13 Amendments of Eider GARDIAZABAL RUBIAL related to 2015/0009(COD)
Amendment 254 #
Proposal for a regulation
Recital 14
Recital 14
(14) The EFSI should target projects delivering high societal and economic value, while also contributing to strengthening the Union's economic, social and territorial cohesion. 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 441 #
Proposal for a regulation
Recital 26
Recital 26
(26) Alongside the financing operations that will be conducted through the EFSI, a decentralised 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.
Amendment 458 #
Proposal for a regulation
Recital 28
Recital 28
(28) The guarantee fund is intended to provide a liquidity cushion for the Union budget against losses incurred by the EFSI in pursuit of its objectives. Experience on the nature of investments to be supported by the EFSI indicates that a ratio of 540% between the payments from the Union budget and from the Union's total guarantee obligations would be adequate.
Amendment 531 #
Proposal for a regulation
Recital 36 a (new)
Recital 36 a (new)
(36a) Reminds that EFSI was conceived as a mechanism to increase investments in Europe but not to decrease the EU budget;
Amendment 733 #
Proposal for a regulation
Article 2 – paragraph 3
Article 2 – paragraph 3
3. Member States that become parties to the EFSI Agreement shall be able to provide their contribution, in particular, in the form of cash or a guarantee acceptable to the EIB. Other third parties shall be able to provide their contribution only in cash. Financial contributions by Member States, including possible contributions to investment platforms, shall not be taken into account by the Commission when defining the fiscal adjustment under the preventive and corrective arm of the Stability and Growth Pact.
Amendment 953 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – point a a (new)
Article 5 – paragraph 2 – subparagraph 1 – point a a (new)
(aa) The EFSI shall target projects with a higher risk profile than ordinary EIB activities so as to ensure additionality over existing operations. The EFSI shall support projects which fulfil the following criteria: a) the pursuit of the Union objective of smart, sustainable, long-term and inclusive growth and having high societal and economic value, the highest possible positive impact on quality job creation, and EU added value; b) a focus on operations that could not have been carried out using the Union budget or by the ordinary activity of the EIB, nor financed by the market; c) be viable from an economic perspective, according to a comprehensive assessment in which not only the project itself but also its overall impact on the economy, including macroeconomic and social aspects, and its ability to trigger subsequent investments, such as from the private sector, is to be carried out; d) would not have received financing from any other existing Union fund due to a non-availability of the required financing in the market; e) has a higher risk profile than projects supported under ordinary EIB activity, taking account of the fact that real additionality can only be ensured when financial resources are concentrated on projects not financed otherwise; the design of the appropriate measures is to be elaborated under the procedures of Article 3(1); 2b. Acknowledging that projects of any size can bring the European economy forward, there shall be no restrictions on the size of projects to be targeted by the EFSI.
Amendment 1142 #
Proposal for a regulation
Article 8 – paragraph 5 – subparagraph 1
Article 8 – paragraph 5 – subparagraph 1
Endowments to the guarantee fund referred to in paragraph 2 shall be used to reach an appropriate level to reflect the total EU guarantee obligations ('target amount'). The target amount shall be set at 540% of the Union's total guarantee obligations.
Amendment 1151 #
Proposal for a regulation
Article 8 – paragraph 5 – subparagraph 2 a (new)
Article 8 – paragraph 5 – subparagraph 2 a (new)
The necessary appropriations to meet 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 the 2014-2020 Multiannual Financial Framework (MFF) Regulation 1311/2013 (flexibility instrument, global margin for commitments...) including as a last resort solution redeploying funds from multiannual programs under heading 1A if these programs prove to be under - committed.
Amendment 1164 #
Proposal for a regulation
Article 8 – paragraph 6 – subparagraph 2
Article 8 – paragraph 6 – subparagraph 2
The Commission shall be empowered to adopt delegated acts in accordance with Article 17 adjusting the target amount provided for in paragraph 5 by a maximum of 120% to better reflect the potential risk of the EU guarantee being called.
Amendment 1171 #
Proposal for a regulation
Article 8 – paragraph 7 – point b a (new)
Article 8 – paragraph 7 – point b a (new)
(ba) once the surplus mentioned under article 8 paragraph 7 point a has been used to fully re-establish any lines which have been used as a source of redeployment to the EFSI guarantee fund, Commission shall present a proposal how to use additional surplus to increase the guarantee and the investment plan.
Amendment 1175 #
Proposal for a regulation
Article 8 – paragraph 8
Article 8 – paragraph 8
8. From 1 January 2019At any time, if as a result of calls on the guarantee, the level of the guarantee fund falls below 50% of the target amount, the Commission shall submit a report on exceptional measures that may be required to replenish it.
Amendment 1188 #
Proposal for a regulation
Chapter 3 – title
Chapter 3 – title
European iInvestment Advisory Hub ('EIAH') and project pipeline
Amendment 1190 #
Proposal for a regulation
Article -9 (new)
Article -9 (new)