26 Amendments of Eva KAILI related to 2016/0276(COD)
Amendment 42 #
Proposal for a regulation
Recital 3 a (new)
Recital 3 a (new)
(3a) On September 2016, on the “Evaluation of the Functioning of the European Fund for Strategic Investments”, the EIB suggests that although EFSI has ramped up quickly and seems to be on track to reach the target to mobilise EUR 315 billion of total investment, there are areas for improvement, including: complementarity with the other pillars of the Investment Plan, a better distribution of EFSI’s portfolio across all Member States, as well as in additionality and governance.
Amendment 44 #
Proposal for a regulation
Recital 4
Recital 4
(4) The EFSI, implemented and co- sponsored by the EIB Group, is firmly on track in terms of approved operations to deliver the objective of mobilising at least EUR 315 billion in additional investments in the real economy by mid-2018, however it is lagging behind in terms of signed operations as well as disbursements according to the EIB’s operation evaluation of its functioning, that covered the period up to June 30 20186. The market absorresponse and adoption has been particularly quick under the SME Window where the EFSI is delivering well beyondaccording to expectations due to the fact that it used existing EIF mandates ((InnovFin SMEG, COSME LGF and the RCR mandate) to have an accelerated kick start. In July 2016 the SME Window was thus scaled-up by EUR 500 million within the existing parameters of Regulation (EU) No 2015/1017. A larger share of financing to be geared towards SMEs given the exceptional market demand for SME financing under the EFSI as well as due to the generally higher multipliers achieved through EIF operations: 40% of the increased risk bearing capacity of the EFSI should be geared towards increasing access to financing for SMEs.
Amendment 48 #
Proposal for a regulation
Recital 5
Recital 5
(5) On 28 June 2016, the European Council concluded 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 CommissUntil June 30 2016, under the Infrastructure and Innovation Wintends to soon put forward proposaldow, 63% of the total amount signed was in the United Kingdom, Italy and Spain and 91% in EU15 countries. Under the SME Window, 54% of the amount signed (excluding multi-country operations) was oin the future of the EFSI, which should be examined as a matter of urgency by the European Parliament and the Council.” Italy, France and Germany and 93% in EU15 countries. In order to improve balance of EFSI support, Member States should designate and support National Promotional Banks, whereas the EIB should further deploy region specific specialised task force groups and the EIAH should facilitate the combination of ESI funds with EFSI in cohesion regions.
Amendment 57 #
Proposal for a regulation
Recital 8
Recital 8
(8) The extended EFSI should address remaining market failures and sub-optimal investment situations and continue to mobilise private sector financing in investments crucial for Europe’s future job creation – including for the youth –, growth and competitiveness with strengthened additionality. They include investments in the areas of energy, environment and climate action, social and human capital and related infrastructure, healthcare, research and innovation, cross- border and sustainable transport, as well as the digital transformation. In particular, the contribution of operations supported by the EFSI to achieving the Union’s ambitious targets set at the Paris Climate Conference (COP21) should be reinforced. Energy interconnection priority projects and energy efficiency projects should also be increasingly targeted. In addition, EFSI support to motorways should be avoided, unless it is needed to support private investment in transport in cohesion countries or in cross-border transport projects involving at least one cohesion country. For reasons of clarity, although they are already eligible, it should be explicitly laid down that projects in the fields of agriculture, fishery and aquaculture come within the general objectives eligible for EFSI support. EFSI also needs to fund projects throughout all the Member States of the European Union, with a special focus on underdeveloped East European countries helping them to overcome the current investment difficulties and strengthen competitiveness and economic, social and territorial cohesion of the Union.
Amendment 61 #
Proposal for a regulation
Recital 8
Recital 8
(8) The extended EFSI should address remaining market failures and sub-optimal investment situations and continue to mobilise private sector financing in investments crucial for Europe’s future job creation – including for the youth –, growth and competitiveness with strengthened additionality. They include investments in the areas of energy, environment and climate action, social and human capital and related infrastructure, healthcare, research and innovation, cross- border and sustainable transport, as well as the digital transformation and digital infrastructure to bridge digital divide. In particular, the contribution of operations supported by the EFSI to achieving the Union’s ambitious targets set at the Paris Climate Conference (COP21) should be reinforced. Energy interconnection priority projects and energy efficiency projects, especially in buildings sector, should also be increasingly targeted. In addition, EFSI support to motorways should be avoided, unless it is needed to support private investment in transport in cohesion countries or in cross-border transport projects involving at least one cohesion country. For reasons of clarity, although they are already eligible, it should be explicitly laid down that projects in the fields of agriculture, fishery and aquaculture come within the general objectives eligible for EFSI support.
Amendment 69 #
Proposal for a regulation
Recital 9
Recital 9
(9) Additionality, a key feature of the EFSI, should be strengthenystematically assessed and documented in the selection of each 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, especially if at least one Member State is a cohesion country, including e- infrastructure, should be considered additional given their inherent difficulty and their high added value for the Union.
Amendment 80 #
Proposal for a regulation
Recital 3 a (new)
Recital 3 a (new)
Amendment 80 #
Proposal for a regulation
Recital 11
Recital 11
(11) In order to reinforce the take-up of the EFSI in less-developed and transition regions, the scope of the general objectives eligible for EFSI support should be enlarged ensuring a balanced distribution of projects across the Union, so that all Member States have access to finance.
Amendment 83 #
Proposal for a regulation
Recital 4
Recital 4
(4) The EFSI, implemented and co- sponsored by the EIB Group, is firmly on track in terms of approved operations to deliver the objective of mobilising at least EUR 315 billion in additional investments in the real economy by mid-2018, however it is lagging behind in terms of signed operations as well as disbursements according to the EIB's operation evaluation of its functioning, that covered the period up to June 30 20186. The market absorresponse and adoption has been particularly quick under the SME Window where the EFSI is delivering well beyondaccording to expectations due to the fact that it used existing EIF mandates ((InnovFin SMEG, COSME LGF and the RCR mandate) to have an accelerated kick start. In July 2016 the SME Window was thus scaled-up by EUR 500 million within the existing parameters of Regulation (EU) No 2015/1017. A larger share of financing to be geared towards SMEs given the exceptional market demand for SME financing under the EFSI as well as due to the generally higher multipliers achieved through EIF operations: 40% of the increased risk bearing capacity of the EFSI should be geared towards increasing access to financing for SMEs.
Amendment 87 #
Proposal for a regulation
Recital 5
Recital 5
(5) On 28 June 2016, the European Council concluded 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 proposalUntil June 30 2016, under the IIW, 63% of the total amount signed was in the United Kingdom, Italy and Spain and 91% in EU15 countries. Under the SMEW, 54% of the amount signed (excluding multi- country operations) was oin the future of the EFSI, which should be examined as a matter of urgency by the European Parliament and the Council." Italy, France and Germany and 93% in EU15 countries. In order to improve balance of EFSI support, Member States should designate and support National Promotional Banks, whereas the EIB should further deploy region specific specialized task force groups and the EIAH should facilitate the combination of ESI funds with EFSI in cohesion regions.
Amendment 93 #
Proposal for a regulation
Recital 17
Recital 17
(17) The EIB and the EIF should ensure that the final beneficiaries, including start- ups and SMEs, are informed of the existence of EFSI support, so as to enhance the visibility of the EU guarantee granted under Regulation (EU) 2015/1017.
Amendment 101 #
Proposal for a regulation
Recital 21
Recital 21
(21) The European Investment Advisory Hub (EIAH) should be enhanced and its activities should focus on needs not covered adequately under current arrangements. It should pay particular attention to supporting the preparation of projects involving two or more Member States and projects that contribute to achieving the objectives of COP21. Notwithstanding its objective to build upon existing advisory services of the EIB and the Commission, so to act as a single technical advisory hub for project financing within the Union, the EIAH should also contribute actively to the objective of sectorial and geographical diversification of the EFSI and support the EIB where needed in originating projects. It should also actively by strengthening its local presence in countries with limited capacity but with high investment potential. It should also actively collaborate with established National Promotional Banks, work with the Commission in order to facilitate Member States in the establishment of NPBs, contribute to the establishment of sectoral or regional investment platforms and provide advice on the combination of other sources of Union funding with the EFSI.
Amendment 103 #
Proposal for a regulation
Recital 21
Recital 21
(21) The European Investment Advisory Hub (EIAH) should be enhanced and its activities should focus on needs not covered adequately under current arrangements. It should pay particular attention to supporting the preparation of projects involving two or more Member States and projects that contribute to achieving the objectives of COP21. Notwithstanding its objective to build upon existing advisory services of the EIB and the Commission, so to act as a single technical advisory hub for project financing within the Union, the EIAH should also contribute actively to the objective of sectorial and geographical diversification of the EFSI and support the EIB where needed in originating projects and take into account the specificities of Member States such as maturity of financial markets, the limited experience in the use of complex financial instruments, specific obstacles related to the development and implementation of projects. It should also actively contribute to the establishment of investment platforms and provide advice on the combination of other sources of Union funding with the EFSI.
Amendment 111 #
Proposal for a regulation
Recital 21 b (new)
Recital 21 b (new)
(21b) The definition of the powers and responsibilities of the European Platform for advice on investments, Steering Committee and Investment Committee should be further clarified;
Amendment 117 #
Proposal for a regulation
Recital 8
Recital 8
(8) The extended EFSI should address remaining market failures and sub-optimal investment situations and continue to mobilise private sector financing in investments crucial for Europe’'s future job creation – including for the youth –, growth and competitiveness with strengthened additionality. They include investments in the areas of energy, environment and climate action, the circular economy, social and human capital and related infrastructure, healthcare, research and innovation, cross- border and sustainable transport, tourism, as well as the digital transformation. In particular, the contribution of operations supported by the EFSI to achieving the Union's ambitious targets set at the Paris Climate Conference (COP21) should be reinforced. This would be in line with EIB's current climate finance target of 25% based on its full portfolio. Energy interconnection priority projects and energy efficiency projects should also be increasingly targeted especially since the former could exemplify cases of market failure and the latter of sub-optimal investment situations. In addition, EFSI support to motorways should be avoided, unless it is needed to support private investment in transport in cohesion countries or in cross-border transport projects involving at least one cohesion country. For reasons of clarity, although they are already eligible, it should be explicitly laid down that projects in the fields of agriculture, fishery and aquaculture come within the general objectives eligible for EFSI support.
Amendment 118 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Regulation (EU) 2015/1017
Article 5 – paragraph 1 – subparagraph 3
Article 5 – paragraph 1 – subparagraph 3
To better address market failures or sub- optimal investment situationeconomic and financial inefficiencies, including market failures or sub-optimal investment situations, discrepancies in the investment capacity of the Member States as reflected in diverse risk premiums, leveraging frictions or weak investment multipliers, and including also complicated multinational and cross border projects, and lack of risk-taking, especially in research, innovation, new technologies as well as in new and traditional infrastructures, EIB’s special activities supported by the EFSI shall typically have features such as subordination, participation in risk-sharing instruments, as well as first-loss guarantee schemes only when combined with EU and/or national budgetary resources, cross-border characteristics, exposure to specific risks or other identifiable aspects as further described in Annex II. Or. en (http://eur-lex.europa.eu/legal- content/EN/TXT/HTML/?uri=CELEX:32015R1017&from=EN)
Amendment 127 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Regulation (EU) 2015/1017
Article 5 – paragraph 1 – subparagraph 4 a (new)
Article 5 – paragraph 1 – subparagraph 4 a (new)
In order to better reach sectors where the demand for financing cannot be sufficiently met by the private market and where the nature and size of operations and loan requirements do not make it possible to access funding through classic EIB activities, EFSI shall also support sector-specific financial mechanisms, in particular for Cultural and Creative Industries (CCIs), provided for under Union frame-work programmes such as the Guarantee Facility within the Creative Europe Programme through the provision of guarantees for topping-up and front- loading of these mechanisms.
Amendment 133 #
Proposal for a regulation
Recital 9
Recital 9
(9) Additionality, a key feature of the EFSI, should be strengthenystematically assessed and documented in the selection of each 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, especially if at least one Member State is a cohesion country, including e- infrastructure, should be considered additional given their inherent difficulty and their high added value for the Union.
Amendment 147 #
Proposal for a regulation
Article 1 – paragraph 1 – point 5 – point b
Article 1 – paragraph 1 – point 5 – point b
Regulation (EU) 2015/1017
Article 9 – paragraph 2 – subparagraph 1 a
Article 9 – paragraph 2 – subparagraph 1 a
The EIB shall target that, steering board and investment committee shall make sure that each supported project is in line with the criteria set out in the regulation, helping to reach our climate goals and boosting the EU’s sustainable transition; at least 40 % of EFSI financing under the infrastructure and innovation window supports projects with components that contribute to climate action, in line with the COP21 commitments. Thall be earmarked for projects directly accomplishing the COP21 commitments. Clear criteria shall be set up to identify and verify these projects and the Steering Board shall provide detailed guidance to that end;.
Amendment 154 #
Proposal for a regulation
Article 1 – paragraph 1 – point 5 – point b a (new)
Article 1 – paragraph 1 – point 5 – point b a (new)
Regulation (EU) 2015/1017
Article 9 – paragraph 2 – subparagraph 1 b (new)
Article 9 – paragraph 2 – subparagraph 1 b (new)
(ba) in paragraph 2 the following subparagraph is added: At least 20% of EFSI financing is earmarked for supporting energy efficiency projects; prioritizing small scale, innovative projects in the buildings sector, with special attention for projects eliminating social inequalities and fighting energy poverty;
Amendment 175 #
Proposal for a regulation
Article 1 – paragraph 1 – point 9 – point b – point ii
Article 1 – paragraph 1 – point 9 – point b – point ii
Regulation (EU) 2015/1017
Article 14 – paragraph 2 – point e
Article 14 – paragraph 2 – point e
(e) providing pro-active support on the establishment of investment platforms;. The tool of the investment platforms is essential in dealing with market failures, especially in the financing of multiple thematic or regional projects, as well as cross border projects. Recognises that investment platforms creation did not reflect the actual market needs in the begging of the EFSI. Further attention should be given in increasing the scope and use of investment platforms for an efficient smaller project aggregation.
Amendment 184 #
Proposal for a regulation
Article 1 – paragraph 1 – point 9 – point d a (new)
Article 1 – paragraph 1 – point 9 – point d a (new)
Regulation (EU) 2015/1017
Article 14 – paragraph 7
Article 14 – paragraph 7
(da) paragraph 7 is replaced by the following: “7. The Union shall contribute up tothe amount necessary, with a maxinimum of EUR 20 000 000 per annum towards covering the costs of EIAH operations until 31 December 2020 for it to fulfil its enhanced responsibilities and intensify the services provided by the EIAH under paragraph 2 which are in addition to those already available under other Union programmes, insofar as those costs are not covered by the remaining amount from fees referred to in paragraph 4.”.
Amendment 203 #
Proposal for a regulation
Recital 17
Recital 17
(17) The EIB and the EIF should ensure that the final beneficiaries, including start- ups and SMEs, are informed of the existence of EFSI support, so as to enhance the visibility of the EU guarantee granted under Regulation (EU) 2015/1017.
Amendment 224 #
Proposal for a regulation
Recital 21
Recital 21
(21) The European Investment Advisory Hub (EIAH) should be enhanced and its activities should focus on needs not covered adequately under current arrangements. It should pay particular attention to supporting the preparation of projects involving two or more Member States and projects that contribute to achieving the objectives of COP21. Notwithstanding its objective to build upon existing advisory services of the EIB and the Commission, so to act as a single technical advisory hub for project financing within the Union, the EIAH should also contribute actively to the objective of sectorial and geographical diversification of the EFSI and support the EIB where needed in originating projects. It should also actively by strengthening its local presence in countries with limited capacity but with high investment potential. It should also actively collaborate with established National Promotional Banks, work with the Commission in order to facilitate Member States in the establishment of NPBs, contribute to the establishment of sectoral or regional investment platforms and provide advice on the combination of other sources of Union funding with the EFSI.
Amendment 271 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Regulation (EU) No 2015/1017
Article 5 – paragraph 1 – subparagraph 3
Article 5 – paragraph 1 – subparagraph 3
To better address market failures or sub- optimal investment situationeconomic and financial inefficiencies, including market failures or sub-optimal investment situations, discrepancies in the investment capacity of the Member States as reflected in diverse risk premiums, leveraging frictions or weak investment multipliers, and including also complicated multinational and cross border projects, and lack of risk-taking, especially in research, innovation, new technologies as well as in new and traditional infrastructures, EIB's special activities supported by the EFSI shall typically have features such as subordination, participation in risk-sharing instruments, as well as first-loss guarantee schemes only when combined with EU and/or national budgetary resources, cross-border characteristics, exposure to specific risks or other identifiable aspects as further described in Annex II.
Amendment 368 #
Proposal for a regulation
Article 1 – paragraph 1 – point 5 – point b
Article 1 – paragraph 1 – point 5 – point b
Regulation (EU) No 2015/1017
Article 9 – paragraph 2 – subparagraph 1 a
Article 9 – paragraph 2 – subparagraph 1 a