Activities of Richard ASHWORTH related to 2011/0301(COD)
Plenary speeches (1)
Financial aid in the field of the trans-European transport and energy networks (debate)
Amendments (7)
Amendment 16 #
Proposal for a regulation
Recital 5 a (new)
Recital 5 a (new)
(5a) Given the magnitude of investment needs and objectives laid down in the Europe 2020 strategy over the next decade, the Commission should, if the Europe 2020 Project Bond Initiative be deemed to have been a success following appropriate monitoring and assessment, consider a more complete roll-out in the Union's effort toward leveraging and attracting additional funding.
Amendment 25 #
Proposal for a regulation
Recital 10 a (new)
Recital 10 a (new)
(10a) Given that the risk of the project bond is capped for the Union but the residual risk is fully borne by the EIB, robust monitoring systems for increased liabilities should also be established by the EIB as well as for the EU budget contribution.
Amendment 30 #
Proposal for a regulation
Recital 15
Recital 15
(15) In order to implement the pilot phase of the Europe 2020 Project Bond Initiative, Decision No 1639/2006/EC and Regulation (EC) No 680/2007 should be amended. This pilot phase aims to support infrastructure projects with commercial potential in the transport, energy and ICT sectors across all Member States, while after 2013 the initiative may potentially be extended to other sectors.
Amendment 33 #
Proposal for a regulation
Recital 17
Recital 17
(17) The pilot phase of the Europe 2020 Project Bond Initiative should be launched no later than 31 July 2012 in preparation of the proposed Connecting Europe Facility. This pilot phase, should it prove successful, and following appropriate analysis and evaluation, will help to pave the way for the risk-sharing financial instrument under the Connecting Europe Facility.
Amendment 40 #
Proposal for a regulation
Article 1 – point -1 (new)
Article 1 – point -1 (new)
-1. In Article 8, the following paragraph is added: "5a. The Commission shall obtain a full- scale external, independent evaluation of the pilot phase of the risk-sharing instrument for project bonds referred to in paragraphs 2a to 2da of Article 31, which shall cover, inter alia, its added value, including the impact on the financial viability of the project, additionality compared to other Union or Member State instruments and any other long-term debt financing, and the multiplier effect achieved, and shall include general observations on market developments including the creation or correction of distortive effects, if any. Furthermore, the Commission shall in that evaluation make an assessment of future steps to be taken in order to enhance the efficiency of Union spending as well as to increase investment volumes towards priority projects. That assessment shall examine, inter alia, how to make the project bond instrument even more attractive to a wider range of long-term investors, including public ones and how to widen the scope of projects eligible, including through the possible creation of project portfolios, to be supported by standardised and more liquid project bonds, the option of issuing European public bonds guaranteed by the Union budget and the possible development of equity instruments to finance Union infrastructure. The Commission shall also obtain a full scale external, independent evaluation of the pilot phase of the risk-sharing instruments for project bonds referred to in paragraphs 2a to 2da of Article 31, which shall cover, inter alia, an assessment of the risks involved including project risk, the consequences of investor withdrawal and partner risk, give an accurate assessment of the weighted cost of capital, consider whether a maximum rate of return would be appropriate for private sector investor funding of public projects, provide a cost comparison with alternative means of project finance to include bank loans and equity and shall also evaluate the effectiveness of the EIB's monitoring systems and structures for increased liabilities incurred as a result of these instruments.''
Amendment 46 #
Proposal for a regulation
Article 1 – point 2 – point b
Article 1 – point 2 – point b
2ca. Before undertaking any risk-sharing instruments for project bonds, the Commission and EIB must undertake, and make public, a full risk assessment of the project, which shall be updated subsequently in the event of any material change to the fundamental principles of the project.
Amendment 52 #
Proposal for a regulation
Article 2 – point 3 a (new)
Article 2 – point 3 a (new)
(3a) In Article 16, the following paragraph is added: "2a. The Commission shall obtain a full- scale external, independent evaluation of the pilot phase of the risk-sharing instrument for project bonds referred to in point (g) of Article 6(1), which shall cover, inter alia, its added value, including the impact on the financial viability of the project, additionality compared to other Union or Member State instruments and any other long-term debt financing, and the multiplier effect achieved, and shall include general observations on market developments including the creation or correction of distortive effects, if any. Furthermore, the Commission shall in that evaluation make an assessment of future steps to be taken in order to enhance the efficiency of Union spending as well as to increase investment volumes towards priority projects. That assessment shall examine, inter alia, how to make the project bond instrument even more attractive to a wider range of long-term investors, including public ones and how to widen the scope of projects eligible, including through the possible creation of project portfolios, to be supported by standardised and more liquid project bonds, the option of issuing European public bonds guaranteed by the Union budget and the possible development of equity instruments to finance Union infrastructure. The Commission shall also obtain a full scale external, independent evaluation of the pilot phase of the risk sharing instruments for project bonds referred to in point (g) of Article 6(1), which shall cover, inter alia, an assessment of the risks involved including project risk, the consequences of investor withdrawal and partner risk, give an accurate assessment of the weighted cost of capital, consider whether a maximum rate of return would be appropriate for private sector investor funding of public projects, provide a cost comparison with alternative means of project finance to include bank loans and equity and shall also evaluate the effectiveness of the EIB's monitoring systems and structures for increased liabilities incurred as a result of these instruments.''