Activities of Philippe DE BACKER related to 2015/0009(COD)
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 (88)
Amendment 77 #
Proposal for a regulation
Title 1
Title 1
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
Amendment 82 #
Proposal for a regulation
Recital 29
Recital 29
(29) To partially finance the contribution ofrom the Union budget, the available envelopes of the Horizon 2020 – the Framework Programme for Research and Innovation 2014-2020, provided by Regulation (EU) No 1291/2013 of 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 Parliao the EU budget Guarantee Fund will be done on a progressive basis using various possibilities within the EU budget. In order of priority, the contribution will be financed by the annual surplus, the unused funds, the Flexibility Instrument 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)margins of the EU budget.
Amendment 85 #
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 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, fast growing companies or companies with potential of growth, including start- ups. 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 103 #
Proposal for a regulation
Article 2 – paragraph 1 a (new)
Article 2 – paragraph 1 a (new)
1a. Eligibility criteria for the use of the EU guarantee 1. The EFSI Agreement shall provide that EFSI is to support projects which: (a) are consistent with Union policies, (b) are economically and technically viable, (c) provide additionality, and (d) maximise where possible the mobilisation of private sector capital.
Amendment 111 #
Proposal for a regulation
Recital 12
Recital 12
(12) Many small and medium enterprises, as well as mid-cap companies,innovative and fast growing enterprises, including start-ups 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 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 137 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – point e a (new)
Article 5 – paragraph 2 – subparagraph 1 – point e a (new)
(ea) any project covered by the objectives set out in Article 3 and 4 of Regulation 1316/2013
Amendment 139 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – point e b (new)
Article 5 – paragraph 2 – subparagraph 1 – point e b (new)
(eb) any project covered by the objectives set out in Article 5 of Regulation 1291/2013
Amendment 155 #
Proposal for a regulation
Article 18
Article 18
Amendments to Regulation (EU) No (1) In Article 6, paragraphs 1, 2 and 3 are replaced by the following: ‘1. The financial envelope for the implementation of Horizon 2020 is set at EUR 74 328,3 million in current prices, of which a maximum of EUR 71 966,9 million shall be allocated to activities under Title XIX TFEU. The annual appropriations shall be authorised by the European Parliament and by the Council within the limits of the multiannual financial framework. 2. The amount for activities under Title XIX TFEU shall be distributed among the priorities set out in Article 5(2) of this Regulation as follows: (a) Excellent science, EUR 23 897,0 million in current prices; (b) Industrial leadership, EUR 16 430,5 million in current prices; (c) Societal challenges, EUR 28 560,7 million in current prices. The maximum overall amount for the Union financial contribution from Horizon 2020 to the specific objectives set out in Article 5(3) and to the non-nuclear direct actions of the JRC shall be as follows: (i) Spreading excellence and widening participation, EUR 782,3 million in current prices; (ii) Science with and for society, EUR 443,8 million in current prices; (iii) Non-nuclear direct actions of the JRC, EUR 1 852,6 million in current prices. The indicative breakdown for the priorities and specific objectives set out in Article 5(2) and (3) is set out in Annex II. 3. The EIT shall be financed through a maximum contribution from Horizon 2020 of EUR 2 361,4 million in current prices as set out in Annex II.’ (2) Annex II is replaced by the text set out in Annex I to this Regulation.rticle 18 deleted 1291/2013
Amendment 156 #
Proposal for a regulation
Article 19
Article 19
Amendments 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
Amendment 160 #
Proposal for a regulation
Recital 9
Recital 9
(9) The investment environment within the Union should be improved by removing barriers to investment, reinforcing the Single Market and by enhancing regulatory predictability, in particular by completing the opening of the digital, transport, energy and telecoms markets . The work of the EFSI, and investments across Europe generally, should benefit from this accompanying work.
Amendment 162 #
Proposal for a regulation
Recital 9
Recital 9
(9) The investment environment within the EUnion should be improved by removing barriers to investment, such as obstacles to PPPs that remain at national and EU level, by reinforcing the Single Market and by enhancing regulatory predictability. With the view to mobilising private companies and supporting the development of PPPs, it should be ensured that there is no discrimination depending on the management of the projects, be it private or public. The work of the EFSI, and investments across Europe generally, should benefit from this accompanying work.
Amendment 210 #
Proposal for a regulation
Recital 29
Recital 29
(29) To partially finance the contribution ofrom the Union budget, the available envelopes of the Horizon 2020 – the Framework Programme for Research and Innovation 2014-2020, provided by Regulation (EU) No 1291/2013 of 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 Parliao the EU budget Guarantee Fund will be done on a progressive basis using various possibilities within the EU budget. In order of priority, the contribution will be financed by the annual surplus, the unused funds, the Flexibility Instrument 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)margins of the EU budget.
Amendment 231 #
Proposal for a regulation
Article 1 – paragraph 1 – subparagraph 1
Article 1 – paragraph 1 – subparagraph 1
The Commission shall conclude annegotiate a draft agreement with the European Investment Bank (EIB) on the establishment of a European Fund for Strategic Investments ('EFSI') in line with the requirements of this Regulation.
Amendment 253 #
Proposal for a regulation
Article 1 – paragraph 2
Article 1 – paragraph 2
2. The EFSI Agreement shall be open to accession by Member States, under the terms laid out in the EFSI Agreement. 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 257 #
Proposal for a regulation
Article 1 – paragraph 2 a (new)
Article 1 – paragraph 2 a (new)
2a. The Commission shall be empowered to enter into the EFSI Agreement on behalf of the Union by means of a delegated act in accordance with Article 17, provided that the EFSI Agreement meets the requirements of this Regulation.
Amendment 261 #
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; (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) 'mid-cap companies' means legal entities having up to 3000 employees which are not SMEs. (e) '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. (f) 'EIAH Agreement' means the legal instrument whereby the Commission and the EIB specify the conditions laid down in this Regulation for the implementation of EIAH. (g) 'additionality' means the support by the EFSI of operations which address market failures or 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.
Amendment 290 #
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 aim at financeing projects across the Union, including in the countries most affected by the financial criswhole of the Union by taking into account the criteria of additionality and high-risk-profile in its investment policies i.e. by ensuring that selected projects are projects which could not have found a financing on the market otherwise. The EFSI should only be used where financing is not available from other sources on reasonable terms.
Amendment 297 #
Proposal for a regulation
Article 2 a (new)
Article 2 a (new)
Article 2a Eligibility criteria for the use of the EU guarantee The EFSI Agreement shall provide that EFSI is to support projects which: (a) are consistent with Union policies, (b) are economically and technically viable, (c) provide additionality, and (d) maximise where possible the mobilisation of private sector capital.
Amendment 303 #
Proposal for a regulation
Article 3 – paragraph 2
Article 3 – paragraph 2
Amendment 306 #
Proposal for a regulation
Article 3 – paragraph 3 – subparagraph 1
Article 3 – paragraph 3 – subparagraph 1
Amendment 309 #
Proposal for a regulation
Article 3 – paragraph 4 – subparagraph 2
Article 3 – paragraph 4 – subparagraph 2
The Managing Director shall report every quarter on the activities of the EFSI to the Steering Board and the European Parliament.
Amendment 310 #
Proposal for a regulation
Recital 16
Recital 16
(16) The EFSI should target investments that are expected to be economically and technically viable, which may entail a high degree of appropriate risk, whilst still meeting the particular requirements for EFSI financing.
Amendment 314 #
Proposal for a regulation
Recital 16
Recital 16
(16) The EFSI should target investments that are expected to be economically and technically viable, which may entail a degree of appropriate risk, whilst still meeting the particular requirements for EFSI financing. When a national court of audit or an independent council or any anti-corruption body of a Member State has expressed some concerns on a project, a type of investment or on a body having the responsibility of investing public money and these concerns are communicated to the EFSI, it should take into account the opinions expressed.
Amendment 332 #
Proposal for a regulation
Article 3 – paragraph 5 – subparagraphs 2 a, 2 b and 2 c (new)
Article 3 – paragraph 5 – subparagraphs 2 a, 2 b and 2 c (new)
The experts of the Investment Committee shall be appointed following an open and transparent selection procedure. In appointing the experts to the Investment Committee, the Steering Board shall ensure that the composition of the Investment Committee is diversified, so as to ensure that it has a wide knowledge of the sectors covered in Article 2a and geographic markets within the Union. The Steering Board of the EFSI shall supervise the fulfilment of the EFSI’s objectives. When participating in the activities of the Investment Committee its members shall perform their duties impartially and in the interests of the EFSI. When implementing the guidelines adopted by the Steering Board and taking decisions on the use of the EU guarantee, they shall not seek nor take instructions from the EIB, the Union institutions, the Member States or any other public or private body. Adequate organisational arrangements shall be in place to ensure operational independence of the Investment Committee, without prejudice to the provision of analytical, logistical and administrative support by the staff of the EIB to the Investment Committee.
Amendment 360 #
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 and telecom infrastructure;
Amendment 376 #
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, private 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 structure.
Amendment 376 #
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, including research infrastructure; information and communications technology and innovation;
Amendment 388 #
Proposal for a regulation
Recital 20 a (new)
Recital 20 a (new)
(20a) Considering that infrastructure assets have a strong default and recovery record and considering that infrastructure project finance can be seen as a means to diversify institutional investors asset portfolios, infrastructure projects benefiting from the EFSI support should be treated as Type 1 exposures for the calculation of the Solvency Capital Requirement as set out in Title I Chapter V Section 6 of Commission Delegated Regulation (EU) 2015/35 of 10 October 2014 supplementing Directive 2009/138/EC of the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II). This approach should be examined as part of the Commission review of the methods, assumptions and standard parameters used when calculating the Solvency Capital Requirement with the standard formula, as referred to in recital 150 of that Delegated Regulation.
Amendment 397 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – point c
Article 5 – paragraph 2 – subparagraph 1 – point c
(c) expansion of renewable and unconventional energy; and energy and resource efficiency;
Amendment 400 #
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 efficiency, taking into account regional potential for smart investments;
Amendment 419 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – point e a (new)
Article 5 – paragraph 2 – subparagraph 1 – point e a (new)
(ea) any project covered by the objectives set out in Article 3 and 4 of Regulation (EU) No 1316/2013
Amendment 420 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – point e b (new)
Article 5 – paragraph 2 – subparagraph 1 – point e b (new)
(eb) any project covered by the objectives set out in Article 5 of Regulation(EU) No 1291/2013
Amendment 423 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 2
Article 5 – paragraph 2 – subparagraph 2
In addition, the EU guarantee shall be granted for support of dedicated investment platforms, and national promotional banks, Alternative Investment Fund Managers (AIFM), which manage alternative investment funds (AIFs) authorised in accordance with Directive 2011/61/EU, managers of collective investment undertakings authorised in accordance with Regulation (EU) No 345/2013 (qualifying venture capital funds) and managers of collective investment undertakings in accordance with Regulation (EU) No 346/2013 (qualifying social entrepreneurship funds), via the EIB, that invest in operations meeting the requirements of this Regulation. In that case, the Steering Board shall specify policies regarding eligible investment platforms. , AIFs, qualifying venture capital and social entrepreneurship funds.
Amendment 433 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 2 a (new)
Article 5 – paragraph 2 – subparagraph 2 a (new)
EIB financing and investment opportunities on the territory of a Member State according to this Regulation shall only be approved if the relevant Member State is in compliance with Council recommendations under Regulation (EC) No 1466/97, Regulation (EU) No 1176/2011 and has made significant progress regarding the country specific recommendations under the European Semester.
Amendment 453 #
Proposal for a regulation
Recital 27
Recital 27
(27) In order to cover the risks related to the EU guarantee to the EIB, a guarantee fund should be established. The guarantee fund should be constituted by a gradual paymentcontribution from the Union budget. The guarantee fund should subsequently also receive revenues and repayments from projects that benefit from EFSI support and amounts recovered from defaulting debtors where the guarantee fund has already honoured the guarantee to the EIB.
Amendment 471 #
Proposal for a regulation
Recital 29
Recital 29
(29) To partially finance the contribution ofrom the Union budget, the available envelopes of the Horizon 2020 – the Framework Programme for Research and Innovation 2014-2020, provided by Regulation (EU) No 1291/2013 of 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 EFSIo the EU budget Guarantee Fund will be done on a progressive basis using various possibilities within the EU budget. In order of priority, the contribution will be financed by the annual surplus, the unused funds, the Flexibility Instrument and the margins of the EU budget. __________________ 3 Regulation (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).
Amendment 479 #
Proposal for a regulation
Recital 29
Recital 29
(29) To partially finance the contribution from the Union budget, the available envelopes of the Horizon 2020 – the Framework Programme for Research and Innovation 2014-2020, provided by Regulation (EU) No 1291/2013 will be progressively authorised by a decision of the European Parliament and of the Council2 , and the Connecting Europe Facility, provided by Regulation (EU) No in the framework of the annual budgetary procedures up to 2020, using in priority all provisions under Council regulation (EU, Euratom) n°13161/2013 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 grealaying down the multiannual financial framework for the years 2014- 2020, in particular its articles 5, 11, 13 and 14, as well as any budgetary surplus entered 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 thto the general budget of the European Union, and avoiding to affect programmes that already serve an investment purpose, areas of research, development and innov operational 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. __________________ 3Regulation (EU) No 1316/2013 of the European Parliament and of the Coucontain a possibility to use innovative financial instruments. Therefore, envelops of programmes under the sub-heading 1A of the multiannual financial 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)framework could be reduced only if proved necessary and as a last resort solution.
Amendment 484 #
Proposal for a regulation
Article 10 – paragraph 2 – point b
Article 10 – paragraph 2 – point b
(b) an assessment of the added value, the mobilisation of private sector resources, the estimated and actual outputs, outcomes and impact of EIB financing and investment operations at an aggregated basis;, and by project level where disclosure of data is allowed.
Amendment 494 #
Proposal for a regulation
Article 11 – paragraph 1
Article 11 – paragraph 1
1. At the request of the European ParliamenOn a quarterly basis or upon specific request, the Managing Director shall participate in a hearing of the European Parliament on the performance of the EFSI.
Amendment 519 #
Proposal for a regulation
Article 18
Article 18
Amendment 522 #
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
Amendment 523 #
Proposal for a regulation
Recital 35
Recital 35
(35) In order to ensure an appropriate coverage of the EU guarantee obligations and to ensure the continued availability of the EU guarantee, the power to adopt acts in accordance with Article 290 of the Treaty on the Functioning of the European Union should be delegated to the Commission with respect to the adjustment of the amounts to be paid in from the general budget of the Union and to amend Annex I accordingly. It is of particular importance that the Commission carry out appropriate consultations during its preparatory work, including at expert level. The Commission, when preparing and drawing up delegated acts, should ensure a simultaneous, timely and appropriate transmission of relevant documents to the European Parliament and to the Council.
Amendment 526 #
Proposal for a regulation
Recital 1
Recital 1
(1) The economic and financial crisis has led to a lowering of the level of investments within the Union. Investment has fallen by approximately 15% since its peak in 2007. The Union suffers in particular from a lack of investment as a consequence of market uncertainty regarding the economic future and the fiscal constraints on Member States. This lack of investment slows economic recovery and negatively affects structural job creation, long-term growth prospects and competitiveness.
Amendment 527 #
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, and through the European Semester for economic policy coordination. 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 addressed and that the liquidity available on the market is used efficiently and channelled towards the funding of viable investment projects.
Amendment 528 #
Proposal for a regulation
Recital 7 a (new)
Recital 7 a (new)
(7 a) Points out that the effectiveness of additional investment is dependent on the competitiveness and efficiency of a country's economy and on investors' confidence in the sustainability of a country's public finances, and therefore believes that a country should only be eligible to receive funds under the European Fund for Strategic Investment if the Commission in its assessment of Member States' Draft Budgetary Plans deems that: i. the country is in compliance with the Stability and Growth Pact or the Excessive Deficit Procedure recommendations; and ii. the country has made sufficient progress in the implementation of its Country-Specific Recommendations.
Amendment 529 #
Proposal for a regulation
Recital 14
Recital 14
(14) The EFSI should target projects delivering high societal and economic value. In particular, the EFSI should target projects that promote structural 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 531 #
Proposal for a regulation
Recital 26 a (new)
Recital 26 a (new)
(26 a) In order to guarantee the successful and timely development of financed projects, and therefore to maximise their effectiveness in creating jobs and growth, the Commission shall draft a European Crisis and Recovery Regulation, which should temporarily exempt infrastructural projects financed by EFSI from existing EU legislation that causes delay as a result of administrative procedures, mainly concerning appeal procedures and reporting on compliance with existing legislation. This European Crisis and Recovery Regulation should shorten administrative procedures in a fashion fitting the present urgency presented by the economic situation in Europe. The Commission shall put forward a proposal for a European Crisis and Recovery Regulation to the Council and the European Parliament no later than three months after the adoption of the present regulation.
Amendment 534 #
Proposal for a regulation
Article 8 – paragraph 6 – subparagraph 1
Article 8 – paragraph 6 – subparagraph 1
By 31 December 2018, and every year thereafter, the Commission shall review the adequacy of the level of the guarantee fund taking into account any reduction of resources resulting from the activation of the guarantee and the EIB's assessment submitted in accordance with Article 10(3). Under no circumstances the budgets of Horizon2020 and the Connecting Europe Facility may be further impacted by the outcome of this review.
Amendment 535 #
Proposal for a regulation
Article 8 – paragraph 8
Article 8 – paragraph 8
8. From 1 January 2019, 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. In the case that such a report is drafted, under no circumstances may the budgets of Horizon2020 and the Connecting Europe Facility be further impacted by its contents.
Amendment 541 #
Proposal for a regulation
Article 1 – paragraph 1 – subparagraph 1
Article 1 – paragraph 1 – subparagraph 1
The Commission shall conclude annegotiate a draft agreement with the European Investment Bank (EIB) on the establishment of a European Fund for Strategic Investments ('EFSI') in line with the requirements of this Regulation.
Amendment 580 #
Proposal for a regulation
Article 1 – paragraph 1 a (new)
Article 1 – paragraph 1 a (new)
1 a. 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; (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) 'mid-cap companies' means legal entities having up to 3000 employees which are not SMEs. (e) '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. (f) 'EIAH Agreement' means the legal instrument whereby the Commission and the EIB specify the conditions laid down in this Regulation for the implementation of EIAH. (g) 'additionality' means the support by the EFSI of operations which address market failures or 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.
Amendment 595 #
Proposal for a regulation
Article 1 – paragraph 2
Article 1 – paragraph 2
2. The EFSI Agreement shall be open to accession by Member States, under the terms laid out in the EFSI Agreement. 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. The Member States and other third parties may not take part in the EFSI governance structure.
Amendment 599 #
Proposal for a regulation
Article 1 – paragraph 2 a (new)
Article 1 – paragraph 2 a (new)
2a. The Commission shall be empowered to enter into the EFSI Agreement on behalf of the Union by means of a delegated act in accordance with Article 17, provided that the EFSI Agreement meets the requirements of this Regulation.
Amendment 692 #
Proposal for a regulation
Article 2 – paragraph 1 a (new)
Article 2 – paragraph 1 a (new)
1a. Eligibility criteria for the use of the EU guarantee 1. The EFSI Agreement shall provide that EFSI is to support projects which: (a) are consistent with Union policies, (b) are economically and technically viable, (c) provide additionality, and (d) maximise where possible the mobilisation of private sector capital.
Amendment 737 #
Proposal for a regulation
Article 2 – paragraph 3 a (new)
Article 2 – paragraph 3 a (new)
3a. When insurance and reinsurance undertakings contribute directly to the EFSI Agreement or co-finance together with the EFSI infrastructure projects, such direct contribution and co-financing shall be treated as Type 1 exposures for the calculation of the Solvency Capital Requirement as set out in Title I Chapter V Section 6 of Commission Delegated Regulation (EU) 2015/35 of 10 October 2014 supplementing Directive 2009/138/EC of the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II). Infrastructure investment projects benefiting from the EFSI support should also be treated as Type 1 exposures for the calculation of the Solvency Capital Requirement.
Amendment 738 #
Proposal for a regulation
Article 2 – paragraph 3 a (new)
Article 2 – paragraph 3 a (new)
3a. The Commission is responsible for the implementation of the EU budget.
Amendment 772 #
Proposal for a regulation
Article 3 – paragraph 2
Article 3 – paragraph 2
Amendment 793 #
Proposal for a regulation
Article 3 – paragraph 3 – subparagraph 1
Article 3 – paragraph 3 – subparagraph 1
Amendment 808 #
Proposal for a regulation
Article 3 – paragraph 3 – subparagraph 3 a (new)
Article 3 – paragraph 3 – subparagraph 3 a (new)
When a national court of audit or an independent council or any anti- corruption body of a Member State has expressed some concerns on a project, a type of investment or on a body having the responsibility of investing public money and these concerns are communicated to the EFSI, the Steering Board should take into account the opinions expressed and shall take a decision by a majority of three quarters of the votes.
Amendment 815 #
Proposal for a regulation
Article 3 – paragraph 4 – subparagraph 2
Article 3 – paragraph 4 – subparagraph 2
The Managing Director shall report every quarter on the activities of the EFSI to the Steering Board and the European Parliament.
Amendment 852 #
Proposal for a regulation
Article 3 – paragraph 5 – subparagraph 2
Article 3 – paragraph 5 – subparagraph 2
The experts of the Investment Committee shall be composed of six independentappointed following an open and transparent selection procedure. In appointing the experts andto the Managing Director. Independent experts shallInvestment Committee, the Steering Board shall ensure that the composition of the Investment Committee is diversified, so as to ensure that it haves a high level of relevant market experience in project finance and be appointed by the Steering Board for a renewable fixed term of three yearswide knowledge of the sectors covered in Article 2a and geographic markets within the Union. The Steering Board of the EFSI shall supervise the fulfilment of the EFSI's objectives. When participating in the activities of the Investment Committee its members shall perform their duties impartially and in the interests of the EFSI. When implementing the guidelines adopted by the Steering Board and taking decisions on the use of the EU guarantee, they shall not seek nor take instructions from the EIB, the Union institutions, the Member States or any other public or private body. Adequate organisational arrangements shall be in place to ensure operational independence of the Investment Committee, without prejudice to the provision of analytical, logistical and administrative support by the staff of the EIB to the Investment Committee.
Amendment 942 #
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 and telecoms infrastructure;
Amendment 1019 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 2
Article 5 – paragraph 2 – subparagraph 2
In addition, the EU guarantee shall be granted for support of dedicated investment platforms, and national promotional banks, Alternative Investment Fund Managers (AIFM), which manage alternative investment funds (AIFs) authorised in accordance with Directive 2011/61/EU, managers of collective investment undertakings authorised in accordance with Regulation 2013/345/EU (qualifying venture capital funds) and managers of collective investment undertakings in accordance with Regulation 2013/346/EC (qualifying social entrepreneurship funds), via the EIB, that invest in operations meeting the requirements of this Regulation. In that case, the Steering Board shall specify policies regarding eligible investment platforms, AIFs, qualifying venture capital and social entrepreneurship funds.
Amendment 1044 #
Proposal for a regulation
Article 5 – paragraph 2 a (new)
Article 5 – paragraph 2 a (new)
2a. EIB financing and investment opportunities on the territory of a Member State according to this Regulation shall only be approved if the relevant Member State is in compliance with Council recommendations under Regulation (EC) No 1466/97, Regulation (EU) No 1176/2011 and has made significant progress regarding the country specific recommendations under the European Semester.
Amendment 1102 #
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 maximumt least an amount of EUR 2 500 000 000 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 guarantee.
Amendment 1126 #
Proposal for a regulation
Article 8 – paragraph 2 – point a
Article 8 – paragraph 2 – point a
(a) paymentcontributions from the general budget of the Union,
Amendment 1134 #
Proposal for a regulation
Article 8 – paragraph 2 – point d
Article 8 – paragraph 2 – point d
(d) any other paymentcontributions received by the Union in accordance with the EFSI Agreement.
Amendment 1138 #
Proposal for a regulation
Article 8 – paragraph 3
Article 8 – paragraph 3
3. Endowments to the guarantee fund provided for in points (b), (c) and (d) of paragraph 2 shall constitute internal assigned revenues in accordance with Article 21(4) of Regulation (EU) No 966/2012.
Amendment 1139 #
Proposal for a regulation
Article 8 – paragraph 4
Article 8 – paragraph 4
4. The resources of the guarantee fund provided to it under paragraph 2 shall be directly managed by the Commission and invested in accordance with the principle ofs such as sound financial management, transparency, proportionality, non- discrimination, equal treatment, additionality, non-distortion of competition, alignment of interest between the Commission and the EIB and follow appropriate prudential rules.
Amendment 1148 #
Proposal for a regulation
Article 8 – paragraph 5 – subparagraph 2
Article 8 – paragraph 5 – subparagraph 2
The target amount shall initially be met by the gradual paymentmobilisation of resources referred to in paragraph 2(a). If there have been calls on the guarantee during the initial constitution of the guarantee fund, endowments to the guarantee fund provided for in points (b), (c) and (d) of paragraph 2 shall also contribute to meet the target amount up to an amount equal to the calls on the guarantee.
Amendment 1154 #
Proposal for a regulation
Article 8 – paragraph 5 a (new)
Article 8 – paragraph 5 a (new)
5a. Without prejudice to Article 8(5), the initial target amount shall be met by gradual budgetary contributions to the guarantee fund, to be decided by the budgetary authority in the frame of the annual budgetary procedures up to 2020, making use in priority of all means available under Council regulation 1311/2013 of 2 December 2013 laying down the multiannual Financial Framework 2014-2020, in particular article 5, 11, 13, 14, as well as any budgetary surplus entered in the general budget of the European Union. If this is not sufficient, the contribution from the Union budget is financed through the approximately equal reduction to the envelopes of different European Structural and Investment Funds, provided by Regulation (EU) No 1303/2013 of the European parliament and the Council of 17 December 2013 laying down the common provisions on the European Regional Development Fund, the European Social Fund, the Cohesion Fund, the European Agricultural Fund for Rural Development and the European Maritime and Fisheries Fund and laying down general provisions on the European Regional Development Fund, the European Social Fund, the Cohesion Fund, the European Agricultural Fund for Rural Development and the European Maritime and Fisheries Fund and repealing Council Regulation (EC) No 1083/2006.
Amendment 1156 #
Proposal for a regulation
Article 8 – paragraph 5 b (new)
Article 8 – paragraph 5 b (new)
5b. The financing of the EU contribution to the guarantee fund shall be reviewed in the frame of the post-electoral review and revision of the multiannual financial framework due to be launched by the end of 2016 at the latest as foreseen in article 2 of Council regulation 1311/2013, of 2 December 2013, laying down the MFF 2014-2020.
Amendment 1157 #
Proposal for a regulation
Article 8 – paragraph 5 b (new)
Article 8 – paragraph 5 b (new)
5b. The financing of the EU contribution to the guarantee fund shall be reviewed in the frame of the post-electoral review and revision of the multiannual financial framework due to be launched by the end of 2016 at the latest as foreseen in article 2 of Council regulation 1311/2013, of 2 December 2013, laying down the MFF 2014-2020.
Amendment 1168 #
Proposal for a regulation
Article 8 – paragraph 7 – point a
Article 8 – paragraph 7 – point a
(a) any surplus shall be paid in one transaction to a special heading in the statement of revenue in the general budget of the European Union of the year n+1, and shall be reallocated to programmes which envelopes might have been reduced to finance the guarantee fund, as referred to in paragraph 5a (new), in order to compensate these losses;
Amendment 1257 #
Proposal for a regulation
Article 10 – paragraph 2 – point f
Article 10 – paragraph 2 – point f
(f) the financial statements of the EFSI accompanied by an opinion of an independent external auditor.
Amendment 1277 #
Proposal for a regulation
Article 10 – paragraph 6
Article 10 – paragraph 6
6. The Commission shall, by 30 June of each year, send to the European Parliament, the Council and the Court of Auditors an annual report ondetailing the situation of the guarantee fund and the management thereof in the previous calendar year, and the compliance with articles 5, 7 and 8 of this regulation.
Amendment 1284 #
Proposal for a regulation
Article 11 – paragraph 1
Article 11 – paragraph 1
1. At the request of the European ParliamenOn a quarterly basis or upon specific request, the Managing Director shall participate in a hearing of the European Parliament on the performance of the EFSI.
Amendment 1296 #
Proposal for a regulation
Article 11 – paragraph 2 a (new)
Article 11 – paragraph 2 a (new)
2a. Upon request of the competent committees of the European Parliament, and without disclosing information on ongoing investigations, OLAF may provide information on the application of this Regulation.
Amendment 1298 #
Proposal for a regulation
Article 11 – paragraph 2 b (new)
Article 11 – paragraph 2 b (new)
2b. Minutes of the meetings of the Steering Board shall be made available to the European Parliament including for each project the results of the votes in case the Steering Board did not take a decision by consensus.
Amendment 1299 #
Proposal for a regulation
Article 11 – paragraph 3
Article 11 – paragraph 3
3. At the request of the European Parliament, the Commission and/or the EIB shall report to the European Parliament on the application of this Regulation.
Amendment 1355 #
Proposal for a regulation
Article 14 – paragraph 1
Article 14 – paragraph 1
The EU guarantee and the payments and recoveries under it that are attributable to the general budget of the Union shall be audited by the Court of Auditors. It shall audit all of the operations/instruments/entities/facilities carried out using the EU guarantee.
Amendment 1362 #
Proposal for a regulation
Article 15 – paragraph 2 – subparagraph 1
Article 15 – paragraph 2 – subparagraph 1
OLAF may carry out investigations, including on-the-spot checks and inspections, in accordance with the provisions and procedures laid down in Regulation (EU, Euratom) No 883/2013 of the European Parliament and of the Council(5 ), Council Regulation (Euratom, EC) No 2185/96(6 ) and Council Regulation (EC, Euratom) No 2988/95 (7 ) in order to protect the financial interests of the Union, with a view to establishing whether there has been fraud, corruption, money laundering or any other illegal activity affecting the financial interests of the Union in connection with any operations supported by the EU guarantee. OLAF may transmit to the competent authorities of the Member States concerned information obtained in the course of investigations. The competent authorities shall follow up on the information transmitted, unless not compatible with the national legal framework. __________________ 5 Regulation (EU, Euratom) No 883/2013 of the European Parliament and of the Council of 11 September 2013 concerning investigations conducted by the European Anti-Fraud Office (OLAF) and repealing Regulation (EC) No 1073/1999 of the European Parliament and of the Council and Council Regulation (Euratom) No 1074/1999 (OJ L 248, 18.9.2013, p. 1). 6 Council Regulation (Euratom, EC) No 2185/96 of 11 November 1996 concerning on-the-spot checks and inspections carried out by the Commission in order to protect the European Communities' financial interests against fraud and other irregularities (OJ L 292, 15.11.1996, p. 2). 7 Council Regulation (EC, Euratom) No 2988/95 of 18 December 1995 on the protection of the European Communities financial interests (OJ L 312, 23.12.1995, p. 1).
Amendment 1391 #
Proposal for a regulation
Article 18
Article 18
Amendment 1397 #
Proposal for a regulation
Article 18
Article 18
Regulation (EU) N°1291/2013
Article 6 – paragraphs 1, 2 and 3
Article 6 – paragraphs 1, 2 and 3
Amendment 1433 #
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
Amendment 1440 #
Proposal for a regulation
Article 19
Article 19
Regulation (EU) N°1316/2013
Article 5, paragraph 1
Article 5, paragraph 1
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
Amendment 1470 #
Proposal for a regulation
Article 20 – paragraph 2
Article 20 – paragraph 2
The Commission shall assess those operations and, where they comply with the substantive requirements set out in Article 5 and in the EFSI Agreementprinciples of operations' own merit, and without any geographic or sectorial allocation, decide that the EU guarantee coverage extends to them.
Amendment 1472 #
Proposal for a regulation
Annex I
Annex I