Activities of Claude TURMES related to 2015/0009(COD)
Plenary speeches (1)
European Fund for Strategic Investments (debate) FR
Shadow opinions (1)
OPINION on the proposal for a regulation of the European Parliament and of the Council on the European Fund for Strategic Investments and amending Regulations (EU) No 1291/2013 and (EU) No 1316/2013
Amendments (49)
Amendment 74 #
Proposal for a regulation
Recital 10
Recital 10
(10) The purpose of the EFSI should be to help resolve the difficulties in financing and implementing productransformative 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, including for the creation of start-ups and spin-offs from universities. It is also appropriate to extend the benefit of such increased access to financing to small mid- cap companies, which are companies having up to 30500 employees. Overcoming Europe's current investment difficulties should contribute to strengthening the Union's economic, social and territorial cohesion and support an energy and resource efficiency transition towards a sustainable, renewable-based circular economy.
Amendment 88 #
Proposal for a regulation
Recital 11
Recital 11
(11) The EFSI should support strategic investments with high economic, social and environmental value added contributing to achieving Union policy objectives, in particular Article 194 of the Treaty. These investments should be in, but not limited to, projects of common interest which aim to complete the single market in the sectors of transport, telecommunications and energy infrastructures, including transport and energy interconnections, and digital infrastructure, expand renewable energy and energy and resource efficiency, increase its competitiveness and contribute to sustainable development, and exploit potential synergies between those sectors; in the urban and rural development and social fields; in the environmental and natural resources fields; and which strengthen the European scientific and technological base and foster benefits for society as well as better exploitation of the economic and industrial potential of policies of innovation, research and technological development, including research infrastructure, pilot and demonstration facilities. The EFSI should improve access to finance and the competitiveness of enterprises and other entities, with special emphasis on SMEs. The EFSI should contribute to the transformation to a green, sustainable and resource efficient economy and to sustainable job creation.
Amendment 118 #
Proposal for a regulation
Recital 14
Recital 14
(14) The EFSI should target projects delivering high socieal, environmental and economic added value. In particular, the EFSI should target projects that promote job creation, long- term growth andsupport achievement of EU's climate and energy targets, promote creation of decent and local jobs, enhances environmental sustainability, economic resilience and long-term 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 142 #
Proposal for a regulation
Recital 15 a (new)
Recital 15 a (new)
(15a) Market based incentives and the additionality provided by the EFSI should ensure that the EFSI targets socially and economically viable projects such as renewables and energy efficiency without any regional pre-allocation in particular to address high investment needs. For Member States where financial markets are less developed, appropriate technical assistance should be provided to ensure that the general objectives of this Regulation can be achieved. At the same time, the EFSI should be able to support environmentally sound projects and benefit industries and technologies with high growth potential.
Amendment 145 #
Proposal for a regulation
Recital 16
Recital 16
(16) The EFSI should target investments that are expected to be economically and technically viable, but which face barriers for market uptake. In addition, it shall target close-to market innovations where further support is needed to bridge the 'valley-of- death,' which may entail a degree of appropriate risk, whilst still meeting the particular requirements for EFSI financing.
Amendment 147 #
Proposal for a regulation
Recital 16 a (new)
Recital 16 a (new)
(16a) The EFSI should be endowed with an appropriate governance structure whose function should be commensurate to the sole purposes of ensuring the appropriate use of the EU guarantee. That governance structure should be composed of a Steering Board, a Managing Director and an Investment Committee. It should not encroach upon or interfere with the decision making of the EIB, or be a substitute of the governing bodies of the latter. The Managing Director should be responsible for the daily management of the EFSI and carry out the preparatory work of the meetings of the Investment Committee.
Amendment 151 #
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, and monitored by a Civil Society Platform for Better Investment who should both 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 163 #
Proposal for a regulation
Recital 18 a (new)
Recital 18 a (new)
(18a) Investments in energy efficiency are acknowledged to create up to 2 million jobs by 2020 and possibly another 2 million jobs by 2030. Efficiency also represents one of the few economic sectors where a leverage factor higher than 15 has been achieved in the past. In order to ensure that the EFSI fulfils its purpose of leveraging private investments, delivering jobs, fostering resilient economic developments, and reducing macro-economic imbalances, it is imperative that an amount equivalent to EUR 5 000 000 000 from the EFSI is allocated to a Dedicated Energy Efficiency Fund;
Amendment 166 #
Proposal for a regulation
Recital 18 b (new)
Recital 18 b (new)
(18b) In order to ensure that the EFSI fulfils its objective it is imperative that an amount equivalent to EUR 5 000 000 000 from the EFSI is allocated for EIB funding to the EIF to be used specifically for the benefit of Small and Medium Enterprises and small mid-cap companies as well as innovative SMEs;
Amendment 167 #
Proposal for a regulation
Recital 18 c (new)
Recital 18 c (new)
(18c) Investments should be targeted toward maintaining and further developing EU industrial leadership in innovative technological sectors of the economy that enable local job creation, maintaining EU's manufacturing capacity, and help meet the EU climate and energy target, such as leadership in technologies for energy generation from renewable energy sources such as off- shore wind. Europe still has world industrial leadership in the wind, photovoltaic and smart grids sectors. EFSI should contribute to the challenge of retaining this leadership in the next phase of technological developments of the renewable energy sector.
Amendment 169 #
Proposal for a regulation
Recital 19
Recital 19
(19) In order to allow for further increase in its resources, participation in the EFSI should be open to third parties, including Member States, national promotional banks or public agencies owned or controlled by Member States, reach the target of EUR 315 billion within the shortest possible time, national promotional banks or institutions and investment platforms and funds, with support of the EFSI guarantee, should play a prominent role in identifying viable projects, developing and, where approprivate sector entities and entities outside the Union subject to the consent of existing contributors. Third parties may contribute directly to the EFSI and take part in the EFSI governance structur, bundling projects, and attracting potential investors. In that context, it should be possible to establish macro-regional platforms to promote cross-border projects or a group of projects across Member States in a regional perspective.
Amendment 183 #
Proposal for a regulation
Recital 22
Recital 22
(22) In accordance with the Treaty on the Functioning of the European Union, Infrastructure and project investments supported under EFSI should be consistent with State aid rules. To that end, the Commission has announced that it will formulate a set of core principles, for the purpose of State aid assessments, which a project will have to meet to be eligible for support under the EFSI. If a project meets these criteria and receives support from the EFSI, the Commission has announced that any national complementary support, will be assessed under a simplified and accelerated State aid assessment whereby the only additional issue to be verified by the Commission will be the proportionality of public support (absence of overcompensation). The Commission has also announced that it will provide further guidance on the set of core principles with a view to ensuring an efficient use of public funds.
Amendment 188 #
Proposal for a regulation
Recital 23
Recital 23
Amendment 191 #
Proposal for a regulation
Recital 26
Recital 26
(26) Alongside the financing operations that will be conducted through the EFSI, a European Investment Advisory Hub ('EIAH') should be created. The EIAH should provide strengthened support for project development and preparation across the Union, by building on the expertise of the Commission, the EIB, national promotional banks and the managing authorities of the European Structural and Investment Funds. This should establish a single point of entry for questions related to technical assistance for investments within the Union, and should redirect as appropriate towards decentralised entities providing the technical assistance support.
Amendment 207 #
Proposal for a regulation
Recital 29
Recital 29
(29) To partially finance the contribution from the Union budget, to the available envelopes of the Horizon 2020 – the Framework Programme for Research and Innovation 2014-2020, provided by Regulation (EU) No 1291/2013 ofEU budget Guarantee Fund will be progressively authorised by the European Parliament and of the Council2, and the Connecting Europe Facility, provided by Regulation (EU) No 1316/2013 of the European Parliament and of the Council3, should be reduced. Those programmes serve purposes that are not replicated by the EFSI. However, the reduction of both programmes to finance the guarantee fund is expected to ensure a greater investment in certain areas of their respective mandates than is possible through the existing programmes. The EFSI should be able to leverage the EU guarantee to multiply the financial effect within those areas of research, development and innovation and transport, telecommunications and energy infrastructure compared to if the resources had been spent via grants within the planned Horizon 2020 and Connecting Europe Facility programmes. It is, therefore, appropriate to redirect part of the funding presently envisaged for those programmes to the benefit of EFSI. __________________ 2 Regulation (EU) No 1291/2013 of the European Parliament and of the Council of 11 December 2013 establishing Horizon 2020 - the Framework Programme for Research and Innovation (2014-2020) and repealing Decision No 1982/2006/EC (OJ L 347, 20.12.2013, p. 104). 3Regulation (EU) No 1316/2013 of the European Parliament and of the Council of 11 December 2013 establishing the Connecting Europe Facility, amending Regulation (EU) No 913/2010 and repealing Regulations (EC) No 680/2007 and (EC) No 67/2010 (OJ L 348, 20.12.2013, p. 129). in the framework of the annual budgetary procedures up to 2020. For this purpose, the budgetary authority should make use, where appropriate, of all available mechanisms of flexibility and relevant provisions under the 2014-2020 MFF Regulation for making use of reserves, margins, and de-committed funds;
Amendment 215 #
Proposal for a regulation
Recital 29 a (new)
Recital 29 a (new)
(29a) It is essential, in order to support the EU investment policy and EFSI operations that other investment driven programmes such as Horizon 2020 and Connecting Europe Facility are fully implemented, according to the budget provided for in the MFF Regulation and Regulations (EU) No 1291/2013 and No 1316/2013. It is especially important to continue to build the scientific, research and technological base on which innovation can thrive in the future. This means that the foreseen programmes financing basic and applied research such as the Marie Curie Programme, the European Research Council, the Future and Emerging Technology Programme, the Research Infrastructure Programme, as well as the EU collaborative research benefitting universities and research organisation under the Industrial Leadership and Societal Challenges objectives of Horizon 2020 should be fully implemented by 2020.
Amendment 220 #
Proposal for a regulation
Recital 32 a (new)
Recital 32 a (new)
Amendment 225 #
Proposal for a regulation
Recital 36
Recital 36
(36) Since the objectives of this Regulation, namely to support investments in the Union and to ensure increased access to financing for companies having up to 3000 employees, cannot be sufficiently achieved by the Member States by reason of the disparities in their fiscal capacity to act but can rather, by reason of its scale and effects, be better achieved at Union level, the Union may adopt measures, in accordance with the principle of subsidiarity as set out in Article 5 of the Treaty on European Union. In accordance with the principle of proportionality, as set out in that Article, this Regulation does not go beyond what is necessary in order to achieve those objectives,
Amendment 237 #
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 onstrategic transformative investments in the Union that promote sustainable economic activity with high social and environmental returns, fulfil EU 2020 targets and the objectives of Article 194(1) TFEU - ensure increased access to financing for small and medium-sized enterprises, through the supply of risk bearing capacity to the EIB ('EFSI Agreement'). and small mid-caps, including innovative ones,
Amendment 248 #
Proposal for a regulation
Article 1 – paragraph 2
Article 1 – paragraph 2
2. The EFSI Agreement shall be open to accession by Member States. Subject to the consent of existing contributors, the EFSI Agreement shall also be open to accession by other third parties, including national promotional banks or public agencies owned or controlled by Member States, and private sector entities.
Amendment 258 #
Proposal for a regulation
Article 1 a (new)
Article 1 a (new)
Article 1a Definitions For the purposes of this Regulation only, the following definitions apply: (a) 'national promotional banks or institutions' means legal entities carrying out financial activities on a professional basis which are conferred a mandate by a Member State, whether at central, regional or local level, to carry out public development or promotional activities mainly aiming at addressing market failures or sub-optimal investment situation; (b) 'investment platforms' means special purpose vehicles, managed accounts, contract-based co-financing or risk sharing arrangements or arrangements established by any other means via which entities channel a financial contribution in order to finance a number of investment projects; (c) 'small and medium-sized enterprises' or 'SMEs' means micro, small and medium-sized enterprises as defined in Recommendation 2003/361/EC. (d) 'small mid-cap companies' means legal entities having up to 499 employees which as defined by Commission Guidelines C(2014) 34/2; 1 a (e) 'Dedicated Energy Efficiency Fund' means an innovative public-private or public-public partnership dedicated to the promotion and financing of energy efficiency measures in the Member States of the European Union, including at cities and local governments level; (f) 'Dedicated SME Fund' means a financing facility providing for micro- finance, debt and equity instruments for small-mid caps and SMEs, including start-ups and spin offs. (g) 'additionality’ means the support by the EFSI of operations which address sub-optimal investment situations and which could not have been carried out in that period under normal EIB instruments without EFSI support or to the same extent during that period under EIF and EU instruments. The projects supported by the EFSI, while striving to create jobs and growth, shall typically have a higher risk profile than projects supported by normal EIB operations and the EFSI portfolio shall have overall a higher risk profile than the current portfolio of investments supported by the EIB under its normal investment policies. __________________ 1a Guidelines on State aid to promote risk finance investments
Amendment 268 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 – point c
Article 2 – paragraph 1 – subparagraph 1 – point c
(c) the amount and terms of the funding which shall be provided by the EIB through the EFSI to the European Investment Fund ('EIF'), and which shall be no less than 5 billion Euros;
Amendment 275 #
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 for the EIAH in accordance with the third subparagraph of paragraphestablishment and functioning of the EIAH in accordance with paragraphs 2, 2a, 2b, 2c;
Amendment 279 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 2
Article 2 – paragraph 1 – subparagraph 2
The EFSI Agreement shall provide that there is a clear distinction between operations carried out with the EFSI support and other operations of the EIB. However, the investment guidelines and criteria adopted by the EIB on 23 July 2013 shall apply.
Amendment 283 #
Proposal for a regulation
Article 2 – paragraph 2 – subparagraph 1
Article 2 – paragraph 2 – subparagraph 1
The EFSI Agreement shall provide for the creation of a European Investment Advisory Hub ('EIAH') to deliver all the necessary support for development of investment projects as defined in Article 5 within the EIB. The EIAH shall have as its objective to build upon existing EIB and Commission advisory services in order to provide advisory support for investment project identification, preparation and development and act as a single technical advisory hub for project financing within the Union. In delivering support, the EIAH shall pay particular attention to the needs of small projects and projects promoted by cities and local governments. This shall include support on the use of technical assistance for project structuring, use of innovative financial instruments, use of public-private partnerships and advice, as appropriate, on relevant issues of EU legislation.
Amendment 288 #
Proposal for a regulation
Article 2 – paragraph 2 – subparagraph 2
Article 2 – paragraph 2 – subparagraph 2
Amendment 291 #
Proposal for a regulation
Article 2 – paragraph 2 a (new)
Article 2 – paragraph 2 a (new)
2a. Services provided by EIAH shall include: (a) providing a single point of entry for technical assistance for authorities and project promoters; (b) assisting project promoters, where appropriate, in maturing their projects to fulfil the project eligibility criteria under this Regulation; (c) leveraging local knowledge to facilitate EFSI support in the whole Union; (d) providing a platform for peer-to-peer exchange and sharing of know-how regarding project development; (e) Providing decentralised technical assistance platform for the aggregation of small projects notably driven by cities and SMEs in the field of energy efficiency into larger bankable projects; (f) Assisting the establishment of macro- regional, national or local energy efficiency funds; (g) Providing decentralised technical assistance platforms for supporting project development of SMEs, including start-ups and spin-offs, and their collaboration with universities and research organisations;
Amendment 292 #
Proposal for a regulation
Article 2 – paragraph 2 b (new)
Article 2 – paragraph 2 b (new)
2b. To meet the objectives referred to in paragraph 1 and 2a, the EIAH shall use the expertise of the EIB, the Commission, national promotional banks and the managing authorities of the European Structural and Investment Funds. The EIAH shall, where relevant, redirect project promoters to these entities and channel the delivery of technical assistance through these entities.
Amendment 293 #
Proposal for a regulation
Article 2 – paragraph 2 c (new)
Article 2 – paragraph 2 c (new)
2c. For each guarantee offered by the EFSI to an investment platform, the EFSI shall ensure that resources are pooled to offer technical assistance amounting to at least 3% of the guarantee;
Amendment 313 #
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 locationthat are fully in line with objectives and criteria established in Article 5.
Amendment 319 #
Proposal for a regulation
Article 3 – paragraph 5 – subparagraph 2
Article 3 – paragraph 5 – subparagraph 2
The Investment Committee shall be composed of sixten independent experts and the Managing Director. Independent experts shall have a high level of relevant market experience in project finance in the priority areas defined under Article 5(2) and be appointed by the Steering Board for a renewable fixed term of three years.
Amendment 333 #
Proposal for a regulation
Article 3 – paragraph 5 a (new)
Article 3 – paragraph 5 a (new)
5a. The EFSI agreement shall provide for the creation of Civil Society Platform for Better Investment which shall mirror the structure of the Investment Committee. It shall be in charge of monitoring EFSI financing operations in particular regarding the compliance with Articles 1 and 5 and provide recommendations to the Investment Committee.
Amendment 337 #
Proposal for a regulation
Article 5 – paragraph 2 – introductory part
Article 5 – paragraph 2 – introductory part
The EU guarantee shall be granted for EIB financing and investment operations approved by the Investment Committee referred to in Article 3(5) or funding to the EIF in order to conduct EIB financing and investment operations in accordance with Article 7(2). The operations concerned shall : (a) be consistent with Union policies and support any of the following general objectives:the Treaty on the Functioning of the European Union and the EU 2020 objectives; (b) be economically and technically viable; (c) provide additionality, and (d) maximise where possible the mobilisation of private sector capital.
Amendment 350 #
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 synergy with those foreseen under Regulation (EU) No 1316/2013;
Amendment 370 #
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 innovationcultural and creative sectors and provision of public health services;
Amendment 378 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – point b a (new)
Article 5 – paragraph 2 – subparagraph 1 – point b a (new)
(ba) investment in research, development and innovation, in line with the specific objectives identified under Regulation (EU) No 1291/2013;
Amendment 385 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – point c
Article 5 – paragraph 2 – subparagraph 1 – point c
(c) expansion of renewable energy and energy and resource efficiencydevelopment of the energy system in compliance with Article 194(1) of the Treaty in the following sectors: - electricity interconnections in line with the Projects of Common Interest identified under Regulation (EU) No 1316/2013, including connection to the grid of off-shore wind ; - investment in energy efficiency aiming at implementing energy efficiency objectives under Directives 2012/27/EU and 2010/31/EU; - expansion of renewable energy, including projects resulting from the implementation of the renewables cooperation mechanisms established under Directive 2009/28/EC, notably in the field of off-shore wind;
Amendment 404 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – point d
Article 5 – paragraph 2 – subparagraph 1 – point d
(d) infrastructure projects in the field of environmental, natural resources, protection, environmental management infrastructure, protection of natural resources and strengthening of eco-system services, sustainable urban development and social fields; sector;
Amendment 410 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – point d a (new)
Article 5 – paragraph 2 – subparagraph 1 – point d a (new)
(da) development of industrial production capabilities or technology supply chains across Europe to ensure European technological leadership in sectors such as photovoltaic;
Amendment 411 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – point d a (new)
Article 5 – paragraph 2 – subparagraph 1 – point d a (new)
(da) investments in public and private sector resource efficiency projects;
Amendment 415 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – point e
Article 5 – paragraph 2 – subparagraph 1 – point e
(e) providing financial support for the companies referred to in Article 1(1)SMEs, including start-up and spin-offs, and small mid-caps, including working capital risk financing.
Amendment 435 #
Proposal for a regulation
Article 5 – paragraph 2 a (new)
Article 5 – paragraph 2 a (new)
2a. The EFSI shall offer privileged access to guarantees for small projects and small actors, following a de-risking strategy. For this purpose, the EU guarantee shall be granted, inter alia to the establishment of: - a Dedicated Energy Efficiency Fund covering an amount of guarantees of at least 5 billion Euros notably to support projects promoted by cities and local governments, - a Dedicated SME Fund covering an amount of at least 5 billion Euros and implemented by the EIF as defined in Article 7;
Amendment 441 #
Proposal for a regulation
Article 5 – paragraph 2 b (new)
Article 5 – paragraph 2 b (new)
2b. Investments shall be in line with the investment guidelines and criteria adopted by the EIB on 23 July 2013.
Amendment 443 #
Proposal for a regulation
Article 5 – paragraph 2 c (new)
Article 5 – paragraph 2 c (new)
2c. Furthermore, in order to treat energy efficiency as an energy source in its own right, the EU Guarantee shall only be granted for EIB financing and investment operations if a comparison, on the basis of a level playing-field where energy efficiency and demand-side response are competing on equal terms with generation capacity, is carried out whenever it is technically feasible.
Amendment 447 #
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: - an amount of EUR 2 55 000 000 000 mayshall 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 guaranteeactivities of the Dedicated SME Fund. - an amount of at least EUR 5 000 000 000 shall be allocated for EIB funding to the Dedicated Energy Efficiency Fund in accordance with Article 5(2a).
Amendment 457 #
Proposal for a regulation
Article 8 – paragraph 5 a (new)
Article 8 – paragraph 5 a (new)
5a. Without prejudice to paragraph 5, the target amount shall be met by gradual budgetary commitment appropriations to the guarantee fund to be decided in the frame of the annual budgetary procedure, taking due account of all means available under Council Regulation (EU) No 1311/2013 of 2 December 2013 laying down the Multi annual Financial Framework 2014-2020, in particular Articles 11, 13, 14. If needed, the possibility to redeploy funds from heading 2 shall be envisaged.
Amendment 459 #
Proposal for a regulation
Article 8 – paragraph 5 b (new)
Article 8 – paragraph 5 b (new)
5b. As a last resort solution the possibility - in full respect of point 17 and 18 of the IIA of 2 December 2013 - to redeploy funds from multiannual programs under Heading 1A may be envisaged. This solution shall ensure preserving the funds allocated to education, culture, fundamental research and collaborative research programmes to at least the level of as agreed in the Multi-annual financial framework 2014-2020.
Amendment 517 #
Proposal for a regulation
Article 18
Article 18
Amendment 524 #
Proposal for a regulation
Article 19
Article 19
Amendment to Regulation (EU) No In Article 5 of Regulation (EU) No 1316/2013, paragraph 1 is replaced by the following: 1. The financial envelope for the implementation of the CEF for the period 2014 to 2020 is set at EUR 29 942 259 000 (*) in current prices. That amount shall be distributed as follows: (a) transport sector: EUR 23 550 582 000, of which EUR 11 305 500 000 shall be transferred from the Cohesion Fund to be spent in line with this Regulation exclusively in Member States eligible for funding from the Cohesion Fund; (b) telecommunications sector: EUR 1 041 602 000; (c) energy sector: EUR 5 350 075 000. These amounts are without prejudice to the application of the flexibility mechanism provided for under Council Regulation (EU, Euratom) No 1311/2013(*). (*) Council Regulation (EU, Euratom) No 1311/2013 of 2 December 2013 laying down the multiannual financial framework for the years 2014-20 (OJ L 347, 20.12.2013, p. 884).rticle 19 deleted 1316/2013