Activities of Ernest MARAGALL related to 2015/0009(COD)
Plenary speeches (1)
European Fund for Strategic Investments (debate) ES
Shadow reports (1)
REPORT 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 PDF (2 MB) DOC (1 MB)
Amendments (48)
Amendment 97 #
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 and has exhibited a downward trend since the nineteen eighties. The Union suffers in particular from a lack of investment as a consequence of market uncertainty regarding the economic future and the fiscal constraints on Member States. This lack of investment the imposition of severe and simultaneous fiscal constraints on a number of Member States as well as market uncertainty regarding the economic future. This lack of investment, which has been particularly severe in Member States most affected by the crisis ,slows economic recovery and negatively affects job creation, long-term growth prospects and competitiveness.
Amendment 175 #
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 productransformative 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 with fewer than 250 employees, including for the creation of start-ups and spin-offs from universities. It is also appropriate to extend the benefit of such increased access to financing to small mid- cap companies, which are companies having up to 30500 employees, as well as non-profit organisations and social economy enterprises. Overcoming Europe's current investment difficulties should contribute to strengthening the Union's economic, social and territorial cohesion. competitiveness, research and innovation potential, economic, social and territorial cohesion and support an energy and resource efficiency transition towards a sustainable, renewable-based circular economy.
Amendment 192 #
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 objectives in particular those related to EU2020 and Article 194 of the Treaty.
Amendment 205 #
Proposal for a regulation
Recital 11 a (new)
Recital 11 a (new)
(11a) In addition to reducing energy bills (and freeing up resources for consumers and businesses alike) and dependence on energy supply from volatile sources and advancing the EU towards its climate targets, investments in energy efficiency are acknowledged to have the potential to create up to 2 million jobs by 2020 and possibly another 2 million jobs by 2030. Energy efficiency also represents one of the few economic sectors where a leverage factor higher than 15 has been achieved in the past. It is therefore essential that projects in this area be identified as a matter of priority.
Amendment 210 #
Proposal for a regulation
Recital 11 b (new)
Recital 11 b (new)
(11b) The EIB has developed highly successful debt and equity finance instruments in the frame of the Horizon 2020 funding line "Access to Risk Finance". These reputable and effective instruments should be the blueprint for research and innovation related projects in the frame of EFSI.
Amendment 253 #
Proposal for a regulation
Recital 14
Recital 14
(14) The EFSI should target projects delivering high societal, environmental and economic value. In particular, the EFSI should target projects that promote job creation,the achievement of the Union's objectives on climate and energy, quality job creation, environmentally sustainable 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 432 #
Proposal for a regulation
Recital 25 a (new)
Recital 25 a (new)
(25a) The Commission and the EIB shall ensure that equality between men and women and the integration of gender perspective are taken into account and promoted in the operations of the EFSI. They shall take appropriate steps to prevent any discrimination. In particular, accessibility for persons with disabilities shall be taken into account.
Amendment 440 #
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 preparation 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. This should establish a single point of entry for questions related to technical assistance for investments within the Union, and should redirect as appropriate towards decentralised entities providing the technical assistance support.
Amendment 473 #
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 – the Framework Programme for Research and Innovation 2014-2020, provided by Regulation (EU) No 1291/2013 of will be progressively authorised by the European Parliament and of the Council2 , and the Connecting Europe Facility, provided by Regulation (EU) No 1316/2013 of the European Parliament and of the Council3 , should be reduced. Those programmes serve in the framework of the annual budgetary procedures up to 2020. For this purposes, that are not replicated by the EFSI. Howevere budgetary authority should make use, twhe reduction of both programmes to finance the guarantee fund is expected to ensure a greater investment in certain areas of appropriate, of all available flexibility mechanisms and otheir respective mandates than is possible through the existing programmes. The EFSI should be able to leverage the EU guarantee to multiply the financial effect within those areas of research, development and innovation and transport, telecommunications and energy infrastructure compared to if the resources had been spent via grants within the planned Horizon 2020 and Connecting Europe Facility programmes. It is, therefore, appropriate to redirect part of the funding presently envisaged for those programmes to the benefit of EFSI. __________________ 3Regulation (EU) No 1316/2013 of the European Parliament and of the Council of 11 December 2013 establishing the Connecting Europe Facility, amending Regulation (EU) No 913/2010 and repealing Regulations (EC) No 680/2007 and (EC) No 67/2010 (OJ L 348, 20.12.2013, p. 129)levant provisions under Council Regulation (EU, Euratom) No 1311/2013, of the annual budget surpluses and of redeployments. Primary sources for redeployments would be ITER, the Common Agricultural Policy, Joint Technology Initiatives and non-committed allocations from the 2006- 2013 cohesion policy envelopes.
Amendment 485 #
Proposal for a regulation
Recital 29 a (new)
Recital 29 a (new)
(29a) It is essential, in order to support the EU investment policy and EFSI operations that other investment driven programmes such as Horizon 2020 and Connecting Europe Facility are fully implemented, according to the budget provided for in the MFF Regulation and Regulations (EU) No 1291/2013 and No 1316/2013. It is especially important to continue to build the scientific, research and technological base on which innovation can thrive in the future. This means that the foreseen programmes financing basic and applied research such as the Marie Curie Programme, the European Research Council, the Future and Emerging Technology Programme, the Research Infrastructure Programme, as well as the EU collaborative research benefitting universities and research organisation under the Industrial Leadership and Societal Challenges objectives of Horizon 2020 must be implemented fully until 2020.
Amendment 489 #
Proposal for a regulation
Recital 29 b (new)
Recital 29 b (new)
(29b) Since EFSI should contribute to helping businesses by overcoming capital shortages, there is a risk that basic or early-stage scientific research will not benefit from this Regulation. The Commission should therefore ensure that any funds taken from the Horizon 2020 are withdrawn only from those programmes that fund activities that are close to market, in order to protect research activities that do not stand to benefit directly from this Regulation.
Amendment 542 #
Proposal for a regulation
Article 1 – paragraph 1 – subparagraph 1
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 European Fund for Strategic Investments ('EFSI') in line with the requirements of this Regulation.
Amendment 563 #
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 andthat lead to sustainable growth and quality job creation in sectors with long term viability and significant societal and environmental returns and consistent with Union objectives as well as to ensure increased access to financing for companies having up to 3000 employees, with a particular focus on small and medium enterprises and small mid-cap companies, through the supply of risk bearing capacity to the EIB ('EFSI Agreement').
Amendment 590 #
Proposal for a regulation
Article 1 – paragraph 2
Article 1 – paragraph 2
2. The EFSI Agreement shall be open to accession by Member States, including national promotional banks or public agencies owned or controlled 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 entitieshowever, by way of derogation to the provisions in Article 3(3), they shall not be entitled to membership of the Steering Board.
Amendment 600 #
Proposal for a regulation
Article 1 – paragraph 2 a (new)
Article 1 – paragraph 2 a (new)
2a. The Commission shall be empowered to enter into the EFSI Agreement on behalf of the Union by means of a delegated act in accordance with Article 17, provided that the EFSI Agreement meets the requirements of this Regulation.
Amendment 605 #
Proposal for a regulation
Article 1 – paragraph 2 b (new)
Article 1 – paragraph 2 b (new)
2b. The Commission shall be empowered to accept later amendments of the EFSI Agreement by means of delegated acts in accordance with Article 17, provided that the amendments to the EFSI Agreement meet the requirements of this Regulation
Amendment 613 #
Proposal for a regulation
Article 1 a (new)
Article 1 a (new)
Amendment 625 #
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 in full compliance with the general and sectorial project eligibility criteria applied by the EIB;
Amendment 650 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 – point e a (new)
Article 2 – paragraph 1 – subparagraph 1 – point e a (new)
(ea) the procedure for project selection in conformity with Article 2a, including the role of the EIB in the initial assessment of project proposals and their transmission to the Investment Committee;
Amendment 667 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 – point i a (new)
Article 2 – paragraph 1 – subparagraph 1 – point i a (new)
(ia) provisions and procedures relating to the public consultation on the investment policy of projects guidelines.
Amendment 713 #
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 and monitoring committees of the European Structural and Investment Funds and involve partners according to Article 5 of Regulation (EU) No 1303/2013.
Amendment 727 #
Proposal for a regulation
Article 2 – paragraph 2 a (new)
Article 2 – paragraph 2 a (new)
2 a. Services provided by EIAH shall include: (a) providing a single point of entry for technical assistance for authorities and project promoters; (b) assisting project promoters, where appropriate, in maturing their projects to fulfil the project eligibility criteria under this Regulation; (c) leveraging local knowledge to facilitate EFSI support in the whole Union; (d) providing a platform for peer-to-peer exchange and sharing of know-how regarding project development; (e) Providing decentralised technical assistance platform for the aggregation of small projects notably driven by cities and SMEs in the field of energy efficiency into larger bankable projects; (f) Assisting the establishment of macro- regional, national or local energy efficiency funds; (g) Providing decentralised technical assistance platforms for supporting project development of SMEs, including start-ups and spin-offs, and their collaboration with universities and research organisations;
Amendment 740 #
Proposal for a regulation
Article 2 a (new)
Article 2 a (new)
Amendment 752 #
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 assessment set out in Article 2a and the objectives under Article 5(2). The Steering Board shall elect one of its members to be Chairperson.
Amendment 798 #
Proposal for a regulation
Article 3 – paragraph 3 – subparagraph 1
Article 3 – paragraph 3 – subparagraph 1
When other parties accede to the EFSI Agreement in accordance with Article 1(2), where applicable, the number of members and votes within the Steering Board shall be allocated based on the respective size of contributions from contributors in the form of cash or guarantees. The number of members and votes of the Commission and the EIB, according to paragraph 2, shall be recalculated accordingly.
Amendment 817 #
Proposal for a regulation
Article 3 – paragraph 4 – subparagraph 2
Article 3 – paragraph 4 – subparagraph 2
The Managing Director shall report every quarter on the activities of the EFSI to the Steering Board and make its report public.
Amendment 823 #
Proposal for a regulation
Article 3 – paragraph 4 – subparagraph 3
Article 3 – paragraph 4 – subparagraph 3
Amendment 836 #
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. The Investment Committee shall be the competent body for approving the eligibility of investment platforms and national promotional banks and permitting them to use the designation of 'EFSI' or 'European Fund for Strategic Investments' as well as for ensuring continual compliance of such platforms with the conditions imposed on the use of EFSI funds.
Amendment 856 #
Proposal for a regulation
Article 3 – paragraph 5 – subparagraph 2
Article 3 – paragraph 5 – subparagraph 2
The Investment Committee shall be composed of sixthe Managing Director and a number of independent experts andsufficient to cover the Mranaging Directorge of potential projects eligible for investment under this Regulation. Independent experts shall have a high level of relevant market experience in project finance and. They shall ensure a multi- disciplinary approach and in particular include at least one expert in investment related to environmental objectives and one expert in investments in the social and solidarity economy and shall be fully independent of private sector interests. They shall be appointed by the Steering Board for a renewable fixed term of three years.
Amendment 890 #
Proposal for a regulation
Article 3 – paragraph 5 a (new)
Article 3 – paragraph 5 a (new)
5a. The EFSI agreement shall provide for the creation of Civil Society Platform for Better Investment which shall mirror the structure of the Investment Committee. It shall be in charge of monitoring EFSI financing operations in particular regarding fulfilment with Article 1 and 5 of the Regulation and provide recommendations to the Investment Committee.
Amendment 894 #
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 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. Such operations shall be managed in accordance with all EIB own rules and procedures, including horizontal and sectorial policies.
Amendment 917 #
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 approved, in conformity with the assessment set out in Article 2a, 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 supportin any of the following general objectiveareas:
Amendment 966 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – point b
Article 5 – paragraph 2 – subparagraph 1 – point b
(b) investment in education and training, health, social welfare and social assistance, research and development, information and communications technology and innovation;
Amendment 978 #
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; in compliance with article 194 of the Treaty, with a particular emphasis on upgrading the residential and commercial building stock, and covering the following sectors: - electricity interconnections in line with the Projects of Common Interest identified under Regulation (EU) No 1316/2013, including connection to the grid of off-shore wind ; - investment in energy efficiency aiming at implementing energy efficiency objectives under Directives 2012/27/EU and 2010/31/EU; - expansion of renewable energy, including projects resulting from the implementation of the renewables cooperation mechanisms established under Directive 2009/28/EC, notably in the field of off-shore wind. ;
Amendment 990 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – point d
Article 5 – paragraph 2 – subparagraph 1 – point d
(d) infrastructure projects in the field of environmental, natural resources, protection, environmental management infrastructure, protection of natural resources and strengthening of eco-system services, sustainable urban development and social fields;sector:
Amendment 1048 #
Proposal for a regulation
Article 5 – paragraph 2 a (new)
Article 5 – paragraph 2 a (new)
2a. The operations concerned shall not include: (a) the decommissioning or the construction of nuclear power stations; (b) investment in airport infrastructure unless related to environmental protection or accompanied by investment necessary to mitigate or reduce its negative environmental impact; (c) investments in coal and oil infrastructures; (d) investments in new motorway or new roads with four or more lanes.
Amendment 1057 #
Proposal for a regulation
Article 5 – paragraph 2 b (new)
Article 5 – paragraph 2 b (new)
2b. The EIB and the Commission shall develop a gender policy for the EFSI interventions and proceed to preliminary gender assessments as part of initial project assessments.
Amendment 1215 #
Proposal for a regulation
Article 9 – paragraph 3
Article 9 – paragraph 3
3. Member States shall develop, update and disseminate, involving partners according to Article 5 of Regulation (EU) No 1303/2013 on regional and local level, on a regular and structured basis, information on current and future investment projects in their territory.
Amendment 1240 #
Proposal for a regulation
Article 10 – paragraph 2 – point b
Article 10 – paragraph 2 – point b
(b) an assessment, taking into account the criteria referred to in Article 2a, of the added value, the mobilisation of private sector resources, the ex-ante estimated and actualrealised outputs, outcomes and impact of EIB financing and investment operations aton an aggregated and project by project basis;
Amendment 1262 #
Proposal for a regulation
Article 10 – paragraph 2 – point f a (new)
Article 10 – paragraph 2 – point f a (new)
(fa) an assessment of the use of the investment clause referred to in the Commission communication XXX(guidelines on flexibilities) in relation to the EFSI operations and as appropriate of these guidelines with a view of developing further a counter- cyclical approach to investments financing in the EU
Amendment 1292 #
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 EFSI by the European Parliament its competent committees or individual members, in any event within five weeks of receipt of a question.
Amendment 1295 #
Proposal for a regulation
Article 11 – paragraph 2 a (new)
Article 11 – paragraph 2 a (new)
2a. All projects financed under the EFSI will be covered under the policies and procedures of the EIB complaints mechanism and memorandum of understanding with the European Ombudsman.
Amendment 1332 #
Proposal for a regulation
Article 13 – paragraph 1
Article 13 – paragraph 1
In accordance with its own transparency policies on access to documents and information and relevant EU legislation1 a , the EIB shall make publicly available on its website information relating to all EIB financing and investment operations, including those through financial intermediaries, and how they contribute to the general objectives referred to in Article 5(2). in conformity with the assessment in Article 2a. __________________ 1aRegulation 1049/2001 and Regulation 1367/2006
Amendment 1348 #
Proposal for a regulation
Article 14 – paragraph 1
Article 14 – paragraph 1
The governance of the use of the EU guarantee and the payments and recoveries under it that are attributable to the general budget of the Union shall be audited by the Court of Auditors. The external audit of the activities undertaken in accordance with the EFSI Regulation is carried out by the European Court of Auditors in accordance with Article 287 TFEU. The Court of Auditors shall issue a special report covering these matters 18 months after the entry into force of this regulation. The Tripartite Agreement between the EC, the EIB and the ECA shall be revised in order to reflect this requirement.
Amendment 1393 #
Proposal for a regulation
Article 18
Article 18
Regulation (EU) No 1291/2013
Article 6
Article 6
Amendment 1436 #
Proposal for a regulation
Article 19
Article 19
Regulation (EU) No 1316/2013
Article 5 – para 1
Article 5 – para 1
Amendment 1446 #
Proposal for a regulation
Article 19 – paragraph 1 – introductory part
Article 19 – paragraph 1 – introductory part
In Article 511 of Regulation (EU) No 131607/2013, paragraph 1 is replaced by the following: 1. The amount of direct payments to be granted to a farmer under this Regulation in a given calendar year shall be reduced as follows: – by 10 % for the tranche of more than EUR 25 000 and up to EUR 50 000; – by 20 % for the tranche of more than EUR 50 000 and up to EUR 75 000; – by 30 % for the tranche of more than EUR 75 000 and up to EUR 100 000; – by 100 % for the tranche of more than EUR 100 000.
Amendment 1448 #
Proposal for a regulation
Article 19 – paragraph 1
Article 19 – paragraph 1
Regulation (EU) No 1316/2013
Article 5
Article 5