49 Amendments of Dominique BILDE related to 2018/0229(COD)
Amendment 11 #
Proposal for a regulation
Recital 1
Recital 1
(1) With 1.8% of EU GDP, down from 2.2% in 2009, infrastructure investment activities in the Union in 2016 were about 20% below investment rates before the global financial crisis, despite the launch of the Juncker Plan which was supposed to support private investment. Thus, while a recovery in investment-to-GDP ratios in the Union can be observed, it remains below what might be expected in a strong recovery period and is insufficient to compensate years of underinvestment. More importantly, the current investment levels and forecasts do not cover the Union’s structural investment needs in the face of technological change and global competitiveness, including for innovation, skills, infrastructure, small and medium- sized enterprises ('SMEs') and the need to address key societal challenges such as sustainability or population ageing. Consequently, continued support is necessary to address market failures and sub-optimal investment situations to reduce the investment gap in targeted sectors to achieve the Union's policy objectives.
Amendment 15 #
Proposal for a regulation
Recital 2
Recital 2
(2) Evaluations have underlined that the variety of financial instruments delivered under the 2014-2020 Multiannual Financial Framework period has led to some overlaps. That variety has also produced complexity for intermediaries and final recipients who were confronted with different eligibility and reporting rules. Absence of compatible rules also hampered the combination of several Union funds although such combination would have been beneficial to support projects in need of different types of funding. Moreover, the loan guarantee instruments did not fully realise their aims: according to the 2017 Court of Auditors report, they essentially created a deadweight effect by supporting projects that would, in any case, have attracted financing from the private market. Therefore, a single fund, the InvestEU Fund, should be set up in order to achieve a more efficiently functioning support to final recipients by integrating and simplifying the financial offer under a single budgetary guarantee scheme, taking account of the failings of previous loan guarantee schemes, thereby improving the impact of Union intervention while reducing the cost to the Union budget.
Amendment 17 #
Proposal for a regulation
Recital 4
Recital 4
Amendment 20 #
Proposal for a regulation
Recital 5
Recital 5
(5) The InvestEU Fund should contribute to improving the competitiveness of the Union, including in the field of innovation and digitisation, the sustainability of the Union's economic growth, the social resilience and inclusiveness and the integration of the Union capital markets, including solutions addressing their fragmentation and diversifying sources of financing for the Union enterprises. To that end, it should support projects that are technically and economically viable, and, in so far as possible, sources of added value in terms of employment or innovation, by providing a framework for the use of debt, risk sharing and equity instruments underpinned by a guarantee from the Union's budget and by contributions from implementing partners. It should be demand-driven while support under the InvestEU Fund should at the same time focus on contributing to meeting policy objectives of the Union.
Amendment 23 #
Proposal for a regulation
Recital 5 a (new)
Recital 5 a (new)
(5a) The projects and companies supported through InvestUE should span a range of sectors, including in particular though not only the cultural and creative industries, which represent high added value in terms of wealth generation and employment but where micro-enterprises and SMEs find it hard to access private financing, as well as cutting-edge digital technology projects; synergies between InvestUE and certain other EU programmes such as Horizon Europe and Creative Europe should thus be encouraged;
Amendment 25 #
Proposal for a regulation
Recital 6
Recital 6
(6) The InvestEU Fund should support investments in tangible and intangible assets to foster growth, investment and employment, and thereby contributingtechnological innovation and Member State sovereignty in certain strategic technologies, such as high- performance computing, thereby contributing to Member States' economic prosperity and their independence in areas of key relevance to their sovereignty, as well as to improved well- being and fairer income distribution in the Union. Intervention through the InvestEU Fund should complement Union support delivered through grants.
Amendment 29 #
Proposal for a regulation
Recital 9 a (new)
Recital 9 a (new)
(9a) Climate actions should also take into account the regional restructuring and workforce retraining needs associated with measures which have a major environmental impact and should support projects and companies which address those needs.
Amendment 34 #
Proposal for a regulation
Recital 13 a (new)
Recital 13 a (new)
(13a) In that regard, the austerity policies introduced and imposed by the EU contributed to the fall-off in public investment and in overall investment, i.e. including private investment.
Amendment 35 #
Proposal for a regulation
Recital 14
Recital 14
(14) Whereas the level of overall investment in the Union is increasing,still inadequate, and investment in higher-risk activities such as research and innovation is still inadequateis particularly insufficient. The resulting underinvestment in research and innovation is damaging to the industrial and economic competitiveness of the Union and the quality of life of its citizens, causing it to lag ever further behind in certain cutting-edge technologies such as high-performance computing, and is detrimental to its citizens' quality of life. The InvestEU Fund should provide the appropriate financial products to cover different stages in the innovation cycle and a wide range of stakeholders, in particular to allow the upscaling of and deployment of solutions at a commercial scale in the Union, in order to make such solutions competitive on world markets. The InvestEU Fund should target, in particular, innovative SMEs and start-ups by providing instruments tailored to their needs. It is important that such instruments should apply in respect of the Horizon Europe programme.
Amendment 42 #
Proposal for a regulation
Recital 15
Recital 15
(15) A significant effort is urgently needed to invest in digital transformation and to distribute the benefits of it to all Union citizens and businessesbroadband deployment everywhere, particularly in rural areas to help reduce their isolation. The strong policy framework of the Digital Single Market Strategy should now be matched by investment of a similar ambition, including in artificial intelligence and high- performance computing.
Amendment 43 #
Proposal for a regulation
Recital 16
Recital 16
(16) Small and medium-sized enterprises (SMEs) play a crucial role in the Union. However, particularly in certain key technological sectors, they face challenges when accessing finance because of their perceived high risk and lack of sufficient collateral. Additional challenges arise from SMEs' need to stay competitive by engaging in digitisation, internationalisation and innovation activities and skilling up their workforce. Moreover, compared to larger enterprises, they have access to a more limited set of financing sources: they typically do not issue bonds, have only limited access to stock exchanges or large institutional investors. The challenge in accessing finance is even greater for those SMEs whose activities focus on intangible assets. SMEs in the Union rely heavily on banks and debt financing in the form of bank overdrafts, bank loans or leasing. Supporting SMEs that face the above challenges and providing more diversified sources of funding is necessary for increasing the ability of SMEs to finance their creation, growth and development, withstand economic downturns, and for making the economy and the financial system more resilient during economic downturn or shocks. This is also complementary to the initiatives already undertaken in the context of the Capital Markets Union. The InvestEU Fund should provide an opportunity to focus on specific, more targeted financial products. However, the instruments, especially loan guarantees, provided for micro enterprises and SMEs must effectively target those companies that genuinely find it hard to obtain private-market financing, particularly from banks. It is regrettable, in this regard, that in its 2017 special report on EU-funded loan guarantee instruments, covering COSME and InnovFin, the Court of Auditors had to conclude, on the basis of a sample selection of loans, that 'only 40% of [them] were provided to businesses that would otherwise have struggled to obtain financing from a commercial lender'. The Court added that 'This level is not significantly different from the 43% we found in our previous audit of the SME Guarantee Facility.' It should be remembered that loan guarantees are there to offset market failures and that the instruments the EU deploys should, therefore, be designed so as not merely to generate a deadweight effect.
Amendment 47 #
Proposal for a regulation
Recital 16 a (new)
Recital 16 a (new)
(16a) The SME support instruments, particularly the loan guarantees, must be subject to criteria, including financial ceilings, whereby those SMEs with genuine financing problems can be selected. In the above-mentioned report, the Court of Auditors noted, in this regard, that 'One intermediary of the Loan Guarantee Facility [...] bypassed the ceiling on several occasions by guaranteeing multiple loans to a single company on the same date.' Care must therefore be taken to ensure strict observance of the conditions laid down to guarantee that the EU instruments genuinely benefit companies 'at risk'.
Amendment 50 #
Proposal for a regulation
Recital 16 b (new)
Recital 16 b (new)
(16b) The SME financing support instruments, particularly the loan guarantees, must also take into account the economic viability of the projects which SMEs are carrying out.
Amendment 52 #
Proposal for a regulation
Recital 17
Recital 17
(17) As set out in the reflection paper on the social dimension of Europe16 and the European Pillar of Social Rights17, building a more inclusivejust and fairer Union is a key priority for the Union to tackle inequality and foster social inclusion policies in Europejustice and development policies in Europe is a key priority for the Union. Inequality of opportunities affects in particular access to good-quality and genuinely merit-based education, training and health. Investment in the social, skills and human capital- related economy, as well as in the integration of vulnerable populations in the societypopulation groups that face specific barriers, i.e., as a priority people with disabilities, can enhance economic opportunities, especially if coordinated at Union level. The InvestEU Fund should be used to support investment in education and training, help increase employment, in particular among the unskilled and, young people, senior citizens and the long-term unemployed, and improve the situation with regard to intergenerational solidarity, the health sector, homelessness, digital inclusivenesuniversal access to broadband including in rural areas, community development, and the role and place of young people in society as well as vulnerable people, including third country nationalthat of people facing specific barriers, i.e., as a priority people with disabilities. The InvestEU Programme should also contribute to the support ofing European culture and creativity, i.e. to supporting SMEs in the creative sectors. To counter the profound transformations of societies in the Union and of the labour market in the coming decade, it is necessary to invest in human capital, microfinance, social enterprise finance and new social economy business models, including social impact investment and social outcomes contracting. The InvestEU Programme should strengthen nascent social market eco-system, increasing the supply of and access to finance to micro- and social enterprises, to meet the demand of those who need it the most. The report of the High-Level Task-Force on Investing in Social Infrastructure in Europe18 has identified investment gaps in social infrastructure and services, including for education, training, health and housing, which call for support, including at the Union level. Therefore, the collective power of public, commercial and philanthropic capital, as well as support from foundations, should be harnessed to support the social market value chain development and a more resilient Union. _________________ 16 17COM(2017) 206. COM(2017) 206. 17 COM(2017) 250. COM(2017) 250. 18 Published as European Economy Discussion Paper 074 in January 2018.
Amendment 60 #
Proposal for a regulation
Recital 21
Recital 21
(21) The InvestEU Fund should be open to contributions from third countries that are members of the European Free Trade Association, acceding countries, candidates and potential candidates, countries covered by the Neighbourhood policynd from other countries, in accordance with the conditions laid down between the Union and othoser countries, in accordance with the conditions laid down between the Union and those countricluding the requirement of financial balance between the parties and reciprocal access for EU companies to similar programmes. This should allow continuing cooperationg with the relevant countries, where appropriate, in particular in the fields of research and innovation as well as SMEs.
Amendment 61 #
Proposal for a regulation
Recital 25
Recital 25
(25) An Advisory Board consisting of representatives of the implementing partners and of representatives of Member States should be established and should meet at regular intervals in order to exchange information and for exchanges on the take-up of the financial products deployed under the InvestEU Fund and to discuss on evolving needs and new products, including specific territorial market gaps.
Amendment 62 #
Proposal for a regulation
Recital 26
Recital 26
(26) The Commission should assess the compatibility of investment and financing operations submitted by the implementing partners with Union law and policies, whereas the decisions on financing and investment operations should ultimately be taken by an implementing partner.
Amendment 64 #
Proposal for a regulation
Recital 38
Recital 38
(38) The InvestEU Portal should be established to provide for an easily accessible and user-friendly project database to promote visibility of investment projects searching for financing, with enhanced focus on the provision of a possible pipeline of investment projects, compatible with Union law and policies, to the implementing partnerin line with the needs of the Union and those of the Member States' citizens in certain key fields.
Amendment 65 #
Proposal for a regulation
Recital 40
Recital 40
(40) A solid monitoring framework, based on output, outcome and impact indicators should be implemented to track progress towards the Union's objectives. In order to ensure accountability to European citizens, the Commission should report annually to the European Parliament and the Council on the progress, impact and operations of the InvestEU Programme, and should publish annual reports on the programme's achievements, while strictly observing confidentiality requirements if applicable.
Amendment 66 #
Proposal for a regulation
Article premier – paragraph 1
Article premier – paragraph 1
This Regulation establishes the InvestEU Fund providing for an EU guarantee for financing and investment operations carried out by the implementing partners in support of the Union’s internal policieline with the needs of the Union and those of the Member States' citizens in certain key fields.
Amendment 70 #
Proposal for a regulation
Article 3 – paragraph 1 – point c
Article 3 – paragraph 1 – point c
(c) the social resilience and inclusiveness of the Unionto social equality, justice and development in the Union, as well as territorial cohesion, with particular reference to rural areas;
Amendment 72 #
Proposal for a regulation
Article 3 – paragraph 1 – point d
Article 3 – paragraph 1 – point d
(d) the integration of the Union capital markets and the strengthening of the Single Market, including solutions addressing the fragmentation of the Union capital markets, diversifyingdiversification of sources of financing for Union enterprises and the promotingon of sustainable finance.
Amendment 75 #
Proposal for a regulation
Article 3 – paragraph 2 – point c
Article 3 – paragraph 2 – point c
(c) to increase the access to, and the availability of, finance for SMEs affected by genuine failures of the private market and, in duly justified cases, for small mid- cap companies;
Amendment 81 #
Proposal for a regulation
Article 5 – paragraph 1 – point b
Article 5 – paragraph 1 – point b
Amendment 82 #
Proposal for a regulation
Article 5 – paragraph 1 – point c
Article 5 – paragraph 1 – point c
Amendment 83 #
Proposal for a regulation
Article 5 – paragraph 1 – point d – point iv a (new)
Article 5 – paragraph 1 – point d – point iv a (new)
(iva) is subject to the principle of reciprocity in respect of EU Member States' participation in similar programmes;
Amendment 84 #
Proposal for a regulation
Article 5 – paragraph 1 – point d – point iv b (new)
Article 5 – paragraph 1 – point d – point iv b (new)
(ivb) includes satisfactory conditions particularly on the confidentiality of strategic information in the country in question;
Amendment 85 #
Proposal for a regulation
Article 7 – paragraph 1 – point a
Article 7 – paragraph 1 – point a
(a) sustainable infrastructure policy window: comprises sustainable investment in the areas of transport, energy, digital connectivity, especially in relation to broadband access in rural areas, supply and processing of raw materials, space, oceans and water, waste, nature and other environment infrastructure, equipment, mobile assets and deployment of innovative technologies that contribute to the environmental or social sustainability objectives of the Union, or to both, or meet the environmental or social sustainability standards of the Union;
Amendment 92 #
Proposal for a regulation
Article 7 – paragraph 1 – point c
Article 7 – paragraph 1 – point c
(c) SMEs policy window: access to and availability of finance for SMEs affected by failures of the private financing market and, in duly justified cases, for small mid- cap companies;
Amendment 97 #
Proposal for a regulation
Article 7 – paragraph 1 – point d
Article 7 – paragraph 1 – point d
(d) social investment and skills policy window: comprises microfinance, social enterprise finance and social economy; skills, education, training and related services; social infrastructure (including social and student housing); social innovation; health and long-term care; inclusion and accessibility;social justice measures and accessibility for people with disabilities; and cultural activities with a social goal; integration of vulnerable people, includor educational added value, particularly through support for SMEs ing third country nationale cultural and creative sectors.
Amendment 100 #
Proposal for a regulation
Article 7 – paragraph 3 – subparagraph 2 – point c
Article 7 – paragraph 3 – subparagraph 2 – point c
(c) estimate the impact on the social inclusion of certain areas or populationcertain peripheral areas, in particular rural areas.
Amendment 102 #
Proposal for a regulation
Article 8 – paragraph 1 – introductory part
Article 8 – paragraph 1 – introductory part
1. Each policy window referred to in Article 7(1) shall consist of two compartments addressing specific market failures or sub-optimal investment situations - that is, situations involving projects which, because of their particularly innovative nature, could not have been implemented without the support of the EU guarantee but which are likely to have a positive impact in terms of growth and employment, especially in rural areas - as follows:
Amendment 103 #
Proposal for a regulation
Article 11 – paragraph 2 – point a
Article 11 – paragraph 2 – point a
(a) cross-border projects between entities located or established in one or more Member States and extending to one or more third countries, including acceding countries, candidate countries and potential candidates, countries covered by the European Neighbourhood Policy,for example the European Economic Area or the European Free Trade Association member countries, or to an overseas country or territory as set out in Annex II to the TFEU, or to an associated third country, whether or not there is a partner in those third countries or overseas countries or territories;
Amendment 104 #
Proposal for a regulation
Article 11 – paragraph 3 – point b
Article 11 – paragraph 3 – point b
Amendment 105 #
Proposal for a regulation
Article 12 – paragraph 2 – point c
Article 12 – paragraph 2 – point c
(c) maximises, where appropriate, private investment;
Amendment 106 #
Proposal for a regulation
Article 12 – paragraph 2 – point d
Article 12 – paragraph 2 – point d
(d) achieves a balanced geographical diversification, favouring in particular rural areas;
Amendment 107 #
Proposal for a regulation
Article 12 – paragraph 2 – point f
Article 12 – paragraph 2 – point f
(f) promotes innovating financial and risk solutions to address market failures and sub-optimal investment situations, that is, situations involving projects which could not have been implemented without the support of the EU guarantee .
Amendment 108 #
Proposal for a regulation
Article 18 – paragraph 6
Article 18 – paragraph 6
6. Each project team expert shall declare to the Commission any conflict of interest and shall communicate without delay to the Commission all information needed to check on an ongoing basis the absence of any conflict of interest. The Commission shall check that declarations of conflict of interest submitted by the experts are accurate and exhaustive and shall keep them up to date. In so far as possible, and in accordance with the law and any applicable confidentiality rules, the Commission shall make public the experts' CVs and all other relevant information about them in, for example, its annual reports on InvestEU or on its internet platform or portal for the InvestEU programme and the projects supported through it.
Amendment 109 #
Proposal for a regulation
Article 19 – paragraph 2 – subparagraph 2 a (new)
Article 19 – paragraph 2 – subparagraph 2 a (new)
The experts shall be paid at a level not significantly above the normal market rate, having regard to individuals' qualifications and experience, and the Commission shall disclose their level of remuneration, notably in the course of its annual exchanges with Parliament.
Amendment 110 #
Proposal for a regulation
Article 19 – paragraph 2 – subparagraph 3
Article 19 – paragraph 2 – subparagraph 3
The experts shall have a high level of relevant market experience in project structuring and financing or financing of SMEs or corporates, and their CVs shall be made public.
Amendment 112 #
Proposal for a regulation
Article 19 – paragraph 2 – subparagraph 6
Article 19 – paragraph 2 – subparagraph 6
The Commission shall adopt the rules of procedure and manage the secretariat for the Investment Committee. The rules of procedure of the Investment Committee shall be made public.
Amendment 113 #
Proposal for a regulation
Article 19 – paragraph 3 – subparagraph 2
Article 19 – paragraph 3 – subparagraph 2
CVs and declarations of interest of each member of the Investment Committee shall be made public and constantly updated. Each member of the Investment Committee shall communicate without delay to the Commission all information needed to check on an ongoing basis the absence of any conflict of interest and the Commission, for its part, shall carry out regularly updated and exhaustive checks.
Amendment 114 #
Proposal for a regulation
Article 19 – paragraph 3 – subparagraph 3
Article 19 – paragraph 3 – subparagraph 3
The Commission may remove a member from his or her functions if he or she does not respect the requirements laid down in this paragraph or for other duly justified reasons. The Commission shall inform Parliament and the public when there is any change in the Investment Committee's composition, subject to confidentiality requirements and to the law applicable in such an eventuality.
Amendment 115 #
Proposal for a regulation
Article 19 – paragraph 5 – subparagraph 1
Article 19 – paragraph 5 – subparagraph 1
Conclusions of the Investment Committee shall be adopted by simple majority of all members, who shall be present for the vote. In case of a draw, the chair of the Investment Committee has the casting vote.
Amendment 116 #
Proposal for a regulation
Article 19 – paragraph 5 – subparagraph 2
Article 19 – paragraph 5 – subparagraph 2
Conclusions of the Investment Committee approving the support of the EU guarantee to a financing or investment operation shall be made publicly accessible by any means, and in particular on the InvestEU programme's internet platform or portal, and shall include the rationale for the approval. The publication shall not contain commercially sensitive information.
Amendment 118 #
Proposal for a regulation
Article 21 – paragraph 3
Article 21 – paragraph 3
3. Only projects thatwhich are compatible with Union law and policwhich reflect the InvestEU programme's established priorities shall be listed on the Portal.
Amendment 119 #
Proposal for a regulation
Article 22 – paragraph 4
Article 22 – paragraph 4
4. The Commission shall report annually on the implementation of InvestEU Programme in accordance with [Articles 241 and 250] of the [Financial Regulation]. For that purpose, the implementing partners shall provide annually the information necessary to allow the Commission to comply with its reporting obligations.
Amendment 122 #
Proposal for a regulation
Annex II – paragraph 1 – point 4
Annex II – paragraph 1 – point 4
4. Development of digital connectivity infrastructure, in particular through projects supporting deployment of very high capacity digital networks in rural areas.
Amendment 133 #
Proposal for a regulation
Annex II – paragraph 1 – point 11 – point g
Annex II – paragraph 1 – point 11 – point g