99 Amendments of Rosa D'AMATO related to 2016/0276(COD)
Amendment 13 #
Proposal for a regulation
Citation 5 a (new)
Citation 5 a (new)
Having regard to the opinion of the Court of Auditors,
Amendment 14 #
Proposal for a regulation
Recital 1
Recital 1
(1) Since the Investment Plan for Europe3 was presented in November 2014, 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. TheThe Union is now in its fourth year of moderate recovery. The Commission maintains that 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. _________________ 3COM(2014) 903 final.
Amendment 15 #
Proposal for a regulation
Recital 2
Recital 2
Amendment 18 #
Proposal for a regulation
Recital 3 a (new)
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 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.
Amendment 19 #
Proposal for a regulation
Recital 4
Recital 4
(4) The EFSI, implemented and co- sponsored by the EIB Group, is firmly on track to deliverwards the 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.
Amendment 22 #
Proposal for a regulation
Recital 5
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".
Amendment 25 #
Proposal for a regulation
Recital 6
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 toThe 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 targettry to expand the capacity of the EFSI, Member States shcould also contribute as a matter of priority.
Amendment 33 #
Proposal for a regulation
Recital 8
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 –, sustainable growth 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, eliminating any support for fossil fuels. Zero emissions impact projects and energy efficiency projects should also be increasingly targeted. In addition, EFSI support to motorways should be avoided, unless it iFindings so far show that the broad support provided by the EFSI to energy, energy efficiency and renewable energy projects has nbeeded to support privaten accompanied by a corresponding reduction in ordinary EIB investments in transport in cohesion countries or in cross-border transport projects involving at least one cohesion countryhose sectors, thereby nullifying the notion of additionality. The loans financed under the EFSI should be additional to the normal investment operations of the EIB. 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.
Amendment 37 #
Proposal for a regulation
Recital 1
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.
Amendment 37 #
Proposal for a regulation
Recital 9
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.
Amendment 40 #
Proposal for a regulation
Recital 2
Recital 2
Amendment 41 #
Proposal for a regulation
Recital 3 a (new)
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.
Amendment 43 #
Proposal for a regulation
Recital 4
Recital 4
(4) The EFSI, implemented and co- sponsored by the EIB Group, is firmly on track to deliver theappears 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.
Amendment 43 #
Proposal for a regulation
Recital 10
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.
Amendment 49 #
Proposal for a regulation
Recital 5
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.”
Amendment 51 #
Proposal for a regulation
Recital 6
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 toThe 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 targettry to expand the capacity of the EFSI, Member States shcould also contribute on an optional basis as a matter of priority.
Amendment 53 #
Proposal for a regulation
Recital 11
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.
Amendment 55 #
Proposal for a regulation
Citation 5 a (new)
Citation 5 a (new)
Having regard to Opinion No 2/2016 of the European Court of Auditors,
Amendment 56 #
Proposal for a regulation
Recital 8
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 –, gprowthsperity 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 nbeeded to support privaten accompanied by a corresponding reduction in ordinary EIB investments in transport in cohesion countries or in cross-border transport projects involving at least one cohesion countryhose 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.
Amendment 60 #
Proposal for a regulation
Recital 12
Recital 12
Amendment 62 #
Proposal for a regulation
Recital 13
Recital 13
Amendment 63 #
Amendment 64 #
Proposal for a regulation
Recital 1
Recital 1
(1) Since the Investment Plan for Europe was presented in November 20143, the coIt is regrettable that the EFSI has failed to tackle the problem of the investment gap in the EU, and itions 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 comprehensive efforts initiated with the I should be noted that the problem of the lack of investment arises from a serious lack of aggregate demand and from the impact of austerity policies. It is necessary to effect a radical change in the way that investment Plans 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. _________________ 3pproached in Europe, addressing the real causes of the crisis and revising the economic governance framework so as to give a permanent boost to productive investments able to generate added value for the real economy and for society in all European countries. COM(2014) 903 final.
Amendment 65 #
Proposal for a regulation
Recital 16
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 instrument. 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.
Amendment 66 #
Proposal for a regulation
Recital 9
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.
Amendment 69 #
Proposal for a regulation
Recital 2
Recital 2
Amendment 74 #
Proposal for a regulation
Recital 10
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.
Amendment 74 #
Proposal for a regulation
Recital 17 a (new)
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.
Amendment 77 #
Proposal for a regulation
Recital 3 a (new)
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 Court of Auditors 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.
Amendment 78 #
Proposal for a regulation
Article 1 – paragraph 1 – introductory part
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:
Amendment 79 #
Proposal for a regulation
Recital 11
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.
Amendment 79 #
Proposal for a regulation
Article 1 – paragraph 1 – point 1
Article 1 – paragraph 1 – point 1
Regulation (EU) No 2015/1017
Article 4 – paragraph 2
Article 4 – paragraph 2
Amendment 81 #
Proposal for a regulation
Recital 4
Recital 4
(4) The EFSI, implemented and co- sponsored by the EIB Group, is firmly on trackIt is clear from the results achieved to date that it will be difficult for the EFSI to deliver the 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.
Amendment 82 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Regulation (EU) No 2015/1017
Article 5 – paragraph 1
Article 5 – paragraph 1
Amendment 86 #
Proposal for a regulation
Recital 12
Recital 12
Amendment 87 #
Proposal for a regulation
Recital 13
Recital 13
Amendment 88 #
Proposal for a regulation
Recital 14
Recital 14
Amendment 90 #
Proposal for a regulation
Recital 5
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."
Amendment 90 #
Proposal for a regulation
Recital 16
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.
Amendment 92 #
Proposal for a regulation
Recital 6
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 succThe plan has failed to address, the Commission is committed to the doubling of the EFSI, both in terms of duration and financial capacity. The legal extension 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, Member States should also contribute as a matter of priorinvestment gap in Europe and has been insufficiently diversified both sectorally and geographically, due to sub- optimal allocation of investment, funding projects with a high environmental impact and dubious additionality. Despite this, after barely 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, in terms both of duration and of financial capacity.
Amendment 94 #
Proposal for a regulation
Recital 17 a (new)
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.
Amendment 95 #
Proposal for a regulation
Article 1 – paragraph 1 – point 4 – point d
Article 1 – paragraph 1 – point 4 – point d
Regulation (EU) No 2015/1017
Article 7 - paragraph 8 - point d
Article 7 - paragraph 8 - point d
'Decisions approving the use of the EU guarantee shall be public and accessible, and include the rationale for the decision, with particular focus on compliance with the additionality criterion. (The publication shall not contain commercially sensitive information. In reaching its decision, the Investment Committee shall be supported by the documentation provided by the EIB. is amendment applies to the entire text; adoption thereof will necessitate corresponding adjustments throughout.) Or. it (See wording of Article 7, paragraph 8, point d))
Amendment 100 #
Proposal for a regulation
Recital 7
Recital 7
Amendment 101 #
Proposal for a regulation
Article 1 – paragraph 1 – point 5 – point c
Article 1 – paragraph 1 – point 5 – point c
Regulation (EU) No 2015/1017
Article 9 - paragraph 3
Article 9 - paragraph 3
Amendment 104 #
Proposal for a regulation
Article 1 – paragraph 1 – point 5 – point d Regulation (EU) No 2015/1017
Article 1 – paragraph 1 – point 5 – point d Regulation (EU) No 2015/1017
Amendment 107 #
Proposal for a regulation
Article 1 – paragraph 1 – point 6
Article 1 – paragraph 1 – point 6
Regulation (EU) No 2015/1017
Article 10 - paragraph 2 - point a
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;; ; (This amendment applies to the entire text; adoption thereof will necessitate corresponding adjustments throughout.) Or. it (See wording of article 10, paragraph 2, letter a))
Amendment 108 #
Proposal for a regulation
Article 1 – paragraph 1 – point 7
Article 1 – paragraph 1 – point 7
Regulation (EU) No 2015/1017
Article 11
Article 11
Amendment 110 #
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Article 1 – paragraph 1 – point 8
Regulation (EU) No 2015/1017
Article 12
Article 12
Amendment 112 #
Proposal for a regulation
Recital 8
Recital 8
(8) The extended EFSI shouldEFSI must address remaining market failures and sub-optimal investment situations and continue to mobilise private, using only public sector financing infor investments crucial for Europe’s future job creation – including for the youth –,particularly for young people –, sustainable growth and competitiveness with strengthened 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, eliminating any support for fossil fuels. Energy interconnection priority projects with zero impact on emissions and energy efficiency projects should also be increasingly targeted. So far, the support provided by the EFSI to energy, energy efficiency and renewable energy projects has been achieved by means of a corresponding reduction in ordinary EIB investments in those sectors, nullifying the notion of additionality. The investments financed under the EFSI should be additional to the normal operations of the EIB. In addition, EFSI support to motorways shouldand airports must be avoided, unless it is needed to support private investment in transport in cohesion countries or in cross- border transport projects involving at least one cohesion country. 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.
Amendment 114 #
Proposal for a regulation
Article 1 – paragraph 1 – introductory part
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:
Amendment 114 #
Proposal for a regulation
Article 1 – paragraph 1 – point 9 – point a – point i
Article 1 – paragraph 1 – point 9 – point a – point i
Regulation (EU) No 2015/1017
Article 14 - paragraph 1 - first part
Article 14 - paragraph 1 - first part
'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.'; (This amendment applies to the entire text; adoption thereof will necessitate corresponding adjustments throughout.) Or. it (See wording of Article 14, paragraph 1, first part)
Amendment 115 #
Proposal for a regulation
Article 1 – paragraph 1 – point 1
Article 1 – paragraph 1 – point 1
Regulation (EU) 2015/1017
Article 4 – paragraph 2
Article 4 – paragraph 2
Amendment 116 #
Proposal for a regulation
Article 1 – paragraph 1 – point 9 – point b – point i
Article 1 – paragraph 1 – point 9 – point b – point i
Regulation (EU) No 2015/1017
Article 14 - paragraph 2 - point c
Article 14 - paragraph 2 - point c
Amendment 117 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Regulation (EU) 2015/1017
Article 5 – paragraph 1 – subparagraphs 3 to 5
Article 5 – paragraph 1 – subparagraphs 3 to 5
Amendment 121 #
Proposal for a regulation
Recital 8 a (new)
Recital 8 a (new)
(8a) The EFSI does not finance transport infrastructure work in the absence of an independent impact assessment and if it is characterised by controversial implementation from the economic, environmental and social points of view. Support of any kind for the fossil fuel sector must be prohibited.
Amendment 125 #
Proposal for a regulation
Article 1 – paragraph 1 – point 9 a (new)
Article 1 – paragraph 1 – point 9 a (new)
Regulation (EU) No 2015/1017
Article 16 – paragraph 2
Article 16 – paragraph 2
Amendment 129 #
Proposal for a regulation
Recital 9
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.
Amendment 130 #
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Regulation (EU) No 2015/1017
Article 18
Article 18
Amendment 138 #
Proposal for a regulation
Article 1 – paragraph 1 – point 13
Article 1 – paragraph 1 – point 13
Regulation (EU) No 2015/1017
Article 23 - paragraph 2 - subparagraph 1 - first and the second sentences
Article 23 - paragraph 2 - subparagraph 1 - first and the second sentences
Amendment 139 #
Proposal for a regulation
Article 1 – paragraph 1 – point 14
Article 1 – paragraph 1 – point 14
Regulation (EU) No 2015/1017
Annex II
Annex II
Amendment 148 #
Proposal for a regulation
Recital 10
Recital 10
(10) Due to their potential to increase the efficiency of the EFSI intervention, bBlending operations combining non- reimbursable forms of support and/or financial instruments from the Union budget, such as 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 viablehould be prohibited. Combinations of public and private instruments increase the risk that profits will be privatised while losses will be borne by the public purse, and often, from the point of view of public finances, entail an unbalanced distribution of the risks and costs associated with high-risk private investment, which is to the detriment of the taxpayer, as public money is being used to co-finance private returns and cover any losses on investments.
Amendment 149 #
Proposal for a regulation
Article 1 – paragraph 1 – point 5 – point b
Article 1 – paragraph 1 – point 5 – point b
Regulation (EU) 2015/1017
Article 9 – paragraph 2 – subparagraph 1 a
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.’
Amendment 156 #
Proposal for a regulation
Article 1 – paragraph 1 – point 5 – point c
Article 1 – paragraph 1 – point 5 – point c
Regulation (EU) 2015/1017
Article 9 – paragraph 3
Article 9 – paragraph 3
Amendment 157 #
Proposal for a regulation
Article 1 – paragraph 1 – point 5 – point d
Article 1 – paragraph 1 – point 5 – point d
Regulation (EU) 2015/1017
Article 9 – paragraph 4
Article 9 – paragraph 4
Amendment 159 #
Proposal for a regulation
Article 1 – paragraph 1 – point 6
Article 1 – paragraph 1 – point 6
Regulation (EU) 2015/1017
Article 10 – paragraph 2 – point a
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;
Amendment 162 #
Proposal for a regulation
Article 1 – paragraph 1 – point 7
Article 1 – paragraph 1 – point 7
Regulation (EU) 2015/1017
Article 11
Article 11
Amendment 163 #
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Article 1 – paragraph 1 – point 8
Regulation (EU) 2015/1017
Article 12
Article 12
Amendment 167 #
Proposal for a regulation
Article 1 – paragraph 1 – point 9 – point a – point i
Article 1 – paragraph 1 – point 9 – point a – point i
Regulation (EU) 2015/1017
Article 14 – paragraph 1 – subparagraph 1 – second sentence
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.’
Amendment 171 #
Proposal for a regulation
Article 1 – paragraph 1 – point 9 – point b – point i
Article 1 – paragraph 1 – point 9 – point b – point i
Regulation (EU) 2015/1017
Article 14 – paragraph 2 – point c
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;’
Amendment 179 #
Proposal for a regulation
Recital 12
Recital 12
Amendment 182 #
Proposal for a regulation
Recital 13
Recital 13
Amendment 185 #
Proposal for a regulation
Recital 14
Recital 14
Amendment 186 #
Proposal for a regulation
Article 1 – paragraph 1 – point 9 a (new)
Article 1 – paragraph 1 – point 9 a (new)
Regulation (EU) 2015/1017
Article 16 – paragraph 2
Article 16 – paragraph 2
(9a) Article 16(2) is amended as follows: 2. The EIB, in cooperation with the EIF where appropriate, shall submit an 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 basisfinancial 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.
Amendment 188 #
Proposal for a regulation
Recital 15
Recital 15
Amendment 188 #
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Regulation (EU) 2015/1017
Article 18
Article 18
Amendment 191 #
Proposal for a regulation
Recital 16
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. PPast experience of the SME Window is disappointing. The SME Window should be assigned more resources and redesigned so as to support the real economy. Moreover, particular attention should be paid to social enterprises, including through the development and deployment of new instruments.
Amendment 194 #
Proposal for a regulation
Article 1 – paragraph 1 – point 13
Article 1 – paragraph 1 – point 13
Regulation (EU) 2015/1017
Article 23 – paragraph 2 – subparagraph 1 – first and second sentence
Article 23 – paragraph 2 – subparagraph 1 – first and second sentence
Amendment 196 #
Proposal for a regulation
Article 1 – paragraph 1 – point 14
Article 1 – paragraph 1 – point 14
Regulation (EU) 2015/1017
Annex II
Annex II
Amendment 198 #
Proposal for a regulation
Article 2
Article 2
Regulation (EU) No 1316/2013
Article 5 – paragraph 1
Article 5 – paragraph 1
Amendment 199 #
Proposal for a regulation
Annex – point 1 – point a
Annex – point 1 – point a
Regulation (EU) 2015/1017
Annex II – section 2 – point b – subparagraph 1 a
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 transport 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)
Amendment 212 #
Proposal for a regulation
Recital 18 a (new)
Recital 18 a (new)
(18a) In order to overcome the almost total lack of information and disaggregated statistical data on the projects financed thus far, in particular with regard to the expected impact, benefits and additionality of each individual project, the EIB is asked to publish all available information about, and findings of, impact assessments for operations carried out within the framework of the EFSI. The EIB is also called upon to provide a detailed explanation of the added value and additionality of each project financed and of how each one contributes to the achievement of EFSI objectives and the fundamental long-term strategies and objectives of the EU. In the same way, the EIB should report on the results achieved by the EFSI to gauge the real economic, social and environmental impact, the real added value and the additionality of the projects financed, as well as the actual capacity of the Fund to achieve the stated objectives.
Amendment 256 #
Proposal for a regulation
Article 1 – paragraph 1 – point 1 – point a
Article 1 – paragraph 1 – point 1 – point a
Regulation (EU) No 2015/1017
Article 4 – paragraph 2 – point a – point ii
Article 4 – paragraph 2 – point a – point ii
Amendment 260 #
Proposal for a regulation
Article 1 – paragraph 1 – point 1 – point b
Article 1 – paragraph 1 – point 1 – point b
Regulation (EU) No 2015/1017
Article 4 – paragraph 2 – point c – point i
Article 4 – paragraph 2 – point c – point i
Amendment 270 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Regulation (EU) No 2015/1017
Article 5 – paragraph 1 – subparagraph 3
Article 5 – paragraph 1 – subparagraph 3
Amendment 328 #
Proposal for a regulation
Article 1 – paragraph 1 – point 4 – point b
Article 1 – paragraph 1 – point 4 – point b
Regulation (EU) No 2015/1017
Article 7 – paragraph 10 – second sentence
Article 7 – paragraph 10 – second sentence
Each member of the Investment Committee shall communicate without delay to the Steering Board, the Managing Director and the Deputy Managing Director all information needed to check on an ongoing basis the absence of any conflict of interest. or the presence of any tax avoidance or evasion structures, fraud and/or aggressive tax planning schemes relating to final beneficiaries; stresses the need to establish a stringent public list of criteria for selection of financial intermediaries by the EIB, jointly with the Commission;
Amendment 336 #
Proposal for a regulation
Article 1 – paragraph 1 – point 4 – point d a (new)
Article 1 – paragraph 1 – point 4 – point d a (new)
Regulation (EU) No 2015/1017
Article 7 – paragraph 12 – subparagraph 3 a (new)
Article 7 – paragraph 12 – subparagraph 3 a (new)
(da) in paragraph 12, subparagraph 3a is added: ‘The Investment Committee shall appear before the European Parliament at six- monthly intervals to report on, and where necessary explain, investment decisions taken, in accordance with Article 16(2) of this Regulation;’;
Amendment 363 #
Proposal for a regulation
Article 1 – paragraph 1 – point 5 – point b
Article 1 – paragraph 1 – point 5 – point b
Regulation (EU) No 2015/1017
Article 9 – paragraph 2 – subparagraph 1 a
Article 9 – paragraph 2 – subparagraph 1 a
The EIB shall target that at least 450% 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 shall support energy efficiency projects. Support of any kind for the fossile fuel sector shall be prohibited. The Steering Board shall provide detailed guidance to that end.
Amendment 377 #
Proposal for a regulation
Article 1 – paragraph 1 – point 5 – point c
Article 1 – paragraph 1 – point 5 – point c
Regulation (EU) No 2015/1017
Article 9 – paragraph 3
Article 9 – paragraph 3
Amendment 390 #
Proposal for a regulation
Article 1 – paragraph 1 – point 6
Article 1 – paragraph 1 – point 6
Regulation (EU) No 2015/1017
Article 10 – paragraph 2 – point a
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;
Amendment 393 #
Amendment 401 #
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Article 1 – paragraph 1 – point 8
Regulation (EU) No 2015/1017
Article 12
Article 12
Amendment 408 #
Proposal for a regulation
Article 1 – paragraph 1 – point 9 – point a – point i
Article 1 – paragraph 1 – point 9 – point a – point i
Regulation (UE) 2015/1017
Article 14 – paragraph 1 – subparagraph 1 – second sentence
Article 14 – paragraph 1 – subparagraph 1 – second sentence
Such support shall include providing targeted support on the use of technical assistance for project structuring, and on the use of innovative financial instruments and on the use of public-private partnerships, taking into account the specificities and needs of Member States with less- developed financial markets.;
Amendment 443 #
Proposal for a regulation
Article 1 – paragraph 1 – point 9 a (new)
Article 1 – paragraph 1 – point 9 a (new)
Regulation (EU) No 2015/1017
Article 16 – paragraph 2
Article 16 – paragraph 2
Amendment 472 #
Proposal for a regulation
Article 1 – paragraph 1 – point 13
Article 1 – paragraph 1 – point 13
Regulation (EU) No 2015/1017
Article 23 – paragraph 2 – subparagraph 1 – first and second sentence
Article 23 – paragraph 2 – subparagraph 1 – first and second sentence
Amendment 477 #
Proposal for a regulation
Article 2
Article 2
Regulation (EU) No 1316/2013
Article 5 – paragraph 1
Article 5 – paragraph 1
Amendment 486 #
Proposal for a regulation
Annex II – point 1 – point a
Annex II – point 1 – point a
Regulation (EU) No 2015/1017
Annex II – section 2 – point b – subparagraph 1 a (new)
Annex II – section 2 – point b – subparagraph 1 a (new)
‘EFSI support to motorways and airports shall be avoided, unless it is needed to support private investment in transport in cohesion countries or in cross-border transport projects involving at least one cohesion country.';
Amendment 490 #
Proposal for a regulation
Annex II – point 1 – point b
Annex II – point 1 – point b
Regulation (EU) No 2015/1017
Annex II – section 2 – point c – second sentence
Annex II – section 2 – point c – second sentence
Amendment 497 #
Proposal for a regulation
Annex II – point 3
Annex II – point 3
The scoreboard shall be made public as soon as an operation under the EU guarantee is signed, with the exclusion of commercially sensitive information.
Amendment 498 #
Proposal for a regulation
Annex II – point 4 – point a – point i
Annex II – point 4 – point a – point i
Regulation (UE) 2015/1017
Annex II – section 6 – point b – indent 1
Annex II – section 6 – point b – indent 1
For debt-type operations, the EIB or the EIF shall carry out its standard risk assessment, involving the computation of the probability of default and the recovery rate. Based on these parameters, the EIB or the EIF shall quantify the risk for each operation.; This assessment shall then made public and accessible.