Activities of Marcus PRETZELL related to 2015/0009(COD)
Shadow opinions (1)
OPINION on the proposal for a regulation of the European Parliament and of the Council on the European Fund for Strategic Investments and amending Regulations (EU) No 1291/2013 and (EU) No 1316/2013
Amendments (55)
Amendment 37 #
Proposal for a regulation
Recital 2
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 under the auspices of national subsidiarity. Along with a renewed impetus towards investment financing, these preconditions can contribute to establishing a virtuous circle, where investment projects help support employment and demand and lead to a sustained increase in growth potential.
Amendment 38 #
Proposal for a regulation
Recital 3
Recital 3
(3) The G20, through the Global Infrastructure Initiative, has recognised the importance of investment in, hence, national policies are called to pave the way for boosting demand and lifting productivity and growth and. Additionally, the EU has committed to creating a climate that facilitates higher levels of investment.
Amendment 39 #
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 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 additional viable investment projects.
Amendment 45 #
Proposal for a regulation
Recital 9
Recital 9
(9) The investment environment within the Union should be improved by removing barriers to investment, reinforcing the Single Market and by enhancing regulatory predictability. The work of the EFSI, and investments across Europe generally, should benefit from this accompanying workwork adding value to national efforts.
Amendment 46 #
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 small mid- cap companies, which are companies having up tono more than 3000 employees summed up over all their European subsidiaries. Overcoming Europe's current investment difficulties should contribute to strengthening the Union's economic, social and territorial cohesion.
Amendment 51 #
Proposal for a regulation
Recital 14
Recital 14
(14) The EFSI should target projects delivering high societboth a high potential of innovation as well as high technological and economic value. In particular, the EFSI should target projects that promote job creation, long- term growth and competitiveness. 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 54 #
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 to ensure additionality over existing operations. The EFSI should finance projects across the Union, including in the countries most affected by the financial crisis. The EFSI should only be used where financing is not available from other sources on reasonable terms.
Amendment 60 #
Proposal for a regulation
Recital 16
Recital 16
(16) The EFSI should target investments that are expected to be economically and technologically viable, which may entail a degree of appropriate risk, whilst still meeting the particular requirements for EFSI financing.
Amendment 66 #
Proposal for a regulation
Recital 19
Recital 19
(19) In order to allow for further increase in its resources, participation in the EFSI should be open to third parties, including Member States, national promotional banks or public agencies owned or controlled by Member States, private sector entities and entities outside the Union subject to the consent of existing contributors. Third parties may contribute directly to the EFSI and take part in the EFSI governance structure.
Amendment 69 #
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. These core principles need to be confirmed by the European Parliament. 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 guidance on the set of core principles with a view to ensuring an efficient use of public funds.
Amendment 76 #
Proposal for a regulation
Recital 27
Recital 27
(27) In order to cover the risks* related to the EU guarantee to the EIB, a guarantee fund should be established. The guarantee fund should be constituted by a gradual payment from the Union budget. The guarantee fundcertain percentage, the discrete amount of which shall be agreed by European Parliament, of the EFSI-budget should be kept as deposit base. This deposit base shall serve as guarantee fund intended to provide a liquidity cushion which should subsequently also receive revenues and repayments from projects that benefit from EFSI support and amounts recovered from defaulting debtors where the guarantee fund has already honoured the guarantee to the EIB. * risks need to be properly defined
Amendment 77 #
Proposal for a regulation
Recital 28
Recital 28
Amendment 78 #
Proposal for a regulation
Recital 29
Recital 29
(29) To partially finance the contribution from the Union budget, the available envelopes of the Horizon 2020 –Neither the Framework Programme for Research and Innovation 2014-2020, provided by Regulation (EU) No 1291/2013 of the European Parliament and of the Council2 , andnor 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 ifmay, in any way, be affected, in other words, the available envelopes of the Horizon 2020 may not be reduced. As those programmes serve purposes that are not replicated by the EFSI, they 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 ofpresent an appropriate addition to 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). 3 Regulation (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).
Amendment 80 #
Proposal for a regulation
Recital 33
Recital 33
(33) Although the projects identified under the project pipeline may be used by the EIB in the identification and selection of EFSI supported projects, the project pipeline should have a broader scope of identifying projects across the Union. This scope may include projects that are capable of being partly or fully financed by either the private sector or with the assistance of other instruments provided at European or national level. The EFSI should be able to support financing and investment to projects identified by the project pipeline, but there should be no automaticity between inclusion on the list and access to EFSI support and the EFSI be conferred with discretion to select and support projects that are not included on the list.
Amendment 82 #
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. This should be done in oral form at least once a semester as well as on invitation of the European Parliament, which should be followed within less than 4 weeks, and once a year in written form. The written report for a calendar year should be available within 6 months of the following year.
Amendment 87 #
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 and to ensure increased access to financing for companies having up tono more than 3000 employees summed up across all their European subsidiaries, with a particular focus on small and medium enterprises, through the supply of risk bearing capacity to the EIB ('EFSI Agreement').
Amendment 90 #
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 in the Member States, including national promotional banks or public agencies owned or controlled by Member States, and private sector entities.
Amendment 94 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 – point a
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; and the European Parliament having a voice in, especially as far as the guarantee is concerned;
Amendment 95 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 – point e
Article 2 – paragraph 1 – subparagraph 1 – point e
(e) detailed rules on the provision of the EU guarantee as a deposit base the percentage of which shall be defined by the European Parliament, in accordance with Article 7, including its capped coverage of portfolios of specific types of instruments, calls on the EU guarantee, that – with the exception of possible losses on equity - shall only occur once a year after profits and losses from operations have been netted, and its remuneration and the requirement that remuneration for risk- taking be allocated amongst contributors in proportion with their respective risk share;
Amendment 97 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 – point i
Article 2 – paragraph 1 – subparagraph 1 – point i
(i) provisions governing the manner in which third parties of the Member States may co-invest with EIB financing and investment operations supported by the EFSI;
Amendment 98 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 – point j
Article 2 – paragraph 1 – subparagraph 1 – point j
(j) the modalities of the EU guarantee coverage as to be defined by the European Parliament.
Amendment 104 #
Proposal for a regulation
Article 2 – paragraph 2 – subparagraph 3
Article 2 – paragraph 2 – subparagraph 3
The EIAH shall be partially financed by the Union up to a maximum amount of EUR 20 000 000 per year during the period ending on 31 December 2020 for the additional services provided for by the EIAH over existing EIB technical assistance. For the years after 2020 the financial contribution from the Union shall be directly linked to the provisions included in the future multi-annual financial frameworks, the details of which should be defined by the European Parliament.
Amendment 105 #
Proposal for a regulation
Article 2 – paragraph 3
Article 2 – paragraph 3
3. Member States that become parties to the EFSI Agreement shall be able to provide their contribution, in particular, in the form of cash or a guarantee acceptable to the EIB. Other third parties of the Member States shall be able to provide their contribution only in cash.
Amendment 108 #
Proposal for a regulation
Article 3 – paragraph 1
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 shallEuropean Parliament is called to elect one of its mMembers to befor Chairperson rotating every three years.
Amendment 114 #
Proposal for a regulation
Article 3 – paragraph 3 – subparagraph 2
Article 3 – paragraph 3 – subparagraph 2
The Steering Board shall strive to make decisions by consensus. If the Steering Board is not able to decide by consensus within a deadline set by the Chairperson, the Steering Board shall take a decision by simpletwo-third majority.
Amendment 117 #
Proposal for a regulation
Article 3 – paragraph 3 – subparagraph 3
Article 3 – paragraph 3 – subparagraph 3
No decision of the Steering Board shall be adopted if the European Parliament represented by the Chairperson, the Commission or the EIB votes against it.
Amendment 119 #
Proposal for a regulation
Article 3 – paragraph 4 – subparagraph 1
Article 3 – paragraph 4 – subparagraph 1
The EFSI Agreement shall provide that the EFSI shall have a Managing Director, who shall be responsible for the day-to-day management of the EFSI and the preparation and chairing of meetings of the Investment Committee referred to in paragraph 5. The Managing Director shall be assisted by a Deputy Managing Director. Both, the Managing Director and the Deputy Managing Director shall be elected by the European Parliament for a period of three years, whereas the Parliament is free to choose one of its Members or any other expert.
Amendment 123 #
Proposal for a regulation
Article 3 – paragraph 4 – subparagraph 3
Article 3 – paragraph 4 – subparagraph 3
Amendment 134 #
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 and technology and be appointed by the Steering Board for a renewable fixed term of three years.
Amendment 142 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – point a
Article 5 – paragraph 2 – subparagraph 1 – point a
(a) development of infrastructure, including in the areas of transport, particularly in industrial centres; energy, in particular energy interconnections; and digital infrastructure; and infrastructure projects in the environmental, natural resources and urban development fields;
Amendment 144 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – point c
Article 5 – paragraph 2 – subparagraph 1 – point c
(c) expansion of renewable energyenvironmentally friendly energy concepts and energy and resource efficiency;
Amendment 145 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – point d
Article 5 – paragraph 2 – subparagraph 1 – point d
Amendment 151 #
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, that invest in operations meeting the requirements of this Regulation. In that case, the Steering Board shall specify policies regarding eligible investment platforms subsequently having this confirmed by the Parliament.
Amendment 154 #
Proposal for a regulation
Article 5 – paragraph 4
Article 5 – paragraph 4
4. Provided that all relevant eligibility criteria are fulfilled, Member States may use European Structural and Investment Funds to contribute to the financing of eligible projects in which the EIB is investing with the support of the EU guarantee.
Amendment 155 #
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 may be paid in the event of a call on the EU guarantee. The amount of this guarantee fund shall be decided on by the European Parliament as a certain percentage of the investment sum being kept in stock as a deposit base;
Amendment 156 #
Proposal for a regulation
Article 8 – paragraph 2 – introductory part
Article 8 – paragraph 2 – introductory part
2. The so defined guarantee fund shall be endowmay be extended by:
Amendment 157 #
Proposal for a regulation
Article 8 – paragraph 2 – point a
Article 8 – paragraph 2 – point a
Amendment 158 #
Proposal for a regulation
Article 8 – paragraph 4
Article 8 – paragraph 4
Amendment 159 #
Proposal for a regulation
Article 8 – paragraph 4
Article 8 – paragraph 4
4. The resources of the guarantee fund provided to it under paragraph 2 shall be directly managed by the Commission after approval by the European Parliament and invested in accordance with the principle of sound financial management and follow appropriate prudential rules.
Amendment 160 #
Proposal for a regulation
Article 8 – paragraph 5 – subparagraph 1
Article 8 – paragraph 5 – subparagraph 1
Amendment 161 #
Proposal for a regulation
Article 8 – paragraph 5 – subparagraph 2
Article 8 – paragraph 5 – subparagraph 2
The target amount shall initially be met by the gradual payment of resources referred to ipercentage of the input sum of 13 000 000 000 Euro, that is to be defined by the European pParagraph 2(a)liament. If there have been calls on the guarantee during the initial constitution of the guarantee fund, endowments to the guarantee fund provided for in points (b), (c) and (d) of paragraph 2 shall also contribute to meet the target amount up to an amount equal to the calls on the guarantee.
Amendment 162 #
Proposal for a regulation
Article 8 – paragraph 6 – subparagraph 1
Article 8 – paragraph 6 – subparagraph 1
By 31 December 2018, and every year thereafter, the CommissionEuropean Parliament 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).
Amendment 163 #
Proposal for a regulation
Article 8 – paragraph 6 – subparagraph 2
Article 8 – paragraph 6 – subparagraph 2
Amendment 164 #
Proposal for a regulation
Article 8 – paragraph 8
Article 8 – paragraph 8
8. From 1 January 2019, if as a result of calls on the guarantee,The Commission has to take care that the level of the guarantee fund may not falls below 50% of the target amount, the Commission shall submit a report on exceptional measures that may be required to replenish iteven not as a result of calls on the guarantee.
Amendment 169 #
Proposal for a regulation
Article 10 – paragraph 1
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. Hereafter, the Commission shall pass this report to the European Parliament for approval;
Amendment 171 #
Proposal for a regulation
Article 10 – paragraph 2 – introductory part
Article 10 – paragraph 2 – introductory part
2. The EIB, in cooperation with the EIF as appropriate, shall report annuorally to the European Parliament and to the Council on EIB financing and investment operations. The every semester as well as annually in written form. Both reports shall be made public and include:
Amendment 177 #
Proposal for a regulation
Article 10 – paragraph 3 – introductory part
Article 10 – paragraph 3 – introductory part
3. For the purposes of the Commission's accounting and reporting of the risks covered by the EU guarantee and management of the guarantee fund, the EIB, in cooperation with the EIF as appropriate, shall provide the European Parliament and the Commission every year:
Amendment 178 #
Proposal for a regulation
Article 10 – paragraph 6
Article 10 – paragraph 6
6. The Commission shall, by 30 June of each year, send to the European Parliament, the Council and the Court of Auditors anthe final annual report on the situation of the guarantee fund and the management thereof in the previous calendar year.
Amendment 179 #
Proposal for a regulation
Article 11 – paragraph 1
Article 11 – paragraph 1
1. At the request of the European Parliament, tThe Managing Director shall participate in a hearing of the European Parliament on the performance of the EFSI once a semester.
Amendment 182 #
Proposal for a regulation
Article 11 – paragraph 2
Article 11 – paragraph 2
2. The Managing Director shall reply orally or in writing to questions addressed to the EFSIto questions by the European Parliament, in any event within fivetwo weeks of receipt of a question.
Amendment 187 #
Proposal for a regulation
Article 11 – paragraph 3
Article 11 – paragraph 3
3. At the request of the European Parliament, the Commission shall report to the European Parliament on the application of this Regulation. within 2 weeks
Amendment 191 #
Proposal for a regulation
Article 12 – paragraph 1 – subparagraph 2
Article 12 – paragraph 1 – subparagraph 2
At the latest [PO insert date: 18 months after the entry into force of this Regulation] the Commission shall evaluateprepare a proposal for 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 evaluationproposal to the European Parliament and the Council.
Amendment 194 #
Proposal for a regulation
Article 12 – paragraph 4
Article 12 – paragraph 4
4. The EIB and EIF shall on a regular basisannually provide the European Parliament, the Council and the Commission with all their independent evaluation reports which assess the practical results achieved by the specific activities of the EIB and EIF under this Regulation.
Amendment 208 #
Proposal for a regulation
Article 18 – paragraph 1 – point 1 – introductory part
Article 18 – paragraph 1 – point 1 – introductory part
(1) In Article 6, paragraphs 1, 2 and 3 are replaced by the following: 1. The financial envelope for the implementation of Horizon 2020 may in no way be reduced by EFSI. Financial upgrade may be possible due to endowment of the guarantee funds and shall be allocated under Title XIX TFEU; The annual appropriations shall be authorised by the European Parliament and by the Council within the limits of the multiannual financial framework. 2. The amount for activities under Title XIX TFEU shall be distributed among the priorities set out in Article 5(2) of this Regulation as follows: (a) Excellent Science, 35% of the total amount in current prices; (b) Industrial leadership, 23,7% of the total amount in current prices; (c) Societal challenges, 41,3% of the total amount in current prices.
Amendment 210 #
Proposal for a regulation
Article 20 – paragraph 2
Article 20 – paragraph 2
The Commission shall assess those operations and, where they comply with the substantive requirements set out in Article 5 and in the EFSI Agreement, shall submit its proposal to the European Parliament to let its Members decide thatwhether the EU guarantee coverage may be extendsed to them.