BETA

Activities of Beatrix von STORCH related to 2015/0009(COD)

Plenary speeches (1)

2016/11/22
Dossiers: 2015/0009(COD)

Amendments (21)

Sander LOONES, Richard ASHWORTH, Beatrix von STORCH

Proposal for a regulation
Recital 9 a (new)

(9a) The EFSI should be in accordance with Article 101 of the Treaty on the Functioning of the European Union which states that the following should be prohibited as incompatible with the single market: all agreements between undertakings, decisions by associations of undertakings and concerted practices which may affect trade between Member States and which have as their object or effect the prevention, restriction or distortion of competition within the single market.

2015/03/19
Committee: BUDG ECON

Beatrix von STORCH

Proposal for a regulation
Recital 11

(11) The EFSI, being an Alternative Investment Fund, should only support strategic investments with high economic value added contributing to achieving Union policy objectives.

2015/03/19
Committee: BUDG ECON

Beatrix von STORCH

Proposal for a regulation
Recital 13 a (new)

(13a) The EFSI invests its means during the investment period and is wound up when its lifecycle has ended.

2015/03/19
Committee: BUDG ECON

Beatrix von STORCH

Proposal for a regulation
Recital 17 a (new)

(17a) The EFSI and its Managers are subject to Directive 2011/61/EU of the European Parliament and of the Council, and, when applicable, the exemptions thereof.

2015/03/19
Committee: BUDG ECON

Beatrix von STORCH

Proposal for a regulation
Recital 18

(18) In order to enable the EFSI to support investments, the Union should grant a temporary guarantee of an amount less or equal to EUR 168 000 000 000 at any point in time. When provided on a portfolio basis, the guarantee coverage should be capped depending upon the type of instrument, such as debt, equity or guarantees, as a percentage of the volume of the portfolio of outstanding commitments. It is expected that when the guarantee is combined with EUR 5 000 000 000 to be provided by the EIB, that the EFSI support should generate EUR 60 800 000 000 additional investment by the EIB and EIF. This EUR 60 800 000 000 supported by the EFSI is expected to generate a total of EUR 315 000 000 000 in investment in the Union within the period 2015 to 2017. Guarantees that are attached to projects which are completed without a call on a guarantee are available for supporting new operations.

2015/03/25
Committee: BUDG ECON

Beatrix von STORCH

Proposal for a regulation
Recital 28

(28) The guarantee fund is intended to provide a liquidity cushion for the Union budget against losses incurred by the EFSI in pursuit of its objectives. Experience on the nature of investments to be supported by the EFSI indicateshall act as a firewall to the Union budget and cover any and all losses incurred by the EFSI in pursuit of its objectives. The Union's total guarantee obligations tsha~~t a ratio of 50% betw~~ll not exceend the ~~payment~~contributions from the Union budget ~~and from the Union's total guarantee obligations would be adequat~~to the EFSI at any time.

2015/03/25
Committee: BUDG ECON

Sander LOONES, Richard ASHWORTH, Zbigniew KUŹMIUK, Stanisław OŻÓG, Beatrix von STORCH

Proposal for a regulation
Recital 28 a (new)

(28a) All payments to the guarantee fund and budget decisions otherwise associated with the operation of the EFSI should be fully consistent with the terms of the multiannual financial framework and authorised by the European Parliament and the Council through the annual budgetary procedure.

2015/03/25
Committee: BUDG ECON

Sander LOONES, Beatrix von STORCH

Proposal for a regulation
Recital 35

(35) In order to ensure an appropriate coverage of the EU guarantee obligations and to ensure the continued availability of the EU guarantee, the power to adopt acts in accordance with Article 290 of the Treaty on the Functioning of the European Union should be delegated to the Commission with respect to the adjustment of the amounts to be paid in from the general budget of the Union and to amend Annex I accordingly. It is of particular importance that the Commission carry out appropriate consultations during its preparatory work, including at expert level. The Commission, when preparing and drawing up delegated acts, should ensure a simultaneous, timely and appropriate transmission of relevant documents to the European Parliament and to the Council.deleted

2015/03/25
Committee: BUDG ECON

Sander LOONES, Richard ASHWORTH, Zbigniew KUŹMIUK, Bernd LUCKE, Stanisław OŻÓG, Beatrix von STORCH

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

The Commission shall ~~conclude an~~negotiate a draft agreement with the European Investment Bank (EIB) on the establishment of a temporary European Fund for Strategic Investments ('EFSI'). The EFSI Agreement shall be approved by the co- legislators, prior to the entry into force of this Regulation so as to ensure that the EFSI Agreement provides for the proper implementation of the Regulation. (This amendment applies throughout the text. Adopting it will necessitate corresponding changes throughout.)

2015/03/25
Committee: BUDG ECON

Sander LOONES, Richard ASHWORTH, Beatrix von STORCH

Proposal for a regulation
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, including national promotional banks or public agencies owned or controlled by Member States, and private sector entities.deleted

2015/03/25
Committee: BUDG ECON

Beatrix von STORCH

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

(a) provisions governing the establishment of the EFSI as a distinct, clearly identifiable and transparent guarantee facility and separate ~~account managed by the EIB~~managed account;

2015/03/25
Committee: BUDG ECON

Beatrix von STORCH

Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 – point c a (new)

(ca) a provision that any investments of the EFSI must be undertaken within three years after the date on which it has been set up ("investment period");

2015/03/25
Committee: BUDG ECON

Beatrix von STORCH

Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 – point e b (new)

(eb) provisions establishing a procedure to wind-up the EFSI after its investment period has ended;

2015/03/25
Committee: BUDG ECON

Beatrix von STORCH

Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 – point f a (new)

(fa) a provision that the EU guarantee may only be used for investments undertaken during the investment period of the EFSI;

2015/03/25
Committee: BUDG ECON

Beatrix von STORCH

Proposal for a regulation
Article 4 – paragraph 1

The Union shall provide a guarantee to the EIB for financing or investment operations carried out within the 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. The EU guarantee may only be used for investments undertaken during the investment period of the EFSI.

2015/03/25
Committee: BUDG ECON

Sander LOONES, Richard ASHWORTH, Beatrix von STORCH

Proposal for a regulation
Article 5 – paragraph 4

4. Provided that all relevant eligibility criteria are fulfilled, Member States may use European Structural and Investment Funds, in accordance with EU state aid rules, to contribute to the financing of eligible projects in which the EIB is investing with the support of the EU guarantee, provided that both the eligibility criteria of the relevant instruments and of the EFSI are fulfilled..

2015/03/25
Committee: BUDG ECON

Beatrix von STORCH

Proposal for a regulation
Article 7 – paragraph 1

1. The ~~EU guarantee to the EIB shall be of an amount equal to EUR 16 000 000 000, of which a~~maximum amount of the EU guarantee is EUR 8 000 000 000. At any point in time, the EU guarantee to the EIB may not exceed the endowment of the guarantee fund. A maximum amount of EUR 2 500 000 000 may be allocated for EIB funding to the EIF in accordance with paragraph 2. Without prejudice to Article 8(9), aggregate payments from the Union under the guarantee to the EIB shall not exceed the amount of the guarantee.

2015/03/25
Committee: BUDG ECON

Beatrix von STORCH

Proposal for a regulation
Article 8 – paragraph 5 – subparagraph 1

Endowments to the guarantee fund referred to in paragraph 2 shall be used to reach an appropriate level to reflect the total EU guarantee obligations ('target amount'). The target amount ~~shall be set at 50% of~~is equal to the Union's total guarantee obligations.

2015/03/25
Committee: BUDG ECON

Sander LOONES, Richard ASHWORTH, Beatrix von STORCH

Proposal for a regulation
Article 8 – paragraph 6

6. By 31 December 2018, and every year thereafter, the Commission shall review the adequacy of the level of the guarantee fund taking into account any reduction of resources resulting from the activation of the guarantee and the EIB's assessment submitted in accordance with Article 10(3). The Commission shall be empowered to adopt delegated acts in accordance with Article 17 adjusting the target amount provided for in paragraph 5 by a maximum of 10% to better reflect the potential risk of the EU guarantee being called.deleted

2015/03/25
Committee: BUDG ECON

Sander LOONES, Richard ASHWORTH, Beatrix von STORCH

Proposal for a regulation
Article 12 – paragraph 1 – subparagraph 1

~~At the latest [PO insert date: 18 month~~Within 3 years after the entry into force of this Regulation], the ~~EIB shall evaluate the functioning of the EFSI. The EIB shall submit its evaluation~~Commission shall submit to the European Parliament, and the Council a~~nd the Commiss~~ report containing an independent evaluation of the application of this Regulation;.

2015/03/19
Committee: BUDG ECON

Sander LOONES, Richard ASHWORTH, Beatrix von STORCH

Proposal for a regulation
Article 17

1. The power to adopt delegated acts is conferred on the Commission subject to the conditions laid down in this Article. 2. The power to adopt delegated acts referred to in Article 8(6) shall be conferred on the Commission for a period of three years from the entry into force of this Regulation. The Commission shall draw up a report in respect of the delegation of power not later than nine months before the end of the three-year period. The delegation of power shall be tacitly extended for periods of an identical duration, unless the European Parliament or the Council opposes such extension not later than three months before the end of each period. 3. The delegation of power referred to in Article 8(6) may be revoked at any time by the European Parliament or by the Council. A decision to revoke shall put an end to the delegation of the power specified in that decision. It shall take effect the day following the publication of the decision in the Official Journal of the European Union or at a later date specified therein. It shall not affect the validity of any delegated acts already in force. 4. As soon as it adopts a delegated act, the Commission shall notify it simultaneously to the European Parliament and to the Council. 5. A delegated act adopted pursuant to Article 8(6) shall enter into force only if no objection has been expressed either by the European Parliament or by the Council within a period of two months of notification of that act to the European Parliament and the Council or if, before the expiry of that period, the European Parliament and the Council have both informed the Commission that they will not object. That period shall be extended by two months at the initiative of the European Parliament or of the Council.Article 17 deleted Exercise of the delegation

2015/03/19
Committee: BUDG ECON