Activities of Barbara KAPPEL related to 2018/0229(COD)
Plenary speeches (1)
Establishing the InvestEU Programme (debate) DE
Shadow reports (1)
REPORT on the proposal for a regulation of the European Parliament and of the Council establishing the InvestEU Programme PDF (1 MB) DOC (351 KB)
Shadow opinions (1)
OPINION on the proposal for a regulation of the European Parliament and of the Council establishing the InvestEU Programme
Amendments (85)
Amendment 57 #
Proposal for a regulation
Recital 4 a (new)
Recital 4 a (new)
(4a) The Decision of the United Kingdom to withdraw from the Union under Article 50 of the TEU on 29March 2019 poses a significant challenge to the Union economy with substantial trade in goods and services between the UK and the EU27. With potential consequences for GDP in the EU27 as a result of the withdrawal, the InvestEU fund should aim to assist EU industry, in particular SMEs.
Amendment 82 #
Proposal for a regulation
Recital 10
Recital 10
(10) The contribution of the InvestEU Fund to the achievement of the climate target and sectorial targets included in the 2030 Climate and Energy Framework will be tracked through an EU climate tracking system developed by the Commission in cooperation with implementing partners and using in an appropriate way the criteria established by [Regulation on the establishment of a framework to facilitate sustainable investment14 ] for determining whether an economic activity is environmentally sustainable. _________________ 14 COM(2018)353. COM(2018)353.
Amendment 91 #
Proposal for a regulation
Recital 13
Recital 13
(13) Low infrastructure investment rates in the Union during the financial crisis undermined the Union's ability to boost sustainable growth, competitiveness and convergence. Sizeable investments in the European infrastructure, notably interconnection, are fundamental to meet the Union's sustainability targets, including the 2030 energy and climate targets. Accordingly, support from the InvestEU Fund should target investments into transport, energy, including energy efficiency and renewable energy, environmental, climate action, maritime and digital infrastructure. To maximise the impact and the value added of Union financing support, it is appropriate to promote a streamlined investment process enabling visibility of the project pipeline and consistency across relevant Union programmes. Bearing in mind security threats, investment projects receiving Union support should take into account principles for the protection of citizens in public spaces. This should be complementary to the efforts made by other Union funds such as the European Regional Development Fund providing support for security components of investments in public spaces, transport, energy and other critical infrastructure.
Amendment 95 #
Proposal for a regulation
Recital 14
Recital 14
(14) Whereas the level of overall investment in the Union is increasing, investment in higher-risk activities such as research and innovation is still inadequate. TGiven the public funding of research and innovation activities drives productivity growth and is crucial to boost private research and innovation activities, the resulting underinvestment in research and innovation is damaging to the industrial and economic competitiveness of the Union and the quality of life of its citizens. The InvestEU Fund should provide the appropriate financial products to cover different stages in the innovation cycle and a wide range of stakeholders, in particular to allow the upscaling of and deployment of solutions at a commercial scale in the Union, in order to make such solutions competitive on world markets. In order to address the need to support investment in higher-risk activities such as research and innovation, it is essential that Horizon Europe, in particular the EIC, works in synergy with the financial products to be deployed under InvestEU. Additionally, innovative SMEs and start- ups face difficulties in access to finance, especially those focusing on intangible assets, hence the need for the EIC to work in close complementarity with the dedicated financial products under InvestEU to ensure a continuity of support for such SMEs. In that regard, the experience gained from the financial instruments deployed under Horizon 2020 such as InnovFin and the loan guarantee for SMEs under COSME should serve as a strong basis to deliver this targeted support.
Amendment 104 #
Proposal for a regulation
Recital 16
Recital 16
(16) Small and medium-sized enterprises (SMEs) play a crucial role in the Unionrepresent over 99 % of businesses in the Union and their economic value is crucial. However, they face challenges when accessing finance because of their perceived high risk and lack of sufficient collateral. Additional challenges arise from SMEs' need to stay competitive by engaging in digitisation, internationalisation and innovation activities and skilling up their workforce. Moreover, compared to larger enterprises, they have access to a more limited set of financing sources: they typically do not issue bonds, have only limited access to stock exchanges or large institutional investors. The challenge in accessing finance is even greater for those SMEs whose activities focus on intangible assets. SMEs in the Union rely heavily on banks and debt financing in the form of bank overdrafts, bank loans or leasing. Supporting SMEs that face the above challenges and providing more diversified sources of funding is necessary for increasing the ability of SMEs to finance their creation, growth, innovation and development, ensure their competitiveness, withstand economic downturns, and for making the economy and the financial system more resilient during economic downturn or shocks. This is also complementary to the initiatives already undertaken in the context of the Capital Markets Union. The InvestEU Fund shoulProgrammes such as COSME have been important for SMEs by facilitating access to finance in all phases of their lifecycle. EFSI has a significant impact on SMEs as well. The InvestEU Fund should therefore build on these successes and provide an opportunity to focus on specific, more targeted financial products.
Amendment 133 #
Proposal for a regulation
Recital 23
Recital 23
(23) The EU guarantee of EUR 38 000 000 000 (current prices) at Union level is expected together with EUR 9 500 000 000 from financial partners to mobilise more than EUR 650 000 000 000 of additional investment across the Union and should be indicatively allocated between the policy windows.
Amendment 138 #
Proposal for a regulation
Recital 26
Recital 26
Amendment 140 #
Proposal for a regulation
Recital 26 a (new)
Recital 26 a (new)
(26a) A Steering Committee consisting of appointees by the European Commission, the European Investment Bank, the Implementing Partners, and a non-voting expert appointed by the European Parliament, should be established in order to ensure the governance of the InvestEU programme has the correct balance between policy and banking expertise.
Amendment 143 #
Proposal for a regulation
Recital 27
Recital 27
Amendment 150 #
Proposal for a regulation
Recital 30
Recital 30
(30) In order to ensure that interventions under the EU compartment of the InvestEU Fund focus on market failures and sub- optimal investment situations at Union level, but, at the same time, satisfy the objectives of best possible geographic outreach, the EU guarantee should be allocated to implementing partners, which alone or together with other implementing partners, can cover at least three Member States. However, it is expected that around 75 % of the EU guarantee under the EU compartment would be allocated to implementing partner or partners that can offer financial products under the InvestEU Fund in all Member Statesthe European Investment Bank.
Amendment 156 #
Proposal for a regulation
Recital 31
Recital 31
(31) The EU guarantee under the Member State compartment should be allocated to any implementing partner eligible according to [Article 62(1)(c)] of the [Financial Regulation], including national or regional promotional banks or institutions, the EIB, the European Investment Fund and other multilateral development bank Group and other multilateral development banks. Where the deployment of the Member State compartment is to target policy actions already addressed by the EU compartment through similar financing and investment operations, the Member State compartment and the EU compartments shall have the same implementing partners. When selecting implementing partners under the Member State compartment, the Commission should take into account the proposals made by each Member State. In accordance with [Article 154] of the [Financial Regulation], the Commission must carry out an assessment of the rules and procedures of the implementing partner to ascertain that they provide a level of protection of the financial interest of the Union equivalent to the one provided by the Commission.
Amendment 158 #
Proposal for a regulation
Recital 32
Recital 32
(32) Financing and investment operations should ultimately be decided by an implementing partner in its own name, implemented in accordance with its internal rules and procedures and accounted for in its own financial statements. Therefore, the Commission should exclusively account for any financial liability arising from the EU guarantee and disclose the maximum guarantee amount, including all relevant information on the guarantee provided.
Amendment 168 #
Proposal for a regulation
Recital 5
Recital 5
(5) The InvestEU Fund should contribute to improving the competitiveness of the Union, including in the field of innovation and digitisation, the sustainability of the Union's economic growth, the social resilience and inclusiveness and the integration of the Union capital markets, including solutions addressing their fragmentation and diversifying sources of financing for the Union enterprises. To that end, it should support projects that are technically and economically viable by providing a framework for the use of debt, risk sharing and equity instruments underpinned by a guarantee from the Union's budget and by contributions from implementing partners as relevant. It should be demand-driven while support under the InvestEU Fund should at the same time focus on contributing to meeting policy objectives of the Union.
Amendment 181 #
Proposal for a regulation
Article 2 – paragraph 1 – point 17 a (new)
Article 2 – paragraph 1 – point 17 a (new)
(17a) 'EIB' means the European Investment Bank, the European Investment Fund or any subsidiary of the European Investment Bank;
Amendment 189 #
Proposal for a regulation
Article 3 – paragraph 2 – point b
Article 3 – paragraph 2 – point b
(b) to support financing and investment operations in research, innovation and digitisation, including support for the upscaling of innovative companies and bringing technologies to market;
Amendment 197 #
Proposal for a regulation
Article 3 – paragraph 2 – point c
Article 3 – paragraph 2 – point c
(c) to increase the access to and the availability of finance for SMEs and, in duly justified cases, for smalland to enhance the global competitiveness of SMEs and mid-cap companies;
Amendment 205 #
Proposal for a regulation
Article 4 – paragraph 1 – subparagraph 1
Article 4 – paragraph 1 – subparagraph 1
The EU guarantee for the purposes of the EU compartment referred to in point (a) of Article 8(1) shall be EUR 38 000 000 000 (current prices), of which at least EUR 28 500 000 000 shall be allocated to the EIB. It shall be provisioned at the rate of 40 %.
Amendment 209 #
Proposal for a regulation
Article 4 – paragraph 2
Article 4 – paragraph 2
2. The indicative distribution of the amount referred to in the first subparagraph of paragraph 1 is set out in Annex I to this Regulation. The Commission may modify the amounts referred to in that Annex I, where appropriate, by up to 1520 % for each objective. It shall inform the European Parliament and the Council of any modification.
Amendment 210 #
Proposal for a regulation
Recital 13
Recital 13
(13) Low infrastructure investment rates in the Union during the financial crisis undermined the Union's ability to boost sustainable growth, competitiveness and convergence. Sizeable investments in the European infrastructure are fundamental to meet the Union's sustainability targets, including the 2030 energy and climate targets. Accordingly, support from the InvestEU Fund should target investments into transport, energy, including energy efficiency and renewable energy, environmental, climate action, including renewable materials, maritime and digital infrastructure. To maximise the impact and the value added of Union financing support, it is appropriate to promote a streamlined investment process enabling visibility of the project pipeline and consistency across relevant Union programmes. Bearing in mind security threats, investment projects receiving Union support should take into account principles for the protection of citizens in public spaces. This should be complementary to the efforts made by other Union funds such as the European Regional Development Fund providing support for security components of investments in public spaces, transport, energy and other critical infrastructure.
Amendment 217 #
Proposal for a regulation
Article 7 – paragraph 1 – point a
Article 7 – paragraph 1 – point a
(a) sustainable infrastructure policy window: comprises sustainable investment in the areas of transport, energy, digital connectivity in particular the increased deployment of renewable energy, energy efficiency investments, and improving interconnection levels, digital connectivity and access especially in rural areas, supply and processing of raw materials, space, oceans and water, waste and the circular economy, nature and other environment infrastructure, equipment, mobile assets and deployment of innovative technologies that contribute to the environmental or social sustainability objectives of the Union, or to both, or meet the environmental or social sustainability standards of the Union;
Amendment 224 #
Proposal for a regulation
Article 7 – paragraph 1 – point b
Article 7 – paragraph 1 – point b
(b) research, innovation and digitisation policy window: comprises research and innovation activities, transfer of research results to the market, demonstration, and deployment and adaption of innovative solutions and support to scaling up of innovative companies other than SMEs as well as digitisation of Union industry, based on the experiences gained under the Horizon 2020 financial instruments, in particular the InnovFin;
Amendment 228 #
Proposal for a regulation
Article 7 – paragraph 1 – point c
Article 7 – paragraph 1 – point c
(c) SMEs policy window: access to and availability of finance for SMEs and, in duly justified cases, for small mid-cap companies; mid- cap companies, actions to improve their global competitiveness, digitisation and innovation capacity, encourage entrepreneurial culture and environment as well as to promote their creation and growth.
Amendment 229 #
Proposal for a regulation
Recital 19
Recital 19
(19) Each policy window should be composed of two compartments, that is to say an EU compartment and a Member State compartment. The EUMember State compartment should address Union-wideMember State specific market failures and/or sub-optimal investment situations in a proportionate manner; supported actions should have a clear European added value. The Member State compartment should give Member States the possibility to contribute a share of their resources of Funds under shared management to the provisioning of the EU guarantee to use the EU guarantee for financing or investment operations to address specific market failures or sub-optimal investment situations in their own territory, including in vulnerable and remote areas such as the outermost regions of the Union, to deliver objectives of the Fund under shared managementrelated to Union policy objectives. In addition, it should be possible for Member States to contribute to the Member State compartment in the form of guarantees or cash. Actions supported from the InvestEU Fund through either EU or Member State compartments should not duplicate or crowd out private financing or distort competition in the internal market.
Amendment 240 #
Proposal for a regulation
Article 7 – paragraph 1 – point d
Article 7 – paragraph 1 – point d
(d) social investment and skills policy window: comprises microfinance, social enterprise finance and social economy; skills, education, training and related services; social infrastructure (including social and student housing); social innovation; health and long-term care; inclusion and accessibility; cultural activities in particular with a social goal; integration of vulnerable people, including third country nationals.
Amendment 247 #
Proposal for a regulation
Recital 23
Recital 23
(23) The EU guarantee for the purposes of the EU compartment of EUR 38 000 000 000 (current prices) at Union level is expected together with EUR 9 500 000 000 from financial partners to mobilise more than EUR 650 000 000 000 of additional investment across the Union and should be indicatively allocated between the policy windows.
Amendment 248 #
Proposal for a regulation
Article 7 – paragraph 3 – subparagraph 2 – point c a (new)
Article 7 – paragraph 3 – subparagraph 2 – point c a (new)
(ca) demonstrate the expected benefits and contribution of the project in terms of Climate and Energy objectives;
Amendment 256 #
Proposal for a regulation
Recital 24
Recital 24
(24) The EU guarantee underpinning the InvestEU Fund should be implemented indirectly by the Commission relying on implementing partners with outreach to financial intermediaries and final recipients. A guarantee agreement allocating guarantee capacity from the InvestEU Fund should be concluded by the Commission with each implementing partner, to support its financing and investment operations meeting the InvestEU Fund objectives and eligibility criteria. The InvestEU Fund should be provided with a specific governance structure to ensure the appropriate use of the EU guarantee.
Amendment 261 #
Proposal for a regulation
Article 8 a (new)
Article 8 a (new)
Article 8a Additionality 1. For the purposes of this Regulation, ‘additionality’ means the support by the InvestEU Fund of operations which address market failures or sub-optimal investment situations and which could not have been carried out during the period in which the EU guarantee can be used, or not to the same extent, by implementing partners without InvestEU Fund support. Projects supported by the InvestEU Fund shall support the objectives laid down in Article 3, shall strive to create employment and sustainable growth. 2. Without prejudice to the requirement to meet the definition of additionality as set out in the first subparagraph, the following elements are strong indications of additionality: — projects proposed that carry a risk corresponding to EIB special activities, as defined in Article 16 of the EIB Statute, or an equivalent level of risk, especially if such projects present country-, sector- or region-specific risks, in particular those experienced in less developed regions and transition regions and/or if such projects present risks associated with innovation, in particular in growth-, sustainability- and productivity-enhancing unproven technologies; — projects proposed by implementing partners considered by the Investment Committee to carry a level of risk equivalent to that described in the first indent of this subparagraph.
Amendment 267 #
Proposal for a regulation
Article 9 – paragraph 1
Article 9 – paragraph 1
1. In line with Article21 of Regulation (EU) XX [... Common Provisions Regulation], Member States or regions, as applicable and on a voluntary basis, may request the transfer of parts of their financial allocations to InvestEU. Transferred resources shall be implemented in accordance with the rules of InvestEU. Amounts allocated by a Member State under Article [10(1)] of Regulation [[CPR] number] or Article [75(1)] of Regulation [[CAP plan] number] or, where applicable, by a region, shall be used for the provisioning of the part of the EU guarantee under the Member State compartment covering financing and investment operations in the Member State or region concerned.
Amendment 271 #
Proposal for a regulation
Article 9 – paragraph 3 – point a
Article 9 – paragraph 3 – point a
(a) the overall amount of the part of the EU guarantee under the Member State compartment pertaining to the Member State or region, its provisioning rate, the amount of the contribution from Funds under shared management, the constitution phase of the provisioning in accordance with an annual financial plan and the amount of the resulting contingent liability to be covered by a back-to-back guarantee provided by the Member State or region concerned;
Amendment 274 #
Proposal for a regulation
Article 9 – paragraph 3 – point c
Article 9 – paragraph 3 – point c
(c) the implementing partner or partners which have expressed their interest and the obligation of the Commission to inform the Member State and, where applicable, the region, about the implementing partner or partners selected;
Amendment 277 #
Proposal for a regulation
Article 9 – paragraph 3 – point e
Article 9 – paragraph 3 – point e
(e) the annual reporting obligations towards the Member State or region where applicable, including reporting in accordance with the indicators referred to in the contribution agreement;
Amendment 282 #
Proposal for a regulation
Article 9 – paragraph 5 – point c
Article 9 – paragraph 5 – point c
(c) the Commission shall immediately inform the Member State, or region where applicable, where, as a result of calls on that part of the EU guarantee under the Member State compartment, the level of provisions for that part of the EU guarantee falls below 20 % of the initial provisioning;
Amendment 283 #
Proposal for a regulation
Recital 29
Recital 29
(29) In selecting implementing partners for the deployment of the InvestEU Fund, the Commissrelevant considerations should consiincluder the counterpart's capacity to fulfil the objectives of the InvestEU Fund and to contribute its own resourcesto it, in order to ensure adequate geographical coverage and diversification, to crowd-in private investors and to provide sufficient risk diversification as well as new solutions to address market failures and sub-optimal investment situations, and ensure economic, social and territorial cohesion. Given its role under the Treaties, its capacity to operate in all Member States and the existing experience under the current financial instruments and the EFSI, the European Investment Bank (‘IB Group should be responsible for the InvestEU Advisory Hub and indirectly manage the EU guarantees for the EU compartment and the Member State compartment. The implementing partners will be as follows: (i) the EIB’) Group should remain a privileged implementing partner under the InvestEU Fund's EU compartmentunder the EIB Window of the EU compartment (ii) the National Promotional Banks or Institutions (NPBIs) with whom a guarantee agreement is signed under the NPBI Window of the EU compartment, (iii) the eligible counterpart such as a financial institution or other intermediary with whom a guarantee agreement is signed under the Member State compartment and (iv) the EIB under the InvestEU Advisory Hub. In line with its role in the Treaties, EIB will provide all strategic banking competences for the Commission and other implementing partners. . In addition to the EIB Group, national, regional and local promotional banks or institutions, where they are implementing partners, should be able to offer a complementary financial product range given that their experience and capabilities at regional level could be beneficial for the maximisation of the impact of public funds on the territory of the Union. Moreover, it should be possible to have other international financial institutions as implementing partners, in particular whenunder the Member State compartment, provided they present a comparative advantage in terms of specific expertise and experience in certain Member States. It should also be possible for other entities fulfilling the criteria laid down in the Financial Regulation to act as implementing partners.
Amendment 284 #
Proposal for a regulation
Article 9 – paragraph 5 – point d
Article 9 – paragraph 5 – point d
(d) if the level of provisions for that part of the EU guarantee under the Member State compartment reaches 10 % of the initial provisioning, the Member State or region concerned shall provide to the common provisioning fund up to 5 % of the initial provisioning upon request by the Commission.;
Amendment 287 #
Proposal for a regulation
Article 10 – paragraph 2
Article 10 – paragraph 2
2. Support of the EU guarantee may be granted for financing and investment operations covered by this Regulation for an investment period ending on 31 December 2027. Contracts between the implementing partner and the final recipient or the financial intermediary or other entity referred to in Article 13(1)(a) shall be signed by 31 December 2028. For avoidance of doubt, such dates shall not apply for operations conducted between financial intermediaries and final recipients.
Amendment 289 #
Proposal for a regulation
Article 10 – paragraph 2 a (new)
Article 10 – paragraph 2 a (new)
2a. Where an implementing partner calls on the EU guarantee in accordance with a guarantee agreement or the InvestEU Agreement, the Union shall pay on demand in accordance with the terms of that agreement.
Amendment 291 #
(a) comply with the conditions set out in [points (a) to (e) of Article 209(2)] of [the Financial Regulation], in particular with theby achieving additionality requirement set out in [point (b) of Article 209(2)] of [the Financial Regulation]by preventing the replacement of potential support and investment from other public or market sources as set out in [point (b) of Article 209(2)] of [the Financial Regulation], achieving a leverage and multiplier effect by mobilising a global investment exceeding the size of the union guarantee and, where appropriate, maximising private investment in accordance with [point (d) of Article 209(2)] of the [Financial Regulation];
Amendment 301 #
Proposal for a regulation
Recital 31
Recital 31
(31) The EU guarantee under the Member State compartment should be allocated to any implementing partner eligible according to [Article 62(1)(c)] of the [Financial Regulation], including national or regional promotional banks or institutions, the EIB, the European Investment Fund and other multilateral development bank Group and other multilateral development banks. Where the deployment of the Member State compartment is to target policy actions already addressed by the EU Compartment through similar financing and investment operations, the Member State compartment and the EU compartment shall have the same implementing partners. When selecting implementing partners under the Member State compartment, the Commission should take into account the proposals made by each Member State. In accordance with [Article 154] of the [Financial Regulation], the Commission must carry out an assessment of the rules and procedures of the implementing partner to ascertain that they provide a level of protection of the financial interest of the Union equivalent to the one provided by the Commission.
Amendment 303 #
Proposal for a regulation
Recital 32
Recital 32
(32) Financing and investment operations should ultimately be decided by an implementing partner in its own name, implemented in accordance with its internal rules and procedures and accounted for in its own financial statements. Therefore, the Commission should exclusively account for any financial liability arising from the EU guarantee and disclose the maximum guarantee amount, including all relevant information on the guarantee provided.
Amendment 306 #
Proposal for a regulation
Article 12 – paragraph 1 a (new)
Article 12 – paragraph 1 a (new)
1a. Where the deployment of the Member State compartment is to target policy actions already addressed by the EU compartment through similar financing and investment operations, the Member State compartment and the EU compartment shall have the same implementing partners.
Amendment 311 #
Proposal for a regulation
Article 12 – paragraph 2 – point f a (new)
Article 12 – paragraph 2 – point f a (new)
(fa) Achieves additionality as laid out in Article 8a(new);
Amendment 316 #
Proposal for a regulation
Article 14 – paragraph 2 – point d
Article 14 – paragraph 2 – point d
(d) the remuneration for risk-taking that is to be allocated in proportion toof the Union and the implementing partner, taking into account the respective shares in the risk-taking ofand the Union and the implementing partnercapacity of final beneficiaries of covering the costs related to the implementation of financing and investment operations under the EU guarantee;
Amendment 318 #
Proposal for a regulation
Article 16 – paragraph 1
Article 16 – paragraph 1
1. The remuneration agreed for risk- taking shall be allocatgreed between the Union and an implementing partner in proportion to their respective share in the risk-taking offor a portfolio of financing and investment operations or, where relevant, of individual operations. The implementing partner shall have an appropriate exposure at its own risk to financing and investment operations supported by the EU guarantee, unless exceptionally the policy objectives targeted by the financial product to be implemented are of such nature that the implementing partner could not reasonably contribute its own risk-bearing capacity to it.
Amendment 323 #
Proposal for a regulation
Article 17 – paragraph 1
Article 17 – paragraph 1
1. The CommissionSteering Committee shall be advised by an advisory board which shall have two configurations, namely representatives of implementing partners and representatives of Member States.
Amendment 326 #
Proposal for a regulation
Article 17 – paragraph 5 – point a – point ii
Article 17 – paragraph 5 – point a – point ii
(ii) provide advice to the CommissionSteering Committee about market failures and sub- optimal investment situations and market conditions;
Amendment 327 #
Amendment 331 #
Proposal for a regulation
Article 18
Article 18
Amendment 334 #
Proposal for a regulation
Article 19 – paragraph 1 – introductory part
Article 19 – paragraph 1 – introductory part
1. An independent Investment Committee shall be established. It shall
Amendment 337 #
Proposal for a regulation
Article 19 – paragraph 2 – subparagraph 2
Article 19 – paragraph 2 – subparagraph 2
Each configuration of the Investment Committee shall be composed of sixeven remunerated external experts. The experts shall be selected in accordance with [Article 237] of the [Financial Regulation] and be appointed by the Commission for a fixed term of up to four years. Their term shall be renewable but shall not exceed seven years in total. The Commission may decide to renew the term of office of an incumbent member of the Investment Committee without availing itself of the procedure laid down in this paragraph.
Amendment 339 #
Proposal for a regulation
Article 2 – paragraph 1 – point 7
Article 2 – paragraph 1 – point 7
(7) 'implementing partner' means the (i) the EIB Group under the EIB Window of the EU compartment (ii) the National Promotional Banks or Institutions (NPBI) and other eligible implementing partners with whom a guarantee agreement is signed under the NPBI Window of the EU compartment or (iii) eligible counterpart such as a financial institution or other intermediary with whom the Commission signs a guarantee agreement and/or an agreement to implement the InvestEU Advisory Hub; is signed under the Member State compartment;
Amendment 341 #
Proposal for a regulation
Article 19 – paragraph 2 – subparagraph 5
Article 19 – paragraph 2 – subparagraph 5
Fourive members shall be permanent members of all four configurations of the Investment Committee. In addition, the four configurations shall each have two experts with experience in investment in sectors covered by that policy window. At least onetwo of the permanent members shall have expertise in sustainable investment. The Commission shall assign the Investment Committee members to its appropriate configuration or configurations. The Investment Committee shall elect a chairperson from among its permanent members.
Amendment 342 #
Proposal for a regulation
Article 19 – paragraph 3 – subparagraph 2
Article 19 – paragraph 3 – subparagraph 2
CVs and declarations of interest of each member of the Investment Committee shall be made public and constantly updated. Each member of the Investment Committee shall communicate without delay to the Commission and the Steering Committee all information needed to check on an ongoing basis the absence of any conflict of interest.
Amendment 359 #
Proposal for a regulation
Article 20 – paragraph 2 – point f a (new)
Article 20 – paragraph 2 – point f a (new)
(fa) undertaking communication actions to raise awareness of the available support to project promoters and to financial and other intermediaries provided by the Advisory Hub, and more generally the opportunities available under InvestEU.
Amendment 362 #
Proposal for a regulation
Article 20 – paragraph 6
Article 20 – paragraph 6
6. The InvestEU Advisory Hub shall have local presence, where necessary and complementary to local partners. It shall be established local presence or cooperation with local partners in particular in Member States or regions that face difficulties in developing projects under the InvestEU Fund. The InvestEU Advisory Hub shall assist in the transfer of knowledge to the regional and local level with a view to building up regional and local capacity and expertise for support referred to in paragraph 1.
Amendment 370 #
Proposal for a regulation
Article 22 – paragraph 3
Article 22 – paragraph 3
3. The performance reporting system shall ensure that data for monitoring implementation and results are collected efficiently, effectively and in a timely manner. To that end, proportionate reporting requirements shall be imposed on implementing partners and other recipients of Union funds, as appropriate. The reporting systems shall provide a clear mapping of the policy windows detailed in the eligible areas for financing and investment operations as laid down in Annex II.
Amendment 376 #
Proposal for a regulation
Article 3 – paragraph 2 – point c
Article 3 – paragraph 2 – point c
(c) to increase the access to and the availability of finance for SMEs and, in duly justified cases, for small mid- cap companies;
Amendment 387 #
Proposal for a regulation
Annex II – paragraph 1 – point 1 – point a
Annex II – paragraph 1 – point 1 – point a
(a) expansion of the generation and accelerating the deployment, supply or use of clean and sustainable renewable energy;
Amendment 392 #
Proposal for a regulation
Annex II – paragraph 1 – point 1 – point c
Annex II – paragraph 1 – point 1 – point c
(c) development, smartening and modernisation of sustainable energy infrastructure (transmission and distribution level, storage technologies), and increasing the level of electricity interconnection between Member states;
Amendment 412 #
Proposal for a regulation
Article 7 – paragraph 1 – point b
Article 7 – paragraph 1 – point b
(b) research, innovation and digitisation policy window: comprises research and innovation activities, transfer of research results to the market, demonstration and deployment of innovative solutions and support to scaling up of innovative companies other than SMEs as well as digitisation of Union industry based on the experiences gained under the Horizon 2020 financial instruments, in particular the InnovFin;
Amendment 423 #
Proposal for a regulation
Annex II – paragraph 1 – point 4
Annex II – paragraph 1 – point 4
4. Development of digital connectivity infrastructure, in particular through projects supporting deployment of very high capacity digital networks, and improving digital connectivity and access, particularly to rural areas and peripheral regions.
Amendment 444 #
Proposal for a regulation
Article 7 a (new)
Article 7 a (new)
Amendment 448 #
Proposal for a regulation
Annex II – paragraph 1 – point 7 – point a
Annex II – paragraph 1 – point 7 – point a
(a) provision of working capital and investment, particularly relating to actions that drive an entrepreneurial culture and environment and promote the creation and growth of SMEs;
Amendment 451 #
Proposal for a regulation
Article 8 – paragraph 1 – introductory part
Article 8 – paragraph 1 – introductory part
1. Each policy window referred to in Article 7(1) shall consist of two compartments addressing: the EU compartment and the Member State compartment. The Member State compartment shall address Member State specific market failures and/or sub-optimal investment situations as follows:related to Union policy objectives.
Amendment 457 #
Proposal for a regulation
Article 8 – paragraph 1 – point a – introductory part
Article 8 – paragraph 1 – point a – introductory part
(a) the EU compartment shall consist of two investment windows, the EIB window and the address any of the following situations NPBI window, and shall address any of the following situations:
Amendment 477 #
Proposal for a regulation
Annex III – point 1 – introductory part
Annex III – point 1 – introductory part
1. Volume of InvestEU financing (broken down by policy windowthe points and subpoints of the eligible areas for financing and investment operations as laid down in Annex II)
Amendment 478 #
Proposal for a regulation
Article 9 – paragraph 1 a (new)
Article 9 – paragraph 1 a (new)
1a. Member States may contribute to the Member State compartment in the form of guarantees or cash. The amount to be contributed to the Member State compartment shall not exceed [X %] of the total endowment of the compartment. Those contributions may only be called for payments of guarantee calls after the funding under the first subparagraph of Article 4(1).
Amendment 479 #
Proposal for a regulation
Annex III – point 2 – introductory part
Annex III – point 2 – introductory part
2. Geographical coverage of InvestEU financing (broken down by policy windowthe points and subpoints of the eligible areas for financing and investment operations as laid down in Annex II)
Amendment 481 #
Proposal for a regulation
Article 9 – paragraph 2 – subparagraph 2
Article 9 – paragraph 2 – subparagraph 2
Amendment 493 #
Proposal for a regulation
Annex III – point 5 – point 5.2 a (new)
Annex III – point 5 – point 5.2 a (new)
5.2a Number of projects that before got support through the Horizon Europe and/or the Digital programme.
Amendment 497 #
Proposal for a regulation
Article 10 – paragraph 1
Article 10 – paragraph 1
1. The EU guarantee shall be granted to the implementing partners in accordance with [Article 219(1)] of the [Financial Regulation] and managed in accordance with [Title X] of the [Financial Regulation]. The EU guarantee shall be irrevocable, unconditional and provided on first demand to eligible counterparts for the financing and investment operations covered by this Regulation and its pricing shall be exclusively linked to the characteristics and risk profile of the underlying operations, taking into due account the nature of the underlying operations and the achievement of the policy objectives targeted, including the possible application of specific derogative terms and incentives as needed, in particular: (a) in situations where stressed financial market conditions would prevent the realisation of a viable project; (b) where necessary to facilitate the establishment of investment platforms or the funding of projects in sectors or areas experiencing a significant market failure and/or suboptimal investment situation; (c) where necessary to address the social infrastructure gap; (d) where a Member State is experiencing a large asymmetric shock.
Amendment 502 #
Proposal for a regulation
Article 10 – paragraph 1 a (new)
Article 10 – paragraph 1 a (new)
1a. In order to ensure programme consistency, the EU guarantee should be managed in partnership between the European Commission and the EIB Group and should provide for: (a) a robust mechanism for its prompt utilisation; (b) a duration consistent with the final maturity of the last receivable from the final beneficiary; (c) an adequate risk and guarantee portfolio monitoring; (d) a reliable mechanism for the estimation of expected cash-flows in case it is availed of; (e) adequate documentation regarding risk management decisions; (f) adequate flexibility regarding the way the guarantee is used, allowing implementing partners to benefit directly from the guarantee when/if needed, in particular in the absence of an additional guarantee scheme; (g) the fulfilment of all the additional requirements requested by the relevant regulatory supervisor, if any, for being considered as an effective full risk mitigation.
Amendment 515 #
Proposal for a regulation
Article 10 – paragraph 2
Article 10 – paragraph 2
2. Support of the EU guarantee may be granted for financing and investment operations covered by this Regulation for an investment period ending on 31 December 2027. Guarantee agreements between the EIB and implementing partners, where applicable, shall be approved by 31 December 2027. Contracts between the implementing partner and the final recipient or the financial intermediary or other entity referred to in Article 13(1)(a) shall be signapproved by 31 December 2028. For avoidance of doubt, such dates shall not apply for operations conducted between financial intermediaries and final recipients. Where an implementing partner calls on the EU guarantee in accordance with a guarantee agreement or the InvestEU Agreement, the Union shall pay on demand in accordance with the terms of that agreement.
Amendment 519 #
Proposal for a regulation
Article 10 a (new)
Article 10 a (new)
Article 10a The EU guarantee under the EU compartment shall be allocated to implementing partners. At least 75% of the EU guarantee under the EU compartment shall be allocated to the EIB Group. Amounts exceeding 75% of the EU guarantee may be made available to the EIB Group in the event that national promotional banks or institutions cannot fully use the remaining share of the guarantee. In addition to having the possibility to benefiting from dedicated EIB Group products developed for them under EFSI, national promotional banks or institutions may fully benefit from the EU guarantee also in case they decide to access to it through the EIB or the European Investment Fund.
Amendment 520 #
Proposal for a regulation
Article 10 b (new)
Article 10 b (new)
Amendment 534 #
Proposal for a regulation
Article 12 – paragraph 1 – subparagraph 2
Article 12 – paragraph 1 – subparagraph 2
For the EU compartment, the eligible counterparts shall have expressed their interest and shall be able to cover financing and investment operations in at least threone or more Member States. The implementing partners may also cover together financing and investment operations in at least three Member States by forming a group.one or more Member States by forming a group. The implementing partners, whose contractual responsibility is limited by their respective national mandates, may also address market failures or suboptimal investment situations with respective, locally adapted, comparable instruments. Where the deployment of the Member State compartment is to target policy actions already addressed by the EU Compartment through similar financing and investment operations, the Member State compartment and the EU compartment shall have the same implementing partners
Amendment 563 #
Proposal for a regulation
Article 16 – paragraph 1
Article 16 – paragraph 1
1. The remuneration for risk-taking shall be allocatgreed between the Union and an implementing partner in proportion to their respective share in the risk-taking offor a portfolio of financing and investment operations or, where relevant, of individual operations and shall be exclusively related to the characteristics and risk profile of the underlying operations. The implementing partner shall have an appropriate exposure at its own risk to the aggregate of financing and investment operations supported by the EU guarantee, unless exceptionally the policy objectives targeted by the financial product to be implemented are of such nature that the implementing partner could not reasonably contribute its own risk-bearing capacity to it.
Amendment 566 #
Proposal for a regulation
Article 16 – paragraph 1 a (new)
Article 16 – paragraph 1 a (new)
1a. The EU guarantee under the EU compartment of the InvestEU Fund shall not, at any time, exceed EUR 38 000 000 000 and the aggregate net payments from the general budget of the Union under this part of the EU guarantee shall not exceed EUR 38 000 000 000. The EU guarantee shall provide credit protection to financing and/or investment operations or portfolios thereof in the manner that enables EIB Group to optimise its implementation of the InvestEU Programme. The EU guarantee shall be eligible to provide first loss guarantees and/or mezzanine guarantees on a portfolio basis, full guarantees or other types of guarantee.
Amendment 567 #
Proposal for a regulation
Article 16 – paragraph 1 b (new)
Article 16 – paragraph 1 b (new)
1b. Without prejudice to paragraph 1, the EU guarantee shall provide for a guarantee in respect of the EIB window of at least [EUR 28500 000 000]. In respect of the EIB window, the EIB shall determine the forms of guarantee the EU guarantee can take and the amounts thereof, in a manner that strives to achieve the objectives in Article 12(2).
Amendment 568 #
Proposal for a regulation
Article 16 – paragraph 1 c (new)
Article 16 – paragraph 1 c (new)
1c. Without prejudice to paragraph 1, the EU guarantee shall provide for a full guarantee in respect of the NPBI window up to a limit of EUR 9 500 000 000, provided that amounts of funding or guarantees deemed satisfactory according to the guidance provided by the Steering Board pursuant to Article 18a(4)(d) are contributed to such financing and investment operations by the relevant implementing partners under the NPBI window without coverage by the EU guarantee or a guarantee by the EIB.
Amendment 571 #
Proposal for a regulation
Article 16 a (new)
Article 16 a (new)
Article 16a The EIB Group aggregate contribution of own resources to the EU compartment of the InvestEU Fund shall amount to [EUR 7 125 000 000]. This contribution shall be provided in a manner and form that facilitates the implementation of the InvestEU Fund by EIB Group and the achievement of the objectives in Article12(2) and shall be deemed to satisfy Article 219 (4) of the Financial Regulation in relation to the entirety of the EU compartment.
Amendment 578 #
Proposal for a regulation
Article 17 – paragraph 1 a (new)
Article 17 – paragraph 1 a (new)
1a. The Commission in cooperation with the EIB Group shall supplement this Regulation by establishing a risk assessment methodology. Such risk assessment methodology shall include: (a) a risk rating classification, to ensure consistent and standard treatment of all operations independent from the intermediary institution; (b) a methodology to assess the value at risk and the probability of default based on clear statistical methods, including environmental, social and governance (ESG) criteria; (c) a method to assess exposure at default and loss given default, taking into account the value of financing, the project risk, the repayment terms, the collateral, and other relevant indicators.
Amendment 662 #
Proposal for a regulation
Article 19 – paragraph 3 – subparagraph 3 a (new)
Article 19 – paragraph 3 – subparagraph 3 a (new)
A secretariat shall be provided by the EIB to support the InvestEU Investment Committee, the management of which shall be agreed in accordance with Article 19(2) of this Regulation.
Amendment 684 #
Proposal for a regulation
Article 20 – paragraph 1 – subparagraph 1 a (new)
Article 20 – paragraph 1 – subparagraph 1 a (new)
The InvestEU Advisory Hub shall be managed by the by the European Investment Bank on behalf of and in close cooperation with the Commission, in cooperation with the EIB Group.
Amendment 706 #
Proposal for a regulation
Article 20 – paragraph 6
Article 20 – paragraph 6
6. The InvestEU Advisory Hub shall have local presence, where necessary. It shall be established in particular in Member States or regions that face difficulties in developing projects under the InvestEU Fund. The InvestEU Advisory Hub shall assist in the transfer of knowledge to the regional and local level with a view to building up regional and local capacity and expertise for support referred to in paragraph 1, and to implement and accommodate small projects. The Commission or the EIB as manager of the InvestEU Advisory Hub shall sign separate agreements with the Advisory Hub partners where appropriate to formalise their contribution to the implementation of the InvestEU Advisory Hub on the ground.