Activities of Liadh NÍ RIADA related to 2015/0009(COD)
Plenary speeches (1)
European Fund for Strategic Investments (debate) GA
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 (26)
Amendment 145 #
Proposal for a regulation
Recital 8
Recital 8
(8) The EFSI is part of a comprehensive approach to strengthen social, economic and territorial cohesion and to address uncertainty surrounding public and private investments. The strategy has three pillars: mobilising finance for investment,; making investment reach the real economy, in particular in the less developed regions, in urban and rural areas facing social economical and financial constraints, and improving the investment environment in the Union.
Amendment 174 #
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, public- led 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 social enterprises, cooperatives, micro, small and medium enterprises. It is also appropriate to extend the benefit of such increased access to financing to mid- cap companies, which are companies having up to 3000 employees. Overcoming Europe's current investment difficulties should contribute to strengthening the Union's economic, social and territorial cohesion.
Amendment 198 #
Proposal for a regulation
Recital 11
Recital 11
(11) The EFSI should support strategic investments with high social, environmental, territorial and economic value added, contributing to achieving Union policy objectives, in particular the Union's economic, social and territorial cohesion; particular attention shall be paid to the outermost regions, urban and rural areas facing particular social, economical and financial constraints, areas affected by industrial transition, high unemployment rates, and regions which suffer from severe and permanent natural or demographic impairments, such as, the northernmost regions with very low population density and island, crossborder and mountain regions.
Amendment 222 #
Proposal for a regulation
Recital 12
Recital 12
(12) Many social enterprises, cooperatives, micro, small and medium enterprises, as well as mid-cap companies, across the Union require assistance to attract market financing, especially as regards investments that carry a greater degree of risk. The EFSI should help these businesses to overcome capital shortages by allowing the EIB and the European Investment Fund ('EIF') to provide direct and indirect equity injections, as well as to provide guarantees for high-quality securitisation of loans, and other products that are granted in pursuit of the aims of the EFSI.
Amendment 334 #
Proposal for a regulation
Recital 17
Recital 17
(17) Decisions on the use of the EFSI support for infrastructure and large mid- cap projects should be made by an Investment Committee. The Investment Committee should be composed of independent experts who are knowledgeable and experienced in the areas of investment projects. The Investment Committee should be accountable to a Steering Board of the EFSI, who should supervise the fulfilment of the EFSI's objectives. The Steering Board of the EFSI should be accountable to the European Parliament and the European Council. To effectively benefit from the experience of the EIF, the EFSI should support funding to the EIF to allow the EIF to undertake individual projects in the areas of small and medium enterprises and small mid-cap companies.
Amendment 498 #
Proposal for a regulation
Recital 31
Recital 31
(31) Within the Union, there are a significant number of potentially viable projects, in particular in less developed, outermost, remote and transition regions, that are not being financed due to a lack of certainty and transparency with respect to such projects. Often, this is because private investors are not aware of the projects or have insufficient information to make an assessment of the investment risks. The Commission and the EIB, with support from the Member States, should promote the creation of a transparent pipeline of current and future investment projects in the Union suitable for investment. This 'project pipeline' should ensure that information is made publicly available regarding investment projects on a regular and structured basis to ensure that investors have reliable information on which to base their investment decisions.
Amendment 565 #
Proposal for a regulation
Article 1 – paragraph 1 – subparagraph 2
Article 1 – paragraph 1 – subparagraph 2
The purpose of the EFSI shall be to strengthen social, economic and territorial cohesion and to support investments in the Union and to ensure increased access to financing for companies having up to 3000 employees, with a particular focus on small and medium enterprises, through the supply of risk bearing capacity to the EIB ('EFSI Agreement').
Amendment 593 #
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 public third parties, including national promotional banks or public agencies owned or controlled by Member States, and private sector entities.
Amendment 601 #
Proposal for a regulation
Article 1 – paragraph 2 a (new)
Article 1 – paragraph 2 a (new)
2a. Project covering Overseas Countries and Territories (OCTs) are eligible to EFSI.
Amendment 646 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 – point d a (new)
Article 2 – paragraph 1 – subparagraph 1 – point d a (new)
(da) the methodology to ensure a balanced and equitable distribution of investments and that adequately address the investment needs in all categories of regions as defined in the Common Provision Regulation (CPR);
Amendment 857 #
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, as well as of public and public-led project investment experience. They shall be appointed by the Steering Board for a renewable fixed term of three years.
Amendment 877 #
Proposal for a regulation
Article 3 – paragraph 5 – subparagraph 2 a (new)
Article 3 – paragraph 5 – subparagraph 2 a (new)
The Steering board of the EFSI is accountable to the European Parliament and to the European Council, who supervise its compliance to EFSI's objectives and EU's social, economic and territorial cohesion objectives, while ensuring the full safeguard of public interest.
Amendment 878 #
Proposal for a regulation
Article 3 – paragraph 5 – subparagraph 2 b (new)
Article 3 – paragraph 5 – subparagraph 2 b (new)
Amendment 963 #
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 trainingprioritising public-led investments in education and training, social inclusion, fight against poverty, health, research and development, information and communications technology and innovation, cultural industry, innovation, and maritime economy;
Amendment 971 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – point b a (new)
Article 5 – paragraph 2 – subparagraph 1 – point b a (new)
(ba) investments in sectors with high job creation potential, focusing on long-term and sustainable effects, in particular investments in the social field, including social protection, social care and services and the social economy;
Amendment 972 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – point b b (new)
Article 5 – paragraph 2 – subparagraph 1 – point b b (new)
(bb) The Steering board shall include social and equality provisions in the guidelines in its operation procedures including its investment policy.
Amendment 992 #
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 environmental, natural resources, urban development and, social fields and maritime economy;
Amendment 1069 #
Proposal for a regulation
Article 5 – paragraph 4
Article 5 – paragraph 4
4. Provided that all relevant eligibility criteria are fulfilled and that the principle of additionality of EFSI is guaranteed while prioritising public interest, 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 1239 #
Proposal for a regulation
Article 10 – paragraph 2 – point b
Article 10 – paragraph 2 – point b
(b) an assessment of the added value, the mobilisation of public and private sector resources, the estimated and actual outputs, outcomes and impact of EIB financing and investment operations at an aggregated basis; and an evaluation of the impact, accessibility and costs to the citizen, in particular when related to projects involving the development and/or reinforcement of infrastructures and provision of essential services, namely in the areas of social protection, social and care services, social economy, education and training, health, research, development information, communication technology and innovation.
Amendment 1260 #
Proposal for a regulation
Article 10 – paragraph 2 – point f a (new)
Article 10 – paragraph 2 – point f a (new)
(fa) detailed information regarding tax payments resulting from its investment and lending operations under the EFSI;
Amendment 1317 #
Proposal for a regulation
Article 12 – paragraph 2 – point a
Article 12 – paragraph 2 – point a
(a) the EIB shall publish a comprehensive report on the functioning of the EFSI, in particular with an impact analysis regarding growth and jobs;
Amendment 1335 #
Proposal for a regulation
Article 13 – paragraph 1
Article 13 – paragraph 1
Amendment 1340 #
Proposal for a regulation
Article 13 – paragraph 1 a (new)
Article 13 – paragraph 1 a (new)
The EIB shall provide information on its website on the estimated costs of each project, the names of the economic operators involved, information on the return of each project, its compliance with article 5(2) and an evaluation of the impact, accessibility and costs to the citizen, in particular when related to projects, involving the development or reinforcement of infrastructures and provision of essential services, namely in the areas of social protection, social and care services, social economy, education and training, health, research, development information, communication technology and innovation.
Amendment 1351 #
Proposal for a regulation
Article 14 – paragraph 1
Article 14 – paragraph 1
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 Auditorsexternal 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.
Amendment 1370 #
Proposal for a regulation
Article 16 – paragraph 1
Article 16 – paragraph 1
1. In its financing and investment operations, the EIB shall not support any activities carried out for illegal purposes, including money laundering, financing of terrorism, tax fraud and tax evasion, corruption, or fraud affecting the financial interests of the Union. In particular the EIB shall not participate in any financing or investment operation through a vehicle located in a non-cooperative jurisdiction, in line with its policy towards weakly regulated or non-cooperative jurisdictions based on policies of the Union, the Organisation for Economic Cooperation and Development or the Financial Action Task Force. The EIB shall not cooperate with financial intermediaries having a negative track record in terms of transparency, tax evasion and aggressive tax planning practices, or use other harmful tax practices such as "tax rulings" and abusive transfer pricing.
Amendment 1376 #
Proposal for a regulation
Article 16 – paragraph 2
Article 16 – paragraph 2
2. In its financing and investment operations, the EIB shall apply the principles and standards set out in Union law on the prevention of the use of the financial system for the purpose of money laundering and termade under the EFSI, through Investment platforms, national and regional promotional banks or other vehicle, the EIB shall make both direct funding and funding via intermediaries contingent upon disclosure of both country by country tax relevant data along the lines of the CRDIV prorvist financing, including a requirement to take reasonable measures to identify the beneficial owners where applicablion for credit institutions, as well as disclosure of beneficial ownership information according to the EU Anti- money Laundering Directive.