[ParlTrack]

Beata GOSIEWSKA, Janusz WOJCIECHOWSKI, Zbigniew KUŹMIUK, Stanisław OŻÓG

Proposal for a regulation
Recital 12

(12) Many small and medium enterprises, as well as mid-cap companies, across the Union require assistance to attract market financing, especially as regards investments that carry a greater degree of risk. This concerns, in particular, enterprises operating in rural areas and in areas where agricultural processing is predominant, where there is an urgent need to ensure economic growth and maintain jobs in order to prevent depopulation. The EFSI should help these businesses to overcome capital shortages by allowing the EIB and the European Investment Fund ('EIF') to provide direct and indirect equity injections, as well as to provide guarantees for high-quality securitisation of loans, and other products that are granted in pursuit of the aims of the EFSI.

2015/03/27
Committee: AGRI

Beata GOSIEWSKA, Janusz WOJCIECHOWSKI, Zbigniew KUŹMIUK, Stanisław OŻÓG

Proposal for a regulation
Recital 13

(13) The EFSI should be established within the EIB in order to benefit from its experience and proven track record and in order for its operations to start to have a positive impact as quickly as possible. The work of the EFSI on providing finance to small and medium enterprises, in particular, to enterprises operating in rural areas and in areas where agricultural processing is predominant and small mid-cap companies should be channelled through the European Investment Fund ('EIF') to benefit from its experience in these activities.

2015/03/27
Committee: AGRI

Beata GOSIEWSKA, Janusz WOJCIECHOWSKI, Zbigniew KUŹMIUK, Stanisław OŻÓG

Proposal for a regulation
Recital 14

(14) The EFSI should target projects delivering high societal and economic value. In particular, the EFSI should target projects that promote job creation, long- term growth, innovation and competitiveness, especially infrastructure measures (digital and transport). 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~~, without adding to administrative burden or creating additional payment systems, which would undermine the efficiency of the EFSI’s objectives, so as to ensure the most effective and strategic use of public money, without introducing additional bureaucracy or payment systems that have a negative impact on the effective attainment of EFSI’s objectives. The requirement for consistency with State aid principles should contribute to such effective and strategic use.

2015/03/27
Committee: AGRI

Beata GOSIEWSKA, Janusz WOJCIECHOWSKI, Zbigniew KUŹMIUK, Stanisław OŻÓG

Proposal for a regulation
Recital 15

(15) The EFSI should target 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, as well as in the many disadvantaged areas of Europe which are rural and areas in extremely peripheral locations in which agricultural processing is predominant. The EFSI should only be used where financing is not available from other sources on reasonable terms.

2015/03/27
Committee: AGRI

Beata GOSIEWSKA, Janusz WOJCIECHOWSKI, Zbigniew KUŹMIUK, Stanisław OŻÓG

Proposal for a regulation
Recital 22

(22) In accordance with the Treaty on the Functioning of the European Union, Infrastructure, research and development, and project investments supported under EFSI should be consistent with State aid rules. To that end, the Commission has announced that it will formulate a set of core principles, for the purpose of State aid assessments, which a project will have to meet to be eligible for support under the EFSI. If a project meets these criteria and receives support from the EFSI, the Commission has announced that any national complementary support, will be assessed under a simplified and accelerated State aid assessment whereby the only additional issue to be verified by the Commission will be the proportionality of public support (absence of overcompensation). The Commission has also announced that it will provide further guidance on the set of core principles with a view to ensuring an efficient use of public funds.

2015/03/27
Committee: AGRI

Sander LOONES, Richard ASHWORTH, Stanisław OŻÓG, Zbigniew KUŹMIUK

Proposal for a regulation
Title 1

Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on the European ~~Fund~~Guarantee for Strategic Investments ~~and amending Regulations (EU) No 1291/2013 and (EU) No 1316/2013~~, the European Investment Advisory Hub and the European Investment Project Directory and amending Regulations (EU) No 1291/2013 and (EU) No 1316/2013 (This amendment applies throughout the text. Adopting it will necessitate corresponding changes throughout.)

2015/03/19
Committee: BUDG ECON

Sander LOONES, Bernd LUCKE, Richard ASHWORTH, Stanisław OŻÓG, Zbigniew KUŹMIUK

Proposal for a regulation
Recital 4

(4) Throughout the economic and financial crisis, the Union has made efforts to promote growth, in particular through the focus on the necessity of structural reforms and 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~~Alongside structural reforms, further specific and temporary 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 viable investment projects.

2015/03/19
Committee: BUDG ECON

Sander LOONES, Stanisław OŻÓG, Richard ASHWORTH, Zbigniew KUŹMIUK

Proposal for a regulation
Recital 9

(9) The investment environment within the Union should be improved by carrying out necessary structural reforms, removing barriers to investment, ~~reinforc~~completing the Single Market, actively pursuing the Commission's better regulation agenda and by enhancing regulatory predictability and reducing regulatory red tape. The work of the EFSI, and investments across Europe generally, should benefit from this accompanying work.

2015/03/19
Committee: BUDG ECON

Sander LOONES, Richard ASHWORTH, Stanisław OŻÓG, Zbigniew KUŹMIUK

Proposal for a regulation
Recital 9 b (new)

(9b) The EFSI is meant to tackle the investment gap and is therefore by nature a temporary instrument.

2015/03/19
Committee: BUDG ECON

Sander LOONES, Richard ASHWORTH, Stanisław OŻÓG, Zbigniew KUŹMIUK

Proposal for a regulation
Recital 11

(11) The EFSI should support strategic investments with high economic value added contributing to achieving Union policy objectives, such as the criteria mentioned in the Amsterdam Special Action Programme of 1997 and the development of infrastructure; research, development and innovation; health; information and communications technology; developing and modernising the energy sector; improving access to finance for SMEs and mid-cap companies.

2015/03/19
Committee: BUDG ECON

Sander LOONES, Richard ASHWORTH, Zbigniew KUŹMIUK, Stanisław OŻÓG

Proposal for a regulation
Recital 16

(16) The EFSI should only target investments that are expected to be economically and technically viable~~, which~~ and are thus are expected to repay creditors in order to avoid the socialisation of losses and the privatisation of gains. Such investments may entail a degree of appropriate risk, whilst still meeting the particular requirements for EFSI financing.

2015/03/19
Committee: BUDG ECON

Sander LOONES, Richard ASHWORTH, Stanisław OŻÓG, Zbigniew KUŹMIUK

Proposal for a regulation
Recital 25

(25) The EIB should regularly evaluate activities supported by the EFSI with a view to assessing their additionality (i.e. added economic value and no crowding out principle), prudent handling of tax payers money, relevance, performance and impact ~~and~~ to identifying aspects that could improve future activities. Such evaluations should contribute to accountability and analysis of sustainability.