37 Amendments of Pervenche BERÈS related to 2015/0009(COD)
Amendment 95 #
Proposal for a regulation
Recital 1
Recital 1
(1) TSince the start of the economic and financial crisis has led to a lowering of, the level of investments within the Union has fallen strongly. Investment has fallen by approximately 15% since its peak in 2007, particularly in regions that are already in difficulty and those that are less developed, thereby aggravating disparities in regional development. 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 States. This lack of investment slows economic recovery and negatively affects job creation, long-term growth prospects and competitiveness.
Amendment 112 #
Proposal for a regulation
Recital 12 a (new)
Recital 12 a (new)
(12a) Taking into account that creative industries in Europe make a substantial contribution to the EU economy, creating more than EUR 550 billion in value added to the GDP and providing 8,3 million full- time jobs, financing under the EFSI should also foster investment and growth in the creative and cultural sector and strengthen Europe's cultural and creative industries, in particular start-ups, innovative SMEs and creative businesses.
Amendment 115 #
Proposal for a regulation
Recital 2
Recital 2
(2) Comprehensive action is required to reverse the vicious circle created by a lack of investment. Structural reforms and fiscal responsibilityimed at supporting sustainable growth and high- quality jobs are necessary preconditions for stimulating investment. Along with a renewed impetus towards investment financing, these preconditions can contribute tocoordination of economic, fiscal, social and budgetary policies will establishing a virtuous circle, where investment projects help support employment and demand and lead to a sustained increase in growth potential.
Amendment 129 #
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 throughan interpretation of budgetary policies based on compliance with procyclical rules which lead countries to sacrifice the investment spending needed to boost economic activity and create high-quality, sustainable jobs to the detriment of the initiatives set out in the Europe 2020 strategy that put in place an approach for smart, sustainable and inclusive growth. The European Investment Bank ('EIB') has also strengthened its role in instigating and promoting investment within the Union, partly by way of an increase in capital in January 2013. Further action is required to ensure that the investment needs of the Union are addressed and that the liquidity available on the market is used efficiently and channelled towards the funding of viable investment projects.
Amendment 139 #
Proposal for a regulation
Recital 7 a (new)
Recital 7 a (new)
(7a) On 13 January 2015, the European Commission presented a Communication on how it will apply the existing rules of the Stability and Growth Pact, with a view to outline the conditions of use ot the flexibility offered in the existing rules of the Stability and Growth Pact.
Amendment 159 #
Proposal for a regulation
Recital 9
Recital 9
(9) The investment environment within the Union should be improved by providing all Member States the fiscal room for manoeuvre needed to support high-quality investment, removing barriers to investment, reinforcing the Single Market and by enhanci ng regulatory predictability. The work of the EFSI, and investments across Europe generally, should benefit from this accompanying work.
Amendment 204 #
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 objectivesIn compliance with Article 3 TFEU and Article 9 TEU, the EFSI should support strategic investments with strong potential for creating sustainable, high- quality jobs contributing to achieving Union policy objectives, particularly on the environment, energy and the digital economy.
Amendment 221 #
Proposal for a regulation
Recital 12
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. The EFSI should help these businesses to overcome capital shortages by allowing the EIB and, the European Investment Fund ('EIF') and national development institutions or banks 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.
Amendment 226 #
Proposal for a regulation
Recital 12 a (new)
Recital 12 a (new)
(12a) Taking into account that creative industries in Europe make a substantial contribution to the EU economy, creating more than €550 billion in value added to the GDP and providing 8.3 million full- time jobs, financing under the EFSI should also foster investment and growth in the creative and cultural sector and strengthen Europe's cultural and creative industries, in particular start-ups, innovative SMEs and creative businesses.
Amendment 240 #
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 and to ensure increased access to financing for companies having up to 3000 employees, with a particular focus on small and medium-sized enterprises, through the supply of risk bearing capacity to the EIB ('EFSI Agreement'), taking into account the considerable financing needs of start- ups, innovative technology-based companies and creative businesses.
Amendment 258 #
Proposal for a regulation
Recital 14
Recital 14
(14) The EFSI should target projects delivering high economic, societal and economic valuenvironmental performance, thereby contributing to achieving the Union’s political objectives in accordance with Article 3 TFEU and Article 9 TEU. In particular, the EFSI should target projects that promote high-quality job creation, long- term growth and competitiveness, energy transition and skills enhancement. The EFSI should support a wide range of financial products, including equity, debt or guarantees, to best accommodate the needs of the individual project. This wide range of products should allow the EFSI to adapt to market needs whilst encouraging private investment in the projects. The EFSI should not be a substitute for private market finance but should instead catalyse private finance by addressing market failures so as to ensure the most effective and strategic use of public money. The requirement for consistency with State aid principles should contribute to such effective and strategic use.
Amendment 309 #
Proposal for a regulation
Recital 16
Recital 16
(16) The EFSI should target investments that are expected to be economically and technically viable, which may entail a degree of appropriate risk. With a view to ensuring additionality, such investments will have to entail a degree of risk higher than that of traditional EIB Group activities, whilst still meeting the particular requirements for EFSI financing.
Amendment 333 #
Proposal for a regulation
Recital 17
Recital 17
(17) Decisions on the use of the EFSI support for infrastructure andprojects, large mid- cap projects and investment platforms should be made by an Investment Committee. The Investment Committee should be composed of independent experts who are knowledgeable and experienced in the areas of investment projects, the environment, energy and society. The Investment Committee should be accountable to a Steering Board of the EFSI, who should supervise the fulfilment of the EFSI's objectives. To effectively benefit from the experience of the EIF, the EFSI should support funding to the EIF to allow the EIF to undertake individual projects in the areas of small and medium enterprises and small mid-cap companies.
Amendment 352 #
Proposal for a regulation
Recital 18
Recital 18
(18) In order to enable the EFSI to support investments, the Union should grant a guarantee of an amount equal to EUR 16 000 000 000. 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 510 000 000 000 to be provided by the EIB, that the EFSI support should generate EUR 60 878 000 000 000 additional investment by the EIB and EIF. This EUR 60 878 000 000 000 supported by the EFSI is expected to generate a total of EUR 31590 000 000 000 in investment in the Union within the period 2015 to 2017. Guarantees that are attached to projects which are completed without a call on a guarantee are available for supporting new operations.
Amendment 354 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – point a
Article 5 – paragraph 2 – subparagraph 1 – point a
(a) development of infrastructure, including in the areas of transport, particularly in industrial centres; energy, in particular energy interconnections; and digital infrastructure, in particular broadband and digital infrastructure for cultural and creative industries;
Amendment 373 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – point b
Article 5 – paragraph 2 – subparagraph 1 – point b
(b) investment in education and training, health, research and development, information and communications technology and, innovation, creativity and culture;
Amendment 381 #
Proposal for a regulation
Recital 19 a (new)
Recital 19 a (new)
(19a) Given their technical expertise in setting up and financing projects, and their in-depth knowledge of economic and social situations at national and regional level, the Investment Committee may grant the EU guarantee to national promotional institutions or banks to cover activities that fall within the scope of the EFSI’s objectives. Such operations shall therefore be managed for the account of the EIB with no financial commitment on the part of the bank.
Amendment 389 #
Proposal for a regulation
Recital 20 a (new)
Recital 20 a (new)
(20a) The financial contributions to the EFSI of the Member States and their national promotional institutions or banks, including their potential participation in investment platforms, shall not be taken into account by the Commission when defining the fiscal adjustments under the preventive and corrective arms of the Pact.
Amendment 459 #
Proposal for a regulation
Recital 28
Recital 28
(28) The guarantee fund is intended to provide a liquidity cushion for the Union budget against losses incurred by the EFSI in pursuit of its objectives. Experience on the nature of investments to be supported by the EFSI indicates that a ratio of 530% between the payments from the Union budget and from the Union's total guarantee obligations would be adequate.
Amendment 486 #
Proposal for a regulation
Recital 29 a (new)
Recital 29 a (new)
(29a) The nomenclature of the Union’s 2015 budget shall be amended to add the appropriate structure for the guarantee fund. The contribution from the Union budget to the guarantee fund will be decided by the European Parliament and the Council in the framework of the annual budgetary procedures up to 2020.
Amendment 488 #
Proposal for a regulation
Recital 29 b (new)
Recital 29 b (new)
(29b) The budgetary authority may, if needed, use all the necessary flexibility mechanisms and existing tools under Regulation 1311/2013 laying down the multiannual financial framework (MFF). The revision of the MFF to be carried out before the end of 2016 shall also be an opportunity to establish new means of additional payment for financing the guarantee fund.
Amendment 490 #
Proposal for a regulation
Recital 29 c (new)
Recital 29 c (new)
(29c) Where the budgetary authority decides, as a last resort, to reallocate existing commitments in the EU’s multiannual programmes to finance the guarantee fund, specific attention shall be paid to ensure that any such reallocation is as linear as possible from year to year so as not to undermine the proper functioning and viability of projects implemented under the programmes concerned.
Amendment 508 #
Proposal for a regulation
Recital 33
Recital 33
(33) Although the projects identified under the project pipeline may be used by the EIB Group and by national promotional institutions or banks in the identification and selection of EFSI supported projects, the project pipeline should have a broader scope of identifying projects across the Union. This scope may include projects that are capable of being fully financed by the private sector or with the assistance of other instruments provided at European or national level. The EFSI should be able to support financing and investment to projects identified by the project pipeline, but there should be no automaticity between inclusion on the list and access to EFSI support and the EFSI be conferred with discretion to select and support projects that are not included on the list.
Amendment 558 #
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 and to ensure increased access to financing for companies having up to 3000 employees, with a particular focus on small and medium-sized enterprises, through the supply of risk bearing capacity to the EIB ('EFSI Agreement'), taking into account the considerable financing needs of start- ups, innovative technology-based companies and creative businesses.
Amendment 610 #
Proposal for a regulation
Article 1 a (new)
Article 1 a (new)
Article 1a Definitions. For the purpose of this Regulation the following definitions shall apply: (a) ‘EFSI Agreement’ means the legal instrument whereby the Commission and the EIB specify the conditions laid down in this Regulation for the management of the EFSI; (b) ‘national promotional banks or institutions’ means legal entities carrying out a financial activity on a professional basis and upon which are conferred a public mandate by a Member State, whether at central, regional or local level, to carry out public development or promotional activities on a non- commercial basis; (c) ‘investment platforms’ means special purpose vehicles, managed accounts, contract-based co-financing or risk- sharing arrangements or arrangements established by any other means by which investors channel a financial contribution in order to finance a number of investment projects and which may include national platforms that regroup several investment projects on the territory of a given Member State, multi- country or regional platforms that regroup several Member States interested in large projects in a given geographic area, or thematic platforms, which could gather investment projects in a given sector; (d) ‘small and medium-sized enterprises (SMEs)’ means micro, small and medium-sized enterprises as defined in Commission Recommendation 2003/361/EC; (e) ‘mid-cap companies’ means legal entities having up to 3 000 employees and that are not SMEs.
Amendment 632 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 – point b
Article 2 – paragraph 1 – subparagraph 1 – point b
(b) the amount and terms of the financial contribution of EUR 10 000 000 000 which shall be provided by the EIB through the EFSI;
Amendment 658 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 – point g
Article 2 – paragraph 1 – subparagraph 1 – point g
(g) requirements governing the use of the EU guarantee, including in accordance with the objectives set out in Article 5(2) and within specific time frames and key performance indicators;
Amendment 897 #
Proposal for a regulation
Article 4 – paragraph 1
Article 4 – paragraph 1
The Union shall provide a guarantee to the EIB and to national promotional banks via the EIB for financing or investment operations carried out within the Union covered by this Regulation and by the EFSI Agreement (‘EU guarantee’). The EU guarantee shall be granted as a guarantee on demand in respect of instruments referred to in Article 6.
Amendment 934 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – point a
Article 5 – paragraph 2 – subparagraph 1 – point a
(a) development of infrastructure, including in the areas of transport, particularly in industrial centres; energy, in particular energy interconnections; and digital infrastructure, in particular broadband and digital infrastructure for cultural and creative industries;
Amendment 959 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – point b
Article 5 – paragraph 2 – subparagraph 1 – point b
(b) investment in education and training, health, research and development, information and communications technology and, innovation, creativity and culture;
Amendment 1014 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 a (new)
Article 5 – paragraph 2 – subparagraph 1 a (new)
Amendment 1028 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 2
Article 5 – paragraph 2 – subparagraph 2
In addition, the EU guarantee shall be gInvestment Committee may grant via the EIB the EU guarantede for support of dedicated investment platforms and national promotional banks, via the EIB, or institutions that invest in operations meeting the requirements of this Regulation. In that case, the Steering Board shall specify policies regarding eligible investment platforms. In the case of financing platforms organised by the national promotional banks or institutions, the EIB alone shall exercise the role of central agent for administrative and financial management and for reporting on the Community budget guarantee and, in its capacity as an agent and on behalf of the Commission, shall transfer this guarantee to the platforms in question without entering them in its own balance sheet.
Amendment 1051 #
Proposal for a regulation
Article 5 – paragraph 2 a (new)
Article 5 – paragraph 2 a (new)
2a. Projects of different scales and with different risk profiles, which on a project- by-project basis would not be eligible to benefit from the EFSI, may be assembled in clusters to be eligible for support;
Amendment 1054 #
Proposal for a regulation
Article 5 – paragraph 2 a (new)
Article 5 – paragraph 2 a (new)
2a. The EFSI shall target projects which take into account the rate of unemployment, especially of young people, and the evolution of the investment level in the NUTS 2 region concerned.
Amendment 1143 #
Proposal for a regulation
Article 8 – paragraph 5 – subparagraph 1
Article 8 – paragraph 5 – subparagraph 1
Endowments to the guarantee fund referred to in paragraph 2 shall be used to reach an appropriate level to reflect the total EU guarantee obligations (‘target amount’). The target amount shall be set at 530% of the Union’s total guarantee obligations.
Amendment 1177 #
Proposal for a regulation
Article 8 – paragraph 8
Article 8 – paragraph 8
8. From 1 January 2019, if as a result of calls on the guarantee, the level of the guarantee fund falls below 560% of the target amount, the Commission shall submit a report on exceptional measures that may be required to replenish it.
Amendment 1203 #
Proposal for a regulation
Article 9 – paragraph 1
Article 9 – paragraph 1
1. The Commission and the EIB, with support from the Member States and, where appropriate, their national promotional banks or institutions, shall promote the creation of a transparent pipeline of current and potential future investment projects in the Union. The pipeline is without prejudice to the final projects selected for support according to Article 3(5).