BETA

Activities of Marco VALLI related to 2016/0276(COD)

Plenary speeches (1)

Extension of the duration of the European Fund for Strategic Investments (debate) IT
2016/11/22
Dossiers: 2016/0276(COD)

Shadow reports (1)

REPORT on the proposal for a regulation of the European Parliament and of the Council amending Regulations (EU) No 1316/2013 and (EU) 2015/1017 as regards the extension of the duration of the European Fund for Strategic Investments as well as the introduction of technical enhancements for that Fund and the European Investment Advisory Hub PDF (1 MB) DOC (183 KB)
2016/11/22
Committee: BUDGECON
Dossiers: 2016/0276(COD)
Documents: PDF(1 MB) DOC(183 KB)

Shadow opinions (1)

OPINION on the proposal for a regulation of the European Parliament and of the Council amending Regulations (EU) No 1316/2013 and (EU) 2015/1017 as regards the extension of the duration of the European Fund for Strategic Investments as well as the introduction of technical enhancements for that Fund and the European Investment Advisory Hub
2016/11/22
Committee: CONT
Dossiers: 2016/0276(COD)
Documents: PDF(520 KB) DOC(126 KB)

Amendments (72)

Amendment 17 #
Proposal for a regulation
Citation 5 a (new)
Having regard to Opinion No 2/2016 of the European Court of Auditors,
2017/03/29
Committee: CONT
Amendment 20 #
Proposal for a regulation
Recital 1
(1) Since the Investment Plan for Europe was presented in November 20143, the coIt is regrettable that the EFSI has failed to tackle the problem of the investment gap in the EU, and itions for an uptake in investment have improved and confidence in Europe’s econ should be noted that the problem of the lack of investment arises fromy and growth are returning. The Union is now in its fourth year of moderate recovery, with Gross Domestic Product growing at 2% in 2015. The comprehensive efforts initiated with the Investment Plan are already delivering concrete results, despite the fact that macroeconomic effects of larger investment projects cannot be immediate. Investment is expected to pick up gradually throughout 2016 and 2017 although it remains below historical levels. _________________ 3 serious lack of aggregate demand and from the impact of austerity policies. A radical change needs to be effected in the way that investments are approached in Europe, by addressing the real causes of the crisis and revising the economic governance framework so as to give a permanent boost to productive investments able to generate added value for the real economy and for society in all European countries. COM(2014) 903 final.
2017/03/29
Committee: CONT
Amendment 23 #
Proposal for a regulation
Recital 2
(2) This positive momentum should be maintained and efforts need to be continued to bring investment back to its long-term sustainable trend. The mechanisms of the Investment Plan work and should be reinforced to continue the mobilisation of private investments in sectors important to Europe's future and where market failures or sub-optimal investment situations remain.deleted
2017/03/29
Committee: CONT
Amendment 27 #
Proposal for a regulation
Recital 3 a (new)
(3a) On 11 November 2016, the European Court of Auditors published an opinion in which it stated that: ‘the European Commission plans to increase and extend the investment fund at the heart of the “Juncker Plan” were drawn up too soon and with little evidence that the increase is justified’. The Court of Auditors also highlighted the fact that ‘no comprehensive impact assessment has been made’ and criticised the ‘deletion of the provision linking the continuation of EFSI to the results of an independent evaluation’. It also emphasised ‘the risk that the multiplier effect is overstated’, and that the objectives and results cited were those expected and not ones confirmed by tangible, accurate, clear or immediate statistics.
2017/03/29
Committee: CONT
Amendment 28 #
Proposal for a regulation
Recital 4
(4) The EFSI, implemented and co- sponsored by the EIB Group, is firmly on track to deliIt is clear from the results achieved to date that it will be difficult for the EFSI to achiever the objective of mobilising at least EUR 315 billion in additional investments in the real economy by mid- 2018. The market absorption has been particularly quick under the SME Window where the EFSI is delivering well beyond expectations. In July 2016 the SME Window was thus scaled-up by EUR 500 million within the existing parameters of the Regulation (EU) 2015/1017. A larger share of financing to be geared towards SMEs given the exceptional market demand for SME financing under the EFSI: 40% of the increased risk bearing capacity of the EFSI should be geared towards increasing access to financing for SMEs.
2017/03/29
Committee: CONT
Amendment 32 #
Proposal for a regulation
Recital 5
(5) On 28 June 2016 the European Council, despite not having at its disposal any independent assessment containing accurate and objective statistics, concluded that "The Investment Plan for Europe, in particular the European Fund for Strategic Investments (EFSI), has already delivered concrete results and is a major step to help mobilise private investment while making smart use of scarce budgetary resources. The Commission intends to soon put forward proposals on the future of the EFSI, which should be examined as a matter of urgency by the European Parliament and the Council.".
2017/03/29
Committee: CONT
Amendment 36 #
Proposal for a regulation
Recital 6
(6) The EFSI was established for an initial period of three years and with the aim of mobilising at least EUR 315 billion in investments. Given its succThe plan has failed to address, the Commission is committed to the doubling of the EFSI, both in terms of duration and financial capacity. The legal extension covers the period of the current Multiannual Financial Framework and should provide a total of at least half a trillion euro investments by 2020. In order to enhance the firepower of the EFSI even further and reach the aim of doubling the investment target, Member States should also contribute as a matter of priorinvestment gap in Europe and has been insufficiently diversified both sectorally and geographically, due to sub- optimal allocation of investment, funding projects with a high environmental impact and dubious additionality. Despite this, after barely one year of the EFSI being in operation, and without the independent evaluation to which the EFSI’s potential extension was linked being conducted, the Commission has launched a proposal on the doubling of the EFSI, in terms both of duration and of financial capacity.
2017/03/29
Committee: CONT
Amendment 37 #
Proposal for a regulation
Recital 7
(7) For the period after 2020, the Commission intends to put forward the necessary proposals to ensure that strategic investment will continue at a sustainable level.deleted
2017/03/29
Committee: CONT
Amendment 42 #
Proposal for a regulation
Recital 8
(8) The extended EFSI shouldEFSI must address remaining market failures and sub-optimal investment situations and continue to mobilise private, using only public sector financing infor investments crucial for Europe’s future job creation – including for the youth –,particularly for young people –, sustainable growth and competitiveness with strengthened additionality. They include investments in the areas of energy, environment and climate action, social and human capital and related infrastructure, healthcare, research and innovation, cross- border and sustainable transport, as well as the digital transformation. In particular, the contribution of operations supported by the EFSI to achieving the Union's ambitious targets set at the Paris Climate Conference (COP21) should be reinforced, eliminating any support for fossil fuels. Energy interconnection priority projects with zero impact on emissions and energy efficiency projects should also be increasingly targeted. So far, the support provided by the EFSI to energy, energy efficiency and renewable energy projects has been achieved by means of a corresponding reduction in ordinary EIB investments in those sectors, nullifying the notion of additionality. The investments financed under the EFSI should be additional to the normal operations of the EIB. In addition, EFSI support to motorways shouldand airports must be avoided, unless it is needed to support private investment in transport in cohesion countries or in cross- border transport projects involving at least one cohesion country. For reasons of clarity, although they are already eligible, it should be explicitly laid down that projects in the fields of agriculture, fishery and aquaculture come within the general objectives eligible for EFSI support.
2017/03/29
Committee: CONT
Amendment 46 #
Proposal for a regulation
Recital 8 a (new)
(8a) The EFSI should not finance transport infrastructure work in the absence of an independent impact assessment and if its implementation is controversial from an economic, environmental or social point of view. Support of any kind for the fossil fuel sector must be prohibited.
2017/03/29
Committee: CONT
Amendment 47 #
Proposal for a regulation
Recital 9
(9) Additionality, a key feature of the EFSI, should be strengthened in the selection of projects. In particular, operations should only be eligible for EFSI support if they address clearly identified market failures or sub-optimal investment situations. Operations in infrastructure under the Infrastructure and Innovation Window linking two or more Member States, including e-infrastructure, should be considered additional given their inherent difficulty and their high added value for the Union.
2017/03/29
Committee: CONT
Amendment 50 #
Proposal for a regulation
Recital 10
(10) Due to their potential to increase the efficiency of the EFSI intervention, bBlending operations combining non- reimbursable forms of support and/or financial instruments from the Union budget, such as those available under the Connecting Europe Facility, and financing from EIB Group, including EIB financing under the EFSI, as well as other investors should be encouraged. Blending aims to enhance the value added of Union spending by attracting additional resources from private investors and to ensure the actions supported become economically and financially viablehould be prohibited. Combinations of public and private instruments increase the risk that profits will be privatised while losses will be borne by the public purse, and often, from the point of view of public finances, entail an unbalanced distribution of the risks and costs associated with high-risk private investment, which is to the detriment of the taxpayer, as public money is being used to co-finance private returns and cover any losses on investments.
2017/03/29
Committee: CONT
Amendment 54 #
Proposal for a regulation
Recital 12
(12) For the full investment period, the Union should provide a Union guarantee (the 'EU guarantee') which should not, at any time, exceed EUR 26 000 000 000 in order to enable the EFSI to support investments, of which a maximum of EUR 16 000 000 000 should be available prior to 6 July 2018.deleted
2017/03/29
Committee: CONT
Amendment 55 #
Proposal for a regulation
Citation 5 a (new)
Having regard to Opinion No 2/2016 of the European Court of Auditors,
2017/03/27
Committee: BUDGECON
Amendment 56 #
Proposal for a regulation
Recital 13
(13) It is expected that when the EU guarantee is combined with the EUR 7 500 000 000 to be provided by the EIB, the EFSI support should generate EUR 100 000 000 000 additional investment by the EIB and EIF. The amount of EUR 100 000 000 000 supported by the EFSI is expected to generate at least EUR 500 000 000 000 of additional investment in the real economy by the end of 2020.deleted
2017/03/29
Committee: CONT
Amendment 58 #
Proposal for a regulation
Recital 14
(14) In order to partly finance the contribution from the general budget of the Union to the EU guarantee fund for the additional investments to be made, a transfer should be made from the available envelope of the Connecting Europe Facility (CEF), provided for in Regulation (EU) No 1316/2013 of the European Parliament and of the Council4. Moreover, EUR 1 145 797 000 of appropriations should be transferred from the CEF financial instruments to the grant part of the CEF with a view to facilitating blending with the EFSI or to other relevant instruments, in particular those dedicated to energy efficiency. _________________ 4Regulation (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, 12.2013, p. 129.deleted
2017/03/29
Committee: CONT
Amendment 61 #
Proposal for a regulation
Recital 15
(15) On the basis of the experience acquired with the investments supported by the EFSI, the target amount of the guarantee fund should be brought to 35 % of the total EU guarantee obligations ensuring an adequate level of protection.deleted
2017/03/29
Committee: CONT
Amendment 63 #
Proposal for a regulation
Recital 16
(16) In line with the exceptional market demand for SME financing under the EFSI which is expected to continue, the EFSI SME Window should be enhanced. PPast experience of the SME Window is disappointing. The SME Window should be assigned more resources and redesigned so as to support the real economy. Moreover, particular attention should be paid to social enterprises, including through the development and deployment of new instruments.
2017/03/29
Committee: CONT
Amendment 64 #
Proposal for a regulation
Recital 1
(1) Since the Investment Plan for Europe was presented in November 20143, the coIt is regrettable that the EFSI has failed to tackle the problem of the investment gap in the EU, and itions for an uptake in investment have improved and confidence in Europe’s economy and growth are returning. The Union is now in its fourth year of moderate recovery, with Gross Domestic Product growing at 2% in 2015. The comprehensive efforts initiated with the I should be noted that the problem of the lack of investment arises from a serious lack of aggregate demand and from the impact of austerity policies. It is necessary to effect a radical change in the way that investment Plans are already delivering concrete results, despite the fact that macroeconomic effects of larger investment projects cannot be immediate. Investment is expected to pick up gradually throughout 2016 and 2017 although it remains below historical levels. _________________ 3pproached in Europe, addressing the real causes of the crisis and revising the economic governance framework so as to give a permanent boost to productive investments able to generate added value for the real economy and for society in all European countries. COM(2014) 903 final.
2017/03/27
Committee: BUDGECON
Amendment 68 #
Proposal for a regulation
Recital 18 a (new)
(18a) In order to overcome the almost total lack of information and disaggregated statistical data on the projects financed thus far, in particular with regard to the expected impact, benefits and additionality of each individual project, the EIB is asked to publish all available information about, and findings of, impact assessments for operations carried out within the framework of the EFSI. The EIB is also called upon to provide a detailed explanation of the added value and additionality of each project financed and of how each one contributes to the achievement of EFSI objectives and the fundamental long-term strategies and objectives of the EU. In the same way, the EIB should report on the results achieved by the EFSI to gauge the real economic, social and environmental impact, the real added value and the additionality of the projects financed, as well as the actual capacity of the Fund to achieve the stated objectives.
2017/03/29
Committee: CONT
Amendment 69 #
Proposal for a regulation
Recital 2
(2) This positive momentum should be maintained and efforts need to be continued to bring investment back to its long-term sustainable trend. The mechanisms of the Investment Plan work and should be reinforced to continue the mobilisation of private investments in sectors important to Europe's future and where market failures or sub-optimal investment situations remain.deleted
2017/03/27
Committee: BUDGECON
Amendment 72 #
Proposal for a regulation
Article 1 – paragraph 1 – point 1
Regulation (EU) No 2015/1017
Article 4 – paragraph 2 – point a – point ii
(1) Article 4(2) is amended as follows: (a) by the following: ‘(ii) the amount, of no less than EUR 7 500 000 000 in guarantees or cash, and the terms of the financial contribution which is to be provided by the EIB through the EFSI;'; ‘(i) detailed rules on the provision of the EU guarantee, includingdeleted in point (a), point (ii) its arrangements on coverage, its defined coverage of portfolios of specific types of instruments and the respective events triggering possible calls on the EU guarantee;';replaced in accordance with Article 11,
2017/03/29
Committee: CONT
Amendment 73 #
Proposal for a regulation
Article 1 – paragraph 1 – point 1 – point b
Regulation (EU) No 2015/1017
Article 4 – paragraph 2 – point c – point i
(b) in point (c), point (i) is replaced by the following: ‘(i) detailed rules on the provision of the EU guarantee, including its arrangements on coverage, its defined coverage of portfolios of specific types of instruments and the respective events triggering possible calls on the EU guarantee;';deleted in accordance with Article 11,
2017/03/29
Committee: CONT
Amendment 74 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Regulation (EU) No 2015/1017
Article 5 – paragraph 1 – subparagraph 3
(2) in Article 5(1) the third subparagraph is replaced by the following: 'To better address market failures or sub- optimal investment situations, EIB special activities supported by the EFSI shall typically have features such as subordination, participation in risk- sharing instruments, cross-border characteristics, exposure to specific risks or other identifiable aspects as further described in Annex II. EIB projects carrying a risk lower than the minimum risk under EIB special activities may also be supported by the EFSI if the use of the EU guarantee is required to ensure additionality as defined in the first subparagraph of this paragraph. The projects supported by the EFSI that consist of physical infrastructure linking two or more Member States or of the extension of physical infrastructure or services linked to physical infrastructure from one Member State to one or more Member States, shall also be considered to provide additionality.';deleted
2017/03/29
Committee: CONT
Amendment 77 #
Proposal for a regulation
Recital 3 a (new)
(3a) On 11 November 2016, the European Court of Auditors published an opinion in which it stated that: ‘the European Commission plans to increase and extend the investment fund at the heart of the “Juncker Plan” were drawn up too soon and with little evidence that the increase is justified’. The Court of Auditors also highlighted the fact that ‘no comprehensive impact assessment has been made’ and criticised the ‘deletion of the provision linking the continuation of EFSI to the results of an independent evaluation’. It also emphasised ‘the risk that the multiplier effect is overstated’, and that the objectives and results cited were those expected and not ones confirmed by tangible, accurate, clear or immediate statistics.
2017/03/27
Committee: BUDGECON
Amendment 77 #
Proposal for a regulation
Article 1 – paragraph 1 – point 4 – point b
Regulation (EU) No 2015/1017
Article 7 – paragraph 10 – second sentence
Each member of the Investment Committee shall communicate without delay to the Steering Board, the Managing Director and the Deputy Managing Director all information needed to check on an ongoing basis the absence of any conflict of interest.'; or the presence of any tax avoidance or evasion structures, fraud and/or aggressive tax planning schemes relating to final beneficiaries. The EIB, jointly with the Commission, needs to establish a stringent public list of criteria for the selection of financial intermediaries.
2017/03/29
Committee: CONT
Amendment 79 #
Proposal for a regulation
Article 1 – paragraph 1 – point 4 – point d a (new)
Regulation (EU) No 2015/1017
Article 7 – paragraph 12 – subparagraph 3 a (new)
(da) in paragraph 12, subparagraph 3a is added: ‘The Investment Committee shall appear before the European Parliament at six- monthly intervals to report on, and where necessary explain, investment decisions taken, in accordance with Article 16(2) of this Regulation’.
2017/03/29
Committee: CONT
Amendment 80 #
Proposal for a regulation
Article 1 – paragraph 1 – point 5 – point b
Regulation (EU) No 2015/1017
Article 9 – paragraph 2 – subparagraph 1 a
The EIB shall target that at least 40 50% of EFSI financing under the infrastructure and innovation window supports projects with components that contribute to climate action, in line with the COP21 commitments, including a commitment that at least 25% of EFSI financing shall support energy efficiency projects. Support of any kind for the fossil fuel sector shall be prohibited. The Steering Board shall provide detailed guidance to that end.
2017/03/29
Committee: CONT
Amendment 81 #
Proposal for a regulation
Recital 4
(4) The EFSI, implemented and co- sponsored by the EIB Group, is firmly on trackIt is clear from the results achieved to date that it will be difficult for the EFSI to deliver the objective of mobilising at least EUR 315 billion in additional investments in the real economy by mid- 2018. The market absorption has been particularly quick under the SME Window where the EFSI is delivering well beyond expectations. In July 2016 the SME Window was thus scaled-up by EUR 500 million within the existing parameters of the Regulation (EU) 2015/1017. A larger share of financing to be geared towards SMEs given the exceptional market demand for SME financing under the EFSI: 40% of the increased risk bearing capacity of the EFSI should be geared towards increasing access to financing for SMEs.
2017/03/27
Committee: BUDGECON
Amendment 81 #
Proposal for a regulation
Article 1 – paragraph 1 – point 5 – point c
Regulation (EU) No 2015/1017
Article 9 – paragraph 3
(c) paragraph 3 is replaced by the following: ‘3. which the EU guarantee may be granted for supporting financing and investment operations covered by this Regulation shall last until: (a) 31 December 2020, for EIB operations for which a contract between the EIB and the beneficiary or financial intermediary has been signed by 31 December 2022; (b) 31 December 2020, for EIF operations for which a contract between the EIF and the financial intermediary has been signed by 31 December 2022.';deleted The investment period during
2017/03/29
Committee: CONT
Amendment 85 #
Proposal for a regulation
Article 1 – paragraph 1 – point 6
Regulation (EU) No 2015/1017
Article 10 – paragraph 2 – point a
‘(a) EIB loans, guarantees, counter- guarantees, capital market instruments, any other form of funding or credit enhancement instrument, including subordinated debt, equity or quasi-equity participations, including in favour of national promotional banks or institutions, investment platforms or funds;';
2017/03/29
Committee: CONT
Amendment 86 #
Proposal for a regulation
Article 1 – paragraph 1 – point 7
Regulation (EU) No 2015/1017
Article 11 – paragraphs 1, 3 and in paragraph 6 points a and b
(7) Article 11 is amended as follows: (a)deleted paragraph 13 is replaced by the following: ‘1. The EU guarantee shall not, at any time, exceed EUR 26 000 000 000, of which a part may be allocated for EIB funding or guarantees to the EIF in accordance with paragraph 3. Aggregate net payments from the general budget of the Union under the EU guarantee shall not exceed EUR 26 000 000 000 and not exceed EUR 16 000 000 000 prior to 6 July 2018.'; (b) following: ‘3. or guarantees to the EIF in order to conduct EIB financing and investment operations, the EU guarantee shall provide for a full guarantee on such funding or guarantees provided that an amount of at least EUR 4 000 000 000 of funding or guarantees is provided by the EIB without coverage by the EU guarantee, up to an initial limit of EUR 6 500 000 000. Without prejudice to paragraph 1, that limit may where appropriate be adjusted by the Steering Board.’Where the EIB provides funding in paragraph 6, points (a) and (cb) are replaced by the following: ‘(a) Article 10(2)(a), the principal and all interest and amounts due to the EIB but not received by it in accordance with the terms of the financing operations until the event of default; losses arising from fluctuations of currencies other than the euro in markets where possibilities for long-term hedging are limited; for subordinated debt a deferral, reduction for debt instruments referred to in for required exit shall be considered to be an event of default; (b) investments referred to in Article 10(2)(a), the amounts invested and their associated funding cost and losses arising from fluctuations of currencies other than the euro;';ty or quasi-equity
2017/03/29
Committee: CONT
Amendment 87 #
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) No 2015/1017
Article 12 – paragraphs 5, 7, 8, 9 and 10
(8) Article 12 is amended as follows: (a) paragraph 5 is replaced by the following: ‘5. fund referred to under paragraph 2 shall be used to reach an appropriate level (target amount) to reflect the total EU guarantee obligations. The target amount shall be set at 35 % of the total EU guarantee obligations.'; (b) paragraph 7 is replaced by the following: ‘7. calls on the EU guarantee, the level of the guarantee fund falls below 50 % of the target amount, or it may fall below that level within a year according to a risk assessment by the Commission, the Commission shall submit a report on exceptional measures that may be required.'; (c) paragraphs 8, 9 and 10 are replaced by the following: ‘8. endowments to the guarantee fund provided for in points (b) and (d) of paragraph 2 above the target amount shall be used within the limits of the investment period provided for in Article 9 to restore the EU guarantee up to its full amount. 9. Endowments to the guarantee fund provided for in point (c) of paragraph (2) shall be used to restore the EU guarantee up to its full amount. 10. In the event that the EU guarantee is fully restored up to an amount of EUR 26 000 000 000, any amount in the guarantee fund in excess of the target amount shall be paid to the general budget of the Union as internal assigned revenue in accordance with Article 21(4) of Regulation (EU, Euratom) No 966/2012 for any budget lines which may have been used as a source of redeployment to the guarantee fund.';deleted Endowments to the guarantee From 1 July 2018, if as a result of After a call on the EU guarantee,
2017/03/29
Committee: CONT
Amendment 88 #
Proposal for a regulation
Article 1 – paragraph 1 – point 9 – point a – point i
Regulation (EU) 2015/1017
Article 14 – paragraph 1 – subparagraph 1 – second sentence
‘Such support shall include providing targeted support on the use of technical assistance for project structuring, and on the use of innovative financial instruments and on the use of public-private partnerships, taking into account the specificities and needs of Member States with less- developed financial markets.';
2017/03/29
Committee: CONT
Amendment 90 #
Proposal for a regulation
Recital 5
(5) On 28 June 2016 the European Council, despite not having at its disposal any independent assessment containing accurate and objective statistics, concluded that "The Investment Plan for Europe, in particular the European Fund for Strategic Investments (EFSI), has already delivered concrete results and is a major step to help mobilise private investment while making smart use of scarce budgetary resources. The Commission intends to soon put forward proposals on the future of the EFSI, which should be examined as a matter of urgency by the European Parliament and the Council."
2017/03/27
Committee: BUDGECON
Amendment 92 #
Proposal for a regulation
Recital 6
(6) The EFSI was established for an initial period of three years and with the aim of mobilising at least EUR 315 billion in investments. Given its succThe plan has failed to address, the Commission is committed to the doubling of the EFSI, both in terms of duration and financial capacity. The legal extension covers the period of the current Multiannual Financial Framework and should provide a total of at least half a trillion euro investments by 2020. In order to enhance the firepower of the EFSI even further and reach the aim of doubling the investment target, Member States should also contribute as a matter of priorinvestment gap in Europe and has been insufficiently diversified both sectorally and geographically, due to sub- optimal allocation of investment, funding projects with a high environmental impact and dubious additionality. Despite this, after barely one year of the EFSI being in operation, and without the independent evaluation to which the EFSI’s potential extension was linked being conducted, the Commission has launched a proposal on the doubling of the EFSI, in terms both of duration and of financial capacity.
2017/03/27
Committee: BUDGECON
Amendment 93 #
Proposal for a regulation
Article 1 – paragraph 1 – point 9 a (new)
Regulation (EU) No 2015/1017
Article 16 – paragraph 2
"2. The EIB, in cooperation with the EIF where appropriate,(9a) Article 16(2) is amended as follows: 2. The EIB shall submit an annual six-monthly report to the European Parliament and to the Council on EIB financing and investment operations covered by this Regulationon approved investment operations. The report shall subsequently be made public and accessible. The report shall include: (a) an assessment of EIB financing and investment operations at operation, sector, country and regional levels and their compliance with this Regulation, in particular with the criterion of providing additionality, together with an assessment of the allocation of EIB financing and investment operations between the general objectives set out in Article 9(2); (b) an assessment of the added value, the mobilisation of private sector resources, the estimated and actual outputs and the outcomes and impact of EIB financing and investment operations on an aggregated basis, including the impact on employment creatregard to compliance with the additionality criterion; (c) an assessment of the extent to which operations covered by this Regulation contribute to the achievement of the EU’s general objectives set out in Article 9(2), including an assessment of the level of EFSI investments in the areas of research, development and innovation and, transport (including TEN-T and urban mobility), telecommunications, energy infrastructure and energy efficiency; (d) with the requirements concerning the use of the EU guarantee and with the key performance indicators referred to in Article 4(2)(f)(iv);an assessment of the compliance (e) an assessment of the real leverage effect achieved by EFSI-supported projects; (f) a description of the projects where the support of the European Structural and Investment Funds is combined with the support of the EFSI, and the total amount of the contributions from each source; (g) the financial amount transferred to beneficfinancial intermediaries and final beneficiaries, analytical statistical data for each funded project, including EFSI loan transactions through financial intermediaries and an assessment of EIB financing and investment operations on an disaggregated basis; (ga) independent ex-ante and ex-post assessments for each project, with a detailed explanation of the indicators and criteria used for selection and evaluation; (gb) an assessment of the added value of individual EIB financing and investment operations, and of the aggregate risk associated with those operations; (gc) the financial reports on EIB financing and investment operations covered by this Regulation audited by an independent external auditor; (h) an assessment of the added value of EIB financing and investment operations, and of the aggregate risk associated with those operations; (i) detailed information on calls on the EU guarantee, losses, returns, amounts recovered and any other payments received; (j) the financial reports on EIB financing and investment operations covered by this Regulation audited by an independent external auditor. Or. it (http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=COM:2016:0597:FIN)
2017/03/29
Committee: CONT
Amendment 100 #
Proposal for a regulation
Recital 7
(7) For the period after 2020, the Commission intends to put forward the necessary proposals to ensure that strategic investment will continue at a sustainable level.deleted
2017/03/27
Committee: BUDGECON
Amendment 100 #
Proposal for a regulation
Article 1 – paragraph 1 – point 13 Regulation (EU) No 2015/1017
(13) in Article 23(2), the first and second sentences of the first subparagraph are replaced by the following 'The power to adopt delegated acts referred to in Article 7(13) and (14) shall be conferred on the Commission for a period of five years from 4 July 2015. The Commission shall draw up a report in respect of the delegation of power not later than nine months before the end of the five-year period.';deleted
2017/03/29
Committee: CONT
Amendment 101 #
Proposal for a regulation
Article 2 – paragraph 1 – point 1
Regulation (EU) No 1316/2013
Article 5 – paragraph 1
(1) in Article 5, paragraph 1 is replaced by the following: ‘1. implementation of the CEF for the period 2014 to 2020 is set at EUR 29 992 259 000 in current prices. That amount shall be distributed as follows: (a) 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 1 091 602 000; (c) 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).’deleted The financial envelope for the transport sector: EUR 23 895 582 energy sector: EUR 5 005 075 000.
2017/03/29
Committee: CONT
Amendment 102 #
Proposal for a regulation
Annex I – point 1 – point a
Regulation (EU) No 2015/1017
Annex II – section 2 – point b – subparagraph 1 a (new)
EFSI support to motorways and airports shall be avoided, unless it is needed to support private investment in transport in cohesion countries or in cross-border transport projects involving at least one cohesion country.;
2017/03/29
Committee: CONT
Amendment 103 #
Proposal for a regulation
Annex I – point 1 – point b
Regulation (EU) No 2015/1017
Annex II – section 2 – point c – second sentence
(b) in point (c), the second sentence is replaced by the following: 'In this context, it is expected that the EIB will provide finance under the EFSI with a view to reach an overall target of at least EUR 500 000 000 000 of public or private investment, including financing mobilised through the EIF under EFSI operations relating to the instruments referred to in Article 10(2)(b), national promotional banks or institutions and increased access to financing for entities having up to 3 000 employees.';deleted
2017/03/29
Committee: CONT
Amendment 104 #
Proposal for a regulation
Annex I – point 3
Regulation (EU) No 2015/1017
Annex II – section 5 – paragraph 1 a
The scoreboard shall be made public as soon as an operation under the EU guarantee is signed, with the exclusion of commercially sensitive information.’;.
2017/03/29
Committee: CONT
Amendment 105 #
Proposal for a regulation
Annex I – point 4 – point a – point i
Regulation (EU) 2015/1017
Annex II – section 6 – point b – indent 1 – first and second sentence
For debt type operations, the EIB or the EIF shall carry out its standard risk assessment, involving the computation of the probability of default and the recovery rate. Based on these parameters, the EIB or the EIF shall quantify the risk for each operation. This assessment shall then be made public and accessible.
2017/03/29
Committee: CONT
Amendment 112 #
Proposal for a regulation
Recital 8
(8) The extended EFSI shouldEFSI must address remaining market failures and sub-optimal investment situations and continue to mobilise private, using only public sector financing infor investments crucial for Europe’s future job creation – including for the youth –,particularly for young people –, sustainable growth and competitiveness with strengthened additionality. They include investments in the areas of energy, environment and climate action, social and human capital and related infrastructure, healthcare, research and innovation, cross- border and sustainable transport, as well as the digital transformation. In particular, the contribution of operations supported by the EFSI to achieving the Union's ambitious targets set at the Paris Climate Conference (COP21) should be reinforced, eliminating any support for fossil fuels. Energy interconnection priority projects with zero impact on emissions and energy efficiency projects should also be increasingly targeted. So far, the support provided by the EFSI to energy, energy efficiency and renewable energy projects has been achieved by means of a corresponding reduction in ordinary EIB investments in those sectors, nullifying the notion of additionality. The investments financed under the EFSI should be additional to the normal operations of the EIB. In addition, EFSI support to motorways shouldand airports must be avoided, unless it is needed to support private investment in transport in cohesion countries or in cross- border transport projects involving at least one cohesion country. For reasons of clarity, although they are already eligible, it should be explicitly laid down that projects in the fields of agriculture, fishery and aquaculture come within the general objectives eligible for EFSI support.
2017/03/27
Committee: BUDGECON
Amendment 121 #
Proposal for a regulation
Recital 8 a (new)
(8a) The EFSI does not finance transport infrastructure work in the absence of an independent impact assessment and if it is characterised by controversial implementation from the economic, environmental and social points of view. Support of any kind for the fossil fuel sector must be prohibited.
2017/03/27
Committee: BUDGECON
Amendment 129 #
Proposal for a regulation
Recital 9
(9) Additionality, a key feature of the EFSI, should be strengthened in the selection of projects. In particular, operations should only be eligible for EFSI support if they address clearly identified market failures or sub-optimal investment situations. Operations in infrastructure under the Infrastructure and Innovation Window linking two or more Member States, including e-infrastructure, should be considered additional given their inherent difficulty and their high added value for the Union.
2017/03/27
Committee: BUDGECON
Amendment 148 #
Proposal for a regulation
Recital 10
(10) Due to their potential to increase the efficiency of the EFSI intervention, bBlending operations combining non- reimbursable forms of support and/or financial instruments from the Union budget, such as those available under the Connecting Europe Facility, and financing from EIB Group, including EIB financing under the EFSI, as well as other investors should be encouraged. Blending aims to enhance the value added of Union spending by attracting additional resources from private investors and to ensure the actions supported become economically and financially viablehould be prohibited. Combinations of public and private instruments increase the risk that profits will be privatised while losses will be borne by the public purse, and often, from the point of view of public finances, entail an unbalanced distribution of the risks and costs associated with high-risk private investment, which is to the detriment of the taxpayer, as public money is being used to co-finance private returns and cover any losses on investments.
2017/03/27
Committee: BUDGECON
Amendment 179 #
Proposal for a regulation
Recital 12
(12) For the full investment period, the Union should provide a Union guarantee (the 'EU guarantee') which should not, at any time, exceed EUR 26 000 000 000 in order to enable the EFSI to support investments, of which a maximum of EUR 16 000 000 000 should be available prior to 6 July 2018.deleted
2017/03/27
Committee: BUDGECON
Amendment 182 #
Proposal for a regulation
Recital 13
(13) It is expected that when the EU guarantee is combined with the EUR 7 500 000 000 to be provided by the EIB, the EFSI support should generate EUR 100 000 000 000 additional investment by the EIB and EIF. The amount of EUR 100 000 000 000 supported by the EFSI is expected to generate at least EUR 500 000 000 000 of additional investment in the real economy by the end of 2020.deleted
2017/03/27
Committee: BUDGECON
Amendment 185 #
Proposal for a regulation
Recital 14
(14) In order to partly finance the contribution from the general budget of the Union to the EU guarantee fund for the additional investments to be made, a transfer should be made from the available envelope of the Connecting Europe Facility (CEF), provided for in Regulation (EU) No 1316/2013 of the European Parliament and of the Council4 . Moreover, EUR 1 145 797 000 of appropriations should be transferred from the CEF financial instruments to the grant part of the CEF with a view to facilitating blending with the EFSI or to other relevant instruments, in particular those dedicated to energy efficiency. _________________ 4Regulation (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, 12.2013, p. 129.deleted
2017/03/27
Committee: BUDGECON
Amendment 188 #
Proposal for a regulation
Recital 15
(15) On the basis of the experience acquired with the investments supported by the EFSI, the target amount of the guarantee fund should be brought to 35 % of the total EU guarantee obligations ensuring an adequate level of protection.deleted
2017/03/27
Committee: BUDGECON
Amendment 191 #
Proposal for a regulation
Recital 16
(16) In line with the exceptional market demand for SME financing under the EFSI which is expected to continue, the EFSI SME Window should be enhanced. PPast experience of the SME Window is disappointing. The SME Window should be assigned more resources and redesigned so as to support the real economy. Moreover, particular attention should be paid to social enterprises, including through the development and deployment of new instruments.
2017/03/27
Committee: BUDGECON
Amendment 212 #
Proposal for a regulation
Recital 18 a (new)
(18a) In order to overcome the almost total lack of information and disaggregated statistical data on the projects financed thus far, in particular with regard to the expected impact, benefits and additionality of each individual project, the EIB is asked to publish all available information about, and findings of, impact assessments for operations carried out within the framework of the EFSI. The EIB is also called upon to provide a detailed explanation of the added value and additionality of each project financed and of how each one contributes to the achievement of EFSI objectives and the fundamental long-term strategies and objectives of the EU. In the same way, the EIB should report on the results achieved by the EFSI to gauge the real economic, social and environmental impact, the real added value and the additionality of the projects financed, as well as the actual capacity of the Fund to achieve the stated objectives.
2017/03/27
Committee: BUDGECON
Amendment 256 #
Proposal for a regulation
Article 1 – paragraph 1 – point 1 – point a
Regulation (EU) No 2015/1017
Article 4 – paragraph 2 – point a – point ii
a) Article 4(2) is amended as follows: ‘ii) the amount, of no less than EUR 7 500 000 000 in guarantees or cash, and the terms of the financial contribution which is to be provided by the EIB through the EFSI;';deleted
2017/03/27
Committee: BUDGECON
Amendment 260 #
Proposal for a regulation
Article 1 – paragraph 1 – point 1 – point b
Regulation (EU) No 2015/1017
Article 4 – paragraph 2 – point c – point i
b) in point (c), point (i) is replaced by the following: ‘i) detailed rules on the provision of the EU guarantee, including its arrangements on coverage, its defined coverage of portfolios of specific types of instruments and the respective events triggering possible calls on the EU guarantee;';deleted in accordance with Article 11,
2017/03/27
Committee: BUDGECON
Amendment 270 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Regulation (EU) No 2015/1017
Article 5 – paragraph 1 – subparagraph 3
(2) in Article 5(1) the third subparagraph is replaced by the following: 'To better address market failures or sub- optimal investment situations, EIB special activities supported by the EFSI shall typically have features such as subordination, participation in risk- sharing instruments, cross-border characteristics, exposure to specific risks or other identifiable aspects as further described in Annex II. EIB projects carrying a risk lower than the minimum risk under EIB special activities may also be supported by the EFSI if the use of the EU guarantee is required to ensure additionality as defined in the first subparagraph of this paragraph. The projects supported by the EFSI that consist of physical infrastructure linking two or more Member States or of the extension of physical infrastructure or services linked to physical infrastructure from one Member State to one or more Member States, shall also be considered to provide additionality.';deleted
2017/03/27
Committee: BUDGECON
Amendment 328 #
Proposal for a regulation
Article 1 – paragraph 1 – point 4 – point b
Regulation (EU) No 2015/1017
Article 7 – paragraph 10 – second sentence
Each member of the Investment Committee shall communicate without delay to the Steering Board, the Managing Director and the Deputy Managing Director all information needed to check on an ongoing basis the absence of any conflict of interest. or the presence of any tax avoidance or evasion structures, fraud and/or aggressive tax planning schemes relating to final beneficiaries; stresses the need to establish a stringent public list of criteria for selection of financial intermediaries by the EIB, jointly with the Commission;
2017/03/27
Committee: BUDGECON
Amendment 336 #
Proposal for a regulation
Article 1 – paragraph 1 – point 4 – point d a (new)
Regulation (EU) No 2015/1017
Article 7 – paragraph 12 – subparagraph 3 a (new)
(da) in paragraph 12, subparagraph 3a is added: ‘The Investment Committee shall appear before the European Parliament at six- monthly intervals to report on, and where necessary explain, investment decisions taken, in accordance with Article 16(2) of this Regulation;’;
2017/03/27
Committee: BUDGECON
Amendment 363 #
Proposal for a regulation
Article 1 – paragraph 1 – point 5 – point b
Regulation (EU) No 2015/1017
Article 9 – paragraph 2 – subparagraph 1 a
The EIB shall target that at least 450% of EFSI financing under the infrastructure and innovation window supports projects with components that contribute to climate action, in line with the COP21 commitments, including a commitment that at least 25% of EFSI financing shall support energy efficiency projects. Support of any kind for the fossile fuel sector shall be prohibited. The Steering Board shall provide detailed guidance to that end.
2017/03/27
Committee: BUDGECON
Amendment 377 #
Proposal for a regulation
Article 1 – paragraph 1 – point 5 – point c
Regulation (EU) No 2015/1017
Article 9 – paragraph 3
(c) paragraph (3) is replaced by the following: ‘3. The investment period during which the EU guarantee may be granted for supporting financing and investment operations covered by this Regulation shall last until: a) 31 December 2020, for EIB operations for which a contract between the EIB and the beneficiary or financial intermediary has been signed by 31 December 2022; b) 31 December 2020, for EIF operations for which a contract between the EIF and the financial intermediary has been signed by 31 December 2022.';deleted
2017/03/27
Committee: BUDGECON
Amendment 390 #
Proposal for a regulation
Article 1 – paragraph 1 – point 6
Regulation (EU) No 2015/1017
Article 10 – paragraph 2 – point a
a) EIB loans, guarantees, counter- guarantees, capital market instruments, any other form of funding or credit enhancement instrument, including subordinated debt, equity or quasi-equity participations, including in favour of national promotional banks or institutions, investment platforms or funds;
2017/03/27
Committee: BUDGECON
Amendment 393 #
(7) Article 11 is amended as follows: (a) paragraph 1 is replaced by the following: ‘1. The EU guarantee shall not, at any time, exceed EUR 26 000 000 000, of which a part may be allocated for EIB funding or guarantees to the EIF in accordance with paragraph 3. Aggregate net payments from the general budget of the Union under the EU guarantee shall not exceed EUR 26 000 000 000 and not exceed EUR 16 000 000 000 prior to 6 July 2018.'; ‘3. Where the EIB provides funding or guarantees to the EIF in order to conduct EIB financing and investment operations, the EU guarantee shall provide for a full guarantee on such funding or guarantees provided that an amount of at least EUR 4 000 000 000 of funding or guarantees is provided by the EIB without coverage by the EU guarantee, up to an initial limit of EUR 6 500 000 000. Without prejudice to paragraph 1, that limit may where appropriate be adjusted by the Steering Board;’ ‘a) Article 10(2)(a), the principal and all interest and amounts due to the EIB but not received by it in accordance with the terms of the financing operations until the event of default; losses arising from fluctuations of currencies other than the euro in markets where possibilities for long-term hedging are limited; for subordinated debt a deferral, reduction or required exit shall be considered to be an event of default; b) for equity or quasi-equity investments referred to in Article 10(2)(a), the amounts invested and their associated funding cost and losses arising from fluctuations of currencies other than the euro;’deleted for debt instruments referred to in
2017/03/27
Committee: BUDGECON
Amendment 401 #
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) No 2015/1017
Article 12
(8) Article 12 is amended as follows: (a) following: ‘5. fund referred to under paragraph 2 shall be used to reach an appropriate level (target amount) to reflect the total EU guarantee obligations. The target amount shall be set at 35 % of the total EU guarantee obligations.;’ ‘7. calls on the EU guarantee, the level of the guarantee fund falls below 50 % of the target amount, or it may fall below that level within a year according to a risk assessment by the Commission, the Commission shall submit a report on exceptional measures that may be required.’ ‘8. endowments to the guarantee fund provided for in points (b) and (d) of paragraph 2 above the target amount shall be used within the limits of the investment period provided for in Article 9 to restore the EU guarantee up to its full amount. 9. Endowments to the guarantee fund provided for in point (c) of paragraph (2) shall be used to restore the EU guarantee up to its full amount. 10. is fully restored up to an amount of EUR 26 000 000 000, any amount in the guarantee fund in excess of the target amount shall be paid to the general budget of the Union as internal assigned revenue in accordance with Article 21(4) of Regulation (EU, Euratom) No 966/2012 for any budget lines which may have been used as a source of redeployment to thedeleted paragraph 5 is replaced by the Endowments to the guarantee From 1 July 2018, if as a result of After a call on the EU guarantee, In the event that the EU guarantee fund.;’
2017/03/27
Committee: BUDGECON
Amendment 408 #
Proposal for a regulation
Article 1 – paragraph 1 – point 9 – point a – point i
Regulation (UE) 2015/1017
Article 14 – paragraph 1 – subparagraph 1 – second sentence
Such support shall include providing targeted support on the use of technical assistance for project structuring, and on the use of innovative financial instruments and on the use of public-private partnerships, taking into account the specificities and needs of Member States with less- developed financial markets.;
2017/03/27
Committee: BUDGECON
Amendment 443 #
Proposal for a regulation
Article 1 – paragraph 1 – point 9 a (new)
Regulation (EU) No 2015/1017
Article 16 – paragraph 2
2. The EIB, in cooperation with the EIF where appropriate,(9a) Article 16(2) is amended as follows: 2. The EIB shall submit an annual six-monthly report to the European Parliament and to the Council on EIB financing and investment operations covered by this Regulationon approved investment operations. The report shall subsequently be made public and accessible: The report shall include: a) an assessment of EIB financing and investment operations at operation, sector, country and regional levels and their compliance with this Regulation, in particular with the criterion of providing additionality, together with an assessment of the allocation of EIB financing and investment operations between the general objectives set out in Article 9(2); b) an assessment of the added value, the mobilisation of private sector resources, the estimated and actual outputs and the outcomes and impact of EIB financing and investment operations on an aggregated basis, including the impact on employment creatin regard to compliance with the additionality criterion; cb) an assessment of the extent to which operations covered by this Regulation contribute to the achievement of the EU’s general objectives set out in Article 9(2), including an assessment of the level of EFSI investments in the areas of research, development and innovation and, transport (including TEN-T and urban mobility), telecommunications, energy infrastructure and energy efficiency; dc) an assessment of the compliance with the requirements concerning the use of the EU guarantee and with the key performance indicators referred to in Article 4(2)(f)(iv); e) an assessment of thereal leverage effect achieved by EFSI-supported projects; fd) a description of the projects where the support of the European Structural and Investment Funds is combined with the support of the EFSI, and the total amount of the contributions from each source; ge) the financial amount transferred to beneficfinancial intermediaries and final beneficiaries, analytical statistical data for each funded project, including EFSI loan transactions through financial intermediaries and an assessment of EIB financing and investment operations on an disaggregated basis; f) independent ex-ante and ex-post assessments for each project, with a detailed explanation of the indicators and criteria used for selection and evaluation; g) an assessment of the added value of individual EIB financing and investment operations, and of the aggregate risk associated with those operations; ga) the financial reports concerning EIB financing and investment operations covered by this Regulation audited by an independent external auditor. h) an assessment of the added value of EIB financing and investment operations, and of the aggregate risk associated with those operations; i) detailed information on calls on the EU guarantee, losses, returns, amounts recovered and any other payments received; j) the financial reports on EIB financing and investment operations covered by this Regulation audited by an independent external auditor.
2017/03/27
Committee: BUDGECON
Amendment 472 #
Proposal for a regulation
Article 1 – paragraph 1 – point 13
Regulation (EU) No 2015/1017
Article 23 – paragraph 2 – subparagraph 1 – first and second sentence
(13) in Article 23(2), the first and second sentences of the first subparagraph are replaced by the following ‘The power to adopt delegated acts referred to in Article 7(13) and (14) shall be conferred on the Commission for a period of five years from 4 July 2015. The Commission shall draw up a report in respect of the delegation of power not later than nine months before the end of the five-year period.deleted
2017/03/27
Committee: BUDGECON
Amendment 477 #
Proposal for a regulation
Article 2
Regulation (EU) No 1316/2013
Article 5 – paragraph 1
Regulation (EU) No 1316/2013 is amended as follows: 1) replaced by the following: ‘1. The financial envelope for the implementation of the CEF for the period 2014 to 2020 is set at EUR 29 992 259 000 in current prices. That amount shall be distributed as follows: a) 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) 091 602 000; c) 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).’Article 2 deleted in Article 5, paragraph 1 is transport sector: EUR 23 895 582 telecommunications sector: EUR 1 energy sector: EUR 5 005 075 000.
2017/03/27
Committee: BUDGECON
Amendment 486 #
Proposal for a regulation
Annex II – point 1 – point a
Regulation (EU) No 2015/1017
Annex II – section 2 – point b – subparagraph 1 a (new)
‘EFSI support to motorways and airports shall be avoided, unless it is needed to support private investment in transport in cohesion countries or in cross-border transport projects involving at least one cohesion country.';
2017/03/27
Committee: BUDGECON
Amendment 490 #
Proposal for a regulation
Annex II – point 1 – point b
Regulation (EU) No 2015/1017
Annex II – section 2 – point c – second sentence
In this context, it is expected that the EIB will provide finance under the EFSI with a view to reach an overall target of at least EUR 500 000 000 000 of public or private investment, including financing mobilised through the EIF under EFSI operations relating to the instruments referred to in Article 10(2)(b), national promotional banks or institutions and increased access to financing for entities having up to 3 000 employees.deleted
2017/03/27
Committee: BUDGECON
Amendment 497 #
Proposal for a regulation
Annex II – point 3
The scoreboard shall be made public as soon as an operation under the EU guarantee is signed, with the exclusion of commercially sensitive information.
2017/03/27
Committee: BUDGECON
Amendment 498 #
Proposal for a regulation
Annex II – point 4 – point a – point i
Regulation (UE) 2015/1017
Annex II – section 6 – point b – indent 1
For debt-type operations, the EIB or the EIF shall carry out its standard risk assessment, involving the computation of the probability of default and the recovery rate. Based on these parameters, the EIB or the EIF shall quantify the risk for each operation.; This assessment shall then made public and accessible.
2017/03/27
Committee: BUDGECON