BETA

40 Amendments of Dario TAMBURRANO related to 2015/0009(COD)

Amendment 48 #
Proposal for a regulation
Recital 1
(1) The economic and financial crisis has led to a lowering of the level of investments within the Union. Investment has fallen by approximately 15% since its peak in 2007. The Union suffers in particular from a lack of investment as a consequence of market uncertainty regarding the economic future and the fiscal constraints on Member States. This lack of investmentfiscal constraints and the austerity policies imposed on Member States which have depressed aggregate demand and increased market uncertainty regarding the economic future. This lack of investment, which is particularly pronounced in those Member States most affected by the crisis, slows economic recovery and negatively affects job creation, long-term growth prospects and competitiveness.
2015/03/16
Committee: ITRE
Amendment 54 #
Proposal for a regulation
Recital 2
(2) Comprehensive action is required to reverse the vicious circle created by a lack of investment. Structural reforms and fiscal responsibility are necessary preconditions for stimulating investment. Along with a renewed impetus towards investment financing, these preconditionsInvestment can only be stimulated by measures that can contribute to establishing a virtuous circle, where investment projects help support employment and demand and lead to a sustained increase in growth potential.
2015/03/16
Committee: ITRE
Amendment 59 #
Proposal for a regulation
Recital 4
(4) Throughout the economic and financial crisis, the Union has made efforts to promote growth, in particular through initiatives set out in the Europe 2020 strategy that put in place an approach for smart, sustainable and inclusive growth. The European Investment Bank ('EIB') has also strengthened its role in instigating and promoting investment within the Union, partly by way of an increase in capital in January 2013. Further abeen responsible for structural reforms and budget cuts which have diverted the economy from the objectives of the Europe 2020 strategy. Action is required to ensure that the investment needs of the Union are addressed and that the liquidity available on the market is used efficiently and channelled towards the funding of viable investment projects that are viable from an economic, environmental and social point of view.
2015/03/16
Committee: ITRE
Amendment 86 #
Proposal for a regulation
Recital 10
(10) The purpose of the EFSI should be to help resolve the difficulties in financing and implementing productive investments in the Union and to ensure increased access to financing. It is intended that increased access to financing should be of particular benefit to small and medium enterprises. It is also appropriate to extend thensure that innovative start-up companies benefit ofrom such increased access to financing to mid- cap companies, which are companies having up to 3000 employees. Overcoming Europe's current investment difficulties should contribute to strengthening the Union's economic, social and territorial cohesion and attaining the EU’s energy and environmental objectives for 2020, 2030 and 2050 so as to accelerate the transition to a low-carbon, circular and sharing economy.
2015/03/16
Committee: ITRE
Amendment 92 #
Proposal for a regulation
Recital 11
(11) The EFSI should support strategic investments with high economic value addehich should help increase the resilience of the European Union in order to accelerate the transition to a low- carbon, circular and sharing economy and contributinge to achieving Union policy objectives.
2015/03/16
Committee: ITRE
Amendment 108 #
Proposal for a regulation
Recital 12
(12) Many small and medium enterprises, as well as mid-cainnovative start-up companies, across the Union require assistance to attract market financing, especially as regards investments that carry a greater degree of risk. The EFSI should help these businesses to overcome capital shortages by allowing the EIB and the European Investment Fund ('EIF') to provide direct and indirect equity injections, as well as to provide guarantees for high-quality securitisation of loans, and other products that are granted in pursuit of the aims of the EFSI.
2015/03/16
Committee: ITRE
Amendment 114 #
Proposal for a regulation
Recital 13
(13) The EFSI should be established within the EIB in order to benefit from its experience and proven track record and in order for its operations to start to have a positive impact as quickly as possible. The work of the EFSI on providing finance to small and medium enterprises and small mid-cainnovative start-up companies should be channelled through the European Investment Fund ('EIF') to benefit from its experience in these activities.
2015/03/16
Committee: ITRE
Amendment 125 #
Proposal for a regulation
Recital 14
(14) The EFSI should target projects delivering high societal and economic value. In particular, the EFSI should target projects that promote job creation, long- term growth and competitiveness and contribute towards increasing the resilience of the European Union in order to accelerate the transition to a low-carbon, circular and sharing economy. The EFSI should support a wide range of financial products, including equity, debt or guarantees, to best accommodate the needs of the individual project. This wide range of products should allow the EFSI to adapt to market needs whilst encouraging private investment in the projects. The EFSI should not be a substitute for private market finance but should instead catalyse private finance by addressing market failures so as to ensure the most effective and strategic use of public money. The requirement for consistency with State aid principlesthe EU guidelines on State aid in the field of energy and the environment should contribute to such effective and strategic use.
2015/03/16
Committee: ITRE
Amendment 155 #
Proposal for a regulation
Recital 17
(17) Decisions on the use of the EFSI support for infrastructure and large mid- cap projects should be made by an Investment Committee. The Investment Committee should be composed of independent experts who are knowledgeable and experienced in the areas of investment projects and in the sectoral areas specified in the Regulation and who have been approved by the European Parliament following a hearing. The Investment Committee should be accountable to a Steering Board of the EFSI, who should supervise the fulfilment of the EFSI's objectives. To effectively benefit from the experience of the EIF, the EFSI should support funding to the EIF to allow the EIF to undertake individual projects in the areas of small and medium enterprises and small mid-cainnovative start- up companies.
2015/03/16
Committee: ITRE
Amendment 186 #
Proposal for a regulation
Recital 22
(22) In accordance with the Treaty on the Functioning of the European Union, Infrastructure and project investments supported under EFSI should be consistent with State aid rules. To that end, the Commission has announced that it will formulate a set of core principles, for the purpose of State aid assessments, which a project will have to meet to be eligible for support under the EFSI. If a project meets these criteria and receives support from the EFSI, the Commission has announced that any national complementary support, will be assessed under a simplified and accelerated State aid assessment whereby the only additional issue to be verified by the Commission will be the proportionality of public support (absence of overcompensation). The Commission has also announced that it will provide further guidanceelines on the set of core principles with a view to ensuring an efficient use of public funds, which will have to incorporate those already approved by the Commission in the field of energy and the environment.
2015/03/16
Committee: ITRE
Amendment 204 #
Proposal for a regulation
Recital 29
(29) To partially finance the contribution from the Union budget, the available envelopes of the Horizon 2020 – the Framework Programme for Research and Innovation 2014-2020, provided by Regulation (EU) No 1291/2013 of the European Parliament and of the Council2, and the Connecting Europe Facility, provided by Regulation (EU) No 1316/2013 of the European Parliament and of the Council3, should be reduced. Those programmes serve purposes that are not replicated by the EFSI. However, the reduction of both programmes to finance the guarantee fund is expected to ensure a greater investment in certain areas of their respective mandates than is possible through the existing programmes. The EFSI should be able to leverage the EU guarantee to multiply the financial effect within those areas of research, development and innovation and transport, telecommunications and energy infrastructure compared to if the resources had been spent via grants within the planned Horizon 2020 and Connecting Europe Facility programmes. It is, therefore, appropriate to redirect part of the funding presently envisaged for those programmes to the benefit of EFSI. __________________ 2 Regulation (EU) No 1291/2013 of the European Parliament and of the Council of 11 December 2013 establishing Horizon 2020 - the Framework Programme for Research and Innovation (2014-2020) and repealing Decision No 1982/2006/EC (OJ L 347, 20.12.2013, p. 104). 3Regulation (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, 20.12.2013, p. 129).deleted
2015/03/16
Committee: ITRE
Amendment 223 #
Proposal for a regulation
Recital 34
(34) To ensure accountability to European citizens, the EIB should ensure a process of public consultation and participation like that in force for the disbursement of structural and investment funds, as well as regularly report to the European Parliament and the Council on the progress and impact of the EFSI.
2015/03/16
Committee: ITRE
Amendment 227 #
Proposal for a regulation
Recital 36
(36) Since the objectives of this Regulation, namely to support investments in the Union and to ensure increased access to financing for companies having up to 3000 employees, cannot be sufficiently achieved by the Member States by reason of the disparities in their fiscal capacity to act but can rather, by reason of its scale and effects, be better achieved at Union level, the Union may adopt measures, in accordance with the principle of subsidiarity as set out in Article 5 of the Treaty on European Union. In accordance with the principle of proportionality, as set out in that Article, this Regulation does not go beyond what is necessary in order to achieve those objectives,
2015/03/16
Committee: ITRE
Amendment 243 #
Proposal for a regulation
Article 1 – paragraph 1 – subparagraph 2
The purpose of the EFSI shall be to support investments in the Union and to ensure increased access to financing for companies having up to 3000 employesmall and medium enterprises, with a particular focus on small and medium enterpriseinnovative start-ups, through the supply of risk bearing capacity to the EIB ('EFSI Agreement').
2015/03/16
Committee: ITRE
Amendment 250 #
Proposal for a regulation
Article 1 – paragraph 2
2. The EFSI Agreement must be approved by the European Parliament before the entry into force of this Regulation and shall be open to accession by Member States. Subject to the consent of existing contributors, the EFSI Agreement shall also be open to accession by other third parties, including national promotional banks or public agencies owned or controlled by Member States, and private sector entities.
2015/03/16
Committee: ITRE
Amendment 256 #
Proposal for a regulation
Article 1 – paragraph 2 a (new)
2a. If a Member State wishes to contribute to the EFSI’s budget, it must be given a guarantee that such funds will be disbursed for projects concerning the national territory of the Member State in question.
2015/03/16
Committee: ITRE
Amendment 299 #
Proposal for a regulation
Article 3 – paragraph 1
1. The EFSI Agreement shall provide that the EFSI shall be governed by a Steering Board, which shall determine the strategic orientation, the strategic asset allocation and operating policies and procedures, including the investment policy of projects that EFSI can support and the risk profile of the EFSI, in conformity with the objectives under Article 5(2). The Steering Board shall elect one of its members to be Chairperson. and must unequivocally respect the principles of transparency, independence and democracy.
2015/03/16
Committee: ITRE
Amendment 311 #
Proposal for a regulation
Article 3 – paragraph 4 – subparagraph 3
The Managing Director and the Deputy Managing Director shall be appointed by the Steering Board on a joint proposal of the Commission and the EIB after binding opinion of the Parliament, based on the principles of transparency, independence and democracy, for a renewable fixed term of three years.
2015/03/16
Committee: ITRE
Amendment 315 #
Proposal for a regulation
Article 3 – paragraph 5 – subparagraph 1
The EFSI Agreement shall provide that the EFSI shall have an Investment Committee, which shall be responsible for examining potential operations in line with the EFSI investment policies and approving the support of the EU guarantee for operations in line with Article 5, irrespective of their geographic location, but giving priority to those areas of the Member States that are particularly affected by the crisis.
2015/03/16
Committee: ITRE
Amendment 329 #
Proposal for a regulation
Article 3 – paragraph 5 – subparagraph 2
The Investment Committee shall be composed of six independent experts and the Managing Director. Independent experts shall have a, selected on the basis of their high level of relevant market knowledge and experience in project finance and be appointed by the Steering Board for a renewablein the sectoral areas covered by this Regulation, and the Managing Director. The independent experts shall be appointed by the Steering Board, after approval by the competent parliamentary committee, for a fixed term of three years.
2015/03/16
Committee: ITRE
Amendment 342 #
Proposal for a regulation
Article 5 – paragraph 2 – introductory part
The EU guarantee shall be granted for EIB financing and investment operations designed to increase the resilience of the Union and accelerate the transition to a low-carbon, circular and sharing economy and approved by the Investment Committee referred to in Article 3(5) or funding to the EIF in order to conduct EIB financing and investment operations in accordance with Article 7(2). The operations concerned shall be consistent with Union policies and support any of the following general objectives:
2015/03/16
Committee: ITRE
Amendment 357 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – point a
(a) development of infrastructure, including in the areas of transport, particularly in industrial centres; energy, the transport sector, promoting intermodality, efficiency and sustainability, paying particular energy interconnections; and digital infrastructuattention to industrial centres;
2015/03/16
Committee: ITRE
Amendment 375 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – point b
(b) investment in education and training, professional training, health, research and the development of sustainable technologies, goods and services, information and communications technology and innovation designed to achieve the EU’s energy and environment targets for 2020 , 2030 and 2050 so as to accelerate the transition to a low-carbon, circular and sharing economy;
2015/03/16
Committee: ITRE
Amendment 396 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – point c
(c) expansion of renewable energy and energy and resource efficiency, paying particular attention to industrial and building insulation measures;
2015/03/16
Committee: ITRE
Amendment 406 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – point d
(d) infrastructurnovative projects in the environmental, natural resources, urban development and social fields;
2015/03/16
Committee: ITRE
Amendment 432 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 2 a (new)
These investment platforms must involve the competent public authorities, the relevant social and economic partners and representatives of civil society.
2015/03/16
Committee: ITRE
Amendment 471 #
Proposal for a regulation
Article 9 – paragraph 1
1. The Commission and the EIB, with support from the Member States and the European Parliament, shall promote the creation of a transparent pipeline of current and potential future investment projects in the Union. The pipeline is without prejudice to the final projects selected for support according to Article 3(5).
2015/03/16
Committee: ITRE
Amendment 473 #
Proposal for a regulation
Article 9 – paragraph 2
2. The Commission and the EIB shall develop, update and disseminate, on a regular and, structured and transparent basis, information on current and future investments which significantly contribute to achieving EU policy objectives, specifically information concerning energy and the environment for 2020, 2030 so as to accelerate the transition to a low-carbon, circular and sharing economy.
2015/03/16
Committee: ITRE
Amendment 476 #
Proposal for a regulation
Article 9 – paragraph 3
3. Member States shall develop, update and disseminate, on a regular and, structured and transparent basis, information on current and future investment projects in their territory.
2015/03/16
Committee: ITRE
Amendment 477 #
Proposal for a regulation
Article 10 – paragraph 1
1. The EIB, in cooperation with the EIF as appropriate, shall report semi-annually to the Commission on EIB financing and investment operations under this Regulation. The report shall include an assessment of compliance with the requirements on the use of the EU guarantee and the key performance indicators established pursuant to Article 2(1)(g). The report shall also include statistical, financial and accounting data on each EIB financing and investment operation and on an aggregated basis. This report must be drawn up in accordance with the principles of transparency, independence and a willingness to share.
2015/03/16
Committee: ITRE
Amendment 485 #
Proposal for a regulation
Article 10 – paragraph 2 – point b
(b) an assessment of the added value, the mobilisation of private sector resourcesfrom the economic, environmental and social point of view, the estimated and actual outputs, outcomes and impact of EIB financing and investment operations at an aggregated basis;
2015/03/16
Committee: ITRE
Amendment 493 #
Proposal for a regulation
Article 11 – paragraph 1
1. At the request of the European Parliament, tThe Managing Director shall participate annually in a hearing of the European Parliament on the performance of the EFSI.
2015/03/16
Committee: ITRE
Amendment 497 #
Proposal for a regulation
Article 12 – paragraph 1 – subparagraph 1
At the latest [PO insert date: 182 months after the entry into force of this Regulation] the EIB shall evaluate the functioning of the EFSI. The EIB shall submit its evaluation annually to the European Parliament, the Council and the Commission;
2015/03/16
Committee: ITRE
Amendment 500 #
Proposal for a regulation
Article 12 – paragraph 1 – subparagraph 2
At the latest [PO insert date: 182 months after the entry into force of this Regulation] the Commission shall evaluate the use of the EU guarantee and the functioning of the guarantee fund, including the use of endowments according to Article 8(9). The Commission shall submit its evaluation annually to the European Parliament and the Council.
2015/03/16
Committee: ITRE
Amendment 502 #
Proposal for a regulation
Article 12 – paragraph 2 – introductory part
2. By 30 June 2018 and every three years thereafteEach year:
2015/03/16
Committee: ITRE
Amendment 503 #
Proposal for a regulation
Article 12 – paragraph 2 – point b a (new)
(ba) the Commission shall publish in addition an assessment of the criteria used by the Investment Committee in selecting or rejecting the projects submitted.
2015/03/16
Committee: ITRE
Amendment 509 #
Proposal for a regulation
Article 13 – paragraph 1
In accordance with its own transparency policies on access to docuThe EIB shall make publicly available on its website information relating to the projects submitted for funding in order to ensure a public consultation on their eligibility in accordance with the principles of economic, environmentsal and information, the EIB shall make publicly available on its website information relating tosocial sustainability. For approved projects, the EIB shall publish on its website all EIB financing and investment operations and how they contribute to the general objectives referred to in Article 5(2).
2015/03/16
Committee: ITRE
Amendment 510 #
Proposal for a regulation
Article 13 – paragraph 1 b (new)
The EIB shall publish detailed information on its website on decisions made by the Investment Committee in selecting projects to be funded by the Investment Plan, and especially the reasons why projects were rejected.
2015/03/16
Committee: ITRE
Amendment 520 #
Proposal for a regulation
Article 18
[...]deleted
2015/03/16
Committee: ITRE
Amendment 523 #
Proposal for a regulation
Article 19
In Article 5 of Regulation (EU) No 1316/2013, paragraph 1 is replaced by the following: 1. The financial envelope for the implementation of the CEF for the period 2014 to 2020 is set at EUR 29 942 259 000 (*) in current prices. That amount shall be distributed as follows: (a) transport sector: EUR 23 550 582 000, 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: 1 041 602 000 EUR; (c) energy sector: 5 350 075 000 EUR. These amounts are without prejudice to the application of the flexibility mechanism provided for under Council19 deleted Amendment to Regulation (EU, Euratom) No 13116/2013. 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).
2015/03/16
Committee: ITRE