Activities of Roberto GUALTIERI related to 2015/0009(COD)
Plenary speeches (1)
European Fund for Strategic Investments (debate) IT
Amendments (16)
Amendment 125 #
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 in the Europe 2020 strategy that put in place an approach for smart, sustainable and inclusive growth. The European Investment Bank ('EIB') has also strengthened its role in instigating and promoting investment within the Union, partly by way of an increase in capital in January 2013. Further action is required to ensure that the investment needs of the Union are addresseds throughout its territory and that the liquidity available on the market is used efficiently and its channelleding towards the funding of viable investment projects is encouraged.
Amendment 153 #
Proposal for a regulation
Recital 8 a (new)
Recital 8 a (new)
(8a) On 13 January 2013, the European Commission adopted a Communication on how to make the best use of the flexibility within existing rules of the Stability and Growth Pact "in order to strengthen the link between investment, structural reform and fiscal responsibility".
Amendment 220 #
Proposal for a regulation
Recital 12
Recital 12
(12) Many small and medium enterprises, as well as mid-cap companies, across the Union require assistance to attract market financing, especially as regards investments that carry a greater degree of risk. The EFSI should help these businesses to overcome capital shortages, market failures and financial fragmentation resulting in un-level playing field across the Union, by allowing the EIB and the European Investment Fund ('EIF') to provide direct and indirect equity injections, as well as to provide guarantees for high-quality securitisation of loans, and other products that are granted in pursuit of the aims of the EFSI.
Amendment 286 #
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 and finance the riskier tranche of them to ensure additionality over existing operations. The EFSI should aim at financeing projects across the Union, including in the countries most affectwhole of the Union, above all where investment in percentage of GDP has substantially declined, by the financial crisis. The EFSI should only be used where financing is not available from other sources on reasonable termaking into account the criteria of additionality and high risk-profile in its investment policies. The EFSI should only be used where financing is not available from other sources. Market based incentives and the additionality provided by the EFSI should ensure that the EFSI targets socially and economically viable projects without any sectorial or regional pre-allocation and any use of price discrimination among sovereigns in particular to address high investment needs or market failures.
Amendment 315 #
Proposal for a regulation
Recital 16
Recital 16
(16) The EFSI should target investments that are potentially viable, which means that are expected to be economically and technically viable, which may but cannot find private capital financing without the support of EFSI guarantee. Such investment should entail a degree of appropriate risk, whilst still meeting the particular requirements for EFSI financing. The EFSI should not aim at simply reducing the cost of capital for investments that would find private financing also in absence of EU guarantee.
Amendment 332 #
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 CommitteeAn Investment Committee should be set up in order to take decisions on the use of the EU guarantee when not channelled through the EIF. 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. 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 382 #
Proposal for a regulation
Recital 19 a (new)
Recital 19 a (new)
(19a) The EFSI should also have the possibility to support private fund structures such as European Long-Term Investment Funds (ELTIF), set up by private investors and/or national promotional banks, that could also play a role in providing a complementary vehicle for delivering public or private/public investments in the real economy. As provided by the Regulation XX/XXXX, the Commission should prioritize and streamline its processes for all applications by ELTIFs for financing from the EIB. The Commission and the EIB should also explore all types of possible cooperation between EFSI and ELTIF.
Amendment 398 #
Proposal for a regulation
Recital 21 a (new)
Recital 21 a (new)
(21a) The lack of investments addressed by the EU investment plan can generate serious disturbances in the economies of the Member States and hence Member States contributions to the plan may help to alleviate such disturbances. According to Article 107(3)(b) of the Treaty on the Functioning of the European Union, aid to remedy a serious disturbance in the economy of a Member State may be considered to be compatible with the internal market.
Amendment 399 #
Proposal for a regulation
Recital 21 b (new)
Recital 21 b (new)
(21b) Member States contributions to ESFI supported investments may promote important projects of common European interest. According to Article 107(3)(b) of the Treaty on the Functioning of the European Union, aid to promote the execution of an important project of common European interest may be considered to be compatible with the internal market.
Amendment 406 #
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, when cofinanced by Member States, should be consistent with State aid rules. To that end, the Commission has announced that in accordance with the Treaty on the Functioning of the European Union. To that end, the Commission has announced that within a reasonable time (in any case before the entry into force of the Regulation in the Official Journal) 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, regardless of its economic sector, 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 and the full respect of the principle of legitimate expectation.
Amendment 497 #
Proposal for a regulation
Recital 31
Recital 31
(31) Within the Union, there areis a significant number of potentially economically and technically viable projects that are not being financed, among other factors, also 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 582 #
Proposal for a regulation
Article 1 – paragraph 1 a (new)
Article 1 – paragraph 1 a (new)
1 a. Article 1a Definitions For the purposes of this Regulation, the following definitions apply: a)´EFSI Agreement´ means the legal instrument whereby the Commission and the EIB specify the conditions laid down in this Regulation for the management of the EFSI; b) ´national promotional banks or institutions´ means legal entities carrying out a financial activity on a professional basis and upon which are conferred a public mandate by a Member State, whether at central, regional or local level, to carry out public development or promotional activities; c) ´investment platforms´ means special purpose vehicles, managed accounts, contract-based co-financing or risk sharing arrangements or arrangements established by any other means by which investors channel a financial contribution in order to finance a number of investment projects and which may include national platforms that regroup several investment projects on the territory of a given Member State, multi- country or regional platforms that regroup several Member States interested in large projects in a given geographic area, or thematic platforms, which could gather investment projects in a given sector; d) 'small and medium-sized enterprises (SMEs)' means micro, small and medium- sized enterprises as defined in Commission Recommendation 2003/361/EC; e) ´mid-cap companies´ means legal entities having up to 3000 employees and that are not SMEs; f) to the purpose of this regulation 'additionality' means the support by the EFSI of operations which address market failures or investment gaps and which could not have been carried out in that period under normal EIB instruments including special operations 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.
Amendment 755 #
Proposal for a regulation
Article 3 – paragraph 1
Article 3 – paragraph 1
1. The EFSI Agreement shall provide that the EFSI shall be governed by a Steering Board, which shall determine the strategic orientation, the strategic asset allocation, paying particular attention to those countries where the highest investment gaps and financial market failures have emerged, 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, Article 5(2a) and to the effect of ensuring the additionality of the investments supported by the EFSI guarantee. The Steering Board shall also specify the investment policy regarding eligible investment platforms. The Steering Board shall determine the EU guarantee pricing policies having due regard to the need to address investment gaps and financial fragmentation in the EU.
Amendment 768 #
Proposal for a regulation
Article 3 – paragraph 1 a (new)
Article 3 – paragraph 1 a (new)
1a. When establishing the investment policy and risk policy for the EFSI support, the Steering Board shall pay particular attention to suboptimal investment situations and to the prevailing business cycle conditions across Europe.
Amendment 896 #
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 then irrevocable and unconditional guarantee for financing or investment operations carried out within the Union, or operations between a Member State and a country falling within the scope of the European Neighbourhood Policy including Strategic Partnership, the Enlargement Policy, and the European Economic Area or the European Free Trade Association, or between a Member State and an Overseas Country or Territory, as set out in Annex II of the Treaty on the Functioning of the European Union, covered by this Regulation and the EFSI agreement ('EU guarantee'). The EU guarantee shall be granted as a guarantee on demand in respect of instruments referred to in Article 6.
Amendment 1099 #
Proposal for a regulation
Article 6 – paragraph 2 a (new)
Article 6 – paragraph 2 a (new)
The use of the EU guarantee shall be subject to the prior approval of the Investment Committee. Underlying projects of financing or investment operations by the EIB itself or implemented through a national promotional bank or institution or an investment platform that consist of several underlying projects shall as a rule be submitted to the Investment Committee approval jointly. The EIB may also grant a guarantee, under a counter-guarantee of the Union, for new operations to investment platforms and national promotional banks when they meet the requirements on portfolio selection, legal structure, and financial robustness provided for by this Regulation and the Steering Board.