33 Amendments of Sander LOONES related to 2018/0229(COD)
Amendment 145 #
Proposal for a regulation
Recital 1
Recital 1
(1) With 1.8% of EU GDP, down from 2.2% in 2009, infrastructure investment activities in the Union in 2016 were about 20% below investment rates before the global financial crisis. Thus, while a recovery in investment-to-GDP ratios in the Union can be observed, it remains below what might be expected in a strong recovery period and is insufficient to compensate years of underinvestment. More importantly, the current investment levels and forecasts do not cover the Union’s structural investment needs in the face of technological change and global competitiveness, including for innovation, skills, infrastructure, small and medium- sized enterprises ('SMEs') and the need to address key societal challenges such as sustainability or population ageing. Consequently, continued support is necessary to address Union-wide and/or Member State specific market failures and sub-optimal investment situations to reduce the investment gap in targeted sectors to achieve the Union's policy objectives.
Amendment 243 #
Proposal for a regulation
Recital 23
Recital 23
(23) The EU guarantee of EUR 38 001 250 000 000 (current prices) at Union level is expected to mobilise more than EUR 65EUR 600 000 000 000 of additional investment across the Union increasing the impact of the EU budget by "doing more with less". The EU guarantee and should be indicatively allocated between the policy windows.
Amendment 282 #
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 resources to the fund, 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 Union-wide and/or Member State specific market failures and sub- optimal investment situations. 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 (‘EIB’) Group should remain a privileged implementing partner under the InvestEU Fund's EU compartment. In addition to the EIB Group, nindirectly manage the EU guarantee for the EU compartment and the Member State compartment. The implementing partners are as follows: (i) the EIB Group under the EIB Window of the EU compartment (ii) the National pPromotional bBanks or iInstitutions should be able to offer a(NPBIs) with whom a guarantee agreement is signed under the NPBI Window of the EU compleartmentary financial product range given that their experience and capabilities at regional level could be beneficial. In line with its role in the Treaties, the EIB provides all strategic banking competences for the maxiCommisatsion of and other 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 when they present a comparative advantage in terms of specific expertise and experience in certain Member States. It should also be possiblelementing partners. In addition to the EIB Group, national and regional 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 other entities fulfilling the criteria laid down in the Financial Regulation to act as implementing partners. maximisation of the impact of public funds on the territory of the Union.
Amendment 296 #
Proposal for a regulation
Recital 30
Recital 30
(30) In order to ensure that interventions under bothe EU compartments of the InvestEU Fund focus on Union-wide and/or Member State specific 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 threone or more Member States. However, it is expected that around 75 % of the EU guarantee under the EU compartment would be allocated to implementing partner or partnersEIB group that can offer financial products under the InvestEU Fund in all Member States.
Amendment 323 #
Proposal for a regulation
Recital 47
Recital 47
(47) The InvestEU Programme should address EUnion-wide and/or Member State specific market failures and sub- optimal investment situations and provide for Union-wide market testing of innovative financial products, and systems to spread them, for new or complex market failures. Therefore, action at Union level is warranted,
Amendment 340 #
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) 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 Hubis signed under the Member State compartment;
Amendment 358 #
Proposal for a regulation
Article 3 – paragraph 1 – point a a (new)
Article 3 – paragraph 1 – point a a (new)
(aa) support the Member States' economic capacity, including strategic investments in Member States' specific areas;
Amendment 366 #
Proposal for a regulation
Article 3 – paragraph 1 – point c
Article 3 – paragraph 1 – point c
(c) the social infrastructure, resilience and inclusiveness of the Union including health and long-term care;
Amendment 385 #
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 38 001 250 000 000 (current prices). It shall be provisioned at the rate of 40 %.
Amendment 398 #
Proposal for a regulation
Article 4 – paragraph 3
Article 4 – paragraph 3
3. The financial envelope for the implementation of the measures provided in Chapters V and VI shall be EUR 5225 000 000 (current prices).
Amendment 417 #
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; designing products which respond to particular challenges faced by SMEs in need of capital to expand their operations ;
Amendment 442 #
Proposal for a regulation
Article 7 – paragraph 6
Article 7 – paragraph 6
6. The Commission is empowered to adopt delegated acts in accordance with Article 26 to define the investment guidelines for each of the policy windows. Prior to the adoption of any delegated act, the Commission shall gather all necessary expertise, including through the consultation of Member States' experts, in particular national promotional banks or institutions, and the EIB.
Amendment 443 #
Proposal for a regulation
Article 7 – paragraph 6 a (new)
Article 7 – paragraph 6 a (new)
6a. Whenever the Commission provides additional information on the interpretation of the investment guidelines, the Commission shall make the same information available to the InvestEU Advisory Hub, the implementing partners and the Investment Committee.
Amendment 448 #
Proposal for a regulation
Article 7 a (new)
Article 7 a (new)
Article 7a Additionality For the purposes of this Regulation, 'additionality' means support by the InvestEU Fund for operations which address Union wide or (sub)national 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.
Amendment 458 #
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 NPBI window, and shall address any of the following situations:
Amendment 508 #
Proposal for a regulation
Article 10 – paragraph 1 a (new)
Article 10 – paragraph 1 a (new)
1a. 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 under the EIB Window of the EU compartment. 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. National promotional banks or institutions may fully benefit from the EU guarantee also in case they decide to access it through the EIB or the European Investment Fund.
Amendment 512 #
Proposal for a regulation
Article 10 – paragraph 1 b (new)
Article 10 – paragraph 1 b (new)
1b. In addition, the EU guarantee should be managed by the EIB Group in close cooperation and partnership with the European Commission; therefore: (a) a separate entity should be set up within the EIB to avoid any potential conflict of interests between the tasks as EU guarantee administrator and as implementing partner; and (b) the EIB should work to ensure direct access to the EU guarantee for the other implementing partners
Amendment 513 #
Proposal for a regulation
Article 10 – paragraph 1 c (new)
Article 10 – paragraph 1 c (new)
1c. In addition, the EU guarantee 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 538 #
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.
Amendment 547 #
Proposal for a regulation
Article 12 – paragraph 2 – point f
Article 12 – paragraph 2 – point f
(f) promotes innovating financial and risk solutions to address Union-wide and/or Member State specific market failures and sub-optimal investment situations.
Amendment 558 #
Proposal for a regulation
Article 12 – paragraph 4
Article 12 – paragraph 4
4. NOnly national promotional banks or institutions may be selected as implementing partners, subject to fulfilling the requirements laid down in this Article and in the second subparagraph of Article 14(1).
Amendment 587 #
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 Commission about Union-wide and/or Member State specific market failures and sub-optimal investment situations and market conditions;
Amendment 605 #
Proposal for a regulation
Article 18
Article 18
Amendment 643 #
Proposal for a regulation
Article 19 – paragraph 1 – point c a (new)
Article 19 – paragraph 1 – point c a (new)
(ca) calls on the Commission to amend the investment guidelines and/or draft additional guidelines when it deems necessary.
Amendment 645 #
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 sixtwelve remunerated external experts. The independent experts shall be selected in accordance with [Article 237] of the [Financial Regulation] and. Six of them will be appointed by the Commission, six of them by the implementing partners through a rotation system between the EIB national promotional banks or institutions for a fixed term of up to four years. Their term shall be renewable but shall not exceed seven years in total. The Commission and the implementing partners 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 655 #
Proposal for a regulation
Article 19 – paragraph 2 – subparagraph 6
Article 19 – paragraph 2 – subparagraph 6
The Commission shall adopt the rules of procedure and the EIB shall manage the secretariat for the Investment Committee.
Amendment 698 #
Proposal for a regulation
Article 20 – paragraph 2 – point f a (new)
Article 20 – paragraph 2 – point f a (new)
(fa) dissemination to authorities and project promoters of all available additional information regarding the investment guidelines and the interpretation of these guidelines.
Amendment 708 #
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. In Member States where national promotional banks or institutions exist, Member States may designate the implementation of the InvestEU Advisory Hub on the ground to these national promotional banks or institutions.
Amendment 713 #
Proposal for a regulation
Chapter 7 – title
Chapter 7 – title
monitoring and reporting, revaluationiew and control
Amendment 724 #
Proposal for a regulation
Article 22 – paragraph 5 a (new)
Article 22 – paragraph 5 a (new)
5a. All information on the risk and guarantee portfolio monitoring and the estimation of expected cash-flows shall be shared with the Advisory Board.
Amendment 725 #
Proposal for a regulation
Article 23 – title
Article 23 – title
Amendment 726 #
Proposal for a regulation
Article 23 – paragraph 2
Article 23 – paragraph 2
2. By 30 September 20254, the Commission shall carry out an interim revaluationiew on the InvestEU Programme, in particular on the use of the EU guarantee. The interim review shall contain an extensive assessment of the performance of the InvestEU advisory hub. The results of this review should be taken into account in any revision of this Regulation.
Amendment 812 #
Proposal for a regulation
Annex III – point 2 – point 2.1 a (new)
Annex III – point 2 – point 2.1 a (new)
2.1a Volume of operations signed per implementing partner