[ParlTrack]

Rosa D'AMATO, Dario TAMBURRANO, David BORRELLI

Proposal for a regulation
Recital 1

(1) ~~Since the Investment Plan for Europe was presented in November 20143, the conditions 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 Commission maintains that 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 COM(2014) 903 final.~~

2017/03/02
Committee: ITRE

Rosa D'AMATO, David BORRELLI

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

2017/03/02
Committee: ITRE

Rosa D'AMATO, Dario TAMBURRANO, David BORRELLI

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 same Court 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.

2017/03/02
Committee: ITRE

Rosa D'AMATO, Dario TAMBURRANO, David BORRELLI

Proposal for a regulation
Recital 4

(4) The EFSI, implemented and co- sponsored by the EIB Group, ~~is firmly on track to deliver the~~appears to be on track towards the expected 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.

2017/03/02
Committee: ITRE

Rosa D'AMATO, Dario TAMBURRANO, David BORRELLI

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.”

2017/03/02
Committee: ITRE

Rosa D'AMATO, Dario TAMBURRANO, David BORRELLI

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 success, the Commission is committed to~~The programme has fallen short in terms of ensuring the quality, additionality, economic and social utility and sustainability of the projects financed. Despite this, after just 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, both in terms of duration and financial capacity. The legal extension proposed by the Commission 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~~try to expand the capacity of the EFSI, Member States shcould also contribute on an optional basis as a matter of priority.

2017/03/02
Committee: ITRE

Rosa D'AMATO, Dario TAMBURRANO, David BORRELLI

Proposal for a regulation
Recital 8

(8) The extended EFSI should address remaining market failures and sub-optimal investment situations and continue to mobilise private sector financing in investments crucial for Europe’s future job creation – including for the youth –, gpro~~wth~~sperity and competitiveness ~~with strengthened~~, ensuring 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~~. Energy interconnection priority projects and energy efficiency projects should also be increasingly targeted. In addition, EFSI support to motorways should be avoided, unless it i~~, eliminating any support for fossil fuels. Priority projects relating to the optimisation and adaptation of energy grids, those concerning energy efficiency and renewable energy generation, storage, and distribution, with a specific focus on projects enabling private individuals and local communities and cooperatives to become actively involved, should also be increasingly targeted. Findings so far show that the broad support provided by the EFSI to energy, energy efficiency and renewable energy projects has nbee~~ded to support private~~n accompanied by a corresponding reduction in ordinary EIB investments in t~~ransport in cohesion countries or in cross-border transport projects involving at least one cohesion country~~hose sectors, thereby nullifying the notion of additionality. EFSI-financed loans should be granted in addition to ordinary EIB investment operations. 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.

2017/03/02
Committee: ITRE

Rosa D'AMATO, Dario TAMBURRANO, David BORRELLI

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.

2017/03/02
Committee: ITRE

Rosa D'AMATO, Dario TAMBURRANO, David BORRELLI

Proposal for a regulation
Recital 10

(10) Due to their potential to increase the efficiency of the EFSI intervention, blending operations combining non- reimbursable forms of support and/or financial instruments from the Union budget not subject to excessive risk, such as some of 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 viable.

2017/03/02
Committee: ITRE

Rosa D'AMATO, Dario TAMBURRANO, David BORRELLI

Proposal for a regulation
Recital 11

(11) In order to reinforce the take-up of the EFSI in less-developed and transition regions, the scope of the general objectives eligible for EFSI support should be enlarged, as long as this is line with the principles set out in the Treaty in relation to territorial, social and economic cohesion.

2017/03/02
Committee: ITRE

Rosa D'AMATO, Dario TAMBURRANO, David BORRELLI

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

2017/03/02
Committee: ITRE

Rosa D'AMATO, Dario TAMBURRANO, David BORRELLI

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

2017/03/02
Committee: ITRE

Rosa D'AMATO, David BORRELLI

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

2017/03/02
Committee: ITRE

Rosa D'AMATO, Dario TAMBURRANO, David BORRELLI

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. Particular attention should be paid to social enterprises, including through the development and deployment of new instruments. Experience so far nevertheless points to a sharp increase in indirect financing in respect of SMEs, through highly opaque structures and speculative investment funds geared towards maximising short-term profits rather than towards supporting the real economy and the SMEs themselves.

2017/03/02
Committee: ITRE

Rosa D'AMATO, Dario TAMBURRANO, David BORRELLI

Proposal for a regulation
Recital 17 a (new)

(17a) To improve the transparency of the EFSI, the EIB must publish all information and impact assessment results relating to operations carried out, indicating added value and additionality for each funded project and its contribution to the achievement of EFSI targets and long-term EU strategies and core objectives. Similarly, the EIB must publish analytical data for each funded project, including EFSI lending through financial intermediaries, giving ex-ante and ex-post assessments of each project with a detailed explanation of the selection and assessment indicators and criteria used. Finally, the publication of objective data is necessary relating to jobs directly and indirectly created through the EFSI, bearing in mind also the Social Pillar being developed by the Commission.

2017/03/02
Committee: ITRE

Rosa D'AMATO, Dario TAMBURRANO, David BORRELLI

Proposal for a regulation
Article 1 – paragraph 1 – introductory part

Regulation (EU) No 2015/1017, while ceasing to be effective as of the deadlines stipulated therein, is amended as follows:

2017/03/02
Committee: ITRE

Rosa D'AMATO, Dario TAMBURRANO, David BORRELLI

Proposal for a regulation
Article 1 – paragraph 1 – point 1

Regulation (EU) 2015/1017
Article 4 – paragraph 2

(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;’ (b) the following: ‘(i) in accordance with Article 11, 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 point (a), point (ii) is replaced in point (c), point (i) is replaced by

2017/03/02
Committee: ITRE

Rosa D'AMATO, David BORRELLI

Proposal for a regulation
Article 1 – paragraph 1 – point 2

Regulation (EU) 2015/1017
Article 5 – paragraph 1 – subparagraphs 3 to 5

(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

2017/03/02
Committee: ITRE

Rosa D'AMATO, Dario TAMBURRANO, David BORRELLI

Proposal for a regulation
Article 1 – paragraph 1 – point 5 – point b

Regulation (EU) 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 should support energy efficiency projects. The Steering Board shall provide detailed guidance to that end.’

2017/03/02
Committee: ITRE

Rosa D'AMATO, Dario TAMBURRANO, David BORRELLI

Proposal for a regulation
Article 1 – paragraph 1 – point 5 – point c

Regulation (EU) 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) operations for which a contract between the EIB and the beneficiary or financial intermediary has been signed by 31 December 2022; (b) operations for which a contract between the EIF and the financial intermediary has been signed by 31 December 2022.’deleted 31 December 2020, for EIB 31 December 2020, for EIF

2017/03/02
Committee: ITRE

Rosa D'AMATO, Dario TAMBURRANO, David BORRELLI

Proposal for a regulation
Article 1 – paragraph 1 – point 5 – point d

Regulation (EU) 2015/1017
Article 9 – paragraph 4

~~(d) paragraph 4 is~~ deleted.;

2017/03/02
Committee: ITRE

Rosa D'AMATO, David BORRELLI, Dario TAMBURRANO

Proposal for a regulation
Article 1 – paragraph 1 – point 6

Regulation (EU) 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;

2017/03/02
Committee: ITRE

Rosa D'AMATO, Dario TAMBURRANO, David BORRELLI

Proposal for a regulation
Article 1 – paragraph 1 – point 7

Regulation (EU) 2015/1017
Article 11

(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.’ (b) paragraph 3 is replaced by the following: ‘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. (c) 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 deleted in paragraph 6, points (a) and (b) 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

2017/03/02
Committee: ITRE

Rosa D'AMATO, Dario TAMBURRANO, David BORRELLI

Proposal for a regulation
Article 1 – paragraph 1 – point 8

Regulation (EU) 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.’ (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. After a call on the EU guarantee, 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 In the event that the EU guarantee ~~fund.’~~

2017/03/02
Committee: ITRE

Rosa D'AMATO, Dario TAMBURRANO, David BORRELLI

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, on the use of innovative financial instruments and on the use of public-private partnerships that guarantee public ownership, taking into account the specificities and needs of Member States with less- developed financial markets.’

2017/03/02
Committee: ITRE

Rosa D'AMATO, Dario TAMBURRANO, David BORRELLI

Proposal for a regulation
Article 1 – paragraph 1 – point 9 – point b – point i

Regulation (EU) 2015/1017
Article 14 – paragraph 2 – point c

(c) leveraging local knowledge to facilitate EFSI support across the Union and contributing where possible to the objectives of economic and social cohesion, sectorial and geographical diversification of the EFSI referred to in Section 8 of Annex II by supporting the EIB to originate operations;’

2017/03/02
Committee: ITRE

Rosa D'AMATO, Dario TAMBURRANO, David BORRELLI

Proposal for a regulation
Article 1 – paragraph 1 – point 9 a (new)

Regulation (EU) 2015/1017
Article 16 – paragraph 2

(9a) Article 16(2) is amended as follows: 2. The EIB, in cooperation with the EIF where appropriate, shall submit a~~n annual~~ six- monthly report to the European Parliament and to the Council on EIB financing and investment operations covered by this Regulation. The report shall be made public and shall include: (a) an assessment of EIB funding and investment operations by transaction, sector, country and region, examining their compliance with this Regulation, in particular the additionality criterion, as well as their distribution 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 direct and indirect impact on employment creation; (c) an assessment of the extent to which operations covered by this Regulation contribute to the achievement of the 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) an assessment of compliance with conditions for use of the EU guarantee and with the key performance indicators referred to in Article 4(2)(f)(iv); (e) an assessment of the 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 ~~beneficiaries and an assessment of EIB financing and investment operations on an aggregated basis~~financial 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 aggregated 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; (h) an assessment of the added value of individual 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 concerning EIB financing and investment operations covered by this Regulation audited by an independent external auditor.

2017/03/02
Committee: ITRE

Rosa D'AMATO, Dario TAMBURRANO, David BORRELLI

Proposal for a regulation
Article 1 – paragraph 1 – point 10

Regulation (EU) 2015/1017
Article 18

(10) Article 18 is amended as follows: (a) following: ‘6. 2020, the Commission shall submit to the European Parliament and the Council a report containing an independent evaluation of the application of this Regulation.’ (b)deleted paragraph 6 is replaced by the By 30 June 2018 and 30 June paragraphs 7 and 8 are deleted.

2017/03/02
Committee: ITRE

Rosa D'AMATO, Dario TAMBURRANO, David BORRELLI

Proposal for a regulation
Article 1 – paragraph 1 – point 13

Regulation (EU) 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

2017/03/02
Committee: ITRE

Rosa D'AMATO, Dario TAMBURRANO, David BORRELLI

Proposal for a regulation
Article 1 – paragraph 1 – point 14

Regulation (EU) 2015/1017
Annex II

~~(14) Annex II is amended as set out in the Annex to this Regulation.~~deleted

2017/03/02
Committee: ITRE

Rosa D'AMATO, Dario TAMBURRANO, David BORRELLI

Proposal for a regulation
Article 2

Regulation (EU) No 1316/2013
Article 5 – paragraph 1

Article 2 Regulation (EU) No 1316/2013 is amended as follows: (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.

2017/03/02
Committee: ITRE

Rosa D'AMATO, Dario TAMBURRANO, David BORRELLI

Proposal for a regulation
Annex – point 1 – point a

Regulation (EU) 2015/1017
Annex II – section 2 – point b – subparagraph 1 a

‘EFSI support tofor motorways shall be avoided, unless it is needed to support private investment in t~~ransport in cohesion countries or in cross-border transport projects involving at least one cohesion country.’~~ he transition towards sustainable mobility and transport. Any EFSI support for fossil fuels shall be eliminated and avoided.’ Or. it (http://eur-lex.europa.eu/legal- content/IT/TXT/HTML/?uri=CELEX:52016PC0597&from=EN)

2017/03/02
Committee: ITRE

32 Amendments of David BORRELLI related to 2016/0276(COD)

ParlTrack - 2011-2024