasonable terms.
Amendment 61 #
Proposal for a regulation
Recital 16
Recital 16
(16) The EFSI should target investments that are expected to be economically, socially, environmentally and technically viable, which may entail a degree of appropriate risk, whilst still meeting the particular requirements for EFSI financing.
Amendment 64 #
Proposal for a regulation
Recital 17
Recital 17
(17) Decisions on the use of the EFSI support for infrastructure and large mid- cap projects should be made in a transparent way by an Investment Committee. The Investment Committee should be composed of independent experts, selected according to the accountability principle, who are knowledgeable and experienced in the areas of investment projects which should be approved following a hearing and a vote in the European Parliament. The Investment Committee should be accountable to a Steering Board of the EFSI, who should supervise the fulfilment of the EFSI's objectives. To effectively benefit from the experience of the EIF, the EFSI should support funding to the EIF to allow the EIF to undertake individual projects in the areas of small and medium enterprises and small mid-cap companies.
Amendment 67 #
Proposal for a regulation
Recital 19
Recital 19
(19) In order to allow for further increase in its resources, participation in the EFSI should be open to third parties, including Member States, national and regional promotional banks or public agencies owned or controlled by Member States and regional authorities, private sector entities and entities outside the Union subject to the consent of existing contributors. Third parties may contribute directly to the EFSI and take part in the EFSI governance structure.
Amendment 68 #
Proposal for a regulation
Recital 21
Recital 21
Amendment 71 #
Proposal for a regulation
Recital 24
Recital 24
(24) EIB financing and investment operations supported by the EFSI should be managed in accordance with the EIB’s own rules and procedures, including appropriate control measures and measures taken to avoid tax evasion, as well as with the relevant rules and procedures concerning the European Anti-Fraud Office (OLAF) and the Court of Auditors, including the Tripartite agreement between the European Commission, the European Court of Auditors and the European Investment Bank. Therefore, it is vital that checks be carried out as soon as possible to ensure that there has been no weakening of the new transparency policies recently adopted by the EIB.
Amendment 72 #
Proposal for a regulation
Recital 25
Recital 25
(25) The EIB and the investments committee should regularly evaluate and report on activities supported by the EFSI with a view to assessing their relevance, performance and impact and to identifying aspects that could improve future activities. Such evaluations should contribute to public accountability and analysis of economic, social and environmental sustainability.
Amendment 74 #
Proposal for a regulation
Recital 26
Recital 26
Amendment 84 #
Proposal for a regulation
Recital 34
Recital 34
(34) To ensure accountability to European citizens, the EIB should ensure that a process of consultation and public participation takes place and regularly report to the European Parliament and the Council on the progress and impact of the EFSI.
Amendment 85 #
Proposal for a regulation
Recital 35
Recital 35
(35) In order to ensure an appropriate coverage of the EU guarantee obligations and to ensure the continued availability of the EU guarantee, the power to adopt acts in accordance with Article 290 of the Treaty on the Functioning of the European Union should be delegated to the Commission with respect to the adjustment of the amounts to be paid in from the general budget of the Union and to amend Annex I accordingly. It is of particular importance that the Commission carry out appropriate consultations during its preparatory work, including at expert level, and that use of the acts specified be as limited as possible, so as to safeguard the role of the European legislator. The Commission, when preparing and drawing up delegated acts, should ensure a simultaneous, timely and appropriate transmission of relevant documents to the European Parliament and to the Council.
Amendment 96 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 – point h
Article 2 – paragraph 1 – subparagraph 1 – point h
Amendment 99 #
Proposal for a regulation
Article 2 – paragraph 2 – subparagraph 1
Article 2 – paragraph 2 – subparagraph 1
Amendment 102 #
Proposal for a regulation
Article 2 – paragraph 2 – subparagraph 2
Article 2 – paragraph 2 – subparagraph 2
Amendment 103 #
Proposal for a regulation
Article 2 – paragraph 2 – subparagraph 3
Article 2 – paragraph 2 – subparagraph 3
Amendment 106 #
Proposal for a regulation
Article 3 – paragraph 1
Article 3 – paragraph 1
1. The EFSI Agreement shall provide that the EFSI shall be governed by a Steering Board, which shall determine the strategic orientation, the strategic asset allocation and operating policies and procedures, including the investment policy of projects that EFSI can support and the risk profile of the EFSI, in conformity with the objectives under Article 5(2). The Steering Board shall elect one of its members to be Chairperson, consisting of a representative of the EIB, another of the European Commission and one for each Member State, shall elect one of its members to be Chairperson and is subject to the binding approval of the European Parliament.
Amendment 110 #
Proposal for a regulation
Article 3 – paragraph 2 – subparagraph 1
Article 3 – paragraph 2 – subparagraph 1
Amendment 111 #
Proposal for a regulation
Article 3 – paragraph 2 – subparagraph 2
Article 3 – paragraph 2 – subparagraph 2
The Steering Board shall take decisions by consensus and shall make its decisions public and accessible.
Amendment 112 #
Proposal for a regulation
Article 3 – paragraph 3 – subparagraph 1
Article 3 – paragraph 3 – subparagraph 1
Amendment 125 #
Proposal for a regulation
Article 3 – paragraph 4 – subparagraph 3
Article 3 – paragraph 4 – subparagraph 3
The Managing Director and the Deputy Managing Director shall be appointed by the Steering Board on a joint proposal of the Commission and the EIB for a renewable, and subject to the approval of the European Parliament for a fixed term of three years, renewable once.
Amendment 136 #
Proposal for a regulation
Article 3 – paragraph 5 – subparagraph 2
Article 3 – paragraph 5 – subparagraph 2
The Investment Committee shall be composed of six independent experts and the Managing Director. Independent experts shall have a high level of relevant market experience in project finance and be appointed by the Steering Board for a renewablesubstantial experience in the evaluation and financing of innovative projects of high environmental and social value and be appointed by the Steering Board, subject to the approval of the European Parliament, for a fixed term of three years, renewable once.
Amendment 137 #
Proposal for a regulation
Article 3 – paragraph 5 – subparagraph 3
Article 3 – paragraph 5 – subparagraph 3
Decisions of the Investment Committee shall be taken by simple majority and shall be made public and accessible.
Amendment 147 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – point d
Article 5 – paragraph 2 – subparagraph 1 – point d
(d) infrastructursustainable projects in the environmental, natural resources, urban development and social fields;
Amendment 150 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 2
Article 5 – paragraph 2 – subparagraph 2
In addition, the EU guarantee shall be granted for support of dedicated investment platforms and national and regional promotional banks, via the EIB, that invest in operations meeting the requirements of this Regulation. In that case, the Steering Board shall specify policies regarding eligible investment platforms, which shall involve the competent public authorities, relevant social and economic partners and representatives of civil society.
Amendment 152 #
Proposal for a regulation
Article 5 – paragraph 4
Article 5 – paragraph 4
Amendment 166 #
Proposal for a regulation
Article 9 – paragraph 1
Article 9 – paragraph 1
1. The Commission and the EIB, with support from the Member States and local authorities, shall promote the creation of a transparent pipeline of current and potential future investment projects in the Union. The pipeline is without prejudice to the final projects selected for support according to Article 3(5).
Amendment 167 #
Proposal for a regulation
Article 9 – paragraph 3
Article 9 – paragraph 3
3. Member States, in consultation with local authorities, shall develop, update and disseminate, on a regular and structured basis, information on current and future investment projects in their territory.
Amendment 170 #
Proposal for a regulation
Article 10 – paragraph 1
Article 10 – paragraph 1
1. The EIB and the Steering Board, in cooperation with the EIF as appropriate, shall report semi-annualquarterly to the Commission on EIB financing and investment operations under this Regulation. The report shall include an assessment of compliance with the requirements on the use of the EU guarantee and the key performance indicators established pursuant to Article 2(1)(g). The report shall also include statistical, financial and accounting data on each EIB financing and investment operation and on an aggregated basis.
Amendment 172 #
Proposal for a regulation
Article 10 – paragraph 2 – introductory part
Article 10 – paragraph 2 – introductory part
2. The EIB and the Steering Board, in cooperation with the EIF as appropriate, shall report semi-annually to the European Parliament and to the Council on EIB financing and investment operations. The report shall be made public and accessible and include:
Amendment 174 #
Proposal for a regulation
Article 10 – paragraph 2 – point b
Article 10 – paragraph 2 – point b
(b) an assessment of the added value, the mobilisation of private sector resources, the estimated and actual outputs, outcomes and economic, social and environmental impact of EIB financing and investment operations at an aggregated basis;
Amendment 196 #
Proposal for a regulation
Article 13 – paragraph 1
Article 13 – paragraph 1
Amendment 199 #
Proposal for a regulation
Article 14 – paragraph 1
Article 14 – paragraph 1
The EU guarantee and the payments and recoveries under it that are attributable to the general budget of the Union shall be audited annually by the Court of Auditors.
Amendment 209 #
Proposal for a regulation
Article 19 – paragraph 1
Article 19 – paragraph 1
Regulation (EU) No 231/2014
Article 15 – paragraph 1
Article 15 – paragraph 1
(a) transport sector: EUR 23 550 582 000, 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;