Activities of Xabier BENITO ZILUAGA related to 2016/0276(COD)
Shadow opinions (1)
OPINION on the proposal for a regulation of the European Parliament and of the Council amending Regulations (EU) No 1316/2013 and (EU) 2015/1017 as regards the extension of the duration of the European Fund for Strategic Investments as well as the introduction of technical enhancements for that Fund and the European Investment Advisory Hub
Amendments (30)
Amendment 53 #
Proposal for a regulation
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–
The European Parliament rejects the Commission proposal.
Amendment 58 #
Proposal for a regulation
Recital -1 (new)
Recital -1 (new)
(–1) There is an investment gap in the EU that is compromising the resumption of economic growth.
Amendment 60 #
Proposal for a regulation
Recital -1 b (new)
Recital -1 b (new)
(–1b) There are some reservations with regard to the implementation of the EFSI, particularly in relation to additionality, excessive geographical and thematic concentration and the governance model, concerns which have also been expressed in the Court of Auditors report.
Amendment 60 #
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 privateublic sector financing in investments crucial for Europe’s future job creation – including for the youth –, and growth and competitiveness with strengthenwith ensured additionality. They include investments in the areas of energy, environment and climate action, social and human capitaleconomy 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 eand the EU 2050 commitment to reduce Greenhouse gas emissions by 80-95%, must be reinforced. 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 countryor fossil fuel projects must be avoided. 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 61 #
Proposal for a regulation
Recital -1 c (new)
Recital -1 c (new)
(–1c) The plan to turn the EFSI into a permanent instrument could transform it into a further anti-democratic element in the distribution among the Member States of private investment with public support.
Amendment 62 #
Proposal for a regulation
Recital -1 d (new)
Recital -1 d (new)
(–1d) Only a genuinely public investment plan geared to social, economic and territorial cohesion will be capable of helping to increase aggregate demand and carry out investment in public infrastructure, which may subsequently leverage and boost private investment. Only a plan of this nature can be effective in reviving growth, fighting unemployment and combating social, economic and territorial inequalities.
Amendment 68 #
Proposal for a regulation
Recital 9
Recital 9
(9) Additionality, a key feature of the EFSI, should be strengthened in the selection of projects. In particular, operations should only be eligible for EFSI support if they address clearly identified market failures or sub-optimal investment situations. Operations in infrastructure under the Infrastructure and Innovation Window linking two or more Member States, including e-infrastructure, should be considered additional given their inherent difficulty and their high added value for the Union.
Amendment 72 #
Proposal for a regulation
Recital 10
Recital 10
Amendment 78 #
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 and to encourage social and regional cohesion through the creation of quality jobs and the broadening and improvement of the productive base of Member States, especially those most affected by the crisis, the scope of the general objectives eligible for EFSI support should be enlarged.
Amendment 91 #
Proposal for a regulation
Recital 16
Recital 16
(16) In line with the exceptional market demand for SME financing under the EFSI which is expected to continue, the EFSI SME Window should be enhanced. Particular attention should be paid to social enterprises, including through the development and deployment of new instrument with additional resources, as well as the support capacities for SME of the advisory hub. Particular attention should be paid to social enterprises.
Amendment 99 #
Proposal for a regulation
Recital 18
Recital 18
(18) With a view to enhancing the transparency of EFSI operations, the Investment Committee should explain in its decisions, which are made public and accessible, the reasons why it deems that an operation should be granted the EU guarantee, with particular focus on compliance with the additionality criterion. The scoreboard of indicators should be made public once an operation under the EU guarantee is signapproved.
Amendment 105 #
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 StatesSME and projects that contribute to achievingquality job creation in line with 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 contribute to the establishment of investment platforms and provide advice on the combination of other sources of Union funding with the EFSI in order to maximise the number of projects, the number of beneficiaries and the job creation impacts.
Amendment 121 #
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 situations, EIB special activities supported by the EFSI shall typically have features such as subordination, participation in risk- sharing instruments, cross-border characteristics, exposure to specific risks or other identifiable aspects as further described in Annex IIFSI shall maximise the number of projects aiming to maximise the number of beneficiaries and the potential leverage effect. To this end at least one third of total guarantees will be used to support MSMEs and cooperatives.
Amendment 124 #
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
Article 5 – paragraph 1 – subparagraph 4
Amendment 128 #
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 5
Article 5 – paragraph 1 – subparagraph 5
Amendment 131 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2 a (new)
Article 1 – paragraph 1 – point 2 a (new)
Regulation (EU) 2015/1017
Article 5 – paragraph 2 a (new)
Article 5 – paragraph 2 a (new)
(2a) In Article 5 the following paragraph is added: 2a. To this end, the EFSI shall assess the environmental and social performance of every project supported. In order to not only base the additionality criteria by financial or risk variables but also for their environmental and social impact.
Amendment 132 #
Proposal for a regulation
Article 1 – paragraph 1 – point 3 a (new)
Article 1 – paragraph 1 – point 3 a (new)
Regulation (EU) 2015/1017
Article 6 – paragraph 1 – subparagraph 1 a (new)
Article 6 – paragraph 1 – subparagraph 1 a (new)
(3a) In Article 6(1) the following subparagraph is added: The Investment Committee shall be responsible to ensure that overall, projects under the EU guarantee foster European social and regional cohesion.
Amendment 137 #
Proposal for a regulation
Article 1 – paragraph 1 – point 4 – point d
Article 1 – paragraph 1 – point 4 – point d
Regulation (EU) 2015/1017
Article 7 – paragraph 12 – subparagraph 2 – second sentence
Article 7 – paragraph 12 – subparagraph 2 – second sentence
Decisions approving the use of the EU guarantee shall be public and accessible, and include the rationale for the decision, with particular focus on compliance with the additionality criterion. The publication shall not contain commercially sensitive information. In reaching its decision, the Investment Committee shall be supported by the documentation provided by the EIB.
Amendment 138 #
Proposal for a regulation
Article 1 – paragraph 1 – point 5 – point -a (new)
Article 1 – paragraph 1 – point 5 – point -a (new)
Regulation (EU) 2015/1017
Article 9 – paragraph 2 – point b – point i
Article 9 – paragraph 2 – point b – point i
(i) expansion of the use or supply of renewable energy-a) in paragraph 2, point b point i is replaced by the following: (i) expansion of the use or supply of renewable energy, avoiding any finance to fossil fuel infrastructures such as gas pipelines;
Amendment 139 #
Proposal for a regulation
Article 1 – paragraph 1 – point 5 – point -a a (new)
Article 1 – paragraph 1 – point 5 – point -a a (new)
Regulation (EU) 2015/1017
Article 9 – paragraph 2 – point c – introductory part
Article 9 – paragraph 2 – point c – introductory part
(-aa) in paragraph 2 point c is replaced by the following: (c) development of transport infrastructures, and equipment and innovative technologies for transport, avoiding any finance to intensive fossil fuel infrastructures such as motorway and airports, in particular through:
Amendment 148 #
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 at least 480 % of EFSI financing under the infrastructure and innovation window supports projects with components that contribute to climate action, in line with the COP21 commitmentscluding at least 35% of EFSI financing to support energy efficiency projects, are in line with the COP21 commitments and the EU 2050 commitments to reduce greenhouse gas emission by 80-95%. The Steering Board shall provide detailed guidance to that end.
Amendment 160 #
Proposal for a regulation
Article 1 – paragraph 1 – point 6
Article 1 – paragraph 1 – point 6
Regulation (EU) 2015/1017
Article 10 – paragraph 2 – point a
Article 10 – paragraph 2 – point a
(a) EIB loans, guarantees, counter- guarantees, capital market instruments, any other form of funding or credit enhancement instrument, including subordinated debt, equity or quasi-equity participationsany other form of funding instrument, including in favour of national promotional banks or institutions, investment platforms or funds;
Amendment 161 #
Proposal for a regulation
Article 1 – paragraph 1 – point 6 a (new)
Article 1 – paragraph 1 – point 6 a (new)
Regulation (EU) 2015/1017
Article 10 – paragraph 2 – point c a (new)
Article 10 – paragraph 2 – point c a (new)
Amendment 166 #
Proposal for a regulation
Article 1 – paragraph 1 – point 9 – point a – point i
Article 1 – paragraph 1 – point 9 – point a – point i
Regulation (EU) 2015/1017
Article 14 – paragraph 1 – subparagraph 1 – second sentence
Article 14 – paragraph 1 – subparagraph 1 – second sentence
Such support shall include providing targeted support on the use of technical assistance for project structuring, on the use of innovative financial instruments and on the use of public-private partnerships, taking into account the specificities and needs of Member States with less-developed financial markets technical assistance available.
Amendment 174 #
Proposal for a regulation
Article 1 – paragraph 1 – point 9 – point b – point i
Article 1 – paragraph 1 – point 9 – point b – point i
Regulation (EU) 2015/1017
Article 14 – paragraph 2 – point c
Article 14 – paragraph 2 – point c
(c) leveraging local knowledge to facilitate EFSI support across the Union and contributing where possible to the objective of sectorial and geographical diversification of the EFSI referred to in Section 8 of Annex II by supporting the EIB to originate operations;
Amendment 181 #
Proposal for a regulation
Article 1 – paragraph 1 – point 9 – point c
Article 1 – paragraph 1 – point 9 – point c
Regulation (EU) 2015/1017
Article 14 – paragraph 5
Article 14 – paragraph 5
5. In order to achieve the objective referred to in paragraph 1 and to facilitate the provision of advisory support at local level, the EIAH shall seek to use the expertise of the EIB,and collaborate with the Commission, national promotional banks or institutions, and the managing authorities of the European Structural and Investment Funds.
Amendment 183 #
Proposal for a regulation
Article 1 – paragraph 1 – point 9 – point d
Article 1 – paragraph 1 – point 9 – point d
Regulation (EU) 2015/1017
Article 14 – paragraph 6 – second sentence
Article 14 – paragraph 6 – second sentence
Cooperation between, on the one hand, the EIAH and, on the other hand, a national promotional bank or institution, an international public financing institution or an institution or a managing authority, including those acting as a national advisor, having expertise relevant for the purposes of the EIAH, may take the form of a contractual partnership.
Amendment 191 #
Proposal for a regulation
Article 1 – paragraph 1 – point 11 a (new)
Article 1 – paragraph 1 – point 11 a (new)
Regulation (EU) 2015/1017
Article 19 – paragraph 1 b (new) –
Article 19 – paragraph 1 b (new) –
(11a) in Article 19, the following paragraph is added: In its financing and investment operations, the EIB shall apply the principles and standards set out in Union law on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing, including a requirement to take reasonable measures to identify the beneficial owners where applicable. In its financing and investment operations under the EFSI and through investment platforms and national promotional banks, the EIB shall make both direct funding or funding via intermediaries contingent upon the disclosure of both country-by-country tax relevant data along the lines of the CRD IV provision for credit institutions, as well as disclosure of beneficial ownership information according to the EU Anti- Money Laundering Directive.
Amendment 193 #
Proposal for a regulation
Article 1 – paragraph 1 – point 12 a (new)
Article 1 – paragraph 1 – point 12 a (new)
Regulation (EU) 2015/1017
Article 22 – paragraph 2 a (new)
Article 22 – paragraph 2 a (new)
(12a) in Article 22(2) the following subparagraph is added after the second subparagraph: The EIB shall terminate with financial intermediaries having a negative track record in terms of transparency, tax evasion and aggressive tax planning practices, or use other harmful tax practices such as ‘tax rulings’ and abusive transfer pricing.
Amendment 197 #
Proposal for a regulation
Article 2
Article 2
Regulation (EU) No 1316/2013
Article 5 – paragraph 1
Article 5 – paragraph 1