24 Amendments of Costas MAVRIDES related to 2015/0009(COD)
Amendment 91 #
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 Statefiscal constraints on Member States and sluggish growth, thereby resulting in market uncertainty regarding the economic future. Fiscal consolidation has drastically limited the room for national governments to push for sustainable economic growth, which would provide the incentive that SMEs would need to grow and provide jobs. This lack of investment, which has been particularly severe in Member States most affected by the crisis, slows economic recovery and negatively affects job creation, long-term growth prospects and competitiveness.
Amendment 100 #
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 and the severe capital exit in some member states slows economic recovery and negatively affects job creation, long-term growth prospects and competitiveness.
Amendment 134 #
Proposal for a regulation
Recital 6
Recital 6
(6) On 26 November 2014, the Commission presented a communication entitled ‘An Investment Plan for Europe’1 that envisaged the creation of a European Fund for Strategic Investments ('EFSI'), a transparent pipeline of investment projects at European level, the creation of an advisory hub (European Investment Advisory Hub – 'EIAH') and an ambitious agenda to remove obstacles to investment and complete the Single Market. __________________ 1 Communication to the European Parliament, the Council, the European Central Bank, the European Economic and Social Committee, the Committee of the Regions and European Investment Bank entitled ‘An Investment Plan for Europe’. COM(2014) 903 final
Amendment 187 #
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 objectives and national strategic goals.
Amendment 225 #
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, and in particular those member states with a dysfunctional banking system. 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 252 #
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 job creation, technological innovation, 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. TWhile taking into full account the special situation of peripheral islands and regions, the requirement for consistency with State aid principles should contribute to such effective and strategic use, by avoiding one-size-fits-all approaches.
Amendment 301 #
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 finance projects across the Union, including particular 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 308 #
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 and/or a delayed payback, whilst still meeting the particular requirements for EFSI financing.
Amendment 316 #
Proposal for a regulation
Recital 16
Recital 16
(16) The EFSI should target investments that are expected to be economically and technically viable and may contribute to the Union's strategy goals, including EU Energy Security Strategy, which may entail a degree of appropriate risk, whilst still meeting the particular requirements for EFSI financing.
Amendment 409 #
Proposal for a regulation
Recital 22
Recital 22
(22) In accordance with the Treaty on the Functioning of the European Union, Infrastructure and project investments supported under EFSI should be consistent with State aid rules, while taking into full account the special situation of peripheral islands and regions. To that end, the Commission has announced that it will formulate a set of core principles, for the purpose of State aid assessments, which a project will have to meet to be eligible for support under the EFSI. If a project meets these criteria and receives support from the EFSI, the Commission has announced that any national complementary support, will be assessed under a simplified and accelerated State aid assessment whereby the only additional issue to be verified by the Commission will be the proportionality of public support (absence of overcompensation). The Commission has also announced that it will provide further guidance on the set of core principles with a view to ensuring an efficient use of public funds. The said guidance needs to be finalised and made publicly available as early as possible, at latest by the finalisation of the rules governing the Fund.
Amendment 468 #
Proposal for a regulation
Recital 29
Recital 29
Amendment 549 #
Proposal for a regulation
Article 1 – paragraph 1 – subparagraph 1 a (new)
Article 1 – paragraph 1 – subparagraph 1 a (new)
For the purposes of this Regulation, the following definition apply: 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, seeking to address market failures by providing counter- cyclical finance;
Amendment 562 #
Proposal for a regulation
Article 1 – paragraph 1 – subparagraph 2
Article 1 – paragraph 1 – subparagraph 2
The purpose of the EFSI shall be to support investments in the Union and to ensure increased access to financing for companies having up to 3000 employees, with a particular focus on micro, small and medium enterprises, through the supply of risk bearing capacity to the EIB ('EFSI Agreement').
Amendment 586 #
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, including national and regional promotional banks or public agencies owned or controlled by Member Sstates, and private sector ent/or regional authorities.
Amendment 671 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 – point j a (new)
Article 2 – paragraph 1 – subparagraph 1 – point j a (new)
(ja) provisions covering the manner in which the EFSI can be dissolved and its operations wound down;
Amendment 729 #
Proposal for a regulation
Article 2 – paragraph 3
Article 2 – paragraph 3
3. Member Sstates 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 of through a transfer to the EFSI of funds allocated to them under the Structural Funds programmes which remain unutilised. Other third parties shall be able to provide their contribution only in cash.
Amendment 789 #
Proposal for a regulation
Article 3 – paragraph 2 – subparagraph 2 a (new)
Article 3 – paragraph 2 – subparagraph 2 a (new)
Each Member States shall appoint a representative to the Steering Board to attend its meetings as a non-participating, non-voting observer.
Amendment 807 #
Proposal for a regulation
Article 3 – paragraph 3 – subparagraph 3 a (new)
Article 3 – paragraph 3 – subparagraph 3 a (new)
The minutes of Steering Board meetings shall be published as soon as they have been approved by the Board.
Amendment 914 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – introductory part
Article 5 – paragraph 2 – subparagraph 1 – 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 non-exclusively any of the following general objectives:
Amendment 926 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – introductory part
Article 5 – paragraph 2 – subparagraph 1 – 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 strategic goals including the EU Energy Security Strategy, address high investment needs in the EU, in particular in the countries mostly affected by the financial crisis and support any of the following general objectives:
Amendment 950 #
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 particulartransport, energy, inter alia energy interconnections;, and digital infrastructure;
Amendment 985 #
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; and development and utilisation of the Union's energy resources
Amendment 1021 #
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, or regional promotional banks, 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.
Amendment 1037 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 2 a (new)
Article 5 – paragraph 2 – subparagraph 2 a (new)
The pursuit of the Union objective of smart, sustainable, long-term and inclusive growth and having high societal and economic value, the highest possible positive impact on quality job creation, and EU added value, like spending in health, care and education services as investment – and not just as current expenditure that add to public deficits – as it builds and sustains the social and human capital of our economies in the long-run.