Activities of Isabelle THOMAS related to 2015/0009(COD)
Plenary speeches (1)
European Fund for Strategic Investments (debate) FR
Amendments (70)
Amendment 95 #
Proposal for a regulation
Recital 1
Recital 1
(1) TSince the start of the economic and financial crisis has led to a lowering of, the level of investments within the Union has fallen strongly. Investment has fallen by approximately 15% since its peak in 2007, particularly in regions that are already in difficulty and those that are less developed, thereby aggravating disparities in regional development. 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 job creation, long-term growth prospects and competitiveness.
Amendment 115 #
Proposal for a regulation
Recital 2
Recital 2
(2) Comprehensive action is required to reverse the vicious circle created by a lack of investment. Structural reforms and fiscal responsibilityimed at supporting sustainable growth and high- quality jobs are necessary preconditions for stimulating investment. Along with a renewed impetus towards investment financing, these preconditions can contribute tocoordination of economic, fiscal, social and budgetary policies will establishing a virtuous circle, where investment projects help support employment and demand and lead to a sustained increase in growth potential.
Amendment 129 #
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 throughan interpretation of budgetary policies based on compliance with procyclical rules which lead countries to sacrifice the investment spending needed to boost economic activity and create high-quality, sustainable jobs to the detriment of the 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 addressed and that the liquidity available on the market is used efficiently and channelled towards the funding of viable investment projects.
Amendment 139 #
Proposal for a regulation
Recital 7 a (new)
Recital 7 a (new)
(7a) On 13 January 2015, the European Commission presented a Communication on how it will apply the existing rules of the Stability and Growth Pact, with a view to outline the conditions of use ot the flexibility offered in the existing rules of the Stability and Growth Pact.
Amendment 159 #
Proposal for a regulation
Recital 9
Recital 9
(9) The investment environment within the Union should be improved by providing all Member States the fiscal room for manoeuvre needed to support high-quality investment, removing barriers to investment, reinforcing the Single Market and by enhanci ng regulatory predictability. The work of the EFSI, and investments across Europe generally, should benefit from this accompanying work.
Amendment 204 #
Proposal for a regulation
Recital 11
Recital 11
(11) The EFSI should support strategic investments with high economic value added contributing to achieving Union policy objectivesIn compliance with Article 3 TFEU and Article 9 TEU, the EFSI should support strategic investments with strong potential for creating sustainable, high- quality jobs contributing to achieving Union policy objectives, particularly on the environment, energy and the digital economy.
Amendment 221 #
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 by allowing the EIB and, the European Investment Fund ('EIF') and national development institutions or banks 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 236 #
Proposal for a regulation
Recital 13
Recital 13
(13) The EFSI should be established within the EIB in order to benefit from its experience and proven track record and in order for its operations to start to have a positive impact as quickly as possible. The work of the EFSI on providing finance to small and medium enterprises and small mid-cap companies should be channelled through the European Investment Fund ('EIF') to benefit from its experience in these activities. To ensure transparency and good management, EFSI activities and governance must be separate and independent within the EIB Group.
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 258 #
Proposal for a regulation
Recital 14
Recital 14
(14) The EFSI should target projects delivering high economic, societal and economic valuenvironmental performance, thereby contributing to achieving the Union’s political objectives in accordance with Article 3 TFEU and Article 9 TEU. In particular, the EFSI should target projects that promote high-quality job creation, long- term growth and competitiveness, energy transition and skills enhancement. 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 276 #
Proposal for a regulation
Recital 15
Recital 15
(15) The EFSI should target projects with a higher risk-return profile than existing EIB Group and Union instruments to ensure additionality over existing operations. The EFSI should finance projects across the Union, including in the countries most affected by the financial crisis. The EFSI should only be used where financing is not available from other sources on reasonable terms.
Amendment 282 #
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 and complementarity over existing operations. The EFSI should finance projects across the Union, with particular attention to those concerning including in the countries most affected by the financial crisis. The EFSI should only be used where financing is not available from other sources on reasonable terms.
Amendment 309 #
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. With a view to ensuring additionality, such investments will have to entail a degree of risk higher than that of traditional EIB Group activities, whilst still meeting the particular requirements for EFSI financing.
Amendment 333 #
Proposal for a regulation
Recital 17
Recital 17
(17) Decisions on the use of the EFSI support for infrastructure andprojects, large mid- cap projects and investment platforms 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 environment, energy and society. 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 344 #
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 be consistent with Union policies and support any of the following general objectives, and shall be prioritised in terms of their positive externalities (i.e. not only a return on investment for the project funder, but also job creation and more generally the benefits for the social and geographical areas in which the funder operates):
Amendment 352 #
Proposal for a regulation
Recital 18
Recital 18
(18) In order to enable the EFSI to support investments, the Union should grant a guarantee of an amount equal to EUR 16 000 000 000. When provided on a portfolio basis, the guarantee coverage should be capped depending upon the type of instrument, such as debt, equity or guarantees, as a percentage of the volume of the portfolio of outstanding commitments. It is expected that when the guarantee is combined with EUR 510 000 000 000 to be provided by the EIB, that the EFSI support should generate EUR 60 878 000 000 000 additional investment by the EIB and EIF. This EUR 60 878 000 000 000 supported by the EFSI is expected to generate a total of EUR 31590 000 000 000 in investment in the Union within the period 2015 to 2017. Guarantees that are attached to projects which are completed without a call on a guarantee are available for supporting new operations.
Amendment 366 #
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) job creation;
Amendment 381 #
Proposal for a regulation
Recital 19 a (new)
Recital 19 a (new)
(19a) Given their technical expertise in setting up and financing projects, and their in-depth knowledge of economic and social situations at national and regional level, the Investment Committee may grant the EU guarantee to national promotional institutions or banks to cover activities that fall within the scope of the EFSI’s objectives. Such operations shall therefore be managed for the account of the EIB with no financial commitment on the part of the bank.
Amendment 389 #
Proposal for a regulation
Recital 20 a (new)
Recital 20 a (new)
(20a) The financial contributions to the EFSI of the Member States and their national promotional institutions or banks, including their potential participation in investment platforms, shall not be taken into account by the Commission when defining the fiscal adjustments under the preventive and corrective arms of the Pact.
Amendment 391 #
Proposal for a regulation
Recital 21
Recital 21
(21) Provided that all relevant eligibility criteria are fulfilled, Member States may use European Structural Investment Funds to contribute to the financing of eligible projects and investment platforms that are supported by the EU guarantee. The flexibility of this approach should maximise the potential to attract investors to the areas of investment targeted by the EFSI.
Amendment 401 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – point c a (new)
Article 5 – paragraph 2 – subparagraph 1 – point c a (new)
(ca) development of blue growth as defined in Commission communication COM(2012)04941a, and more specifically in fundamental research, R&D, data collection, training, business start-ups, environmental protection and the placing on the market of innovative products and processes. __________________ 1aCommission communication of 13 September 2012 ‘Blue Growth: opportunities for marine and maritime sustainable growth’, COM(2012)0494.
Amendment 409 #
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 environmental, natural resources, and urban development and social fields;
Amendment 412 #
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) the social policy field, particularly the urban dimension, social housing, the reception of migrants and housing for marginalised communities;
Amendment 415 #
Proposal for a regulation
Recital 23
Recital 23
(23) Given the need for urgent action within the Union, the EIB and the EIF may have financed additional projects, outside of their usual profile, in the course of 2015 before the entry into force of this Regulation. In order to maximise the benefit of the measures provided for in this Regulation, it should be possible forthe Investment Committee may include such additional projects to be included within the EU guarantee coverage in the event that they fulfil the substantive criteria set out in this Regulation.
Amendment 419 #
Proposal for a regulation
Recital 24
Recital 24
(24) EIB Group financing and investment operations supported by the EFSI should be managed under separate accounts within the EIB Group in accordance with the EIB’s own rules and procedures, including appropriate control measures and measures taken to avoid tax evasion, as well as with the relevant rules and procedures concerning the European Anti- Fraud Office (OLAF) and the Court of Auditors, including the Tripartite agreement between the European Commission, the European Court of Auditors and the European Investment Bank.
Amendment 427 #
Proposal for a regulation
Recital 25
Recital 25
(25) The EIBSteering Board, supported by teams from the EIB Group, should regularly evaluate activities supported by the EFSI with a view to assessing their relevance, performance and impact, economic, social, environmental and territorial impact and coherence with other Union policies and instruments used with the EFSI, and to identifying aspects that could improve future activities. Such evaluations should be notified to Parliament and the Commission in order to contribute to accountability and analysis of sustainability.
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 459 #
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 530% between the payments from the Union budget and from the Union's total guarantee obligations would be adequate.
Amendment 486 #
Proposal for a regulation
Recital 29 a (new)
Recital 29 a (new)
(29a) The nomenclature of the Union’s 2015 budget shall be amended to add the appropriate structure for the guarantee fund. The contribution from the Union budget to the guarantee fund will be decided by the European Parliament and the Council in the framework of the annual budgetary procedures up to 2020.
Amendment 488 #
Proposal for a regulation
Recital 29 b (new)
Recital 29 b (new)
(29b) The budgetary authority may, if needed, use all the necessary flexibility mechanisms and existing tools under Regulation 1311/2013 laying down the multiannual financial framework (MFF). The revision of the MFF to be carried out before the end of 2016 shall also be an opportunity to establish new means of additional payment for financing the guarantee fund.
Amendment 490 #
Proposal for a regulation
Recital 29 c (new)
Recital 29 c (new)
(29c) Where the budgetary authority decides, as a last resort, to reallocate existing commitments in the EU’s multiannual programmes to finance the guarantee fund, specific attention shall be paid to ensure that any such reallocation is as linear as possible from year to year so as not to undermine the proper functioning and viability of projects implemented under the programmes concerned.
Amendment 508 #
Proposal for a regulation
Recital 33
Recital 33
(33) Although the projects identified under the project pipeline may be used by the EIB Group and by national promotional institutions or banks in the identification and selection of EFSI supported projects, the project pipeline should have a broader scope of identifying projects across the Union. This scope may include projects that are capable of being fully financed by the private sector or with the assistance of other instruments provided at European or national level. The EFSI should be able to support financing and investment to projects identified by the project pipeline, but there should be no automaticity between inclusion on the list and access to EFSI support and the EFSI be conferred with discretion to select and support projects that are not included on the list.
Amendment 514 #
Proposal for a regulation
Recital 34
Recital 34
(34) To ensure accountability to European citizens, the head of the EFSI Steering Board and the President of the EIB should regularly report to the European Parliament and the Council on the progress and impact of the EFSI.
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 534 #
Proposal for a regulation
Recital 36 a (new)
Recital 36 a (new)
(36a) Member States should receive equal treatment with regard to one-off measures consisting of financial contribution to the EFSI investments. National contributions to EFSI eligible investment platforms and individual projects, via direct public budget transfers or National Promotional Banks, including those undertaken in the transitional period referred to by article 20 will be considered by the Commission in the assessment to be made under the existing rules of the Pact the same way as one-off capital contributions to the EFSI.
Amendment 581 #
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 definition apply; a)Investment Platform' means a cofinancing arrangement established for financing projects through a special purpose vehicle, a managed account or a contract. An Investment Platform can be regional, macro-regional (pooling across different regions of several Member States), national (grouping certain investment projects on the territory of a given member State) or sectorial (pooling across several Member States in one sector); b) 'additionality' means that EFSI should only be used where financing is not available from other resources on reasonable terms.
Amendment 594 #
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, includingnotably national promotional banks or public agencies owned or controlled by Member States, dedicated investment platforms and private sector entities.
Amendment 610 #
Proposal for a regulation
Article 1 a (new)
Article 1 a (new)
Article 1a Definitions. For the purpose of this Regulation the following definitions shall 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 on a non- commercial basis; (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 3 000 employees and that are not SMEs.
Amendment 622 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 – point a
Article 2 – paragraph 1 – subparagraph 1 – point a
(a) provisions governing the establishment of the EFSI as a distinct, clearly identifiable and transparent guarantee facility, with and separate account and its own staff, managed by the EIB;
Amendment 632 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 – point b
Article 2 – paragraph 1 – subparagraph 1 – point b
(b) the amount and terms of the financial contribution of EUR 10 000 000 000 which shall be provided by the EIB through the EFSI;
Amendment 658 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 – point g
Article 2 – paragraph 1 – subparagraph 1 – point g
(g) requirements governing the use of the EU guarantee, including in accordance with the objectives set out in Article 5(2) and within specific time frames and key performance indicators;
Amendment 712 #
Proposal for a regulation
Article 2 – paragraph 2 – subparagraph 2
Article 2 – paragraph 2 – subparagraph 2
To meet that objective, the EIAH shall use the expertise of the EIB, the Commission, national and regional promotional banks and the managing authorities of the European Structural and Investment Funds.
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 820 #
Proposal for a regulation
Article 3 – paragraph 4 – subparagraph 3
Article 3 – paragraph 4 – subparagraph 3
The Managing Director and the Deputy Managing Director shall be appointed by the Steering Board on a joint proposal of the Commission and the EIB for a renewable fixed term of three year30 months.
Amendment 832 #
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 projects and 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 location.
Amendment 874 #
Proposal for a regulation
Article 3 – paragraph 5 – subparagraph 2
Article 3 – paragraph 5 – subparagraph 2
The Investment Committee shall be composed of sixnine independent experts and the Managing Director. IndependentSix experts shall be recruited on the basis of a high level of relevant market experience in project finance and one experts shall have a high level of relevant market experience in project finbe recruited on the basis of a high level of macroeconomic experience, in order to assess the macroeconomic impact and the breakdown of projects; one expert shall be recruited on the basis of a high level of experience in the social field; one expert shall be recruited on the basis of a high level of experience in the climate chancge and energy fields. The members of the Investment Committee shall be appointed by the Steering Board for a renewable fixed term of three year30 months.
Amendment 881 #
Proposal for a regulation
Article 3 – paragraph 5 – subparagraph 3
Article 3 – paragraph 5 – subparagraph 3
Decisions of the Investment Committee shall be taken by simplea two-thirds majority.
Amendment 897 #
Proposal for a regulation
Article 4 – paragraph 1
Article 4 – paragraph 1
The Union shall provide a guarantee to the EIB and to national promotional banks via the EIB for financing or investment operations carried out within the Union covered by this Regulation and by 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 1014 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 a (new)
Article 5 – paragraph 2 – subparagraph 1 a (new)
Amendment 1028 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 2
Article 5 – paragraph 2 – subparagraph 2
In addition, the EU guarantee shall be gInvestment Committee may grant via the EIB the EU guarantede for support of dedicated investment platforms and national promotional banks, via the EIB, or institutions that invest in operations meeting the requirements of this Regulation. In that case, the Steering Board shall specify policies regarding eligible investment platforms. In the case of financing platforms organised by the national promotional banks or institutions, the EIB alone shall exercise the role of central agent for administrative and financial management and for reporting on the Community budget guarantee and, in its capacity as an agent and on behalf of the Commission, shall transfer this guarantee to the platforms in question without entering them in its own balance sheet.
Amendment 1034 #
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, via the EIB, and other similar structures that invest in operations meeting the requirements of this Regulation after approval by Investment Committee referred to in Article 3 (5). In that case, the Steering Board shall specify policies, in accordance with Article 3 (1) regarding eligible investment platforms.
Amendment 1051 #
Proposal for a regulation
Article 5 – paragraph 2 a (new)
Article 5 – paragraph 2 a (new)
2a. Projects of different scales and with different risk profiles, which on a project- by-project basis would not be eligible to benefit from the EFSI, may be assembled in clusters to be eligible for support;
Amendment 1068 #
Proposal for a regulation
Article 5 – paragraph 4
Article 5 – paragraph 4
4. Provided that all relevant eligibility criteria are fulfilled, Member States may use European Structural and Investment Funds to contribute to the financing of eligible projects in which the EIB is investing with the support of the EU guarantee. Coordination and coherence should be guaranteed between EFSI and EFSI, however no overlapping of resources should be allowed.
Amendment 1080 #
Proposal for a regulation
Article 6 – paragraph 1
Article 6 – paragraph 1
For the purposes of Article 5(2), the EIB and national promotional banks via the EIB shall use the EU Guarantee towards risk coverage for instruments as a rule on a portfolio basis.
Amendment 1098 #
Proposal for a regulation
Article 6 – paragraph 2 a (new)
Article 6 – paragraph 2 a (new)
The EIB and the national investment banks shall submit their operations set out in paragraph 2(a) and 2(b) to the Investment Committee for agreement.
Amendment 1120 #
Proposal for a regulation
Article 8 – paragraph 1
Article 8 – paragraph 1
1. An EU guarantee fund (‘guarantee fund’) shall be established from which the EIB or the national promotional banks or institutions may be paid in the event of a call on the EU guarantee.
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 1143 #
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 530% 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 1162 #
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 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 1177 #
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 560% of the target amount, the Commission shall submit a report on exceptional measures that may be required to replenish it.
Amendment 1203 #
Proposal for a regulation
Article 9 – paragraph 1
Article 9 – paragraph 1
1. The Commission and the EIB, with support from the Member States and, where appropriate, their national promotional banks or institutions, shall promote the creation of a transparent pipeline of current and potential future investment projects in the Union. The pipeline is without prejudice to the final projects selected for support according to Article 3(5).
Amendment 1258 #
Proposal for a regulation
Article 10 – paragraph 2 – point f a (new)
Article 10 – paragraph 2 – point f a (new)
(fa) an assessment of the leverage effect achieved by EFSI-financed projects;
Amendment 1264 #
Proposal for a regulation
Article 10 – paragraph 2 – point f b (new)
Article 10 – paragraph 2 – point f b (new)
(fb) an assessment of the role of public expenditure within the EFSI framework.
Amendment 1281 #
Proposal for a regulation
Article 11 – paragraph 1
Article 11 – paragraph 1
1. At the request of the European Parliament, the Managing Director and the Chairperson of the Steering Board shall participate in a hearing of the European Parliament on the performance of the EFSI.
Amendment 1357 #
Proposal for a regulation
Article 14 – paragraph 1 a (new)
Article 14 – paragraph 1 a (new)
In accordance with Article 287 of the Treaty on the Functioning of the European Union, activities carried out pursuant to this Regulation on the EFSI shall be subject to external auditing by the Court of Auditors, notably with regard to observance of the objectives set out in Articles 5(2)(a) and 5(2)(b).