46 Amendments of Simona BONAFÈ related to 2015/0009(COD)
Amendment 41 #
Proposal for a regulation
Recital 10
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 the benefit of 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 energy and resource efficiency by transitioning into a sustainable, digital and circular economy.
Amendment 49 #
Proposal for a regulation
Recital 11
Recital 11
(11) The EFSI should support strategic investments with high economic value added contributing to achieving Union policy objectivesor operations between a Member State and a country falling within the scope of the European Neighbourhood Policy including the Strategic Partnership, the Enlargement Policy, and the European Economic Area or the European Free Trade Association, or investments implementing the EU Macro-regional strategies and operations between a Member State and an Overseas Country or Territory, as set out in Annex II of the Treaty on the Functioning of the European Union. The investment should guarantee high economic, social and environmental value added, promoting quality jobs, sustainable innovation, skills and high quality employment, integrating and completing the single market, boosting the competitiveness of the EU. These strategic projects should benefit from positive externalities created by public investment and European Structural and Investment Funds in order to achieve Union policy objectives, including economic convergence between Member States and social cohesion.
Amendment 49 #
Proposal for a regulation
Recital 1
Recital 1
(1) The economic and financial crisis has led to a lowering of the level of investments within the Union. Investment has fallen by approximately 15% since its peak in 2007. The Union suffers, in particular those regions more affected by the crisis, from a lack of investment as a consequence of market uncertainty regarding the economic future and the fiscal constraints on Member States. This lack of investment slows economic recovery and negatively affects job creation, long-term growth prospects and competitiveness. Investment is a crucial component that will not only stimulate rapid economic and social recovery from the crisis, but also stimulate the creation of more and better jobs across the Union.
Amendment 61 #
Proposal for a regulation
Recital 4
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 action is required to coordinate policies and instruments and 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.
Amendment 70 #
Proposal for a regulation
Recital 14
Recital 14
(14) The EFSI should target projects delivering high societal, sustainable and economic added value. In particular, the EFSI should target projects that promote jobsustainable high quality employment creation, long- term sustainable growth and competitiveness, which will help achieve the EU's climate, energy and digital agenda goals. 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 principles should contribute to such effective and strategic use.
Amendment 84 #
Proposal for a regulation
Recital 10
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 the benefit of 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 energy and resource efficiency by transitioning into a sustainable, digital and circular economy.
Amendment 87 #
Proposal for a regulation
Recital 16
Recital 16
(16) The EFSI should target investments that are expected to be economically and technic, technically and environmentally viable, which may entail a degree of appropriate risk, whilst still meeting the particular requirements for EFSI financing.
Amendment 97 #
Proposal for a regulation
Recital 11
Recital 11
(11) The EFSI should support strategic investments with high economic value added contributing to achievingor operations between a Member State and a country falling within the scope of the European Neighbourhood Policy including the Strategic Partnership, the Enlargement Policy, and the European Economic Area or the European Free Trade Association, or between a Member State and an Overseas Country or Territory, as set out in Annex II of the Treaty on the Functioning of the European Union. The investments should guarantee high economic and social added value, promoting quality jobs, sustainable innovation, skills and high quality employment, integrating and completing the single market, boosting the competitiveness of the EU. These strategic projects should benefit from positive externalities created by public investment and European Structural and Investment Funds in order to achieve Union policy objectives.
Amendment 101 #
Proposal for a regulation
Recital 11 a (new)
Recital 11 a (new)
(11a) The Commission Communication (COM(2010/245)) on a Digital Agenda for Europe and the Commission Communication (COM(2015/442)) "Towards a thriving data driven economy" have stressed the importance of the digital sector as a tool for sustainable and high quality economic growth, furthermore, they stress the need for the creation of framework conditions for its development. In order to grasp that opportunity, a special focus on digital investment and digital framework conditions is needed by means of earmarking a share of the granted guarantees for investment in networks and skills; by providing technical assistance for the establishment of dedicated investment platforms for aggregated project for digital development; and by broadening the "investment clause" for digital sectors investments.
Amendment 110 #
Proposal for a regulation
Recital 12
Recital 12
(12) Many small and medium enterprises, as well as small and/or innovative mid-cap companies, across the Union, particularly in Member States where SMEs face greater difficulties in accessing credit, 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') where relevant) to provide direct and indirect equity injections, as well as to provide guarantees for high-quality securitisation of loans, and other products that are granted in pursuit of the aims of the EFSI.
Amendment 116 #
Proposal for a regulation
Recital 13
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 financeprovision of EFSI funding to small and medium enterprises and small mid-cap companies should be channelled through the European Investment Fund ('EIF') and the EIB to benefit from its experience in these activities.
Amendment 126 #
Proposal for a regulation
Recital 14
Recital 14
(14) The EFSI should target projects delivering high societal, sustainable and economic added value. In particular, the EFSI should target projects that promote jobsustainable high quality employment creation, long- term sustainable growth and competitiveness, which will help achieve the EU's climate, energy and digital agenda goals. 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 and focusing on projects with a higher risk coefficient than the ones normally financed by the EIB so as to ensure the most effective and strategic use of public money. The requirement for consistency with State aid principles should contribute to such effective and strategic use.
Amendment 133 #
Proposal for a regulation
Recital 14 a (new)
Recital 14 a (new)
(14a) When selecting the projects eligible under EFSI support, specific attention should be given to energy efficiency and digital solutions; when deciding on projects, it should be assessed whether the goals in terms of security of supply cannot be reached in a more sustainable and cost-effective way by using new digital technologies and ICT instead; this to ensure that projects are competing on equal terms with projects that are aimed at increasing energy supply or developing new infrastructures.
Amendment 141 #
Proposal for a regulation
Recital 15
Recital 15
(15) The EFSI should target projects with a higher risk-return profile than existing EIB and Union instruments and finance the riskier tranche of them to ensure additionality and complementarity over existing operations. The EFSI should aim at financeing projects across the Union, including in the countries most affected by the financial crisiwhole of the Union, above all where investment in percentage of GDP has substantially declined by taking into account the criteria of additionality and high risk profile in its investment policies. The EFSI should only be used where financing is not available from other sources on reasonable terms.
Amendment 164 #
Proposal for a regulation
Recital 18 a (new)
Recital 18 a (new)
(18a) On 13 January 2015, the European Commission presented a Communication on how it will apply the existing rules of the Stability and Growth Pact. National co-financing of operations supported by the EFSI, including in the transition period, are eligible to the flexibility within the existing rules of the Stability and Growth Pact, provided for by the Commission Communication of 13 January 2015, in accordance with the conditions and limits there included.
Amendment 178 #
Proposal for a regulation
Recital 20
Recital 20
(20) At the level of projects, third parties may co-finance together with EFSI on a project-by-project basis or in investment platforms related to specific geographic or thematic sectors. Special attention should be given to dedicated investment platforms that focus on transformative sectors with high economic and social added value and investment platforms that aggregate small scale sustainable and innovative projects, notably driven by regions, cities and SMEs also in the digital sector; for example projects for high speed internet connection aimed at reducing digital divide.
Amendment 180 #
Proposal for a regulation
Recital 21
Recital 21
(21) Provided that all relevant eligibility criteria are fulfilled, third parties may co- finance together with EFSI on a project- by-project basis or in investment platforms related to geographic or thematic sectors. Member States may use European Structural Investment Funds to contribute to the financing of eligible projects that are supported by the EU guarantee. The flexibility of this approach should maximise the potential to attract investors to the areas of investment targeted by the EFSI.
Amendment 187 #
Proposal for a regulation
Recital 22
Recital 22
(22) In accordance with the Treaty on the Functioning of the European Union, Infrastructure and project investments supported under EFSI should be consistent with State aid rules. 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 that will have to ensure compliance with existing sectoral legislation on State aid in the case of projects that provide for the partial use of non-repayable public finance.
Amendment 193 #
Proposal for a regulation
Recital 26
Recital 26
(26) Alongside the financing operations that will be conducted through the EFSI, a European Investment Advisory Hub ('EIAH') should be created. The EIAH should provide strengthened support for project development and prepar, preparation and aggregation across the Union, by building on the expertise of the Commission, the EIB, national promotional banks and, the managing authorities of the European Structural and Investment Funds and best practices from projects such as ELENA (European Local Energy Assistance), InnovFin (EU Finance for Innovators) and the EEIF (European Energy Efficiency Fund). This should establish a single point of entry for questions related to technical assistance for investments within the Union.
Amendment 203 #
Proposal for a regulation
Article 4 – paragraph 1
Article 4 – paragraph 1
The Union shall provide a guarantee to the EIB for financing or investment operations carried out within then irrevocable and unconditional guarantee for financing or investment operations carried out within the Union, or operations between a Member State and a country falling within the scope of the European Neighbourhood Policy including the Strategic Partnership, the Enlargement Policy, and the European Economic Area or the European Free Trade Association, or investments implementing the EU Macro-regional strategies and operations between a Member State and an Overseas Country or Territory, as set out in Annex II of the Treaty on the Functioning of the European Union, covered by this Regulation ('EU guarantee'). The EU guarantee shall be granted as a guarantee on demand in respect of instruments referred to in Article 6.
Amendment 206 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – introductory part
Article 5 – paragraph 2 – subparagraph 1 – introductory part
The EU guarantee shall be granted for EIB financing and investment operations, focused at fostering the transition towards a smart, sustainable and decarbonized economy and at speeding up the transition towards a digital economy, based on the smart use of new available technologies 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:
Amendment 224 #
Proposal for a regulation
Recital 34
Recital 34
(34) To ensure accountability to European citizens, the EIB should regularly report to the European Parliament and the Council on the progress and impact of the EFSI. To that end, a semestrial Report, indicating at least: What projects have been financed, the financial instruments used and the state of implementation of funded projects should be produced. In case of failed projects, the Report shall include a thorough analysis of the situation, highlighting possible repercussion on the Guarantee fund.
Amendment 228 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – point c
Article 5 – paragraph 2 – subparagraph 1 – point c
(c) expansion of renewable energy and energy and resource efficiency, with a particular focus on projects investing on fostering the circular economy;
Amendment 244 #
Proposal for a regulation
Article 1 – paragraph 1 – subparagraph 2
Article 1 – paragraph 1 – subparagraph 2
The purpose of the EFSI shall be to support investments in the Union conducive to competitive and sustainable growth with a view to overcome the investment gap among the Member States of the Union and to ensure increased access to financing for companies having up to 3 000 employees, with a particular focus on small and medium as well as innovative enterprises, start-ups and clusters of enterprises, through the supply of risk bearing capacity to the EIB ('EFSI Agreement').
Amendment 252 #
Proposal for a regulation
Article 1 – paragraph 2
Article 1 – paragraph 2
2. The EFSI Agreement shall be open to accession by Member States. Subject to the consent of existing contributors, the EFSI Agreement shall also be open to accession by other third parties, includingnotably national promotional banks or public agencies owned or controlled by Member States, dedicated investment platforms and private sector entities.
Amendment 260 #
Proposal for a regulation
Article 1 a (new)
Article 1 a (new)
Article 1a Definitions For the purposes of this Regulation, the following definition apply; (a) ´national promotional banks or institutions´ means legal entities carrying out a financial activity on a professional basis and upon which are conferred a public mandate by a Member State, whether at central, regional or local level, to carry out public development or promotional activities, seeking to address market failures; (b)' Investment Platform' means a cofinancing arrangement established for financing projects through a special purpose vehicle, a managed account or a contract. An Investment Platform can be multi-country, regional, macro-regional (regrouping several Member States interested in large projects in a given geographic area), national (grouping certain investment projects on the territory of a given Member State) or sectorial (pooling across several Member States in one sector); (c) 'additionality' means the support by the EFSI of operations which address market failures or investment gaps and which could not have been carried out in that period under normal EIB instruments without EFSI support or to the same extent during that period under EIF and EU instruments. The projects supported by the EFSI, while striving to create jobs and growth, shall typically have a higher risk profile than projects supported by normal EIB operations
Amendment 274 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 – point g
Article 2 – paragraph 1 – subparagraph 1 – point g
(g) requirements governing the use of the EU guarantee, including within specific time frames, key projects and fields of financing set out in article 5.2 and key performance indicators;
Amendment 281 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 3
Article 2 – paragraph 1 – subparagraph 3
The EFSI Agreement shall provide that EFSI activities conducted by the EIF are to be governed by the EIF governing bodies, in accordance with the disposition of the present Regulation, in particular in Article 5.
Amendment 287 #
Proposal for a regulation
Article 2 – paragraph 2 – subparagraph 1
Article 2 – paragraph 2 – subparagraph 1
The EFSI Agreement shall provide for the creation of a European Investment Advisory Hub ('EIAH') within the EIB. The EIAH shall have as its objective to build upon existing EIB and Commission advisory services in order to provide advisory support for investment project identification, preparation and development and act as a single technical advisory hub for project financing within the Union. This shall include support on the use of technical assistance for project structuring, use of innovative financial instruments, use of public-private partnerships and advice, as appropriate, on relevant issues of EU legislfields and areas of EU legislation and policies with particular relevance for the objectives set out in article 5 paragraph 2. EIAH shall provide targeted support in those areas taking into account technical assistance needs and capacity building gaps whenever they surface across Europe, irrespective of their geographic location.
Amendment 289 #
Proposal for a regulation
Article 2 – paragraph 2 – subparagraph 2
Article 2 – paragraph 2 – subparagraph 2
To meet that objective, the EIAH shall use the expertise of the EIB, the Commission, national promotional banks and the managing authorities of the European Structural and Investment Funds. and involve partners according to Article 5 of Regulation EU No 1303/2013. The EIAH shall especially build upon the good practices in programmes such as ELENA (European Local Energy Assistance), InnovFin (EU Finance for Innovators) and the EEIF (European Energy Efficiency Fund);
Amendment 317 #
Proposal for a regulation
Article 3 – paragraph 5 – subparagraph 1
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. and taking into consideration the principle of overall harmonious development of all regions of the Union.
Amendment 331 #
Proposal for a regulation
Article 3 – paragraph 5 – subparagraph 2
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 high level of relevant market experience in project finance, as well as in regional economic and social development and be appointed by the Steering Board for a renewable fixed term of three years.
Amendment 335 #
Proposal for a regulation
Article 4 – paragraph 1
Article 4 – paragraph 1
The Union shall provide a guarantee to the EIB for financing or investment operations carried out within then irrevocable and unconditional guarantee for financing or investment operations carried out within the Union, or operations between a Member State and a country falling within the scope of the European Neighbourhood Policy including the Strategic Partnership, the Enlargement Policy, and the European Economic Area or the European Free Trade Association, or between a Member State and an Overseas Country or Territory, as set out in Annex II of the Treaty on the Functioning of the European Union, covered by this Regulation (‘EU guarantee’). The EU guarantee shall be granted as a guarantee on demand in respect of instruments referred to in Article 6.
Amendment 364 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – point a a (new)
Article 5 – paragraph 2 – subparagraph 1 – point a a (new)
(aa) development of knowledge and training hubs containing a strong concentration of both digital and entrepreneurial skills to start a virtuous development cycle aimed at developing strong innovative businesses in new, high tech sectors;
Amendment 381 #
Proposal for a regulation
Recital 19 a (new)
Recital 19 a (new)
(19a) Given their technical expertise in setting up and financing projects, and their in-depth knowledge of economic and social situations at national and regional level, the Investment Committee may grant the EU guarantee to national promotional institutions or banks to cover activities that fall within the scope of the EFSI’s objectives. Such operations shall therefore be managed for the account of the EIB with no financial commitment on the part of the bank.
Amendment 388 #
Proposal for a regulation
Recital 20 a (new)
Recital 20 a (new)
(20a) Considering that infrastructure assets have a strong default and recovery record and considering that infrastructure project finance can be seen as a means to diversify institutional investors asset portfolios, infrastructure projects benefiting from the EFSI support should be treated as Type 1 exposures for the calculation of the Solvency Capital Requirement as set out in Title I Chapter V Section 6 of Commission Delegated Regulation (EU) 2015/35 of 10 October 2014 supplementing Directive 2009/138/EC of the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II). This approach should be examined as part of the Commission review of the methods, assumptions and standard parameters used when calculating the Solvency Capital Requirement with the standard formula, as referred to in recital 150 of that Delegated Regulation.
Amendment 389 #
Proposal for a regulation
Recital 20 a (new)
Recital 20 a (new)
(20a) The financial contributions to the EFSI of the Member States and their national promotional institutions or banks, including their potential participation in investment platforms, shall not be taken into account by the Commission when defining the fiscal adjustments under the preventive and corrective arms of the Pact.
Amendment 398 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – point c
Article 5 – paragraph 2 – subparagraph 1 – point c
(c) expansion of renewable energy and energy and resource efficiency;, with a particular focus on projects investing on fostering the circular economy.
Amendment 424 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 2
Article 5 – paragraph 2 – subparagraph 2
In addition, the EU guarantee shall be granted for support of dedicated investment platforms and national promotional banks, via the EIB, and other similar structures that invest in operations meeting the requirements of this Regulation after approval by Investment Committee referred to in Article 3(5). In that case, the Steering Board shall specify policies, in accordance with Article 3(1), regarding eligible investment platforms.
Amendment 445 #
Proposal for a regulation
Article 5 – paragraph 4 a (new)
Article 5 – paragraph 4 a (new)
4a. The Commission, the EIB and the Member States shall ensure that all the investments with the support of the EFSI take into consideration their impact by sector at local and regional level on economic, social and territorial cohesion, increasing demand without affecting supply, and foster synergies and effective coordination between the EFSI and the European Structural and Investment Funds, in order to ensure that they contribute to the achievement of the Union’s economic, social and territorial cohesion and to reduce unemployment;
Amendment 472 #
Proposal for a regulation
Article 9 – paragraph 1
Article 9 – paragraph 1
1. The Commission and the EIB, with support from the Member States, shall promoteestablish 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). The criteria to select investment project shall take into account the added value in terms of economic and social sustainability.
Amendment 594 #
Proposal for a regulation
Article 1 – paragraph 2
Article 1 – paragraph 2
2. The EFSI Agreement shall be open to accession by Member States. Subject to the consent of existing contributors, the EFSI Agreement shall also be open to accession by other third parties, includingnotably national promotional banks or public agencies owned or controlled by Member States, dedicated investment platforms and private sector entities.
Amendment 737 #
Proposal for a regulation
Article 2 – paragraph 3 a (new)
Article 2 – paragraph 3 a (new)
3a. When insurance and reinsurance undertakings contribute directly to the EFSI Agreement or co-finance together with the EFSI infrastructure projects, such direct contribution and co-financing shall be treated as Type 1 exposures for the calculation of the Solvency Capital Requirement as set out in Title I Chapter V Section 6 of Commission Delegated Regulation (EU) 2015/35 of 10 October 2014 supplementing Directive 2009/138/EC of the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II). Infrastructure investment projects benefiting from the EFSI support should also be treated as Type 1 exposures for the calculation of the Solvency Capital Requirement.
Amendment 1034 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 2
Article 5 – paragraph 2 – subparagraph 2
In addition, the EU guarantee shall be granted for support of dedicated investment platforms and national promotional banks, via the EIB, and other similar structures that invest in operations meeting the requirements of this Regulation after approval by Investment Committee referred to in Article 3 (5). In that case, the Steering Board shall specify policies, in accordance with Article 3 (1) regarding eligible investment platforms.
Amendment 1120 #
Proposal for a regulation
Article 8 – paragraph 1
Article 8 – paragraph 1
1. An EU guarantee fund (‘guarantee fund’) shall be established from which the EIB or the national promotional banks or institutions may be paid in the event of a call on the EU guarantee.
Amendment 1203 #
Proposal for a regulation
Article 9 – paragraph 1
Article 9 – paragraph 1
1. The Commission and the EIB, with support from the Member States and, where appropriate, their national promotional banks or institutions, 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).