27 Amendments of Eider GARDIAZABAL RUBIAL related to 2018/0229(COD)
Amendment 178 #
Proposal for a regulation
Recital 6
Recital 6
(6) The InvestEU Fund should support investments in tangible and intangible assets to foster sustainable growth, investment and employment, and thereby contributing to improved well-being and fairer income distribution in the Union. Intervention through the InvestEU Fund should complement Union support delivered through grants.
Amendment 236 #
Proposal for a regulation
Recital 19 a (new)
Recital 19 a (new)
(19a) The InvestEU Fund should also support fair transition actions and strategies supporting investments addressing the situation of workers in specific sectors like coal/lignite mining that could be affected from the transition to a low-carbon economy.
Amendment 239 #
(20) The Member State compartment should be specifically designed to allow the use of funds under shared management to provision a guarantee issued by the Union. Member States can exercise this option only starting from the 1st of January 2024. They can use up to 3% of the financial envelope of each fund under shared management defined in article 2 (5) of the Regulation. Where a regional or local authority managed funds under shared management, the Member State that wants to allow the use of those funds in the InvestEU programme shall conclude a specific agreement with the concerned regional or local authority. Such agreement may provide for investment activities on the territory of the region or local authority. That combination aims at mobilising the high credit rating of the Union to promote national and regional investments while ensuring a consistent risk management of the contingent liabilities by implementing the guarantee given by the Commission under indirect management. The Union should guarantee the financing and investment operations foreseen by the guarantee agreements concluded between the Commission and implementing partners under the Member State compartment, the Funds under shared management should provide the provisioning of the guarantee, following a provisioning rate determined by the Commission based on the nature of the operations and the resulting expected losses, and the Member State would assume losses above the expected losses by issuing a back-to-back guarantee in favour of the Union. Such arrangements should be concluded in a single contribution agreement with each Member State that voluntarily chooses such option. The contribution agreement should encompass the one or more specific guarantee agreements to be implemented within the Member State concerned. The setting out of the provisioning rate on a case by case basis requires a derogation from [Article 211(1)] of Regulation (EU, Euratom) No XXXX19 (the 'Financial Regulation'). This design provides also a single set of rules for budgetary guarantees supported by funds managed centrally or by funds under shared management, which would facilitate their combination. _________________ 19
Amendment 260 #
Proposal for a regulation
Recital 24 a (new)
Recital 24 a (new)
(24a) The InvestEU Fund should be provided with an appropriate governance structure the function of which should be commensurate with its sole purpose of ensuring the appropriate use of the EU guarantee. That governance structure should be composed of an Advisory Board, a Steering Board and an Investment Committee. The Commission should assess the compatibility of investment and financing operations submitted by the implementing partners with Union law and policies via a dedicated procedure whereas the decisions on financing and investment operations should ultimately be taken by an implementing partner.
Amendment 275 #
Proposal for a regulation
Recital 27
Recital 27
(27) A Project Team consisting of experts put at the disposal of the Commission by the implementing partners in order to provide professionBefore a project is submitted to the Investment Committee, the European Commission shall assess the compatibility of investment and financing operations submitted by the implementing partners with Union law and policies. A dedicated procedure shall expertise in financial and technical assessment of proposed financing and investment operations should score those submitted by the implementing partners to be assessed by the Investment Committeenable the Commission to perform a quality control of the due diligence of the proposed financing and investment operations carried out by the implementing partners. The Commission may ask for clarification to implementing partners on above-mentioned matters and shall adjust the ratings in the Scoreboard on non-financial matters accordingly.
Amendment 286 #
Proposal for a regulation
Recital 29
Recital 29
(29) In selecting implementing partners for the deployment of the InvestEU Fund, the Commission should consider the counterpart's capacity to fulfil the objectives of the InvestEU Fund and contribute its own resources, in order to ensure adequate geographical coverage and diversification, to crowd-in private investors and to provide sufficient risk diversification as well as new solutions to address market failures and sub-optimal investment situations. Given its role under the Treaties, its capacity to operate in all Member States and the existing experience under the current financial instruments and the EFSI, the European Investment Bank (‘EIB’) Group should remain a privileged implementing partner under the InvestEU Fund's EU compartment. In addition to the EIB Group, national promotional banks or institutions should be able to offer a complementary financial product range given that their experience and capabilities at regional level could be beneficial for the maximisation of the impact of public funds on the territory of the Union. The Commission shall take into account complexity and size of the implementing partner while defining the guarantee agreement as defined in Article12 to ensure an even playing field for smaller, younger, and regional implementing partners. The Commission shall provide assistance to potential implementing partners wishing to participate in the programme. Moreover, it should be possible to have other international financial institutions as implementing partners, in particular when they present a comparative advantage in terms of specific expertise and experience in certain Member States. It should also be possible for other entities fulfilling the criteria laid down in the Financial Regulation to act as implementing partners.
Amendment 294 #
Proposal for a regulation
Recital 30
Recital 30
(30) In order to ensure that interventions under the EU compartment of the InvestEU Fund focus on market failures and sub- optimal investment situations at Union level, but, at the same time, satisfy the objectives of best possible geographic outreach, the EU guarantee should be allocated to implementing partners, which alone or together with other implementing partners, can cover at least three Member Stone or more Member States. Where the implementing partners cover more than one Member State, the contractual responsibility of implementing partners should remain limited by their respective national mandates. However, it is expected that around 75 % major part of the EU guarantee under the EU compartment would be allocated to implementing partner or partners that can offer financial products under the InvestEU Fund in all Member States.
Amendment 336 #
Proposal for a regulation
Article 2 – paragraph 1 – point 5
Article 2 – paragraph 1 – point 5
(5) 'Funds under shared management' means funds that foresee the possibility of allocating an amount thereof to the provisioning of a budgetary guarantee under the Member State compartment of the InvestEU Fund, namely the European Regional Development Fund (ERDF), the European Social Fund+ (ESF+), the Cohesion Fund, the European Maritime and Fisheries Fund (EMFF) and the European Agriculture Fund for Rural Development (EAFRD);
Amendment 359 #
Proposal for a regulation
Article 3 – paragraph 1 – point a a (new)
Article 3 – paragraph 1 – point a a (new)
(aa) the creation of high-quality jobs in the EU;
Amendment 360 #
Proposal for a regulation
Article 3 – paragraph 1 – point b
Article 3 – paragraph 1 – point b
(b) the sustainability of the Union economy and its growthgrowth of a sustainable economy, enabling the Union to achieve the SDGs and the objectives of the Paris Climate agreement;
Amendment 384 #
Proposal for a regulation
Article 4 – paragraph 1 – subparagraph 1
Article 4 – paragraph 1 – subparagraph 1
The EU guarantee for the purposes of the EU compartment referred to in point (a) of Article 8(1) shall be EUR 38 043 400 000 000 (current prices). It shall be provisioned at the rate of 4035 %.
Amendment 401 #
Proposal for a regulation
Article 7 – paragraph -1 (new)
Article 7 – paragraph -1 (new)
-1. Additionality For the purposes of this Regulation, 'additionality' means support by the InvestEU Fund for operations which address market failures or sub-optimal investment situations and which could not have been carried out during the period in which the EU guarantee can be used, or not to the same extent, by the private sector or by implementing partners without InvestEU Fund support.
Amendment 475 #
Proposal for a regulation
Article 9 – paragraph 1
Article 9 – paragraph 1
1. Amounts allocated by a Member State under Article [10(1)] of Regulation [[CPR] number] or Article [75(1)] of Regulation [[CAP plan] number] shall be used for the provisioning of the part of the EU guarantee under the Member State compartment covering financing and investment operations in the Member State concerned or in the territory of the regional or local authority managing the contributing funds. Member States can exercise this option only starting from the 1st of January 2024. They can use up to 3% of the financial envelope of each fund under shared management defined in article 2 (5) of the Regulation.
Amendment 479 #
Proposal for a regulation
Article 9 – paragraph 1 a (new)
Article 9 – paragraph 1 a (new)
1a. Where a regional or local authority managed funds under shared management, the Member State that wants to allow the use of those funds in the InvestEU programme shall conclude a specific agreement with the concerned regional or local authority. Such agreement may provide for investment activities on the territory of the region or local authority.
Amendment 505 #
Proposal for a regulation
Article 10 – paragraph 1 a (new)
Article 10 – paragraph 1 a (new)
1a. The EU guarantee under the EU compartment shall be allocated to implementing partners. A major part of the EU guarantee under the EU compartment shall be allocated to the EIB Group or to implementing partner or partners that can offer financial products under the InvestEU Fund in all Member States. At least 25% of the EU guarantee may be made available to the EIB Group or to implementing partner or partners that can offer financial products under the InvestEU Fund in all Member States only in the event that national promotional banks or institutions cannot use this share of the guarantee. National promotional banks or institutions may fully benefit from the EU guarantee also in case they decide to access to it through the EIB or the European Investment Fund.
Amendment 553 #
Proposal for a regulation
Article 12 – paragraph 3 – point b a (new)
Article 12 – paragraph 3 – point b a (new)
(ba) When relevant, the capacity of implementing partner to manage financial instruments, as result of a past experience with financial instruments and managing authorities referred to in regulation (EU, Euratom) 2018/1046 of the European Parliament and the Council
Amendment 577 #
Proposal for a regulation
Article 17 – paragraph 1
Article 17 – paragraph 1
1. The Commission shall be advised by an advisory board which shall have two configurations, namely representatives of implementing partners and representatives of Member States. Both configuration shall strive to ensure gender balance among their Members.
Amendment 600 #
Proposal for a regulation
Article 18
Article 18
Amendment 636 #
Proposal for a regulation
Article 18 a (new)
Article 18 a (new)
Amendment 637 #
Proposal for a regulation
Article 18 b (new)
Article 18 b (new)
Article 18b The Scoreboard shall, in particular, contain an assessment of: (a) the risk profile of the proposed financing and investment operations as resulted from the application of the risk assessment methodology referred to in Article 17a; (b) the benefit for final recipients; (c) the compliance with EU's commitments on the UN Sustainable Development Goals, the Paris agreement on climate change, the European Pillar of Social Rights and the Charter of Fundamental Rights; (d) the quality and contribution of the investment operation to sustainable growth and the creation of high-quality jobs in the EU; (e) the contribution of the investment operation to the realisation of InvestEU Programme objectives; (f) the technical and financial contribution to the project. (g) whether the proposed operation addresses the identified market failures or sub-optimal investment situations. Where necessary, the Commission may provide assistance to implementing partners in the application of the risk assessment methodology and in the compilation of the scoreboard. It shall ensure that the scoring methodology is properly applied and that the scoreboards presented to the Investment Committee are of high quality. The Commission shall, following its compliance and due diligence check, adjust the ratings of the scoreboard on non-financial matters before the Scoreboard goes to the Investment Committee.
Amendment 704 #
Proposal for a regulation
Article 20 – paragraph 6
Article 20 – paragraph 6
6. The Invest EU Advisory Hub shall have local presence, where necessary. It shall be established in particularassist in the transfer of knowledge to the regional and local level, taking into account the existing local landscape, with a view to building up regional and local capacity and expertise for support referred to in paragraph1. The Invest EU Advisory Hub may have a local presence in Member States or regions that face persistent difficulties in developing projects under the Invest EU Fund. The InvestEU Advisory Hub shall assist in the transfer of knowledge toIn the latter case, this local presence shall have a strong focus on the cregational and local level with a view to building up regional and local capacity and expertise for support referred to in paragraph 1 of a sustainable local/ regional / national advisory environment.
Amendment 747 #
Proposal for a regulation
Annex I – paragraph 1 – point a
Annex I – paragraph 1 – point a
(a) up to EUR 11 500 000 00030% of the EU compartment for objectives referred to in point (a) of Article 3(2);
Amendment 751 #
Proposal for a regulation
Annex I – paragraph 1 – point b
Annex I – paragraph 1 – point b
(b) up to EUR 11 250 000 00028.5% of the EU compartment for objectives referred to in point (b) of Article 3(2);
Amendment 755 #
Proposal for a regulation
Annex I – paragraph 1 – point c
Annex I – paragraph 1 – point c
(c) up to EUR 11 250 000 00028.5% of the EU compartment for objectives referred to in point (c) of Article 3(2);
Amendment 761 #
Proposal for a regulation
Annex I – paragraph 1 – point d
Annex I – paragraph 1 – point d
(d) up to EUR 4 000 000 00013% of the EU compartment for objectives referred to in point (d) of Article 3(2).
Amendment 790 #
Proposal for a regulation
Annex II – paragraph 1 – point 3 – point h a (new)
Annex II – paragraph 1 – point 3 – point h a (new)
(ha) projects countering climate change;
Amendment 791 #
Proposal for a regulation
Annex II – paragraph 1 – point 3 – point h b (new)
Annex II – paragraph 1 – point 3 – point h b (new)
(hb) projects promoting sustainable cultural heritage, in particular strategies and instruments to safeguard European cultural heritage, tangible and intangible.