42 Amendments of Jonás FERNÁNDEZ related to 2015/0009(COD)
Amendment 78 #
Proposal for a regulation
Title 1
Title 1
Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on the European Solidarity Fund for Strategic Investments and amending Regulations (EU) No 1291/2013 and, (EU) No 1316/2013, (EU) No. 966/2012
Amendment 82 #
Proposal for a regulation
Citation 1
Citation 1
Having regard to the Treaty on the Functioning of the European Union, and in particular Articles 172, 173, and Article 175(3) and Article 182(1European Union, and in particular Article 3(1) and (3) thereof, and having regard to the Treaty on the Functioning of the European Union, and in particular Article 4(2)(c), (d), (e), (g), (h) and (i), Article 4(3), Article 6(b), (c), (d) and (e), Articles 9, 11 and 120, Article 122(1), Article 125, Article 147(2), Articles 170, 172 and 173, and Articles 175(3), 179(1), 182(1), and 194(1) and (2) thereof,
Amendment 116 #
Proposal for a regulation
Recital 2 a (new)
Recital 2 a (new)
(2a) Inflation and inflation expectations are significantly below the ECB’s target of just below two percent while the ECB already hit the zero lower bound in September 2014. Tolerating excessively low inflation is unacceptable in the current environment in the euro area since adjustment processes for improved competitiveness and much lower unemployment rates in such an environment would take longer than would be economically, socially and politically bearable. While unconventional monetary policy in the form of quantitative easing – in which the ECB has started to engage – is justified and welcome in the current situation, it would be undesirable to rely on it exclusively due to the side effects that come with it, including the risk of future bubbles building up. Hence, the quantitative easing of the ECB urgently needs to be complemented by member states with reforms which enhance growth prospects and a macro-relevant investment drive, not least via a macro- relevant European investment fund. To achieve this, the EU’s own funds and the EIB’s funds already committed urgently need to be complemented by significant contributions from member states directly to the planned fund as well as national efforts alongside the fund.
Amendment 122 #
Proposal for a regulation
Recital 4
Recital 4
(4) Throughout the economic and financial crisis, the Union has made efforts to promote growth, in particular through initiatives set out in the Europe 2020 strategy that put in place an approach for smart, sustainable and inclusive growth. The European Investment Bank ('EIB') has also strengthened its role in instigating and promoting investment within the Union, partly by way of an increase in capital in January 2013. Further action iss, including significant contributions of Member States, are required to ensure that the investment and macro-economic needs of the Union are addressed adequately and that the liquidity available on the market is used efficiently and channelled towards the funding of viable investment projects.
Amendment 190 #
Proposal for a regulation
Recital 11
Recital 11
(11) The EFSI should supportinclude Member State contributions providing for sufficient size effectively to support necessary strategic investments with high economic value added contributing to achieving Union policy objectives.
Amendment 212 #
Proposal for a regulation
Article 20 a (new)
Article 20 a (new)
Article 20a Final provision The Commission shall assess the compatibility of this Regulation with Article 17(2) of Regulation (EU, Euratom) No 966/2012 and, if applicable, consider taking the necessary legislative initiative action.
Amendment 213 #
Proposal for a regulation
Article 20 b (new)
Article 20 b (new)
Article 20b Additional provision With the aim of increasing the resources of the European Fund for Strategic Investments and the EU budget in general, the Commission shall consider submitting a proposal to reform Article 33(1)(a) of the Statute of the European Central Bank.
Amendment 281 #
Proposal for a regulation
Recital 15
Recital 15
(15) The EFSI should target projects with a higher risk-return profile than existing EIB and Union instruments to ensure additionality over existing operations. An even higher risk profile should be accepted for research, development and innovation projects. The EFSI should finance projects across the Union, including in the countries most affected by the financial crisis. The EFSI should only be used where financing is not available from other sources on reasonable terms.
Amendment 350 #
Proposal for a regulation
Recital 18
Recital 18
(18) In order to enable the EFSI to support investments, the Union should grant a guarantee of an amount equal to EUR 16 000 000 000. When provided on a portfolio basis, the guarantee coverage should be capped depending upon the type of instrument, such as debt, equity or guarantees, as a percentage of the volume of the portfolio of outstanding commitments. It is expected that when the guarantee is combined with EUR 5 000 000 000 to be provided by the EIB, that the EFSI support should generate EUR 60 800 000 000 additional investment by the EIB and EIF. This EUR 60 800 000 000 supported by the EFSI is expected to generate a total of EUR 315 000 000 000 in investment in the Union within the period 2015 to 2017. Additional significant Member State contributions to the EFSI's capital are necessary to bring the Fund's capacity closer to actual needs and essential to ensure an impact of macro-economic relevance. Guarantees that are attached to projects which are completed without a call on a guarantee are available for supporting new operations.
Amendment 358 #
Proposal for a regulation
Recital 18 a (new)
Recital 18 a (new)
(18a) On 13 January 2015, the European Commission presented a Communication on how it will apply the existing rules of the Stability and Growth Pact. National co-financing of operations supported by the EFSI, including in the transition period, are eligible to the flexibility within the existing rules of the Stability and Growth Pact, provided for by the Commission Communication of 13 January 2015, in accordance with the conditions and limits there included.
Amendment 359 #
Proposal for a regulation
Recital 18 a (new)
Recital 18 a (new)
(18a) The European Central Bank has expressed its readiness to buy ESFSI bonds,
Amendment 368 #
Proposal for a regulation
Recital 19
Recital 19
(19) In order to allow for the much needed further increase in its resources, participation in the EFSI should be open to third parties, including Member States, national promotional banks or public agencies owned or controlled by Member States, private sector entities and entities outside the Union subject to the consent of existing contributors. Third parties may contribute directly to the EFSI and take part in the EFSI governance structure.
Amendment 533 #
Proposal for a regulation
Recital 36 a (new)
Recital 36 a (new)
(36a) Member States should receive equal treatment with regard to one-off measures consisting of financial contribution to the EFSI investments. National contributions to EFSI eligible investment platforms and individual projects, via direct public budget transfers or National Promotional Banks, including those undertaken in the transitional period referred to by article 20 will be considered by the Commission in the assessment to be made under the existing rules of the Pact the same way as one-off capital contributions to the EFSI.
Amendment 535 #
Proposal for a regulation
Chapter 1 – title
Chapter 1 – title
European Solidarity Fund for Strategic Investments
Amendment 537 #
Proposal for a regulation
Article 1 – title
Article 1 – title
European Solidarity Fund for Strategic Investments
Amendment 544 #
Proposal for a regulation
Article 1 – paragraph 1 – subparagraph 1
Article 1 – paragraph 1 – subparagraph 1
The Commission shall conclude an agreement with the European Investment Bank (EIB) on the permanent establishment of a European Solidarity Fund for Strategic Investments ('ESFSI'). The ESFSI has legal personality.
Amendment 567 #
Proposal for a regulation
Article 1 – paragraph 1 – subparagraph 2
Article 1 – paragraph 1 – subparagraph 2
The purpose of the ESFSI shall be to support counter-cyclical and development 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 ('ESFSI Agreement') and direct financing. The investments will prioritise Member States, regions, and municipalities that suffer high unemployment levels or sudden increases in the unemployment rate.
Amendment 603 #
Proposal for a regulation
Article 1 – paragraph 2 a (new)
Article 1 – paragraph 2 a (new)
2a. The ESFSI may borrow from financial entities and markets, including through bond issuances.
Amendment 606 #
Proposal for a regulation
Article 1 – paragraph 2 b (new)
Article 1 – paragraph 2 b (new)
2b. The ESFSI bond issuances shall include a minorist tranch so EU citizens and residents can purchase them.
Amendment 607 #
Proposal for a regulation
Article 1 – paragraph 2 c (new)
Article 1 – paragraph 2 c (new)
2c. The Commission, the EIB and the ESFSI will undertake a marketing campaign in order to publicize the Investment Plan for Europe, including the issuance of ESFSI bonds.
Amendment 614 #
Proposal for a regulation
Article 2 – title
Article 2 – title
Terms of the ESFSI Agreement
Amendment 618 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 – introductory part
Article 2 – paragraph 1 – subparagraph 1 – introductory part
The ESFSI Agreement shall contain, in particular, the following:
Amendment 623 #
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 ESFSI as a distinct, clearly identifiable and transparent guarantee facility and separate account managed by the EIB;
Amendment 634 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 – point b
Article 2 – paragraph 1 – subparagraph 1 – point b
(b) the amount and terms of the periodic financial contribution which shall be provided by the EIB through the ESFSI;
Amendment 639 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 – point c
Article 2 – paragraph 1 – subparagraph 1 – point c
(c) the terms of the funding which shall be provided by the EIB through the ESFSI to the European Investment Fund ('EIF');
Amendment 666 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 – point i
Article 2 – paragraph 1 – subparagraph 1 – point i
(i) provisions governing the manner in which third parties may co-invest with EIB financing and investment operations supported by the ESFSI;
Amendment 687 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 4
Article 2 – paragraph 1 – subparagraph 4
The EFSI Agreement shall provide that remuneration attributable to the Union from EFSI supported operations shall be provided following the deduction of payments due to calls on the EU guarantee and, subsequently, costs in accordance with the third subparagraph of paragraph 2 and with Article 5(3). This remuneration shall be remain in the EFSI in order to finance the operational costs, increase the EU guarantee and provide direct financing.
Amendment 734 #
Proposal for a regulation
Article 2 – paragraph 3
Article 2 – paragraph 3
3. Member States tshatll become parties to the ESFSI Agreement and shall be able to provide theira contribution, in particular, in the form of cash or a guarantee acceptable to the EIBuropean Commission and the EIB. The amount of each Member State contribution shall be specified in the ESFSI Agreement. Other third parties shall be able to provide their contribution only in cash.
Amendment 745 #
Proposal for a regulation
Article 3 – title
Article 3 – title
Governance of the ESFSI
Amendment 760 #
Proposal for a regulation
Article 3 – paragraph 1
Article 3 – paragraph 1
1. The ESFSI Agreement shall provide that the ESFSI 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 ESFSI can support and the risk profile of the ESFSI, in conformity with the objectives under Article 5(2). The Steering Board shall elect one of its members to be Chairperson.
Amendment 767 #
Proposal for a regulation
Article 3 – paragraph 1 a (new)
Article 3 – paragraph 1 a (new)
1a. When establishing the investment policy and risk policy for the EFSI support, the Steering Board shall pay particular attention to closing investment gaps and accounting for the prevailing business cycle conditions across Europe.
Amendment 804 #
Proposal for a regulation
Article 3 – paragraph 3 – subparagraph 3
Article 3 – paragraph 3 – subparagraph 3
No decision of the Steering Board shall be adopted if the Commission or the EIB votes against it.
Amendment 812 #
Proposal for a regulation
Article 3 – paragraph 4 – subparagraph 1
Article 3 – paragraph 4 – subparagraph 1
The ESFSI Agreement shall provide that the ESFSI shall have a Managing Director, who shall be responsible for the day-to-day management of the ESFSI and the preparation and chairing of meetings of the Investment Committee referred to in paragraph 5. The Managing Director shall be assisted by a Deputy Managing Director.
Amendment 907 #
Proposal for a regulation
Article 5 – paragraph 1
Article 5 – paragraph 1
1. The granting of the EU guarantee shall be subject to the entry into force of the ESFSI Agreement.
Amendment 1004 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – point e – point i (new)
Article 5 – paragraph 2 – subparagraph 1 – point e – point i (new)
i) Any other European public goods
Amendment 1015 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 a (new)
Article 5 – paragraph 2 – subparagraph 1 a (new)
The EFSI shall target projects with a higher risk profile than existing EIB and Union instruments. An ever higher risk profile shall be accepted for research, development and innovation projects.
Amendment 1022 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 2
Article 5 – paragraph 2 – subparagraph 2
In addition, the EU guarantee shall be granted for support of dedicated investment platforms such as the European Joint Undertaking, and national promotional banks, via the EIB, that invest in operations meeting the requirements of this Regulation. In that case, the Steering Board shall specify policies regarding eligible investment platforms.
Amendment 1149 #
Proposal for a regulation
Article 8 – paragraph 5 – subparagraph 2 a (new)
Article 8 – paragraph 5 – subparagraph 2 a (new)
An assessment of the effects of the different funds within the EU budget in its relation to the EU 2020 priorities shall be presented ahead of the review/revision of the EU multi-annual financial framework, as to foster a balanced debate on the funding of the EFSI Guarantee Fund, taking in account all means available under the EU budget.
Amendment 1329 #
Proposal for a regulation
Article 12 – paragraph 5 a (new)
Article 12 – paragraph 5 a (new)
5a. The Commission shall report to the European Parliament and the Council on the functioning of the EFSI, and particularly on its ability to mobilise private investment and to finance projects of European interest, at the end of 2016. The European Parliament and the Council shall, on the basis of a Commission proposal, take a decision on EFSI resources before 1 July 2017, determining whether the Fund has sufficient resources available for the aims outlined in the Regulation to be realised or whether additional resources should be allocated to it when the mid-term review of the 2014-2020 Multiannual Financial Framework is carried out.
Amendment 1388 #
Proposal for a regulation
Article 17 – paragraph 5 a (new)
Article 17 – paragraph 5 a (new)
5a. National contributions for the co- financing of projects shall not be taken into account in calculating the public deficit under the Stability and Growth Pact.
Amendment 1464 #
Proposal for a regulation
Article 19 a (new)
Article 19 a (new)
Article 19 a Amendment to Regulation (EU) 966/2012 Article 17 of Regulation (EU) No 966/2012, paragraph 2 is deleted.
Amendment 1471 #
Proposal for a regulation
Article 20 a (new)
Article 20 a (new)
Article 20a Final provision Having regard to Article 17(2) of Regulation (EU, Euratom) No 966/2012, the Commission shall assess the compatibility of that provision with this Regulation, and shall consider taking the legislative initiatives necessary to ensure such compatibility.