Activities of Sander LOONES related to 2018/2161(INI)
Shadow reports (1)
REPORT on the Annual Report on the financial activities of the European Investment Bank PDF (361 KB) DOC (77 KB)
Amendments (20)
Amendment 6 #
Motion for a resolution
Recital A a (new)
Recital A a (new)
A a. whereas the EIB is the only bank owned by and representing the interests of the European Union Member States;
Amendment 7 #
Motion for a resolution
Recital B a (new)
Recital B a (new)
B a. whereas the EIB is market and demand driven and its investments are selected based on financial, economic and technical merits;
Amendment 8 #
Motion for a resolution
Recital B b (new)
Recital B b (new)
B b. whereas EIB's lending activities are mainly funded via bond issuance in the international capital markets; whereas its annual funding programme is around EUR 60 billion; whereas 33% (2017) and 37% (2016) of EIB bonds were issued in USD;
Amendment 9 #
Motion for a resolution
Recital B c (new)
Recital B c (new)
B c. whereas EIB bonds are of the highest credit quality and EIB is rated triple-A by the main three credit rating agencies owing to among other things its Member State ownership and its conservative risk management resulting in a solid loan book, with only 0.3% non- performing loans;
Amendment 10 #
Motion for a resolution
Recital B d (new)
Recital B d (new)
B d. whereas financial instruments and budgetary guarantees could increase the impact of the EU budget;
Amendment 11 #
Motion for a resolution
Recital B e (new)
Recital B e (new)
B e. whereas the EIB is the natural partner for EU to implement financial instruments, in close cooperation with national, regional or multilateral financial institutions;
Amendment 29 #
Motion for a resolution
Paragraph 2 a (new)
Paragraph 2 a (new)
2 a. Stresses the importance of preserving the non-political character of investment decisions in the EIB’s success;
Amendment 40 #
Motion for a resolution
Paragraph 4 a (new)
Paragraph 4 a (new)
4 a. Welcomes the recent improvements in transparency standards, such as the publication of the minutes of its Board of Directors and the publication of the Scoreboard of indicators for projects supported by the EFSI guarantee; understands that a bank cannot disclose commercially sensitive information
Amendment 46 #
Motion for a resolution
Subheading 1 a (new)
Subheading 1 a (new)
General Remarks
Amendment 47 #
Motion for a resolution
Paragraph 4 b (new)
Paragraph 4 b (new)
4 b. Notes with concern the continued increase in general administrative expenses, primarily driven by the increase in staff-related costs; warns about the risk of a further increase in the cost-to-income ratio for the EIB’s capital base; asks the EIB to maintain cost discipline; asks EIB to keep its management structure lean and efficient and to prevent the evolution towards a top-heavy management structure;
Amendment 50 #
Motion for a resolution
Paragraph 4 c (new)
Paragraph 4 c (new)
4 c. Recalls the fact that the EIB has responded to the crisis by expanding its activities significantly; believes that the EIB has played a positive role in reducing the negative investment gap; urges the EIB to pay extra attention to the risk of crowding out private investment now that economic conditions are normalising;
Amendment 53 #
Motion for a resolution
Paragraph 4 d (new)
Paragraph 4 d (new)
4 d. Notes that almost a third of EIB funding is dollar denominated, exposing the bank to potential U.S. sanctions; asks the EIB to start progressively reducing its funding in dollar;
Amendment 54 #
Motion for a resolution
Paragraph 4 e (new)
Paragraph 4 e (new)
4 e. Welcomes the fact that the EIB has further strengthened its tax due diligence framework and applies high standards with a view to preventing tax fraud, tax evasion, aggressive tax planning, money laundering and financing of terrorism; emphasises that the EIB, when implementing these standards, has to respect the existing legislative framework, for instance regarding the EU list of non-cooperative jurisdictions for tax purposes; notes positively that the EIB applies the said EU list of non-cooperative jurisdictions in its operations;
Amendment 55 #
Motion for a resolution
Paragraph 4 f (new)
Paragraph 4 f (new)
4 f. Encourages the EIB to continue carrying out an enhanced due diligence on every operation with higher risk factors identified, such as a potential link to a Non-Compliant Jurisdiction (NCJ), tax risk indicators and operations with complex multi-jurisdictional structures irrespective of the existence of NCJ links;
Amendment 56 #
Motion for a resolution
Paragraph 4 g (new)
Paragraph 4 g (new)
4 g. Regrets the degradation of the relations between the European Commission and the EIB; suggests that the road to reconciliation lies in respecting the separation of tasks;
Amendment 57 #
Motion for a resolution
Paragraph 4 h (new)
Paragraph 4 h (new)
4 h. Notes that the EIB is annually audited by the European Court of Auditors; notes the debate on the possibility to introduce supervision of its lending operations by the ECB; warns that this could have a major impact on the nature, the functioning and the governance of the EIB;
Amendment 108 #
Motion for a resolution
Paragraph 11
Paragraph 11
11. Welcomes the EIB’s Economic Resilience Initiative (ERI) that helps the countries in the Western Balkans and the EU’s Southern Neighbourhood to address the challenges posed by irregular migration and forced displacement as part of the EU’s joint response to the migration and refugee crisis, with a focus on tackling the root causes of migration; insists on close coordination and complementarity with the EU External Investment Plan; notes that so far the 26 ERI projects and EUR 2.8 billion in investment are expected to benefit more than 1 500 smaller businesses and mid- caps, helping to sustain more than 100 000 jobs;
Amendment 118 #
Motion for a resolution
Subheading 6 a (new)
Subheading 6 a (new)
InvestEU
Amendment 126 #
Motion for a resolution
Paragraph 15 a (new)
Paragraph 15 a (new)
15 a. Believes that the EIB group has been key in the successes of EFSI as the only interlocutor for beneficiaries and intermediaries and the exclusive implementing partner; believes that in any future Invest EU programme, the EIB is, in order to avoid duplication, the natural partner for the EU to carry out banking tasks (treasury, asset management, risk assessment) in relation to the implementation of financial instruments;
Amendment 162 #
Motion for a resolution
Paragraph 17 a (new)
Paragraph 17 a (new)
17 a. Considers that the UK’s withdrawal from the EIB should be set up in a way not to raise concern about the EIB’s AAA-rating;