Activities of Ingeborg GRÄSSLE related to 2015/0009(COD)
Plenary speeches (1)
European Fund for Strategic Investments (debate) DE
Amendments (137)
Amendment 18 #
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. In this perspective, EFSI support to infrastructure networks should contribute to the objectives of the Regulation (EU) No 1315/2013 for transport, Regulation (EU) No 347/2013 for energy networks and Regulation (EU) No 283/201 for telecommunication infrastructure. Projects with synergies between the transport, telecommunications and energy sectors should be given particular attention.
Amendment 25 #
Proposal for a regulation
Recital 19 a (new)
Recital 19 a (new)
(19a) Payments into the guarantee fund should have a target amount of EUR 200m in 2016, EUR 300m in 2017, EUR 1bn in 2018, EUR 2bn in 2019, to be gradually authorised by the European Parliament and the Council in the framework of the annual budgetary procedure, taking into account the effective use of the EU guarantee and the assessment of the additionality of operation conducted under EFSI compared to normal EIB operations.
Amendment 26 #
Proposal for a regulation
Recital 20 a (new)
Recital 20 a (new)
(20a) Financial contributions to the EFSI by Member States or national promotional banks, including possible participation in investment projects, shall only be possible, if negative effects on their credit rating can be ruled out by a certificate of a rating agency submitted to the EFSI Steering Board.
Amendment 29 #
Proposal for a regulation
Recital 24
Recital 24
(24) EIB financing and investment operations supported by the EFSI should be managed in accordance with the EIB’s own rules and proceduresRegulation (EU, Euratom) No 966/2012 of the European Parliament and of the Council of 25 October 2012 on the financial rules applicable to the general budget of the Union and repealing Council Regulation (EC, Euratom) No 1605/2002, including appropriate control measures and measures taken to avoid tax evasion, as well as with the relevant rules and procedures concerning the European Anti-Fraud Office (OLAF) and the Court of Auditors, including the Tripartite agreement between the European Commission, the European Court of Auditors and the European Investment Bank.
Amendment 38 #
Proposal for a regulation
Recital 30
Recital 30
(30) Given the nature of their constitution, neitherir assimilation to Union financial instruments, the EU guarantee to the EIB norand the guarantee fund are 'financial instruments' within the meaning of Regulation (EU) No 966/2012 of the European Parliament and of the Council4 should comply with the principles of sound financial management, transparency, proportionality, non- discrimination, equal treatment and subsidiarity as referred to in Article 140 of Regulation (EU) No 966/2012 of the European Parliament and of the Council4 and, where appropriate, to the provisions in Article 139 of Regulation (EU, Euratom ) No 966/2012. __________________ 4 Regulation (EU, Euratom) No 966/2012 of the European Parliament and of the Council of 25 October 2012 on the financial rules applicable to the general budget of the Union and repealing Council Regulation (EC, Euratom) No 1605/2002 (OJ L 298, 26.10.2012, p. 1).
Amendment 44 #
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 impact of the EFSI, in particular as regards the additionality of operation conducted under EFSI compared to normal EIB operations.
Amendment 49 #
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 enterprises, through the supply of risk bearing capacity to the EIB ('EFSI Agreement'), in accordance with the principles of sound financial management, transparency, proportionality, non-discrimination, equal treatment and subsidiarity.
Amendment 50 #
Proposal for a regulation
Article 1 a (new)
Article 1 a (new)
Amendment 51 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 – point a
Article 2 – paragraph 1 – subparagraph 1 – point a
(a) provisions governing the establishment of the EFSI as a distinct, clearly identifiable and transparent guarantee facility and separate account managed by the EIB for which the EIB and the Commission is subject to an annual discharge decision by Parliament and Council in accordance with Article 319 TFEU and Articles 164, 165 and 166 of Regulation 996/2012;
Amendment 52 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 – point a a (new)
Article 2 – paragraph 1 – subparagraph 1 – point a a (new)
(aa) provisions on how the Commission will assume full responsibility for the actual use of EU funds managed by the EFSI, as provided by Article 17(1) TEU and 317 TFEU and prevent the diffusion of accountability;
Amendment 57 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 – point h
Article 2 – paragraph 1 – subparagraph 1 – point h
(h) provisions on the financing necessary forlegal form, the operational structure and the financing the EIAH in accordance with the third subparagraph of paragraph 2;
Amendment 58 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 – point h a (new)
Article 2 – paragraph 1 – subparagraph 1 – point h a (new)
(ha) provisions on an unconditional capping of expenses incurred by the EIB on behalf of the EFSI;
Amendment 60 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 4
Article 2 – paragraph 1 – subparagraph 4
The EFSI Agreement shall provide that remuneration attributable to the Union from EFSI supported operations shall be provided up to an unconditional cap following the deduction of payments due to calls on the EU guarantee and, subsequently, costs in accordance with the third subparagraph of paragraph 2 and with Article 5(3).
Amendment 66 #
Proposal for a regulation
Article 2 a (new)
Article 2 a (new)
Article 2 a Financial Rules The financial rules applicable to the EFSI and the EIAH shall be adopted by the Steering Board. They may not deviate from Regulation (EC, Euratom) No. 966/2012. In the framework of the negotiations to the EFSI Agreement prior to the setup of the EFSI or after a formal request of the Steering Committee, the Commission may be empowered to allow in duly justified cases for derogations in the form of transitional financial rules by means of a delegated act in accordance with Article 290 TFEU and Article 17 of this regulation. Such transitional rules shall be valid for a maximum of three years or until Parliament and Council amend Regulation (EC, Euratom) No. 966/2012 to incorporate the special requirements of the EFSI.
Amendment 67 #
Proposal for a regulation
Article 3 – paragraph 1
Article 3 – paragraph 1
1. The EFSI Agreement shall provide that the Commission and the EIB are directly responsible and accountable vis-à-vis the Budgetary Authority for the management of all funds and guarantees handled by the EFSI. For this purpose the EFSI shall be governed by a Steering Board, which shall determine the strategic orientation, the strategic asset allocation and operating policies and procedures, including the investment policy of projects that EFSI can support and the risk profile of the EFSI, in conformity with the objectives under Article 5(2). The Steering Board shall elect one of its members to be Chairperson.
Amendment 72 #
Proposal for a regulation
Article 3 – paragraph 2 – subparagraph 1
Article 3 – paragraph 2 – subparagraph 1
For as long as the only contributors to the EFSI are the Union and the EIB, the number of members and votes within the Steering Board shall be allocated based on the respective size of contributions in the form of cash or guaranteeSteering Board shall comprise four members: a member of the Commission, and two further representatives of the Commission as well as the Director of the EIB. The Steering Board shall elect a Chairperson from among its members for a renewable fixed term of three years.
Amendment 76 #
Proposal for a regulation
Article 3 – paragraph 3 a (new)
Article 3 – paragraph 3 a (new)
3 a. The EFSI Agreement shall provide that an advisory group which may be composed of representatives of all banks, including national promotional banks, participating in projects at national and local levels covered by the EU guarantee in accordance with Article 4. The advisory group meet once a year in Luxembourg in the premises of the EIB organized by the EIB; all other communication and exchange among the advisory group members shall be conducted in writing and published after one year. It may accompany the Steering Board, the Investment Committee and the Managing Director with research in order to constantly improve the operations of the EFSI. All costs and travel expenses related to the Group shall be borne by the entities that wish to be represented in the Group.
Amendment 77 #
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 and shall be – together with the EIB Director and the Commissioner responsible – subject to a discharge decision by Parliament and the Council for all funds managed within the EFSI.
Amendment 80 #
Proposal for a regulation
Article 3 – paragraph 4 a (new)
Article 3 – paragraph 4 a (new)
4 a. After hearing the Steering Board, the Commission shall, upon receiving the consent of the EIB, provide the European Parliament with a shortlist of candidates for the positions of Managing Director and Deputy Managing Director. The Commission shall, upon receiving the consent of the EIB, submit to the European Parliament for approval a proposal for the appointment of the Managing Director and the Deputy Managing Director. Following the approval of that proposal, the Steering Board shall appoint the Managing Director and the Deputy Managing Director for a renewable fixed term of three years.
Amendment 82 #
Proposal for a regulation
Article 3 – paragraph 5 – subparagraph 1
Article 3 – paragraph 5 – subparagraph 1
The EFSI Agreement shall provide that the EFSI shall have an Investment Committee, which shall be responsible for examining potential operations in line with the EFSI investment policies and approving the support of the EU guarantee for operations in line with Article 5, irrespective of their geographic location within the European Union.
Amendment 84 #
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 Board for a renewable fixed term of three years. For these purposes, the Steering Board shall draw up a list of at least 16 experts (of which 8 are men and 8 are women) and submit it to the European Parliament. After having heard the experts from this list, the European Parliament shall adopt a decision proposing eight of these experts to the Steering Board for appointment.
Amendment 88 #
Proposal for a regulation
Article 3 – paragraph 5 a (new)
Article 3 – paragraph 5 a (new)
5a. CVs and declarations of interest of each member of the Investment Committee shall be made public, constantly updated and be subject to thorough validity checks of the Commission and the EIB.
Amendment 89 #
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 covered by this Regulation ('EU guarantee'). The EU guarantee shall also be provided to national promotional banks or institutions, in accordance with Article 58(c) of Regulation (EU, Euratom) No 966/2012 of the European Parliament and of the Council of 25 October 2012 on the financial rules applicable to the general budget of the Union and repealing Council Regulation (EC, Euratom) No 1605/2002, and investment platforms. The EU guarantee shall be granted as a guarantee on demand in respect of instruments referred to in Article 6.
Amendment 90 #
Proposal for a regulation
Article 4 – paragraph 1 – subparagraph 1 (new)
Article 4 – paragraph 1 – subparagraph 1 (new)
Contingent legal claims against the Commission by EFSI beneficiaries shall be limited to the EU Guarantee.
Amendment 92 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – introductory part
Article 5 – paragraph 2 – subparagraph 1 – introductory part
The EU guarantee shall only 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 consistent with Union policies that are approved by the Investment Committee referred to in Article 3(5). The operations concerned shall be consistent with Union policies, complementary to existing Union funds or aid schemes, providing European added value and support any of the following general objectives:
Amendment 95 #
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 centresfor clean urban transport and projects along the Transeuropean network for transport, as defined by Regulation (EU) No 1315/2013 ; energy, in particular energy interconnections; and digital infrastructure;
Amendment 99 #
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 its expenses related to the EFSI up to an unconditional cap provided for in the EFSI agreement. The risk of non-recoverable EIB expenses shall be born entirely by the EIB.. 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 budget.
Amendment 102 #
Proposal for a regulation
Article 5 – paragraph 3 – subparagraph 2
Article 5 – paragraph 3 – subparagraph 2
The EIB may call the EU guarantee, in accordance with Article 2(1)(e), within a cumulated maximum limit corresponding to 1% of the total outstanding EU guarantee obligationsup to an unconditional cap provided for in the EFSI agreement to cover expenses that whilst charged to beneficiaries of the financing operations, have not been recovered.
Amendment 103 #
Proposal for a regulation
Article 5 – paragraph 3 – subparagraph 3
Article 5 – paragraph 3 – subparagraph 3
Fees of the EIB should the EIB provide funding to the EIF on behalf of the EFSI which is backed by the EU guarantee in accordance with Article 7(2) may be covered from the Union budget. Such Fees shall be unconditionally capped in the EFSI Agreement.
Amendment 104 #
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 to contribute to the financing of eligible projects in which the EIB is investing with the support of the EU guarantee. Where, in such cases, several legal frameworks of the Union are applicable to the management and control of such projects, Regulation (EU, Euratom) No 966/2012 and the relevant sectoral funding legislation shall take precedence.
Amendment 106 #
Proposal for a regulation
Article 6 – paragraph 1
Article 6 – paragraph 1
For the purposes of Article 5(2), the EIB shall use the EU Guarantee towards risk coverage foronly for the coverage of credit risk of eligible instruments a. As a rule on a portfolio basisthe EU Guarantee shall only be used on basis of the portfolio of eligible instruments used to fund projects approved by the Investment Committee referred to in Article 3(5).
Amendment 108 #
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 EUR 16 000 000 000, of which a maximum amount of EUR 2 500 000 000 may be allocated for EIB funding to the EIF in accordance with paragraph 2. Without prejudice to Article 8(9), aggregate payments from the Union under the guarantee to the EIB shall not exceed the amount of the guarantee, thus excluding contingent liabilities for the Union budget. Legal claims of final beneficiaries against the Union above and beyond this guarantee shall be excluded.
Amendment 109 #
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 credit risk of that portfolio. The Steering Committee shall approve and justify in its decision the use of a certain risk measure and the methodology for its calculation. 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. Member States and national promotional banks may only contribute with guarantees or contributions, if negative effects on the credit rating of the Member States can be ruled out by a certificate of a rating agency.
Amendment 111 #
Proposal for a regulation
Article 7 – paragraph 2 a (new)
Article 7 – paragraph 2 a (new)
2a. The Managing Director shall make the risk measures of the portfolios covered by the EU Guarantee, the methodology and the data with which the risk of a particular instrument portfolio is determined easily publically accessible and update the information at the end of each week.
Amendment 113 #
Proposal for a regulation
Article 7 – paragraph 3
Article 7 – paragraph 3
3. Where the EIB calls the EU guarantee in accordance with the EFSI Agreement, the Union shall pay on demand in accordance with the terms of that Agreement. Such a payment is limited to the amount of either the funds not yet called by the EIB from the EU Guarantee set in Article 7(1). All further losses and risks are borne by the other contributors to the portfolio and the stakeholders of the projects. The EU assumes no contingent liabilities exceeding the EU Guarantee set in Article 7(1).
Amendment 114 #
Proposal for a regulation
Article 7 – paragraph 3 a (new)
Article 7 – paragraph 3 a (new)
3a. The EFSI Agreement shall incorporate a general immunity of the EU and waivers against legal claims by EFSI beneficiaries against the Commission that go beyond the EU guarantee;
Amendment 117 #
Proposal for a regulation
Article 8 – paragraph 2 – point d
Article 8 – paragraph 2 – point d
(d) any other paymentscontribution received by the Union in accordance with the EFSI Agreement. While Member States and national promotional banks may only contribute with guarantees or contributions, if negative effects on the credit rating of the Member States can be ruled out by a certificate of a rating agency.
Amendment 118 #
Proposal for a regulation
Article 8 – paragraph 5 – subparagraph 2
Article 8 – paragraph 5 – subparagraph 2
The target amount shall initially be met by the gradual payment of resources referred to in paragraph 2(a). If there have been calls on the guarantee during the initial constitution of the guarantee fund, endowments to the guarantee fund provided for in points (b), (c) and (d) of paragraph 2 shall also contribute to meet the target amount up to an amount equal to the calls on the guarantee and accompanied by endowments to the guarantee fund provided for in points (b), (c) and (d) of paragraph 2.
Amendment 126 #
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, information on all current and future investments which significantly contribute to achieving EU policy obin a publically accessible project database that also provides aggregate statistics and time series on a variety of project data, e.g. the costs, structure of the funding, the financing leverage of the EFSI contribution, performance- and impact indicators of the projectives.
Amendment 127 #
Proposal for a regulation
Article 9 – paragraph 3
Article 9 – paragraph 3
3. Member States shall develop, update and disseminate together with the EIB, on a regular and structured basis, information on all current and future investment projects in their territory.
Amendment 132 #
Proposal for a regulation
Article 10 – paragraph 2 – point a
Article 10 – paragraph 2 – point a
(a) an assessment of EIB financing and investment operations at operation, sector, country and regional levels and their compliance with this Regulation and Regulation (EU, Euratom) No 966/2012, together with an assessment of the allocation of EIB financing and investment operations between the objectives in Article 5(2);:
Amendment 133 #
Proposal for a regulation
Article 10 – paragraph 2 – point b
Article 10 – paragraph 2 – point b
(b) an assessment of the added value and performance of projects in terms of estimated and realized return on investment at project maturity, the additionality of operation conducted under EFSI compared to normal EIB operations, the mobilisation of private sector resources, the estimated and actual outputs, outcomes and impact of EIB financing and investment operations at an aggregated basis;
Amendment 134 #
Proposal for a regulation
Article 10 – paragraph 2 – point b a (new)
Article 10 – paragraph 2 – point b a (new)
(ba) the targeted leverage effect, and the achieved leverage effect;
Amendment 135 #
Proposal for a regulation
Article 10 – paragraph 2 – point b b (new)
Article 10 – paragraph 2 – point b b (new)
(bb) an assessment of the contribution to the objectives of the Regulation (EU) No 1315/2013 for transport, Regulation (EU) No 347/2013 for energy networks and Regulation (EU) No 283/201 for telecommunication infrastructure;
Amendment 138 #
Proposal for a regulation
Article 10 – paragraph 2 – point d
Article 10 – paragraph 2 – point d
(d) an assessment of the quality of EIB financing and investment operations and the risks associated with this investment operations;
Amendment 139 #
Proposal for a regulation
Article 10 – paragraph 2 – point d a (new)
Article 10 – paragraph 2 – point d a (new)
(da) the financial intermediaries involved in implementation, including any issues relating to the application of Articles 14 and 15;
Amendment 140 #
Proposal for a regulation
Article 10 – paragraph 2 – point d b (new)
Article 10 – paragraph 2 – point d b (new)
(db) list of EFSI beneficiaries, including borrowers of EU-guaranteed financials instruments implemented by the EIB under the EFSI agreement;
Amendment 141 #
Proposal for a regulation
Article 10 – paragraph 2 – point e
Article 10 – paragraph 2 – point e
(e) detailed information on calls on the EU guarantee, losses, returns, amounts recovered and any other payments received;
Amendment 142 #
Proposal for a regulation
Article 10 – paragraph 2 – point e a (new)
Article 10 – paragraph 2 – point e a (new)
(ea) the value of equity investments, with respect to previous years, and the accumulated figures for impairments of assets of equity;
Amendment 144 #
Proposal for a regulation
Article 10 – paragraph 2 – point f
Article 10 – paragraph 2 – point f
(f) the financial statements of the EFSI. accompanied by an opinion of an independent external auditor;
Amendment 145 #
Proposal for a regulation
Article 10 – paragraph 2 – point f a (new)
Article 10 – paragraph 2 – point f a (new)
(fa) detailed information on projects which received contributions from the European Structural and Investment Funds to the financing of eligible projects in which the EIB is investing with the support of the EU guarantee, as provided for in Article 5(4).
Amendment 147 #
Proposal for a regulation
Article 10 – paragraph 3 – introductory part
Article 10 – paragraph 3 – introductory part
3. For the purposes of the Commission's accounting and reporting of the risks covered by the EU guarantee and management of the guarantee fund, the EIB, in cooperation with the EIF as appropriate, shall provide the Commission and the European Court of Auditors every year:
Amendment 150 #
Proposal for a regulation
Article 10 – paragraph 3 – point c a (new)
Article 10 – paragraph 3 – point c a (new)
(ca) the development of the value at risk and other risk measures for the overall project portfolio holding and for the portfolios of each type of eligible instrument;
Amendment 153 #
Proposal for a regulation
Article 10 – paragraph 6
Article 10 – paragraph 6
6. The Commission shall, by 30 June1 March of each year, send to the European Parliament, the Council and the Court of Auditors an annual reportthe annual accounts, the financial statement and an annual report in accordance with Regulation (EU, Euratom) No 996/2012 on the situation of the guarantee fund and the management thereof in the previous calendar year.
Amendment 154 #
Proposal for a regulation
Article 11 – paragraph 1
Article 11 – paragraph 1
1. At the request of the European Parliament, the Managing Director, the Chair of the EFSI Steering Board, the Commissioner responsible and the Chair of the EIB Board of Directors shall participate in annual discharge hearings of the European Parliament on the performance and financial management of the EFSI.
Amendment 158 #
Proposal for a regulation
Article 11 – paragraph 2
Article 11 – paragraph 2
2. The Managing Director, the Chair of the EFSI Steering Board, the Commissioner responsible and the Chair of the EIB Board of Directors shall reply orally or in writing to questions addressed to the EFSI by the European Parliament, in any event within five weeks of receipt of a question.
Amendment 161 #
Proposal for a regulation
Article 11 – paragraph 3 a (new)
Article 11 – paragraph 3 a (new)
3a. In cooperation with the EIB and with the EIF as appropriate, the Commission shall report on the financial performance of the EFSI in the evaluation report referred to in Article 318 TFEU.
Amendment 162 #
Proposal for a regulation
Article 11 – paragraph 3 b (new)
Article 11 – paragraph 3 b (new)
3b. The EIB shall submit to the European Parliament, on request, any information during the discharge procedure.
Amendment 163 #
Proposal for a regulation
Article 12 – paragraph 1 – subparagraph 1
Article 12 – paragraph 1 – subparagraph 1
At the latest [PO insert date: 18 months after the entry into force of this Regulation] the EIB shall evaluate the functioning of the EFSI, also with regard to the EFSI projects based on the sub-programmes, and evaluate the lifecycle of the targeted investments. The EIB shall submit its evaluation to the European Parliament, the Council and the Commission;. This evaluation shall be accompanied by an opinion of the Court of Auditors.
Amendment 165 #
Proposal for a regulation
Article 12 – paragraph 1 – subparagraph 2
Article 12 – paragraph 1 – subparagraph 2
At the latest [PO insert date: 18 months after the entry into force of this Regulation] the Commission shall evaluate the use of the EU guarantee and the functioning of the guarantee fund, also with regard to the projects benefiting from the guarantees based on the sub-programmes, and evaluate the lifecycle of the targeted investments., including the use of endowments according to Article 8(9). The Commission shall submit its evaluation to the European Parliament and the Council. This evaluation shall be accompanied by an opinion of the Court of Auditors.
Amendment 168 #
Proposal for a regulation
Article 12 – paragraph 2 – point a
Article 12 – paragraph 2 – point a
(a) the EIB shall publish a comprehensive report on the functioning of the EFSI and on the EFSI projects based on the sub- programmes, so as to match the lifecycle of the targeted investments;
Amendment 169 #
Proposal for a regulation
Article 12 – paragraph 2 – point b
Article 12 – paragraph 2 – point b
(b) the Commission shall publish a comprehensive report on the use of the EU guarantee and the functioning of the guarantee fund. and on the projects benefitting from the guarantee based on the sub-programmes, so as to match the lifecycle of the targeted investments;
Amendment 173 #
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 and how they contribute to the general objectives referred to in Article 5(2). In case of a detailed arrangement between the Commission and the EIB with regard to exchange of information and the public disclosure of information, the agreement shall be made public.
Amendment 180 #
Proposal for a regulation
Article 14 – paragraph 1
Article 14 – paragraph 1
The EU guarantee and the payments and recoveries under it that are attributable to the general budget of the Union shall be audited by the Court of Auditorsexternal audits of the activities undertaken in accordance with this Regulation shall be carried out by the Court of Auditors in accordance with Article 287 TFEU. The Commission shall ensure that the Court of Auditors is able to exert its right as provided for in the first subparagraph of Article 287(3) TFEU and has full access to all information it needs to carry out its audits. All parties concerned by the activities undertaken in accordance with this Regulation shall be made aware of the right of the Court of Auditors as provided for in the first subparagraph of Article 287(3). The EIB, the EIF, all financial intermediaries involved in the activities undertaken in accordance with the EFSI Regulation and final recipients shall afford the Court of Auditors all the facilities and give it all the information which the Court of Auditors considers necessary for the performance of its task, pursuant to Article 161 of Regulation (EU, Euratom) No 966/2012.
Amendment 189 #
Proposal for a regulation
Article 15 – paragraph 2 – subparagraph 1
Article 15 – paragraph 2 – subparagraph 1
OLAF may carry out investigations, including on-the-spot checks and inspections, in accordance with the provisions and procedures laid down in Regulation (EU, Euratom) No 883/2013 of the European Parliament and of the Council(5 ), Council Regulation (Euratom, EC) No 2185/96(6 ) and Council Regulation (EC, Euratom) No 2988/95 (7 ) in order to protect the financial interests of the Union, with a view to establishing whether there has been fraud, corruption, money laundering, financing of terrorism, tax fraud and tax evasion, or any other illegal activity affecting the financial interests of the Union in connection with any operations supported by the EU guaranteeunder this regulation. OLAF may transmit to the competent authorities of the Member States concerned information obtained in the course of investigations. __________________ 5 Regulation (EU, Euratom) No 883/2013 of the European Parliament and of the Council of 11 September 2013 concerning investigations conducted by the European Anti-Fraud Office (OLAF) and repealing Regulation (EC) No 1073/1999 of the European Parliament and of the Council and Council Regulation (Euratom) No 1074/1999 (OJ L 248, 18.9.2013, p. 1). 6 Council Regulation (Euratom, EC) No 2185/96 of 11 November 1996 concerning on-the-spot checks and inspections carried out by the Commission in order to protect the European Communities' financial interests against fraud and other irregularities (OJ L 292, 15.11.1996, p. 2). 7 Council Regulation (EC, Euratom) No 2988/95 of 18 December 1995 on the protection of the European Communities financial interests (OJ L 312, 23.12.1995, p. 1).
Amendment 190 #
Proposal for a regulation
Article 15 – paragraph 2 – subparagraph 2
Article 15 – paragraph 2 – subparagraph 2
Where such illegal activitieOLAF recommends the recovery due to illegal activities including money laundering, financing of terrorism, tax fraud and tax evasion, corruption, or fraud affecting the financial interests established during its investigations are proven, the EIB shall undertake recovery efforts with respect to its operations supported by the EU guarantee.
Amendment 191 #
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. In this perspective, EFSI support to infrastructure networks should contribute to the objectives of the Regulation (EU) No 1315/2013 for transport, Regulation (EU) No 347/2013 for energy networks and Regulation (EU) No 283/201 for telecommunication infrastructure. Projects with synergies between the transport, telecommunications and energy sectors should be given particular attention.
Amendment 192 #
Proposal for a regulation
Article 15 – paragraph 3
Article 15 – paragraph 3
3. Financing agreements signed in relation to operations supported under this Regulation shall include clauses allowing exclusion from EIB financing and investment operations and, if necessary, appropriate recovery measures in cases of fraud, corruption or other illegal activity in accordance with the EFSI Agreement, EIB policies and applicable regulatory requirements. The decision whether to apply an exclusion from the EIB financing and investment operation shall be taken in accordance with the relevant financing or investment agreement. These agreements shall be notified to the European Parliament.
Amendment 193 #
Proposal for a regulation
Article 16 – paragraph 1
Article 16 – paragraph 1
1. In its financing and investment operations, the EIB, the EIF and all financial intermediaries shall not support any activities carried out for illegal purposes, including money laundering, financing of terrorism, tax fraud and tax evasion, corruption, or fraud affecting the financial interests of the Union. In particular the EIB shall not participate in any financing or investment operation through a vehicle located in a non- cooperative jurisdiction, in line with its policy towards weakly regulated or non- cooperative jurisdictions based on policies of the Union, the Organisation for Economic Cooperation and Development or the Financial Action Task Force.
Amendment 203 #
Proposal for a regulation
Article 20 – paragraph 2
Article 20 – paragraph 2
The Commission shall assess those operations and, where they comply with the substantive requirements set out in Article 5 and in the EFSI Agreement, decide that the EU guarantee coverage extends to them and inform the European Parliament thereof.
Amendment 378 #
Proposal for a regulation
Recital 19 a (new)
Recital 19 a (new)
(19a) Payments into the guarantee fund should have a target amount of EUR 200m in 2016, EUR 300m in 2017, EUR 1bn in 2018, EUR 2bn in 2019, to be gradually authorised by the European Parliament and the Council in the framework of the annual budgetary procedure, taking into account the effective use of the EU guarantee and the assessment of the additionality of operation conducted under EFSI compared to normal EIB operations.
Amendment 386 #
Proposal for a regulation
Recital 20 a (new)
Recital 20 a (new)
(20a) Financial contributions to the EFSI by Member States or national promotional banks, including possible participation in investment projects, shall only be possible, if negative effects on the credit rating of the Member State can be ruled out by a certificate of a rating agency submitted to the EFSI Steering Board.
Amendment 420 #
Proposal for a regulation
Recital 24
Recital 24
(24) EIB financing and investment operations supported by the EFSI should be managed in accordance with the EIB’s own rules and proceduresRegulation (EU, Euratom) No 966/2012 of the European Parliament and of the Council of 25 October 2012 on the financial rules applicable to the general budget of the Union and repealing Council Regulation (EC, Euratom) No 1605/2002, including appropriate control measures and measures taken to avoid tax evasion, as well as with the relevant rules and procedures concerning the European Anti-Fraud Office (OLAF) and the Court of Auditors, including the Tripartite agreement between the European Commission, the European Court of Auditors and the European Investment Bank.
Amendment 491 #
Proposal for a regulation
Recital 30
Recital 30
(30) Given the nature of their constitution, neitherir assimilation to Union financial instruments, the EU guarantee to the EIB norand the guarantee fund are 'financial instruments' within the meaningshould comply with the principles of sound financial management, transparency, proportionality, non- discrimination, equal treatment and subsidiarity as referred to in Article 140 of Regulation (EU, Euratom) No 966/2012 of the European Parliament and of the Council4 .and, where appropriate, to the provisions in Article 139 of Regulation (EU, Euratom ) No 966/2012.4 __________________ 4 Regulation (EU, Euratom) No 966/2012 of the European Parliament and of the Council of 25 October 2012 on the financial rules applicable to the general budget of the Union and repealing Council Regulation (EC, Euratom) No 1605/2002 (OJ L 298, 26.10.2012, p. 1).
Amendment 517 #
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 impact of the EFSI, in particular as regards the additionality of operation conducted under EFSI compared to normal EIB operations.
Amendment 560 #
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 enterprises, through the supply of risk bearing capacity to the EIB ('EFSI Agreement'), in accordance with the principles of sound financial management, transparency, proportionality, non-discrimination, equal treatment and subsidiarity.
Amendment 608 #
Proposal for a regulation
Article 1 a (new)
Article 1 a (new)
Amendment 624 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 – point a
Article 2 – paragraph 1 – subparagraph 1 – point a
(a) provisions governing the establishment of the EFSI as a distinct, clearly identifiable and transparent guarantee facility and separate account managed by the EIB for which the EIB and the Commission is subject to an annual discharge decision by Parliament and Council in accordance with Article 319 TFEU and Articles 164, 165 and 166 of Regulation 996/2012;
Amendment 629 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 – point a a (new)
Article 2 – paragraph 1 – subparagraph 1 – point a a (new)
(aa) provisions on how the Commission will assume full responsibility for the actual use of EU funds managed by the EFSI, as provided by Article 17(1) TEU and 317 TFEU and prevent the diffusion of accountability;
Amendment 663 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 – point h
Article 2 – paragraph 1 – subparagraph 1 – point h
(h) provisions on the financing necessary forlegal form, the operational structure and the financing the EIAH in accordance with the third subparagraph of paragraph 2;
Amendment 664 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 – point h a (new)
Article 2 – paragraph 1 – subparagraph 1 – point h a (new)
(ha) provisions on an unconditional capping of expenses incurred by the EIB on behalf of the EFSI;
Amendment 688 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 4
Article 2 – paragraph 1 – subparagraph 4
The EFSI Agreement shall provide that remuneration attributable to the Union from EFSI supported operations shall be provided up to an unconditional cap following the deduction of payments due to calls on the EU guarantee and, subsequently, costs in accordance with the third subparagraph of paragraph 2 and with Article 5(3).
Amendment 739 #
Proposal for a regulation
Article 2 a (new)
Article 2 a (new)
Article 2a Financial Rules The financial rules applicable to the EFSI and the EIAH shall be adopted by the Steering Board. They may not deviate from Regulation (EC, Euratom) No. 966/2012. In the framework of the negotiations to the EFSI Agreement prior to the setup of the EFSI or after a formal request of the Steering Committee, the Commission may be empowered to allow in duly justified cases for derogations in the form of transitional financial rules by means of a delegated act in accordance with Article 290 TFEU and Article 17 of this regulation. Such transitional rules shall be valid for a maximum of three years or until Parliament and Council amend Regulation (EC, Euratom) No. 966/2012 to incorporate the special requirements of the EFSI.
Amendment 750 #
Proposal for a regulation
Article 3 – paragraph 1
Article 3 – paragraph 1
1. The EFSI Agreement shall provide that the Commission and the EIB are directly responsible and accountable vis-à-vis the Budgetary Authority for the management of all funds and guarantees handled by the EFSI. For this purpose the EFSI shall be governed by a Steering Board, which shall determine the strategic orientation, the strategic asset allocation and operating policies and procedures, including the investment policy of projects that EFSI can support and the risk profile of the EFSI, in conformity with the objectives under Article 5(2). The Steering Board shall elect one of its members to be Chairperson.
Amendment 777 #
Proposal for a regulation
Article 3 – paragraph 2 – subparagraph 1
Article 3 – paragraph 2 – subparagraph 1
For as long as the only contributors to the EFSI are the Union and the EIB, the number of members and votes within the Steering Board shall be allocated based on the respective size of contributions in the form of cash or guaranteeSteering Board shall comprise four members: a member of the Commission, and two further representatives of the Commission as well as the Director of the EIB. The Steering Board shall elect a Chairperson from among its members for a renewable fixed term of three years.
Amendment 810 #
Proposal for a regulation
Article 3 – paragraph 3 a (new)
Article 3 – paragraph 3 a (new)
3a. The EFSI Agreement shall provide that an advisory group which may be composed of representatives of all banks, including national promotional banks, participating in projects at national and local levels covered by the EU guarantee in accordance with Article 4. The advisory group meet once a year in Luxembourg in the premises of the EIB organized by the EIB; all other communication and exchange among the advisory group members shall be conducted in writing and published after one year. It may accompany the Steering Board, the Investment Committee and the Managing Director with research in order to constantly improve the operations of the EFSI. All costs and travel expenses related to the Group shall be borne by the entities that wish to be represented in the Group.
Amendment 816 #
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 and shall be – together with the EIB Director and the Commissioner responsible – subject to a discharge decision by Parliament and the Council for all funds managed within the EFSI.
Amendment 828 #
Proposal for a regulation
Article 3 – paragraph 4 a (new)
Article 3 – paragraph 4 a (new)
4a. After hearing the Steering Board, the Commission shall, upon receiving the consent of the EIB, provide the European Parliament with a shortlist of candidates for the positions of Managing Director and Deputy Managing Director. The Commission shall, upon receiving the consent of the EIB, submit to the European Parliament for approval a proposal for the appointment of the Managing Director and the Deputy Managing Director. Following the approval of that proposal, the Steering Board shall appoint the Managing Director and the Deputy Managing Director for a renewable fixed term of three years.
Amendment 835 #
Proposal for a regulation
Article 3 – paragraph 5 – subparagraph 1
Article 3 – paragraph 5 – subparagraph 1
The EFSI Agreement shall provide that the EFSI shall have an Investment Committee, which shall be responsible for examining potential operations in line with the EFSI investment policies and approving the support of the EU guarantee for operations in line with Article 5, irrespective of their geographic location within the European Union.
Amendment 855 #
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 Board for a renewable fixed term of three years. For these purposes, the Steering Board shall draw up a list of at least 16 experts (of which 8 are men and 8 are women) and submit it to the European Parliament. After having heard the experts from this list, the European Parliament shall adopt a decision proposing eight of these experts to the Steering Board for appointment.
Amendment 887 #
Proposal for a regulation
Article 3 – paragraph 5 a (new)
Article 3 – paragraph 5 a (new)
5a. CVs and declarations of interest of each member of the Investment Committee shall be made public, constantly updated and be subject to thorough validity checks of the Commission and the EIB.
Amendment 893 #
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 covered by this Regulation ('EU guarantee'). The EU guarantee shall be granted as a guarantee on demand in respect of instruments referred to in Article 6also be provided to national promotional banks or institutions, in accordance with Article 58(c) of Regulation (EU, Euratom) No 966/2012 of the European Parliament and of the Council of 25 October 2012 on the financial rules applicable to the general budget of the Union and repealing Council Regulation (EC, Euratom) No 1605/2002, and investment platforms. The EU guarantee shall be granted as a guarantee on demand in respect of instruments referred to in Article 6. Contingent legal claims against the Commission by EFSI beneficiaries shall be limited to the EU Guarantee.
Amendment 916 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – introductory part
Article 5 – paragraph 2 – subparagraph 1 – introductory part
The EU guarantee shall only 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 consistent with Union policies that are approved by the Investment Committee referred to in Article 3(5). The operations concerned shall be consistent with Union policies, complementary to existing Union funds or aid schemes, provide European added value and support any of the following general objectives:
Amendment 937 #
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 centresfor clean urban transport and projects along the Transeuropean network for transport, as defined by Regulation (EU) No 1315/2013 ; energy, in particular energy interconnections; and digital infrastructure;
Amendment 1060 #
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 its expenses related to the EFSI up to an unconditional cap provided for in the EFSI agreement. The risk of non-recoverable EIB expenses shall be born entirely by the EIB.. 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 budget.
Amendment 1062 #
Proposal for a regulation
Article 5 – paragraph 3 – subparagraph 2
Article 5 – paragraph 3 – subparagraph 2
The EIB may call the EU guarantee, in accordance with Article 2(1)(e), within a cumulated maximum limit corresponding to 1% of the total outstanding EU guarantee obligationsup to an unconditional cap provided for in the EFSI agreement to cover expenses that whilst charged to beneficiaries of the financing operations, have not been recovered.
Amendment 1064 #
Proposal for a regulation
Article 5 – paragraph 3 – subparagraph 3
Article 5 – paragraph 3 – subparagraph 3
Fees of the EIB should the EIB provide funding to the EIF on behalf of the EFSI which is backed by the EU guarantee in accordance with Article 7(2) may be covered from the Union budget. Such fees shall be unconditionally capped in the EFSI Agreement.
Amendment 1066 #
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 to contribute to the financing of eligible projects in which the EIB is investing with the support of the EU guarantee. Where, in such cases, several legal frameworks of the Union are applicable to the management and control of such projects, Regulation (EU, Euratom) No 966/2012 ('the Financial Regulation') and the relevant sectoral funding legislation shall take precedence.
Amendment 1081 #
Proposal for a regulation
Article 6 – paragraph 1
Article 6 – paragraph 1
For the purposes of Article 5(2), the EIB shall use the EU Guarantee towards risk coverage foronly for the coverage of credit risk of eligible instruments a. As a rule on a portfolio basisthe EU Guarantee shall only be used on basis of the portfolio of eligible instruments used to fund projects approved by the Investment Committee referred to in Article 3(5).
Amendment 1100 #
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 EUR 16 000 000 000, of which a maximum amount of EUR 2 500 000 000 may be allocated for EIB funding to the EIF in accordance with paragraph 2. Without prejudice to Article 8(9), aggregate payments from the Union under the guarantee to the EIB shall not exceed the amount of the guarantee, thus excluding contingent liabilities for the Union budget. Legal claims of final beneficiaries against the Union above and beyond this guarantee shall be excluded.
Amendment 1107 #
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 credit risk of that portfolio. The Steering Committee shall approve and justify in its decision the use of a certain risk measure and the methodology for its calculation. 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. Member States and national promotional banks may only contribute with guarantees or contributions, if negative effects on the credit rating of the Member States can be ruled out by a certificate of a rating agency.
Amendment 1111 #
Proposal for a regulation
Article 7 – paragraph 2 a (new)
Article 7 – paragraph 2 a (new)
2a. The Managing Director shall make the risk measures of the portfolios covered by the EU Guarantee, the methodology and the data with which the risk of a particular instrument portfolio is determined easily publically accessible and update the information at the end of each week.
Amendment 1112 #
Proposal for a regulation
Article 7 – paragraph 3
Article 7 – paragraph 3
3. Where the EIB calls the EU guarantee in accordance with the EFSI Agreement, the Union shall pay on demand in accordance with the terms of that Agreement. Such a payment is limited to the amount of either the funds not yet called by the EIB from the EU Guarantee set in Article 7(1). All further losses and risks are borne by the other contributors to the portfolio and the stakeholders of the projects. The EU assumes no contingent liabilities exceeding the EU Guarantee set in Article 7(1).
Amendment 1113 #
Proposal for a regulation
Article 7 – paragraph 3 a (new)
Article 7 – paragraph 3 a (new)
3a. The EFSI Agreement shall incorporate a general immunity of the EU and waivers against legal claims by EFSI beneficiaries against the Commission that go beyond the EU guarantee;
Amendment 1131 #
Proposal for a regulation
Article 8 – paragraph 2 – point d
Article 8 – paragraph 2 – point d
(d) any other paymentscontribution received by the Union in accordance with the EFSI Agreement. While Member States and national promotional banks may only contribute with guarantees or contributions, if negative effects on the credit rating of the Member States can be ruled out by a certificate of a rating agency.
Amendment 1145 #
Proposal for a regulation
Article 8 – paragraph 5 – subparagraph 2
Article 8 – paragraph 5 – subparagraph 2
The target amount shall initially be met by the gradual payment of resources referred to in paragraph 2(a). If there have been calls on the guarantee during the initial constitution of the guarantee fund, endowments to the guarantee fund provided for in points (b), (c) and (d) of paragraph 2 shall also contribute to meet the target amount up to an amount equal to the calls on the guarantee and accompanied by endowments to the guarantee fund provided for in points (b), (c) and (d) of paragraph 2.
Amendment 1205 #
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, information on all current and future investments which significantly contribute to achieving EU policy obin a publically accessible project database that also provides aggregate statistics and time series on a variety of project data, e.g. the costs, structure of the funding, the financing leverage of the EFSI contribution, performance- and impact indicators of the projectives.
Amendment 1214 #
Proposal for a regulation
Article 9 – paragraph 3
Article 9 – paragraph 3
3. Member States shall develop, update and disseminate together with the EIB, on a regular and structured basis, information on all current and future investment projects in their territory.
Amendment 1231 #
Proposal for a regulation
Article 10 – paragraph 2 – point a
Article 10 – paragraph 2 – point a
(a) an assessment of EIB financing and investment operations at operation, sector, country and regional levels and their compliance with this Regulation and Regulation (EU, Euratom) 966/2012, together with an assessment of the allocation of EIB financing and investment operations between the objectives in Article 5(2);:
Amendment 1234 #
Proposal for a regulation
Article 10 – paragraph 2 – point b
Article 10 – paragraph 2 – point b
(b) an assessment of the added value and performance of projects in terms of estimated and realized return on investment at project maturity, the additionality of operation conducted under EFSI compared to normal EIB operations, the mobilisation of private sector resources, the estimated and actual outputs, outcomes and impact of EIB financing and investment operations at an aggregated basis;
Amendment 1243 #
Proposal for a regulation
Article 10 – paragraph 2 – point b a (new)
Article 10 – paragraph 2 – point b a (new)
(ba) the targeted leverage effect, and the achieved leverage effect;
Amendment 1244 #
Proposal for a regulation
Article 10 – paragraph 2 – point b a (new)
Article 10 – paragraph 2 – point b a (new)
(ba) an assessment of the contribution to the objectives of the Regulation (EU) No 1315/2013 for transport, Regulation (EU) No 347/2013 for energy networks and Regulation (EU) No 283/201 for telecommunication infrastructure;
Amendment 1246 #
Proposal for a regulation
Article 10 – paragraph 2 – point d
Article 10 – paragraph 2 – point d
(d) an assessment of the quality of EIB financing and investment operations and the risks associated with this investment operations;
Amendment 1247 #
Proposal for a regulation
Article 10 – paragraph 2 – point d a (new)
Article 10 – paragraph 2 – point d a (new)
(da) the financial intermediaries involved in implementation, including any issues relating to the application of Articles 14 and 15;
Amendment 1250 #
Proposal for a regulation
Article 10 – paragraph 2 – point d b (new)
Article 10 – paragraph 2 – point d b (new)
(db) list of EFSI beneficiaries, including borrowers of EU-guaranteed financials instruments implemented by the EIB under the EFSI agreement;
Amendment 1251 #
Proposal for a regulation
Article 10 – paragraph 2 – point e
Article 10 – paragraph 2 – point e
(e) detailed information on calls on the EU guarantee, losses, returns, amounts recovered and any other payments received;
Amendment 1252 #
Proposal for a regulation
Article 10 – paragraph 2 – point e a (new)
Article 10 – paragraph 2 – point e a (new)
(ea) the value of equity investments, with respect to previous years, and the accumulated figures for impairments of assets of equity;
Amendment 1254 #
Proposal for a regulation
Article 10 – paragraph 2 – point f
Article 10 – paragraph 2 – point f
(f) the financial statements of the EFSI. accompanied by an opinion of an independent external auditor;
Amendment 1259 #
Proposal for a regulation
Article 10 – paragraph 2 – point f a (new)
Article 10 – paragraph 2 – point f a (new)
(fa) detailed information on projects which received contributions from the European Structural and Investment Funds to the financing of eligible projects in which the EIB is investing with the support of the EU guarantee, as provided for in Article 5(4).
Amendment 1267 #
Proposal for a regulation
Article 10 – paragraph 3 – introductory part
Article 10 – paragraph 3 – introductory part
3. For the purposes of the Commission's accounting and reporting of the risks covered by the EU guarantee and management of the guarantee fund, the EIB, in cooperation with the EIF as appropriate, shall provide the Commission and the European Court of Auditors every year:
Amendment 1271 #
Proposal for a regulation
Article 10 – paragraph 3 – point c a (new)
Article 10 – paragraph 3 – point c a (new)
(ca) the development of the value at risk and other risk measures for the overall project portfolio holding and for the portfolios of each type of eligible instrument;
Amendment 1275 #
Proposal for a regulation
Article 10 – paragraph 6
Article 10 – paragraph 6
6. The Commission shall, by 30 June1 March of each year, send to the European Parliament, the Council and the Court of Auditors an annual reportthe annual accounts, the financial statement and an annual report in accordance with Regulation (EC, Euratom) 996/2012 on the situation of the guarantee fund and the management thereof in the previous calendar year.
Amendment 1286 #
Proposal for a regulation
Article 11 – paragraph 1
Article 11 – paragraph 1
1. At the request of the European Parliament, the Managing Director, the Chair of the EFSI Steering Board, the Commissioner responsible and the Chair of the EIB Board of Directors shall participate in annual discharge hearings of the European Parliament on the performance and financial management of the EFSI.
Amendment 1291 #
Proposal for a regulation
Article 11 – paragraph 2
Article 11 – paragraph 2
2. The Managing Director, the Chair of the EFSI Steering Board, the Commissioner responsible and the Chair of the EIB Board of Directors shall reply orally or in writing to questions addressed to the EFSI by the European Parliament, in any event within five weeks of receipt of a question.
Amendment 1302 #
Proposal for a regulation
Article 11 – paragraph 3 a (new)
Article 11 – paragraph 3 a (new)
3a. In cooperation with the EIB and with the EIF as appropriate, the Commission shall report on the financial performance of the EFSI in the evaluation report referred to in Article 318 TFEU.
Amendment 1305 #
Proposal for a regulation
Article 11 – paragraph 3 b (new)
Article 11 – paragraph 3 b (new)
3b. The EIB shall submit to the European Parliament, on request, any information during the discharge procedure.
Amendment 1308 #
Proposal for a regulation
Article 12 – paragraph 1 – subparagraph 1
Article 12 – paragraph 1 – subparagraph 1
At the latest [PO insert date: 18 months after the entry into force of this Regulation] the EIB shall evaluate the functioning of the EFSI, also with regard to the EFSI projects based on the sub-programmes, and evaluate the lifecycle of the targeted investments. The EIB shall submit its evaluation to the European Parliament, the Council and the Commission;. This evaluation shall be accompanied by an opinion of the Court of Auditors.
Amendment 1312 #
Proposal for a regulation
Article 12 – paragraph 1 – subparagraph 2
Article 12 – paragraph 1 – subparagraph 2
At the latest [PO insert date: 18 months after the entry into force of this Regulation] the Commission shall evaluate the use of the EU guarantee and the functioning of the guarantee fund, also with regard to the projects benefiting from the guarantees based on the sub-programmes, and evaluate the lifecycle of the targeted investments, including the use of endowments according to Article 8(9). The Commission shall submit its evaluation to the European Parliament and the Council. This evaluation shall be accompanied by an opinion of the Court of Auditors.
Amendment 1316 #
Proposal for a regulation
Article 12 – paragraph 2 – point a
Article 12 – paragraph 2 – point a
(a) the EIB shall publish a comprehensive report on the functioning of the EFSI and on the EFSI projects based on the sub- programmes, so as to match the lifecycle of the targeted investments;
Amendment 1318 #
Proposal for a regulation
Article 12 – paragraph 2 – point b
Article 12 – paragraph 2 – point b
(b) the Commission shall publish a comprehensive report on the use of the EU guarantee and the functioning of the guarantee fund. and on the projects benefitting from the guarantee based on the sub-programmes, so as to match the lifecycle of the targeted investments;
Amendment 1331 #
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 and how they contribute to the general objectives referred to in Article 5(2). In case of a detailed arrangement between the Commission and the EIB with regard to exchange of information and the public disclosure of information, the agreement shall be made public.
Amendment 1346 #
Proposal for a regulation
Article 14 – paragraph 1
Article 14 – paragraph 1
The EU guarantee and the payments and recoveries under it that are attributable to the general budget of the Union shall be audited by the Court of Auditorsexternal audit of the activities undertaken in accordance with the EFSI Regulation are carried out by the European Court of Auditors in accordance with Article 287 TFEU. The Commission shall ensure that the Court of Auditors is able to exert its right as provided for in the first subparagraph of Article 287(3) TFEU and has full access to all information it needs to carry out its audits. All parties concerned by the activities undertaken in accordance with this Regulation shall be made aware of the right of the Court of Auditors as provided for in the first subparagraph of Article 287(3). The EIB, the EIF, all financial intermediaries involved in the activities undertaken in accordance with the EFSI Regulation and final recipients shall afford the Court of Auditors all the facilities and give it all the information which the Court of Auditors considers necessary for the performance of its task, pursuant to Article 161 of Regulation (EU) No 966/2012.
Amendment 1361 #
Proposal for a regulation
Article 15 – paragraph 2 – subparagraph 1
Article 15 – paragraph 2 – subparagraph 1
OLAF may carry out investigations, including on-the-spot checks and inspections, in accordance with the provisions and procedures laid down in Regulation (EU, Euratom) No 883/2013 of the European Parliament and of the Council(5 ), Council Regulation (Euratom, EC) No 2185/96(6 ) and Council Regulation (EC, Euratom) No 2988/95 (7 ) in order to protect the financial interests of the Union, with a view to establishing whether there has been fraud, corruption, money laundering, financing of terrorism, tax fraud and tax evasion, or any other illegal activity affecting affecting the financial interests of the Union in connection with any operations supported by the EU guaranteeunder this regulation. OLAF may transmit to the competent authorities of the Member States concerned information obtained in the course of investigations. __________________ 5 Regulation (EU, Euratom) No 883/2013 of the European Parliament and of the Council of 11 September 2013 concerning investigations conducted by the European Anti-Fraud Office (OLAF) and repealing Regulation (EC) No 1073/1999 of the European Parliament and of the Council and Council Regulation (Euratom) No 1074/1999 (OJ L 248, 18.9.2013, p. 1). 6 Council Regulation (Euratom, EC) No 2185/96 of 11 November 1996 concerning on-the-spot checks and inspections carried out by the Commission in order to protect the European Communities' financial interests against fraud and other irregularities (OJ L 292, 15.11.1996, p. 2). 7 Council Regulation (EC, Euratom) No 2988/95 of 18 December 1995 on the protection of the European Communities financial interests (OJ L 312, 23.12.1995, p. 1).
Amendment 1363 #
Proposal for a regulation
Article 15 – paragraph 2 – subparagraph 2
Article 15 – paragraph 2 – subparagraph 2
Where such illegal activitieOLAF recommends the recovery due to illegal activities including money laundering, financing of terrorism, tax fraud and tax evasion, corruption, or fraud affecting the financial interests established during its investigations are proven, the EIB shall undertake recovery efforts with respect to its operations supported by the EU guarantee.
Amendment 1365 #
Proposal for a regulation
Article 15 – paragraph 3
Article 15 – paragraph 3
3. Financing agreements signed in relation to operations supported under this Regulation shall include clauses allowing exclusion from EIB financing and investment operations and, if necessary, appropriate recovery measures in cases of fraud, corruption or other illegal activity in accordance with the EFSI Agreement, EIB policies and applicable regulatory requirements. The decision whether to apply an exclusion from the EIB financing and investment operation shall be taken in accordance with the relevant financing or investment agreement. These agreements shall be notified to the European Parliament.
Amendment 1367 #
Proposal for a regulation
Article 16 – paragraph 1
Article 16 – paragraph 1
1. In its financing and investment operations, the EIB, the EIF and all financial intermediaries shall not support any activities carried out for illegal purposes, including money laundering, financing of terrorism, tax fraud and tax evasion, corruption, or fraud affecting the financial interests of the Union. In particular the EIB shall not participate in any financing or investment operation through a vehicle located in a non- cooperative jurisdiction, in line with its policy towards weakly regulated or non- cooperative jurisdictions based on policies of the Union, the Organisation for Economic Cooperation and Development or the Financial Action Task Force.
Amendment 1469 #
Proposal for a regulation
Article 20 – paragraph 2
Article 20 – paragraph 2
The Commission shall assess those operations and, where they comply with the substantive requirements set out in Article 5 and in the EFSI Agreement, decide that the EU guarantee coverage extends to them and inform the European Parliament thereof.