20 Amendments of Dimitrios PAPADIMOULIS related to 2015/0009(COD)
Amendment 27 #
Proposal for a regulation
Recital 4
Recital 4
(4) Throughout the economic and financial crisis, the Union has made efforts to promote growth, in particular through initiatives set out ininitiated the Europe 2020 strategy that put in placesets up an approach for smart, sustainable and inclusive growth. The capital of 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 capitalincreased in January 2013. Further action is required to ensure that the investment needs of the Union and that the achievement of the social, economic and territorial cohesion 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 taking into account the reduction of the gap between the different levels of economic development of the regions and Member States of the Union.
Amendment 36 #
Proposal for a regulation
Recital 10
Recital 10
(10) The purpose of the EFSI should be to strengthen social, economic and territorial cohesion and to help resolve the difficulties in financing and implementing productive investments in the Union and to ensure increased access to financing. It is intended that increased access to financing should be of particular benefit to small and medium enterprises. It is also appropriate to extend the benefit of such increased access to financing to mid- cap companies, which are companies having up to 3000 employees. Overcoming Europe's current investment difficulties should contribute to strengthening the Union's economic, social and territorial cohesion.
Amendment 38 #
Proposal for a regulation
Recital 11
Recital 11
(11) The EFSI should support strategic investments with high social, environmental, territorial and economic value added contributing to achieving Union policy objectives, in particular the Union's economic, social and territorial cohesion. A particular attention shall be paid to outermost regions, urban and rural areas facing particular difficulties, areas affected by industrial transition, high unemployment rates, and regions which suffer from severe and permanent natural or demographic handicaps such as the northernmost regions with very low population density and island, cross-border and mountain regions.
Amendment 43 #
Proposal for a regulation
Recital 11 a (new)
Recital 11 a (new)
(11 a) The implementation of the EFSI and the decisions of investment made by the Investment Committee and the Steering Board shall not weaken the cohesion policy and the convergence of the GDP and of employment rates within the EU. Strategic investments shall fully respect the principles defined in the Common Provisions Regulation (CPR) and shall not be concentrated in the richest regions or in the regions already attractive for private and foreign investments.
Amendment 49 #
Proposal for a regulation
Recital 14
Recital 14
(14) The EFSI should target projects delivering high societal, environmental, territorial, and economic value. In particular, the EFSI should target projects that promote job creation, long- term growth and competitiveness. 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 50 #
Proposal for a regulation
Recital 15
Recital 15
(15) The EFSI should target projects with a higher risk-return profile than existing EIB and Union instruments to ensure additionality over existing operations. The EFSI should finance projects across the Union, including in the countries most affected by the financial crisis particular in less developed regions, in outermost regions and in the countries most affected by the financial crisis, in compliance with the principles established by cohesion policy. The EFSI should only be used where financing is not available from other sources on reasonable terms.
Amendment 56 #
Proposal for a regulation
Recital 16
Recital 16
(16) The EFSI should target investments that are expected to be economically, socially, environmentally and technically viable, which may entail a degree of appropriate risk, whilst still meeting the particular requirements for EFSI financing.
Amendment 58 #
Proposal for a regulation
Recital 17
Recital 17
(17) Decisions on the use of the EFSI support for infrastructure and large mid- cap projects 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 Investment Committee should be accountable to a Steering Board of the EFSI, who should supervise the fulfilment of the EFSI's objectives. The Steering Board of the EFSI should be accountable to the European Parliament. 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 76 #
Proposal for a regulation
Recital 31
Recital 31
(31) Within the Union, there are a significant number of potentially viable projects, in particular in less developed, outermost, remote and transition regions that are not being financed due to a lack of certainty and transparency with respect to such projects. Often, this is because private investors are not aware of the projects or have insufficient information to make an assessment of the investment risks. The Commission and the EIB, with support from the Member States, should promote the creation of a transparent pipeline of current and future investment projects in the Union suitable for investment. This 'project pipeline' should ensure that information is made publicly available regarding investment projects on a regular and structured basis to ensure that investors have reliable information on which to base their investment decisions.
Amendment 81 #
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, the Council, the Committee of the Regions and the European Economic and Social Committee on the progress and impact of the EFSI.
Amendment 89 #
Proposal for a regulation
Article 1 – paragraph 1 – subparagraph 2
Article 1 – paragraph 1 – subparagraph 2
The purpose of the EFSI shall be to strengthen social, economic and territorial cohesion and 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').
Amendment 95 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 – point d a (new)
Article 2 – paragraph 1 – subparagraph 1 – point d a (new)
(d a) the methodology to ensure a balanced and equitable distribution of investments and that adequately address the investment needs in all categories of regions as defined in the Common Provisions Regulation (CPR);
Amendment 105 #
Proposal for a regulation
Article 3 – paragraph 2 – subparagraph 1
Article 3 – paragraph 2 – subparagraph 1
2. 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 guarantees. Additional members and votes within the Steering Board shall be granted to the European Parliament and to the European Council.
Amendment 114 #
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 of public investment experience. They shall be appointed by the Steering Board for a renewable fixed term of three years.
Amendment 116 #
Proposal for a regulation
Article 3 – paragraph 5 a (new)
Article 3 – paragraph 5 a (new)
5 a. The Steering Board of the EFSI is accountable to the European Parliament and to the European Council, who supervise its compliance to EFSI's objectives and EU's social, economic and territorial cohesion objectives, while ensuring the full safeguard of public interest.
Amendment 120 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1
Article 5 – paragraph 2 – subparagraph 1
2. The EU guarantee shall be granted for EIB financing and investment operations approved by the Investment Committee referred to in Article 3(5) or funding to the EIF in order to conduct EIB financing and investment operations in accordance with Article 7(2). The operations concerned shall be consistent with Union policies, with Articles 174 and 309 TFEU and support any of the following general objectives:
Amendment 122 #
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 and in remote regions; public interest investments; energy, in particular energy interconnections and renewable energy; and digital infrastructure;
Amendment 125 #
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 trainingprioritising public-led investments in education and training, social inclusion, fight against poverty, health, research and development, information and communications technology and innovation; , cultural industry, innovation, and maritime economy;
Amendment 140 #
Proposal for a regulation
Article 5 – paragraph 4
Article 5 – paragraph 4
4. Provided that all relevant eligibility criteria are fulfilled and that the principle of additionality of EFSI is guaranteed while prioritising public interest, 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.
Amendment 156 #
Proposal for a regulation
Article 10 – paragraph 2 – introductory part
Article 10 – paragraph 2 – introductory part
2. The EIB, in cooperation with the EIF as appropriate, shall report annually to the European Parliament and to the Council, the Council, the Committee of the Regions and the European Economic and Social Committee on EIB financing and investment operations. The report shall be made public and include: