Activities of José Inácio FARIA related to 2015/0009(COD)
Shadow opinions (1)
OPINION 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
Amendments (35)
Amendment 16 #
Proposal for a regulation
Title 1
Title 1
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
Amendment 26 #
Proposal for a regulation
Recital 4
Recital 4
(4) Throughout the economic and financial crisis, the Union has madenot made enough efforts to promote growth, in particular throughdespite 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 is required to ensure that the investment needs of the Union are addressed and that the liquidity available on the market is used efficiently and channelled towards the funding of viable investment projects.
Amendment 39 #
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 investments in the Union and to ensure increased access to financing. It is intended that increased access to financing should be of particularprioritized to the benefit tof 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 shouldthrough EFSI shall contribute to strengthening the Union's economic, social and territorial cohesion.
Amendment 53 #
Proposal for a regulation
Recital 11
Recital 11
(11) The EFSI should support strategic investments with high economic, social and environmental value added contributing to achieving Union policy objectives in an objective manner.
Amendment 66 #
Proposal for a regulation
Recital 14
Recital 14
(14) The EFSI should target projects delivering high societal and economic value. In particular, the EFSI should target projects that promote job creation, long- term growth, sustainability 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 76 #
Proposal for a regulation
Recital 14
Recital 14
(14) The EFSI should target projects delivering high societal environmental and economic valuebenefits. In particular, the EFSI should target projects that promote job creation, long- term growth, sustainability, resource and energy efficiency 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 81 #
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. The EFSI should finance projects across the Union, includingwhile it should play a special investment-enabling role 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 89 #
Proposal for a regulation
Recital 16
Recital 16
(16) The EFSI should target investments that are expected to be socially, environmentally, economically and technically viable, which may entail a degree of appropriate risk, whilst still meeting the particular requirements for EFSI financing.
Amendment 115 #
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 be suited especially to address the needs of SMEs.
Amendment 123 #
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 will be progressively authorised by a decision of the European Parliament and of the Council2 , and the Connecting Europe Facility, provided by Regulation (EU) No in the framework of the annual budgetary procedures up to 2020, using in priority all provisions under Council regulation (EU, Euratom) n°13161/2013 of the European Parliament and of the Council3 , should be reduced. Those programmes serve purposes that are not replicated by the EFSI. However, the reduction of both programmes to finance the guarantee fund is expected to ensure a greater investment in certain areas of their 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, telecommunicationlaying down the multiannual financial framework for the years 2014- 2020, in particular its articles 5, 11, 13 and 14, as well as any budgetary surplus entered into the general budget of the European Union, and avoiding to affect programmes that already serve an investment purpose, are operational and contain a possibility to use innovative financial instruments. Therefore, envelops of programmes aund energy infrastructure compared to if the resources had been spent via grants within the planned Horizon 2020 and Connecting Europe Facility proger the sub-heading 1A of the multiannual financial frammes. It is, therefore, appropriate to redirect part of the funding presently envisaged for those programmes to the benefit of EFSIwork could be reduced only if proved necessary and as a last resort solution. __________________ 3 Regulation (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).
Amendment 137 #
Proposal for a regulation
Recital 35
Recital 35
(35) In order to ensure an appropriate coverage of the EU guarantee obligations and to ensure the continued availability of the EU guarantee, the power to adopt acts in accordance with Article 290 of the Treaty on the Functioning of the European Union should be delegated to the Commission with respect to the adjustment of the amounts to be paid in from the general budget of the Union and to amend Annex I accordingly. It is of particular importance that the Commission carry out appropriate consultations during its preparatory work, including at expert level. The Commission, when preparing and drawing up delegated acts, should ensure a simultaneous, timely and appropriate transmission of relevant documents to the European Parliament and to the Council.
Amendment 159 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 2
Article 2 – paragraph 1 – subparagraph 2
The EFSI Agreement shall provide that there is a clear distinction between operations carried out with the EFSI support and other operations of the EIB. Such additionality shall be ensured by the Steering Board on the basis of the risk profile of the EFSI and on the fulfilment of the policy objectives set in Art. 5(2).
Amendment 160 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 2 a (new)
Article 2 – paragraph 1 – subparagraph 2 a (new)
The EFSI Agreement shall provide for specific and measurable criteria for the assessment of projects' contribution towards the general policy goals in Art. 5(2).
Amendment 163 #
Proposal for a regulation
Article 2 – paragraph 2 – subparagraph 1
Article 2 – paragraph 2 – subparagraph 1
The EFSI Agreement shall provide for the creation of a European Investment Advisory Hub ('EIAH') within the EIB. The EIAH shall have as its objective to build upon existing EIB and Commission advisory services in order to provide advisory support for investment project identification, preparation and development and act as a single technical advisory hub for project financing within the Union. This shall include support on the use of technical assistance for project structuring, use of innovative financial instruments, use of public-private partnerships and advice, as appropriate, on relevant issues of EU legislation. The EIAH shall be structured in order to act as a facilitator addressing the procedural needs of SMEs.
Amendment 168 #
Proposal for a regulation
Article 2 – paragraph 2 – subparagraph 1
Article 2 – paragraph 2 – subparagraph 1
The EFSI Agreement shall provide for the creation of a European Investment Advisory Hub ('EIAH') within the EIB. The EIAH shall have as its objective to build upon existing EIB and Commission advisory services in order to provide advisory support for investment project identification, preparation and development by highlighting projects with multiple benefits particularly in the fields of sustainable energy, sustainable mobility and sustainable resource management, and act as a single technical advisory hub for project financing within the Union. This shall include support on the use of technical assistance for project structuring, use of innovative financial instruments, use of public-private partnerships and advice, as appropriate, on relevant issues of EU legislation.
Amendment 171 #
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 of the European Structural and Investment Funds, building appropriate partnerships at Member State level.
Amendment 174 #
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 risk profile of the EFSI and the investment policy of projects that EFSI can support and the risk profile of the EFSI, in conformity with the objectives under Article 5(2), in order to ensure additionality of the EFSI compared to normal EIB operations, and conformity with the objectives under Article 5(2) and the EU Treaty's objectives of social, economic and territorial cohesion. The Steering Board shall elect one of its members to be Chairperson.
Amendment 190 #
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.
Amendment 198 #
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, in environmental or social fields and be appointed by the Steering Board for a renewable fixed term of three years. It must be ensured that project selection is performed in a fully transparent and accountable manner based on EIB principles alongside with a set of sustainability criteria providing a clear assessment of climate, biodiversity, air quality and water quality effects of the projects. All information concerning the activities of the Investment Committee including agendas and minutes should be made publicly available.
Amendment 200 #
Proposal for a regulation
Article 3 – paragraph 5 – subparagraph 3 a (new)
Article 3 – paragraph 5 – subparagraph 3 a (new)
For its decision, the Investment Committee must give due weighting to the project's contribution towards the policy goals in Art. 5(2), assessed in accordance with the criteria in Art. 2.(1) subpara.2a
Amendment 213 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – point a
Article 5 – paragraph 2 – subparagraph 1 – point a
(a) development of infrastructure, includingespecially in the areas of transport, particularly in industrial centres; energysustainable transport, in industrial centres and urban areas; energy, when compatible with EU's climate and energy policy goals, in particular energy interconnections, and energy efficiency; and digital infrastructure;
Amendment 229 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – point c
Article 5 – paragraph 2 – subparagraph 1 – point c
(c) reducing energy demand, expansion of renewable energy and energy and resource efficiency, sustainable energy technologies, decentralisation of the energy systems, resource and energy efficiency measures, in particular demand side solutions and in-depth renovation of buildings;
Amendment 236 #
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, and natural resources, and others contributing towards the objectives of the 7th Environmental Action Programme, and in urban development and social fields;
Amendment 240 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – point e a (new)
Article 5 – paragraph 2 – subparagraph 1 – point e a (new)
(ea) be compatible, on an aggregated basis, with social and economic cohesion in the EU;
Amendment 247 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 2 a (new)
Article 5 – paragraph 2 – subparagraph 2 a (new)
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 261 #
Proposal for a regulation
Article 8 – paragraph 5 a (new)
Article 8 – paragraph 5 a (new)
5a. Without prejudice to Article 8(5), the initial target amount shall be met by gradual budgetary contributions to the guarantee fund, to be decided by the budgetary authority in the frame of the annual budgetary procedures up to 2020, making use in priority of all means available under Council regulation 1311/2013 of 2 December 2013 laying down the multiannual Financial Framework 2014-2020, in particular article 5, 11, 13, 14, as well as any budgetary surplus entered in the general budget of the European Union. If needed, as a last resort solution and in full respect of point 17 and 18 of the Interinstitutional Agreement of 2 December 2013, on cooperation in budgetary matters and on sound financial management, funds from multiannual programmes under heading 1A may be redeployed to the guarantee fund if these programmes prove to be under- implemented.
Amendment 262 #
Proposal for a regulation
Article 8 – paragraph 5 b (new)
Article 8 – paragraph 5 b (new)
5b. The financing of the EU contribution to the guarantee fund shall be reviewed in the frame of the post-electoral review and revision of the multiannual financial framework due to be launched by the end of 2016 at the latest as foreseen in article 2 of Council regulation 1311/2013, of 2 December 2013, laying down the MFF 2014-2020.
Amendment 264 #
Proposal for a regulation
Article 8 – paragraph 7 – point a
Article 8 – paragraph 7 – point a
(a) any surplus shall be paid in one transaction to a special heading in the statement of revenue in the general budget of the European Union of the year n+1, and shall be reallocated to programmes which envelopes might have been reduced to finance the guarantee fund, as referred to in paragraph 5a (new), in order to compensate these losses;
Amendment 274 #
Proposal for a regulation
Article 9 – paragraph 2
Article 9 – paragraph 2
2. The Commission and the EIB shall develop, update and disseminate, on a regularyearly and structured basis, information on current and future investments which significantly contribute to achieving EU policy objectives.
Amendment 276 #
Proposal for a regulation
Article 9 – paragraph 3
Article 9 – paragraph 3
3. Member States shall develop, update and disseminate, on a regularyearly and structured basis, information on current and future investment projects in their territory.
Amendment 282 #
Proposal for a regulation
Article 10 – paragraph 2 – point b
Article 10 – paragraph 2 – point b
(b) an assessment of the added value, the social, economic and territorial impact on cohesion, the mobilisation of private sector resources, the estimated and actual outputs, outcomes and impact of EIB financing and investment operations at an aggregated basis;
Amendment 283 #
Proposal for a regulation
Article 10 – paragraph 2 – point b a (new)
Article 10 – paragraph 2 – point b a (new)
(ba) an assessment of EFSI's additionality relative to standard EIB operations
Amendment 295 #
Proposal for a regulation
Article 18 – paragraph 1
Article 18 – paragraph 1
Regulation (EU) No 1291/2013
Article 6
Article 6
Amendment 304 #
Proposal for a regulation
Article 19 – paragraph 1
Article 19 – paragraph 1
Regulation (EU) No 1316/2013
Paragraph 1
Paragraph 1
Amendment 309 #
Proposal for a regulation
Annex I
Annex I