Activities of Sander LOONES related to 2015/0009(COD)
Plenary speeches (2)
European Fund for Strategic Investments (debate) NL
European Fund for Strategic Investments (A8-0139/2015 - José Manuel Fernandes, Udo Bullmann) NL
Shadow reports (1)
REPORT on the proposal for a regulation of the European Parliament and of the Council on the European Fund for Strategic Investments and amending Regulations (EU) No 1291/2013 and (EU) No 1316/2013 PDF (2 MB) DOC (1 MB)
Amendments (108)
Amendment 79 #
Proposal for a regulation
Title 1
Title 1
Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on the European FundGuarantee 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.)
Amendment 98 #
Proposal for a regulation
Recital 1
Recital 1
(1) The economic and financial crisis has led to a lowering of the level of investments within the Union. Investment has fallen by approximately 15% since its peak in 2007. The Union suffers in particular from a lack of investment as a consequence of market uncertainty regarding the economic future and the fiscal constraints on Member Statecompetitiveness. This lack of investmentcompetitiveness slows economic recovery and negatively affects job creationinvestment, long-term growth prospects and competitivenessjob creation.
Amendment 111 #
Proposal for a regulation
Recital 2
Recital 2
(2) Comprehensive action is required to reverse the vicious circle created by a lack of competitiveness and thus investment. Structural reforms and fiscal responsibility are necessary preconditions for stimulating investmentcompetitiveness. Along with a renewed impetus towards investment financing, these necessary preconditions can contribute to establishing a virtuous circle, where investment projects help support employment and demand and lead to a sustained increase in growth potential.
Amendment 126 #
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 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. FurtherAlongside 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.
Amendment 133 #
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 emphasised 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 148 #
Proposal for a regulation
Recital 8
Recital 8
(8) The EFSI is part of a comprehensive approach to address uncertaintystrategy designed to address competitiveness. Issues surrounding public and private investments. The strategy has three pillars: mobilising finance for investment in close to market projects, making investment reach the real economy and most importantly by improving the investment environment in the Union by focusing structural reforms.
Amendment 161 #
Proposal for a regulation
Recital 9
Recital 9
(9) The investment environment within the Union should be improved by carrying out necessary structural reforms, removing barriers to investment, reinforccompleting 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.
Amendment 163 #
Proposal for a regulation
Recital 9 a (new)
Recital 9 a (new)
(9a) The EFSI should be in accordance with Article 101 of the Treaty on the Functioning of the European Union which states that the following should be prohibited as incompatible with the single market: all agreements between undertakings, decisions by associations of undertakings and concerted practices which may affect trade between Member States and which have as their object or effect the prevention, restriction or distortion of competition within the single market.
Amendment 164 #
Proposal for a regulation
Recital 9 b (new)
Recital 9 b (new)
(9b) The EFSI is meant to tackle the investment gap and is therefore by nature a temporary instrument.
Amendment 178 #
Proposal for a regulation
Recital 10
Recital 10
(10) The purpose of the EFSI should be to help resolve the difficulties in financing and implementing productive investments in the Union and to ensure increased access to financing. It is intended that increased access to financing of profitable investment projects should be of particular benefit to small and medium enterprises. It is in the same degree also appropriate to extend the benefit of such increased access to financing to mid- cap companies, which are companies havingas well as other entities with up to 3000 employees. Overcoming Europe's current investment difficulties should contribute to strengthening the Union's competitiveness, growth potential and economic, social and territorial cohesion.
Amendment 199 #
Proposal for a regulation
Recital 11
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.
Amendment 263 #
Proposal for a regulation
Recital 14
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 and, competitiveness and thus job creation,. 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 or crowd out 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 295 #
Proposal for a regulation
Recital 15
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 crisisguarantee the financing of projects across the Union. The EFSI should only be used where financing is not available from other sources on reasonable terms.
Amendment 312 #
Proposal for a regulation
Recital 16
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.
Amendment 318 #
Proposal for a regulation
Recital 16 a (new)
Recital 16 a (new)
(16a) The EFSI should be endowed with an appropriate governance structure whose function should be commensurate to the sole purposes of ensuring the appropriate use of the EU guarantee. That governance structure should not encroach upon or interfere with the decision making of the EIB, or be a substitute of the governing bodies of the latter. It should be composed of a Managing Director and an Investment Committee. The Managing Director should be responsible for the daily management of the EFSI and carry out the preparatory work of the meetings of the Investment Committee.
Amendment 337 #
Proposal for a regulation
Recital 17
Recital 17
(17) Decisions on the use of the EFSI support for infrastructure and large mid- cap projectsguarantee should be made by anthe Investment Committee, in conformity with the objectives laid down in this Regulation. The Investment Committee should be composed of independent experts who are knowledgeable and experienced in the areas of investment projects. The independence of the Investment Committee should be accountable to a Steering Board of the EFSI, who should supervise the fulfilment of the EFSI's objectivesis a key factor in ensuring the trust and the participation of the private sector in the Investment Plan. 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 354 #
Proposal for a regulation
Recital 18
Recital 18
(18) In order to enable the EFSI to support investments, the Union should grant a temporary guarantee of an amount equal tono more than EUR 16 000 000 000 at any point in time. When provided on a portfolio basis, the guarantee coverage should be capped depending upon the type of instrument, such as debt, equity or guarantees, as a percentage of the volume of the portfolio of outstanding commitments. It is expected that when the guarantee is combined with EUR 5 000 000 000 to be provided by the EIB, that the EFSI support should generate EUR 60 800 000 000significant additional investment by the EIB and EIF. This EUR 60 800 000 000lending, supported by the EFSI is expected by the Commission to generate a total of EUR 315 000 000 000 in additional investment in the Union within the period 2015 to 2017of three years from the entry into force of this regulation.. Guarantees that are attached to projects which are completed without a call on a guarantee are available for supporting new operations.
Amendment 375 #
Proposal for a regulation
Recital 19
Recital 19
(19) In order to allow for further increase in its resources, participadirect contribution in the EFSI should be open to third parties, including Member States, national promotional banks or public agencies owned or controlled by Member States, 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 407 #
Proposal for a regulation
Recital 22
Recital 22
(22) In accordance with the Treaty on the Functioning of the European Union, Infrastructure 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.
Amendment 428 #
Proposal for a regulation
Recital 25
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.
Amendment 445 #
Proposal for a regulation
Recital 26
Recital 26
(26) Alongside the financing operations that will be conducted through the EFSI, a European Investment Advisory Hub ('EIAH') should be created within the EIB. The EIAH should provide strengthened support for project development and preparation across the Union, by building on the expertise of the Commission, the EIB, national promotional banks and the managing authorities of the European Structural and Investment Funds. This should establish a single point of entry for questions related to technical assistance for investments within the Union.
Amendment 456 #
Proposal for a regulation
Recital 27
Recital 27
(27) In order to cover the risks related to the EU guarantee to the EIB, a guarantee fund should be established. The guarantee fund should be constituted by a gradual payment from the Union budget, whilst fully respecting the relevant Multiannual Financial Framework (MFF) ceilings and authorised by the annual budgetary procedure. The guarantee fund should subsequently also receive revenues in proportion with its risk-taking and repayments from projects that benefit from EFSI support and amounts recovered from defaulting debtors where the guarantee fund has already honoured the guarantee to the EIB.
Amendment 463 #
Proposal for a regulation
Recital 28 a (new)
Recital 28 a (new)
(28a) All payments to the guarantee fund and budget decisions otherwise associated with the operation of the EFSI should be fully consistent with the terms of the multiannual financial framework and authorised by the European Parliament and the Council through the annual budgetary procedure.
Amendment 480 #
Proposal for a regulation
Recital 29
Recital 29
(29) To partially finance the contribution from the Union budget, the available envelopes of the Horizon 2020 – the Framework Programme for Research and Innovation 2014-2020, provided by Regulation (EU) No 1291/2013 of the European Parliament and of the Council2 , and the Connecting Europe Facility, provided by Regulation (EU) No 1316/2013 of the European Parliament and of the Council3 , ishould be reduced. Those programmes serve purposes that are not replicated by the EFSI. However, the reduction of both programmes to finance the guarantee fund is expected to ensure a greater investment in certain areas of their respective mandates than is possible through the existing programmes. TGiven that the aim of EFSI is to help businesses by overcoming capital shortages, it is possible that basic or early stage scientific research might not benefit from this Regulation. Therefore the Commission should ensure that redeployment of funds does not adversely affect such programmes. Furthermore, the EFSI should be able to leverage the EU guarantee to multiply the financial effect within those areas of research, development and innovation and transport, telecommunications and energy infrastructure compared to if the resources had been spent via grants within the planned Horizon 2020 and Connecting Europe Facility programmes. It is, therefore, appropriatunder these conditions, possible to redirect part of the funding presently envisaged for those programmes to the benefit of EFSI. __________________ 3 Regulation (EU) No 1316/2013 of the European Parliament and of the Council of 11 December 2013 establishing the Connecting Europe Facility, amending Regulation (EU) No 913/2010 and repealing Regulations (EC) No 680/2007 and (EC) No 67/2010 (OJ L 348, 20.12.2013, p. 129).
Amendment 499 #
Proposal for a regulation
Recital 31
Recital 31
(31) Within the Union, there are a significant number of potentially viable projects that are not being financed due to a lack of certainty and transparency with respect to such projects. Often, this is because private investors are not aware of the projects or have insufficient information to make an assessment of the investment risks. The Commission and the EIB, with support from the Member States, should promote the creation on a voluntary basis of a transparent pipelinedirectory of current and future investment projects in the Union suitable for investment. This 'project pipelinedirectory' should ensure that information is made publicly available regarding investment projects on a regular and structured basis to ensure that investors have reliable information on which to base their investment decisions.
Amendment 519 #
Proposal for a regulation
Recital 34
Recital 34
(34) To ensure accountability to European citizens, the EIB should regularly report to the European Parliament and the Council on the progress and economic impact of the EFSI. and the correct use of the guarantee
Amendment 522 #
Proposal for a regulation
Recital 35
Recital 35
Amendment 536 #
Proposal for a regulation
Chapter 1 – title
Chapter 1 – title
European FundGuarantee for Strategic Investments (This amendment applies throughout the text. Adopting it will necessitate corresponding changes throughout.)
Amendment 538 #
Proposal for a regulation
Article 1 – title
Article 1 – title
European FundGuarantee for Strategic Investments (This amendment applies throughout the text. Adopting it will necessitate corresponding changes throughout.)
Amendment 545 #
Proposal for a regulation
Article 1 – paragraph 1 – subparagraph 1
Article 1 – paragraph 1 – subparagraph 1
The Commission shall conclude annegotiate a draft agreement with the European Investment Bank (EIB) on the establishment of a temporary European Fund for Strategic Investments ('EFSI'). The EFSI Agreement shall be approved by the co- legislators, prior to the entry into force of this Regulation so as to ensure that the EFSI Agreement provides for the proper implementation of the Regulation. (This amendment applies throughout the text. Adopting it will necessitate corresponding changes throughout.)
Amendment 573 #
Proposal for a regulation
Article 1 – paragraph 1 – subparagraph 2
Article 1 – paragraph 1 – subparagraph 2
The purpose of the EFSI shall be to support investments in the Union, as detailed in Article 5.2, in a non-discriminatory way, and to ensure increased access to financing for companies having up to 3000 employees, with a particular focus on small and medium enterprises, through the supply of risk bearing capacity to the EIB ('EFSI Agreement'). The EFSI shall not crowd out private investments. The selection of projects that will be supported through the EFSI shall be based solely on economic criteria without sectoral or geographical quota.
Amendment 584 #
Proposal for a regulation
Article 1 – paragraph 2
Article 1 – paragraph 2
Amendment 619 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 – introductory part
Article 2 – paragraph 1 – subparagraph 1 – introductory part
The EFSI Agreement shall contain, in particular, the following:
Amendment 621 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 – point a
Article 2 – paragraph 1 – subparagraph 1 – point a
Amendment 631 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 – point b
Article 2 – paragraph 1 – subparagraph 1 – point b
Amendment 637 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 – point c
Article 2 – paragraph 1 – subparagraph 1 – point c
Amendment 638 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 – point c
Article 2 – paragraph 1 – subparagraph 1 – point c
Amendment 644 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 – point d
Article 2 – paragraph 1 – subparagraph 1 – point d
Amendment 648 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 – point e
Article 2 – paragraph 1 – subparagraph 1 – point e
Amendment 653 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 – point f
Article 2 – paragraph 1 – subparagraph 1 – point f
Amendment 657 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 – point g
Article 2 – paragraph 1 – subparagraph 1 – point g
Amendment 662 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 – point h
Article 2 – paragraph 1 – subparagraph 1 – point h
Amendment 665 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 – point i
Article 2 – paragraph 1 – subparagraph 1 – point i
Amendment 669 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 – point j
Article 2 – paragraph 1 – subparagraph 1 – point j
Amendment 673 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 a (new)
Article 2 – paragraph 1 – subparagraph 1 a (new)
Arrangements concerning the establishment of the EFSI as well as the amount and terms of the financial contribution to be provided by the EIB, including, i. provisions governing the establishment of the EFSI as a distinct, clearly identifiable and transparent guarantee facility and separate account managed by the EIB; ii. the amount and terms of the financial contribution which shall be provided by the EIB through the EFSI which shall not be inferior to 5.000 000 000 euros in guarantees or cash;; iii. the terms of the funding which shall be provided by the EIB through the EFSI to the European Investment Fund ('EIF'). The involvement of the EIF will be limited to the work of EFSI on providing finance to small and medium enterprises and small mid-cap companies;
Amendment 674 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 b (new)
Article 2 – paragraph 1 – subparagraph 1 b (new)
governance arrangements concerning the EFSI including, i. the composition of Investment Committee, their appointment and dismissal procedures in line with EIB provisions, renumeration; ii. the procedure for the appointment of the Managing Director and of the Deputy Managing Director, their remuneration and working conditions, that shall follow the provisions on staff of the EIB, the rules and procedures on his/her replacement in his/her function and on accountability; iii. the procedure for the appointment and dismissal of the members of the Investment Committee, their remuneration and working conditions, the voting modalities within the Investment Committee, specifying the quorum and the allocation of votes to each member and the rules of procedure iv. the requirement that financing and investment operations supported by the EFSI are ultimately approved by the EIB governing bodies, pursuant to the provisions laid down in Protocol (No 5) on the Statute of the European Investment Bank.;
Amendment 675 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 c (new)
Article 2 – paragraph 1 – subparagraph 1 c (new)
The arrangements concerning the EU guarantee, that shall be unconditional, irrevocable, first demand guarantee in favour of the EIB, including, i. detailed rules on the provision of the EU guarantee, in accordance with Article 7, among which its modalities of coverage, its defined coverage of portfolios of specific types of instruments; ii. requirements that remuneration for risk taking be allocated amongst contributors in proportion with their respective share in risk taking. Remuneration to the Union and payments on the EU guarantee shall be made in a timely manner and only occur after remuneration and losses from operations have been netted; iii. requirements governing the use of the EU guarantee in accordance with Article 5 of this Regulation, among which payment conditions, such as specific time frames, interest on due amounts and the necessary liquidity arrangements; iv. provisions and procedures relating to recovery of claims, that shall be entrusted to the EIB, in line with Article 7(4).
Amendment 676 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 d (new)
Article 2 – paragraph 1 – subparagraph 1 d (new)
The modalities for the approval by the Investment Committee of the use of the EU guarantee for individual projects or through investment platforms, or national promotional banks or institutions in line with this Regulation and in particular Article 2a;
Amendment 677 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 e (new)
Article 2 – paragraph 1 – subparagraph 1 e (new)
The procedures for the submission of investment proposals and approval of proposals for the use of the EU guarantee, including, (i) the procedure for the transmission to the Investment Committee of projects; (ii) the requirement that the procedure for submission and approval of proposals for the use of the EU guarantee is without prejudice to the EIB decision making rules laid down under Protocol (No 5) on the Statute of the European Investment Bank, and in particular Article 19 thereof (iii) rules further detailing the transitional provisions under Article 20, and in particular the manner how operations signed by the EIB during the period referred to in Article 20 will be included under the EU guarantee coverage.;
Amendment 678 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 f (new)
Article 2 – paragraph 1 – subparagraph 1 f (new)
Arrangements for the reporting, monitoring and accountability concerning the EFSI, including, (i) the operational reporting obligations incumbent on the EIB and, as appropriate, in cooperation with the EIF, in line with Article 10 of this Regulation; (ii) the financial reporting obligations stemming from the EFSI; (iii) rules on auditing and anti-fraud, in accordance with Articles 14 and 15 of this Regulation; (iv) key performance indicators, as regards, in particular, the use of the EU guarantee, the fulfilment of the general objectives laid down in Article 2a, the mobilisation of private capital, and the macroeconomic impact of the EFSI, including its effect on supporting investment.
Amendment 679 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 g (new)
Article 2 – paragraph 1 – subparagraph 1 g (new)
The procedures and conditions for the Agreement to be amended, that may take place upon the initiative of the Commission or of the EIB, and that shall include the obligation to report to the Council and to the European Parliament on the amendment;
Amendment 680 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 h (new)
Article 2 – paragraph 1 – subparagraph 1 h (new)
Any other conditions of an administrative or organisational character necessary for the management of the EFSI in so far as they permit the proper use of the EU guarantee.
Amendment 684 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 3
Article 2 – paragraph 1 – subparagraph 3
2. The EFSI Agreement shall also provide that: (a) EFSI activities conducted by the EIF are to be governed by the EIF governing bodies. ; (b) remuneration attributable to the Union from EFSI supported operations is to be provided following the deduction of payments due to calls on the EU guarantee and, subsequently, costs in accordance with Article 5(3) and with the EIAH agreement. 3. The EFSI Agreement shall provide that there is a clear distinction between operations carried out with the EFSI support and other operations of the EIB. 4. The EFSI Agreement shall provide that the selection of projects must be in line with the principle of additionality, meaning that the projects are expected to be economically and technically viable, but have no access to financing from other sources for reasonable terms. 5. The EFSI Agreement shall provide the strategic asset allocation and operating policies and procedures, including the investment policy of projects that EFSI can support, the treatment of investment platforms and the risk profile of the EFSI, in conformity with the objectives under Article 2a(2).
Amendment 686 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 4
Article 2 – paragraph 1 – subparagraph 4
Amendment 701 #
Proposal for a regulation
Article 2 – paragraph 2 – subparagraph 1
Article 2 – paragraph 2 – subparagraph 1
The EFSI Agreement shall provide for the creation of a European Investment Advisory Hub ('EIAH') within the EIB. The EIAH shall have as its objective to build upon existing EIB and Commission advisory services in order to provide advisory support for investment project identification, preparation and development and act as a single technical advisory hub for project financing within the Union. This shall include support on the use of technical assistance for project structuring, use of innovative financial instruments, use of public-private partnerships and advice, as appropriate, on relevant issues of EU legislation. The EIAH shall provide services in addition to those already available under other Union programmes. Services provided by EIAH shall include:
Amendment 704 #
Proposal for a regulation
Article 2 – paragraph 2 – subparagraph 1 – point i (new)
Article 2 – paragraph 2 – subparagraph 1 – point i (new)
(i) providing a single point of entry for technical assistance for authorities and project promoters;
Amendment 705 #
Proposal for a regulation
Article 2 – paragraph 2 – subparagraph 1 – point ii (new)
Article 2 – paragraph 2 – subparagraph 1 – point ii (new)
(ii) assisting project promoters, where appropriate, in developing their projects to fulfil the project eligibility criteria under this Regulation;
Amendment 706 #
Proposal for a regulation
Article 2 – paragraph 2 – subparagraph 1 – point iii (new)
Article 2 – paragraph 2 – subparagraph 1 – point iii (new)
(iii) leveraging local knowledge to facilitate EFSI support in the whole Union;
Amendment 707 #
Proposal for a regulation
Article 2 – paragraph 2 – subparagraph 1 – point iv (new)
Article 2 – paragraph 2 – subparagraph 1 – point iv (new)
(iv) providing a platform for peer-to-peer exchange and sharing of know-how regarding project development.
Amendment 723 #
Proposal for a regulation
Article 2 – paragraph 2 – subparagraph 3
Article 2 – paragraph 2 – subparagraph 3
The EIAH shall be partially financed by the Union up to a maximum amount of EUR 210 000 000 per year during the period ending on 31 December0 June 2020 for the additional services provided for by the EIAH over existing EIB technical assistance. For the years after 2020 the financial contribution from the Union shall be directly linked to the provisions included in the future multi-annual financial frameworks.
Amendment 746 #
Proposal for a regulation
Article 3 – paragraph 1
Article 3 – paragraph 1
Amendment 773 #
Proposal for a regulation
Article 3 – paragraph 2
Article 3 – paragraph 2
Amendment 790 #
Proposal for a regulation
Article 3 – paragraph 3
Article 3 – paragraph 3
Amendment 813 #
Proposal for a regulation
Article 3 – paragraph 4 – subparagraph 1
Article 3 – paragraph 4 – subparagraph 1
The EFSI Agreement shall provide that the EFSI shall have a Managing Director, who shall be responsible for the day-to-day management of the EFSI and the preparation and chairing of meetings of the Investment Committee referred to in paragraph 5. The Managing Director shall be assisted by a Deputy Managing Director.
Amendment 818 #
Proposal for a regulation
Article 3 – paragraph 4 – subparagraph 2
Article 3 – paragraph 4 – subparagraph 2
The Managing Director shall report every quarter on the activities of the EFSI to the Steering Board.EIB board of Directors
Amendment 826 #
Proposal for a regulation
Article 3 – paragraph 4 – subparagraph 3
Article 3 – paragraph 4 – subparagraph 3
Amendment 861 #
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 Boin the general objectives referred to in Art. 5(2) and be appointed by the EIB board of Directors for a renewable fixed term of three yeards for a once renewable fixed term of three years." The experts of the Investment Committee shall be appointed following an open and transparent selection procedure. In appointing the experts to the Investment Committee a wide knowledge of the sectors covered in Article 2a shall be ensured.
Amendment 882 #
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. When participating in the activities of the Investment Committee its members shall perform their duties impartially and in the interests of the EFSI. When implementing the guidelines of the EFSI agreement and taking decisions on the use of the EU guarantee, they shall not seek nor take instructions from the EIB, the Union institutions, the Member States or any other public or private body. Adequate organisational arrangements shall be in place to ensure operational independence of the Investment Committee, without prejudice to the provision of analytical, logistical and administrative support by the staff of the EIB to the Investment Committee.
Amendment 904 #
Proposal for a regulation
Article 4 – paragraph 1
Article 4 – paragraph 1
The Union shall provide a guarantee to the EIB for financing or investment operations carried out within the Union including investments linking the Union and one or more third countries covered by this Regulation ('EU guarantee') and the EFSI agreement. The EU guarantee shall be granted as a guarantee on demand in respect of instruments referred to in Article 6.
Amendment 923 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – introductory part
Article 5 – paragraph 2 – subparagraph 1 – introductory part
The EU guarantee shall be granted for EIB financing and investment operations approved by the Investment Committee referred to in Article 3(5) or funding to the EIF in order to conduct EIB financing and investment operations in accordance with Article 7(2). The operations concerned shall be econsistent with Union policiesomically viable and compliant with Union policies, as set out in Union legislation and the requirements defined therein, and support any of the following general objectives:'.
Amendment 948 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – point a
Article 5 – paragraph 2 – subparagraph 1 – point a
(a) i. development of infrastructure, including in the areas of transport, particularly in industrial centres; energy, in particular energy interconnections; and digital infrastructure;
Amendment 969 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – point b
Article 5 – paragraph 2 – subparagraph 1 – point b
(b) investment in research and development and innovation; investment in education and training, health, research and development, information and communications technology and innovation;
Amendment 984 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – point c
Article 5 – paragraph 2 – subparagraph 1 – point c
(c) expansion of renewable energy and energy and resource efficiencydevelopment of the energy sector including innovative technologies in the sector of coal;
Amendment 988 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – point d
Article 5 – paragraph 2 – subparagraph 1 – point d
Amendment 1003 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – point e
Article 5 – paragraph 2 – subparagraph 1 – point e
(e) providingsioning of financial support for the companies referred to in Article 1(1), including working capital risk financing.
Amendment 1033 #
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 promotional banks, via the EIB, that invest in operations meeting the requirements of this Regulation. In that case, the Steering Board shall specify policies are specified regarding eligible investment platforms. The Commission shall ensure that any redeployment of funds from the EU budget does not adversely affect programmes. that fund basic or early- stage scientific research.
Amendment 1061 #
Proposal for a regulation
Article 5 – paragraph 3 – subparagraph 1
Article 5 – paragraph 3 – subparagraph 1
In accordance with Article 17 of the Statute of the European Investment Bank, the EIB shall charge the beneficiaries of the financing operations to cover itsall expenses related to the EFSI. Without prejudice to sub-paragraph 2 and 3, no administrative expenditure or any other fees of the EIB for financing and investment activities conducted by the EIB under this Regulation shall be covered from the Union budgetgeneral budget of the Union.
Amendment 1071 #
Proposal for a regulation
Article 5 – paragraph 4
Article 5 – paragraph 4
4. Provided that all relevant eligibility criteria are fulfilled, Member States may use European Structural and Investment Funds, in accordance with EU state aid rules, to contribute to the financing of eligible projects in which the EIB is investing with the support of the EU guarantee, provided that both the eligibility criteria of the relevant instruments and of the EFSI are fulfilled..
Amendment 1074 #
Proposal for a regulation
Article 5 – paragraph 4 a (new)
Article 5 – paragraph 4 a (new)
4a. The EU guarantee may be granted for EIB financing and investment operations for which a contract between the EIB and the beneficiary or financial intermediary has been signed by 30 June 2020 and which are approved by the Investment Committee before 30 June 2019.
Amendment 1075 #
Proposal for a regulation
Article 5 – paragraph 4 b (new)
Article 5 – paragraph 4 b (new)
4b. The EU guarantee may be granted for funding or guarantees to the EIF in order to conduct EIB financing and investment operations in accordance with Article 7(2) for which a contract between the EIF and the financial intermediary has been signed by 30 June 2020 and which are approved by the EIF Board of Directors before 30 June 2019.
Amendment 1088 #
Proposal for a regulation
Article 6 – paragraph 2 – point a
Article 6 – paragraph 2 – point a
(a) EIB loans, guarantees, counter- guarantees, capital market instruments, any other form of funding or credit enhancement instrument, equity or quasi- equity participations. These Instruments shall be granted, acquired or issued for the benefit of operations carried out in the Union, including cross-border operations between a Member State and a third country, in compliance with this Regulation and where EIB financing has been granted in accordance with a signed agreement which has neither expired nor been cancelled and respecting the timing specified in article 5 (5 and 6);
Amendment 1092 #
Proposal for a regulation
Article 6 – paragraph 2 – point b
Article 6 – paragraph 2 – point b
(b) EIB funding to the EIF enabling it to undertake loans, guarantees, counter- guarantees, any other form of credit enhancement instrument, capital market instruments and equity or quasi-equity participations. These Instruments shall be granted, acquired or issued for the benefit of operations carried out in the Union, in compliance with this Regulation and where EIF financing has been granted in accordance with a signed agreement which has neither expired nor been cancelled and respecting the timing specified in article 5 (5 and 6).
Amendment 1105 #
Proposal for a regulation
Article 7 – paragraph 1
Article 7 – paragraph 1
1. The EU guarantee to the EIB shall be of an amount equal to no more than EUR 16 000 000 000 at any point in time, of which a maximum amount of EUR 2 500 000 000 may be allocated for EIB guarantees or funding to the EIF in accordance with paragraph 2. Without prejudice to Article 8(9), aAggregate payments from the Union under the guarantee to the EIB shall not exceed the amount of the guarantee.
Amendment 1108 #
Proposal for a regulation
Article 7 – paragraph 2 – subparagraph 1
Article 7 – paragraph 2 – subparagraph 1
The coverage of the guarantee over a particular type of instrument portfolio, referred to in Article 6, shall be determined by the risk of that portfolio and by the type of instrument. The EU guarantee shall be eligible to provide either first loss guarantees on a portfolio basis or a full guarantee. The EU guarantee may be granted on a pari passu basis with other contributors.
Amendment 1116 #
Proposal for a regulation
Article 7 – paragraph 4 a (new)
Article 7 – paragraph 4 a (new)
4a. The EU guarantee shall be granted as a guarantee on demand in respect of instruments referred to in Article 6 to cover: - for debt instruments referred to in Article 6(2)(a): the principal and all interest and all amounts due to the EIB but not received by it in accordance with the terms of the financing operations up until the point of default; - for equity investments referred to in Article 6(2)(a): the amounts invested and their associated funding cost; - for operations referred to in Article 6(2) (b): the amounts used and their associated funding costs. The EU guarantee shall also cover the amounts referred to in the second and third sub-paragraph of Article 5 (3).
Amendment 1135 #
Proposal for a regulation
Article 8 – paragraph 2 – point d
Article 8 – paragraph 2 – point d
(d) revenues and any other payments received by the Union in accordance with the EFSI Agreement.
Amendment 1159 #
Proposal for a regulation
Article 8 – paragraph 6
Article 8 – paragraph 6
Amendment 1178 #
Proposal for a regulation
Article 8 – paragraph 8
Article 8 – paragraph 8
8. From 1 January 2019, iIf as a result of calls on the guarantee, the level of the guarantee fund falls below 50% of the target amount, the Commission shall submit a report on exceptional measures that may be required to replenish it while fully respecting the MFF.
Amendment 1192 #
Proposal for a regulation
Article 9 – title
Article 9 – title
European investment project pipelinedirectory (This amendment applies throughout the text. Adopting it will necessitate corresponding changes throughout.)
Amendment 1208 #
Proposal for a regulation
Article 9 – paragraph 2
Article 9 – paragraph 2
2. The Commission and the EIB shall develop, update and disseminate, on a regular and structured basis, informatprojects displayed on the European investment project directory shall be for visibility to investors and information purposes only, and shall be without prejudice to decisions on current and future investments which significantly contribute to achieving EU policy objectivesthe final projects selected for support under this Regulation or under any other EU instrument or public funding.
Amendment 1209 #
Proposal for a regulation
Article 9 – paragraph 3
Article 9 – paragraph 3
Amendment 1223 #
Proposal for a regulation
Article 10 – paragraph 1
Article 10 – paragraph 1
1. The EIB, in cooperation with the EIF as appropriate, shall report semi-annually 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 establisespecially thed pursuant to Article 2(1)(g)rinciple of additionality. The report shall also include statistical, financial and accounting data on each EIB financing and investment operation and on an aggregated basis.
Amendment 1229 #
Proposal for a regulation
Article 10 – paragraph 2 – introductory part
Article 10 – paragraph 2 – introductory part
2. The EIB, in cooperation with the EIF as appropriate, shall report annually to the European Parliament and to the Council on EIB financing and successful and unsuccessful investment operations. The report shall be made public and include:
Amendment 1237 #
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 additional private sector resources, the estimated and actual outputs, outcomes and impact of EIB financing and investment operations at an aggregated basis;
Amendment 1269 #
Proposal for a regulation
Article 10 – paragraph 3 – point a
Article 10 – paragraph 3 – point a
(a) the EIB's and EIF's risk assessment and grading information concerning EIB financing and investment operations with respect to EFSI;
Amendment 1279 #
Proposal for a regulation
Article 10 – paragraph 6
Article 10 – paragraph 6
6. The Commission shall, by 30 June of each year until the end of the programme, send to the European Parliament, the Council and the Court of Auditors an annual report on the situation of the guarantee fund and the management thereof in the previous calendar year, including an assessment of the adequacy of the target amount, of the level of the guarantee fund and of the need for replenishment of the guarantee fund. The annual report shall contain the presentation of the financial position of the guarantee fund at the end of the previous year, the financial flows during the previous calendar year as significant transactions and any relevant information on the financial accounts. The report will also include information about the financial management, the performance and the risk of the fund at the end of the previous year..
Amendment 1293 #
Proposal for a regulation
Article 11 – paragraph 2
Article 11 – paragraph 2
2. The Managing Director shall reply orally or in writing to questions addressed to the EFSI by the European Parliament or by the Council, in any event within five weeks of receipt of a question.
Amendment 1300 #
Proposal for a regulation
Article 11 – paragraph 3
Article 11 – paragraph 3
3. At the request of the European Parliament or the Council, , the Commission shall report to the European Parliament or the Council, on the application of this Regulation.
Amendment 1309 #
Proposal for a regulation
Article 12 – paragraph 1 – subparagraph 1
Article 12 – paragraph 1 – subparagraph 1
Amendment 1310 #
Proposal for a regulation
Article 12 – paragraph 1 – subparagraph 2
Article 12 – paragraph 1 – subparagraph 2
Amendment 1315 #
Proposal for a regulation
Article 12 – paragraph 2
Article 12 – paragraph 2
Amendment 1321 #
Proposal for a regulation
Article 12 – paragraph 3
Article 12 – paragraph 3
3. The EIB, in cooperation with the EIF as appropriate, shall contribute to and provide the necessary information for the Commission evaluation and report under paragraph 1 and 2 respectively.
Amendment 1324 #
Proposal for a regulation
Article 12 – paragraph 5
Article 12 – paragraph 5
Amendment 1336 #
Proposal for a regulation
Article 13 – paragraph 1
Article 13 – paragraph 1
In accordance with its own transparency policies on access to documents and information, the EIB shall make publicly available on its website information relating to all EIB financing and investment operations with respect to EFSI and how they contribute to the general objectives referred to in Article 5(2).
Amendment 1380 #
Proposal for a regulation
Article 17
Article 17
Amendment 1429 #
Proposal for a regulation
Article 18 – paragraph 1 – point 2 a (new)
Article 18 – paragraph 1 – point 2 a (new)
(2a) The Commission shall ensure that any redeployment of funds from the EU budget do not adversely affect programmes that fund basic or early-stage scientific research.
Amendment 1456 #
Proposal for a regulation
Article 19 – paragraph 1
Article 19 – paragraph 1
Regulation (EU) No 1316/2013
Article 21 (4)
Article 21 (4)
Article 21 (4) of Regulation (EU) No 1316/2013 is deleted.
Amendment 1457 #
Proposal for a regulation
Article 19 – paragraph 1
Article 19 – paragraph 1
Regulation (EU) No 1316/2013
Article 14, paragraph 2
Article 14, paragraph 2
In Article 14 of Regulation (EU) No 1316/2013, paragraph 2 is replaced by the following: The overall contribution from the Union budget to the financial instruments shall not exceed 0,5 % of the overall financial envelope of the CEF as referred to in Article 5(1).