221 Amendments of Christian EHLER related to 2015/0009(COD)
Amendment 46 #
Proposal for a regulation
Recital 1
Recital 1
(1) The economic and financial crisis has led to a lowering of the level of investments and knowledge and valorisation within the Union. Investment has fallen by approximately 15% since its peak in 2007. The Union suffers in particular from a lack of investment as a consequence of market uncertainty regarding the economic future and the fiscal constraints on Member States. This lack of investment slows economic recovery and negatively affects job creation, long-term growth prospects and competitiveness, potentially preventing a realization of the Europe 2020 targets and objectives for smart, sustainable and inclusive growth.
Amendment 58 #
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, and through the European Semester for economic policy coordination. 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 65 #
Proposal for a regulation
Recital 8 a (new)
Recital 8 a (new)
(8a) On 13 January 2015, the European Commission presented a Communication1 a on how it will apply the existing rules of the Stability and Growth Pact. __________________ 1a Communication to the European Parliament, the Council, the European Central Bank, the European Economic and Social Committee, the Committee of the Regions and European Investment Bank entitled "Making the best use of the flexibility within the existing rules of the stability and growth pact". COM(2015)0012.
Amendment 70 #
Proposal for a regulation
Recital 9
Recital 9
(9) The investment environment within the Union should be improved by removing barriers to investment by establishing a truly functional Capital Markets Union to make financing available and accessible irrespective of the geographic location within the Union, reinforcing the Single Market and by enhancing regulatory predictability. The work of the EFSI, and investments across Europe generally, should benefit from this accompanying work.
Amendment 77 #
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 that provide an immediate boost to Europe's economy and to ensure increased access to financing. It is intended that increased access to financing should be of particular benefit to small and medium enterprises. It is also appropriate to extend the benefit of such increased access to financing to, small mid- cap companies, which areand mid-cap companies having up to 3000 employees, but should not be limited to these types of companies. Overcoming Europe's current investment difficulties should contribute to strengthening the Union'closing the innovation divide in Europe, strengthening the Union's innovation potential, competitiveness, economic growth and employment, as well as economic, social and territorial cohesion.
Amendment 83 #
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 particular benefit to 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 should contribute to strengthening the Union's economic, social and territorial cohesion and digital development.
Amendment 87 #
Proposal for a regulation
Recital 1
Recital 1
(1) The economic and financial crisis has led to a lowering of the level of investments and knowledge and valorisation within the Union. Investment has fallen by approximately 15% since its peak in 2007. The Union suffers in particular from a lack of investment as a consequence of market uncertainty regarding the economic future and the fiscal constraints on Member States. This lack of investment slows economic recovery and negatively affects job creation, long-term growth prospects and competitiveness, potentially preventing a realization of the Europe 2020 targets and objectives for smart, sustainable and inclusive growth.
Amendment 90 #
Proposal for a regulation
Recital 11
Recital 11
(11) The EFSI should support strategic investments with high economic value added contributing to achieving Union policy objectives. 1a, such as, but not limited to, projects of common interest which aim to complete the single market in the sectors of transport, telecommunications and energy infrastructures, to develop and modernise the energy sector, increase its competitiveness and enhance the security of energy supply, and which strengthen the European scientific and technological base, support scientific collaboration between academia and industry, improve exploitation and market-uptake of research results, facilitate patenting and technology transfer, and foster benefits for society as well as better exploitation of the economic and industrial potential of policies of innovation, research and technological development, including research infrastructure, pilot and demonstration facilities. The EFSI should improve access to finance and the competitiveness of enterprises and other entities, with special emphasis on SMEs and mid-caps. __________________ 1aAs set out amongst others in Regulation (EU) No 1291/2013 of the European Parliament and of the Council of 11 December 2013 establishing Horizon 2020 - the Framework Programme for Research and Innovation (2014-2020) and repealing Decision No 1982/2006/EC (OJ L 347, 20.12.2013, p. 104), 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), and Regulation (EU) No 1287/2013 of the European Parliament and of the Council of 11 December 2013 establishing a Programme for the Competitiveness of Enterprises and small and medium-sized enterprises (COSME) (2014 - 2020) and repealing Decision No 1639/2006/EC (OJ L 347, 20.12.2013, p.33)
Amendment 94 #
Proposal for a regulation
Recital 11
Recital 11
(11) The EFSI should support strategic investments with high economic value added contributing to achieving Union policy objectives especially to facilitate the completion of the single market in telecommunications, energy and goods and services.
Amendment 100 #
Proposal for a regulation
Recital 11 a (new)
Recital 11 a (new)
(11a) Taking into account that small mid- cap companies with up to 499 employees and mid-cap companies with up to 3000 employees represent the most innovative segment of companies in the private sector, generating on average a higher number of patents, process innovations and product innovations as well as higher returns on investment, while still facing similar problems as SMEs regarding access to finance, the EFSI should tailor some of its financial products towards small mid-caps and mid-cap companies in particular.
Amendment 104 #
Proposal for a regulation
Recital 11 b (new)
Recital 11 b (new)
(11b) Taking into account the need for an instant boost of the European economy, while acknowledging Member States' responsibility to foster long-term public and private investment in areas of strategic political and economic importance, the EFSI should launch all its operations within three years of its entry into force, focussing on activities that create both an immediate impact and sustainable economic growth, while providing European added value.
Amendment 105 #
Proposal for a regulation
Recital 11 c (new)
Recital 11 c (new)
(11c) In order to ensure that the EFSI fulfils its purpose it is imperative that an amount of at least EUR 5 500 000 000 from the EFSI is allocated for EIB funding to the EIF to be used specifically for the benefit of Small and Medium Enterprises and small mid-cap companies as well as innovative SMEs and innovative mid-caps.
Amendment 106 #
Proposal for a regulation
Recital 12
Recital 12
(12) Many small and medium enterprises, as well as mid-cap companies, across the Union require assistance to attract market financing, especially as regards investments that carry a greater degree of risk. The EFSI should help these businesses to overcome capital shortages and market failures by allowing the EIB and the European Investment Fund ('EIF') to provide direct and indirect equity injections, as well as to provide guarantees for high-quality securitisation of loans, and other products that are granted in pursuit of the aims of the EFSI.
Amendment 107 #
Proposal for a regulation
Recital 12
Recital 12
(12) Many small and medium enterprises, as well as mid-cap companies, also oriented at digital development across the Union require assistance to attract market financing, especially as regards investments that carry a greater degree of risk. The EFSI should help these businesses to overcome capital shortages by allowing the EIB and the European Investment Fund ('EIF') to provide direct and indirect equity injections, as well as to provide guarantees for high-quality securitisation of loans, and other products that are granted in pursuit of the aims of the EFSI.
Amendment 109 #
Proposal for a regulation
Recital 12
Recital 12
(12) Many small and medium enterprises, as well as mid-cap companies, across the Union require assistance to attract market financing, especially as regards investments that carry a greater degree of risk. The EFSI should help these businesses to overcome capital shortages and market failures by allowing the EIB and the European Investment Fund ('EIF') to provide direct and indirect equity injections, as well as to provide guarantees for high-quality securitisation of loans, and other products that are granted in pursuit of the aims of the EFSI.
Amendment 112 #
Proposal for a regulation
Recital 12 a (new)
Recital 12 a (new)
(12a) Taking into account that creative industries in Europe make a substantial contribution to the EU economy, creating more than EUR 550 billion in value added to the GDP and providing 8,3 million full- time jobs, financing under the EFSI should also foster investment and growth in the creative and cultural sector and strengthen Europe's cultural and creative industries, in particular start-ups, innovative SMEs and creative businesses.
Amendment 115 #
Proposal for a regulation
Recital 13
Recital 13
(13) The EFSI should be established within the EIB in order to benefit from its experience and proven track record and in order for its operations to start to have a positive impact as quickly as possible. The work of the EFSI on providing finance to small and medium enterprises and small mid-cap companies should be channelled through the European Investment Fund ('EIF') to benefit from its experience in these activities.
Amendment 121 #
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, and through the European Semester for economic policy coordination. 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 123 #
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,create sustainable jobs and promote short-, medium- and long- term growth ands well as competitiveness, including through innovation and the development and diffusion of technology. The EFSI should support a wide range of financial products, including equity, quasi- 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, or crowd-out, private market finance or products provided by regional and national promotional banks, 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 139 #
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, including in the countries most affected by the financial crisis. The EFSI should only be used where financing is not available from other sources, including from private or public banks, from regional or national promotional banks, or from the EIB, on reasonable terms.
Amendment 144 #
Proposal for a regulation
Recital 15 a (new)
Recital 15 a (new)
(15a) Market-based incentives and the additionality provided by the EFSI should ensure that the EFSI targets socially and economically viable projects without any sectorial or regional pre-allocation in particular to address high investment needs or market failures. For Member States where financial markets are less developed, appropriate technical assistance should be provided to ensure that the general objectives of this Regulation can be achieved.
Amendment 146 #
Proposal for a regulation
Recital 16
Recital 16
(16) The EFSI should target investments that are expected to be economically and technically viable, which may entail a degree of appropriate risk, whilst still meeting the particular requirements for EFSI financing and bankable under conditions offered by the EFSI product portfolio. Average project risk under EFSI should be higher than under any other available investment portfolio in the EU.
Amendment 149 #
Proposal for a regulation
Recital 16 a (new)
Recital 16 a (new)
(16a) The EFSI should be endowed with an appropriate governance structure whose function should be commensurate with the sole purposes of ensuring the appropriate use of the EU guarantee. That governance structure should be composed of a Steering Board, a Managing Director and an Investment Committee. It should not encroach upon or interfere with the decision making of the EIB, or be a substitute of the governing bodies of the latter. The Steering Board should determine the investment guidelines according to which the Investment Committee should decide on the use of the EU guarantee, in conformity with the objectives laid down in this Regulation. The Managing Director should be responsible for the daily management of the EFSI and carry out the preparatory work of the meetings of the Investment Committee.
Amendment 150 #
Proposal for a regulation
Recital 8 a (new)
Recital 8 a (new)
(8a) On 13 January 2015, the European Commission presented a Communication1 a on how it will apply the existing rules of the Stability and Growth Pact. __________________ 1a Communication to the European Parliament, the Council, the European Central Bank, the European Economic and Social Committee, the Committee of the Regions and European Investment Bank entitled "Making the best use of the flexibility within the existing rules of the stability and growth pact". COM(2015) 12 final.
Amendment 156 #
Proposal for a regulation
Recital 17
Recital 17
(17) Decisions on the use of the EFSI support for infrastructure and large mid- cap projects should be made by an Investment Committee. The Investment Committee should be composed of independent experts who are knowledgeable and experienced in the areas of investment projects. The Investment Committee should be accountable to a Steering Board of the EFSI, who should supervise the fulfilment of the EFSI's objectives. To effectively benefit from the experience of the EIF, the EFSI should support funding to the EIF to allow the EIF to undertake individual projects in the areas of small and medium enterprises and small mid-cap companies. The decisions made by the Investment Committee should be free from any undue interference so as to ensure its full independence, which is the key to maintain the investor trust.
Amendment 160 #
Proposal for a regulation
Recital 17 a (new)
Recital 17 a (new)
(17a) In order to ensure that the goals laid down in this Regulation are met and a wide geographical scope of the projects within the Union is achieved, technical assistance to Member States, where capital markets are less developed in comparison to other Member States, should be provided.
Amendment 161 #
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 at least EUR 315 000 000 000 in investment in the Union within the period 2015 to 2017a period of three years starting from the entry into force of this Regulation. Guarantees that are attached to projects which are completed without a call on a guarantee are available for supporting new operations within the availability period of the guarantee.
Amendment 165 #
Proposal for a regulation
Recital 18 a (new)
Recital 18 a (new)
(18a) To ensure accountability to European citizens, from the entry into force of this Regulation, the Commission should submit to the European Parliament and to the Council an annual report containing an independent evaluation of the use of the EU guarantee and of the fulfilment of the general objectives laid down in this Regulation, including the mobilisation of private capital, as well as an assessment of the additionality provided by the EFSI, of the risk profile of operations supported by the EFSI, of the macroeconomic impact of the EFSI, including its impact on growth and employment, of the services provided by the EIAH and of the fulfilment of the objectives of the EFSI and of the EIAH. If appropriate, the report should be accompanied by a proposal to the European Parliament and to the Council to amend this Regulation. The EIB in cooperation with the EIF should report semi-annually on EIB and EIF financing, investment operations and losses ensued under EFSI operations to the European Commission, to the European Parliament and to the Council.
Amendment 176 #
Proposal for a regulation
Recital 20
Recital 20
(20) At the level of projects, third parties may co-finance together with EFSI on a project-by-project basis or inthrough investment platforms related to specific geographic or thematic sectors.
Amendment 179 #
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 that provide an immediate boost to Europe's economy and to ensure increased access to financing. It is intended that increased access to financing should be of particular benefit to small and medium enterprises. It is also appropriate to extend the benefit of such increased access to financing to, small mid- cap companies, which areand mid-cap companies having up to 3000 employees, but should not be limited to these types of companies. Overcoming Europe's current investment difficulties should contribute to strengthening the Union'closing the innovation divide in Europe, strengthening the Union's innovation potential, competitiveness, economic growth and employment, as well as economic, social and territorial cohesion.
Amendment 179 #
Proposal for a regulation
Recital 21
Recital 21
(21) The EFSI should complement and be additional to ongoing regional, national and EU programmes as well as traditional EIB activities. Provided that all relevant eligibility criteria are fulfilled, Member States may use European Structural Investment Funds to contribute to the financing of eligible projects that are supported by the EU guarantee. The flexibility of this approach should maximise the potential to attract investors to the areas of investment targeted by the EFSI.
Amendment 184 #
Proposal for a regulation
Recital 22
Recital 22
(22) In accordance with the Treaty on the Functioning of the European Union, Infrastructure and project investments supported under EFSI should be consistent with State aid rules. To that end, the Commission has announced that it will formulate a set of core principles, for the purpose of State aid assessments, which a project will have to meet to be eligible for support under the EFSI. If a project meets these criteria and receives support from the EFSI, the Commission has announced that any national complementary support, will be assessed under a simplified and accelerated State aid assessment whereby the only additional issue to be verified by the Commission will be the proportionality of public support (absence of overcompensation). The Commission has also announced that it will provide further guidance on the set of core principles with a view to ensuring an efficient use of public funds. The requirement for consistency with state aid principles should contribute to the effective use of EFSI resources.
Amendment 186 #
Proposal for a regulation
Recital 11
Recital 11
(11) The EFSI should support strategic investments with high economic value added contributing to achieving Union policy objectives. 1 a, such as, but not limited to, projects of common interest which aim to complete the single market in the sectors of transport, telecommunications and energy infrastructures, to develop and modernise the energy sector, increase its competitiveness and enhance the security of energy supply, and which strengthen the European scientific and technological base, support scientific collaboration between academia and industry, improve exploitation and market-uptake of research results, facilitate patenting and technology transfer, and foster benefits for society as well as better exploitation of the economic and industrial potential of policies of innovation, research and technological development, including research infrastructure, pilot and demonstration facilities. The EFSI should improve access to finance and the competitiveness of enterprises and other entities, with special emphasis on SMEs and mid-caps. __________________ 1a as set out amongst others in Regulation (EU) No 1291/2013 of the European Parliament and of the Council of 11 December 2013 establishing Horizon 2020 - the Framework Programme for Research and Innovation (2014-2020) and repealing Decision No 1982/2006/EC (OJ L 347, 20.12.2013, p. 104), 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), and Regulation (EU) No 1287/2013 of the European Parliament and of the Council of 11 December 2013 establishing a Programme for the Competitiveness of Enterprises and small and medium-sized enterprises (COSME) (2014 - 2020) and repealing Decision No 1639/2006/EC (OJ L 347, 20.12.2013, p.33)
Amendment 190 #
Proposal for a regulation
Recital 25
Recital 25
(25) The EIB and the Commission should regularly evaluate activities supported by the EFSI with a view to assessing their relevance, performance and impact, impact as well as their coordination and consistency with other Union policies and instruments, and to identifying aspects that could improve future activities. Such evaluations should contribute to accountability and analysis of sustainability.
Amendment 195 #
Proposal for a regulation
Recital 27
Recital 27
(27) In order to cover the risks related to the EU guarantee to the EIB, a guarantee fund should be established. The guarantee fund should be constituted by a gradual payment from the Union budget. The guarantee fund should subsequently also receive revenues and repayments from projects that benefit from EFSI support and amounts recovered from defaulting debtors where the guarantee fund has already honoured the guarantee to the EIB. Any remuneration that arises from EFSI operations which surmounts the target amount/needs of the guarantee fund shall be transferred to the respective EU budget lines which were reduced in order to establish the EFSI guarantee fund.
Amendment 196 #
Proposal for a regulation
Recital 28
Recital 28
Amendment 198 #
Proposal for a regulation
Recital 28 a (new)
Recital 28 a (new)
Amendment 199 #
Proposal for a regulation
Recital 28 b (new)
Recital 28 b (new)
(28b) Given the soaring need for policy action and spending programmes at Union level to incentivise economic growth and job-creation in Europe, the Multiannual Financial Framework should be revised upon its mid-term review, increasing the available margins and commitment appropriations under heading 1a of the MFF in order to better reflect shifting policy needs and to meet the expectations of European citizens.
Amendment 200 #
Proposal for a regulation
Recital 28 b (new)
Recital 28 b (new)
(28b) In order to enable the exploitation of available margins, surpluses and other sources of finance as referred to in Article 8 of this Regulations under MFF headings different from heading 1a, the budget lines establishing the guarantee fund should be split, allocating 3 billion Euro of the guarantee fund under heading 1a, 5 billion euro under heading 1b and 0.11 billion Euro under heading 2, to allow for the necessary flexibility to finance the fund adequately.
Amendment 201 #
Proposal for a regulation
Recital 28 c (new)
Recital 28 c (new)
(28c) The financing of the Guarantee Fund, both in respect of commitment and payment appropriations, should be revised in the frame of the mid-term review 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 (EU) No 1311/2013 of 2 December 2013 laying down the Multiannual Financial Framework for the years 2014 -2020.
Amendment 202 #
Proposal for a regulation
Recital 28 d (new)
Recital 28 d (new)
(28d) The Commission should explore in the context of the MFF midterm review the possibilities under the Union Budget to ensure a steady funding to the EU guarantee, including the possibility to adjust the performance reserve, as provided for and calculated in accordance with Articles 20 and 22 of the Common Provisions Regulation (EC) 1303/2013 in order to free unutilized funds; a small reduction of this reserve could provide a stable financing to the EU guarantee, which will attract investors and generate an added value for the European industry (economy).
Amendment 203 #
Proposal for a regulation
Recital 29
Recital 29
Amendment 208 #
Proposal for a regulation
Recital 11 a (new)
Recital 11 a (new)
(11a) Taking into account that small mid- cap companies with up to 499 employees and mid-cap companies with up to 3000 employees represent the most innovative segment of companies in the private sector, generating on average a higher number of patents, process innovations and product innovations as well as higher returns on investment, while still facing similar problems as SMEs regarding access to finance, the EFSI should tailor some of its financial products towards small mid-caps and mid-cap companies in particular.
Amendment 209 #
Proposal for a regulation
Recital 11 b (new)
Recital 11 b (new)
(11b) Taking into account the need for an instant boost of the European economy, while acknowledging Member States' responsibility to foster long-term public and private investment in areas of strategic political and economic importance, the EFSI should launch all its operations within three years of its entry into force, focussing on activities that create both an immediate impact and sustainable economic growth, while providing European added value.
Amendment 211 #
Proposal for a regulation
Recital 11 c (new)
Recital 11 c (new)
(11c) In order to ensure that the EFSI fulfils its purpose it is imperative that an amount of at least EUR 5 500 000 000 from the EFSI is allocated for EIB funding to the EIF to be used specifically for the benefit of Small and Medium Enterprises and small mid-cap companies as well as innovative SMEs and innovative mid-caps.
Amendment 216 #
Proposal for a regulation
Recital 12
Recital 12
(12) Many small and medium enterprises, as well as mid-cap companies, across the Union require assistance to attract market financing, especially as regards investments that carry a greater degree of risk. The EFSI should help these businesses to overcome capital shortages and market failures by allowing the EIB and the European Investment Fund ('EIF') to provide direct and indirect equity injections, as well as to provide guarantees for high-quality securitisation of loans, and other products that are granted in pursuit of the aims of the EFSI.
Amendment 221 #
Proposal for a regulation
Recital 34
Recital 34
Amendment 226 #
Proposal for a regulation
Recital 12 a (new)
Recital 12 a (new)
(12a) Taking into account that creative industries in Europe make a substantial contribution to the EU economy, creating more than €550 billion in value added to the GDP and providing 8.3 million full- time jobs, financing under the EFSI should also foster investment and growth in the creative and cultural sector and strengthen Europe's cultural and creative industries, in particular start-ups, innovative SMEs and creative businesses.
Amendment 226 #
Proposal for a regulation
Recital 36
Recital 36
(36) Since the objectives of this Regulation, namely to support investments in the Union and to ensure increased access to financing for companies having up to 3000 employees, cannot be sufficiently achieved by the Member States by reason of the disparities in their fiscal capacity to actmay - in a limited number of cases of market failure - not be sufficiently achieved by the Member States alone but can rather, by reason of its scale and effects, be better achieved at Union level, the Union may adopt measures, in accordance with the principle of subsidiarity as set out in Article 5 of the Treaty on European Union. In accordance with the principle of proportionality, as set out in that Article, this Regulation does not go beyond what is necessary in order to achieve those objectives,
Amendment 228 #
Proposal for a regulation
Recital 36 a (new)
Recital 36 a (new)
(36a) The Commission and the EIB should conclude an Agreement that specifies the conditions laid down in this Regulation for their management of the EFSI. That Agreement should not encroach upon the competences of the Union legislator, of the budgetary authority, and of the EIB, as laid down in the Treaties and should, therefore, be confined to elements which are mainly technical and administrative in nature and which, whilst not being essential, are necessary for the effective implementation of the EFSI. This Agreement, together with the Investment Guidelines, should be adopted by the Commission as a delegated act.
Amendment 229 #
Proposal for a regulation
Article 1 – paragraph 1 – subparagraph 1
Article 1 – paragraph 1 – subparagraph 1
Amendment 231 #
Proposal for a regulation
Recital 12 a (new)
Recital 12 a (new)
(12a) Many small and medium enterprises, as well as mid-cap companies, across the Union require assistance to attract market financing, especially as regards investments that carry a greater degree of risk. The EFSI should help these businesses to overcome capital shortages and market failures by allowing the EIB and the European Investment Fund ('EIF') to provide direct and indirect equity injections, as well as to provide guarantees for high-quality securitisation of loans, and other products that are granted in pursuit of the aims of the EFSI.
Amendment 232 #
Proposal for a regulation
Article 1 – paragraph 1 – subparagraph 1 a (new)
Article 1 – paragraph 1 – subparagraph 1 a (new)
This Regulation establishes a European Fund for Strategic Investments (EFSI), an EU guarantee and an EU guarantee fund.
Amendment 233 #
Proposal for a regulation
Article 1 – paragraph 1 – subparagraph 1 b (new)
Article 1 – paragraph 1 – subparagraph 1 b (new)
To that effect, this Regulation provides rules for the Commission to conclude an Agreement with the EIB for the management of the EFSI.
Amendment 239 #
Proposal for a regulation
Recital 13
Recital 13
(13) The EFSI should be established within the EIB in order to benefit from its experience and proven track record and in order for its operations to start to have a positive impact as quickly as possible. The work of the EFSI on providing finance to small and medium-sized enterprises and small mid-cap companies should be channelled through the European Investment Fund ('EIF') to benefit from its experience in these activities.
Amendment 240 #
Proposal for a regulation
Article 1 – paragraph 1 – subparagraph 2
Article 1 – paragraph 1 – subparagraph 2
The purpose of the EFSI shall be to support 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-sized enterprises, through the supply of risk bearing capacity to the EIB ('EFSI Agreement'), taking into account the considerable financing needs of start- ups, innovative technology-based companies and creative businesses.
Amendment 247 #
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,create sustainable jobs and promote short-, medium- and long- term growth ands well as competitiveness, including through innovation and the development and diffusion of technology. The EFSI should support a wide range of financial products, including equity, quasi- 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 or crowd-out private market finance or products provided by regional and national promotional banks, 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 255 #
Proposal for a regulation
Article 1 – paragraph 2 a (new)
Article 1 – paragraph 2 a (new)
2a. Operations under EFSI shall be contractually agreed and signed within three years after entry into force of this Regulation. Disbursements and guarantee commitments may take place after that period.
Amendment 259 #
Proposal for a regulation
Article 1 a (new)
Article 1 a (new)
Article 1a Definitions 1. For the purposes of this Regulation, the following definitions shall apply: (a) 'small and medium-sized enterprises' or 'SMEs' means micro, small and medium-sized enterprises as defined in Recommendation 2003/361/EC. (b) 'small mid-cap companies' means legal entities having up to 499 employees which are not SMEs. (c) 'mid-cap companies' means legal entities having up to 3000 employees which are not SMEs. (d) 'additionality' means the support by the EFSI of operations which address: - Market failures, or - sub-optimal investment situations, and which could not have been carried out: - in that period, or - under reasonable conditions, or - to the same extent under instruments offered by: - regional promotional banks - national promotional banks, - commercial banks, and by - the EIB under their normal investment policies Consequently, the EU guarantee can be combined with, or can be used to complement, accelerate or strengthen existing EU financial instruments.
Amendment 262 #
Proposal for a regulation
Article 2 – paragraph -1 (new)
Article 2 – paragraph -1 (new)
-1. The Commission shall conclude an agreement with the European Investment Bank (EIB) on the establishment of a European Fund for Strategic Investments ('EFSI') in accordance with the requirements of this Regulation.
Amendment 263 #
Proposal for a regulation
Article 2 – paragraph -1 (new)
Article 2 – paragraph -1 (new)
-1. The Commission shall be empowered to enter into the EFSI Agreement on behalf of the Union by means of a delegated act in accordance with Article 17, provided that the EFSI Agreement meets the requirements of this Regulation.
Amendment 264 #
Proposal for a regulation
Article 2 – paragraph -1 a (new)
Article 2 – paragraph -1 a (new)
-1 a. The Commission shall be empowered to accept later amendments of the EFSI Agreement by means of delegated acts in accordance with Article 17, provided that the amendments to the EFSI Agreement meet the requirements of this Regulation.
Amendment 265 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 – point a
Article 2 – paragraph 1 – subparagraph 1 – point a
(a) arrangements concerning the establishment of the EFSI as well as the amount and terms of the financial contribution to be provided by the EIB, including (i) provisions governing the establishment of the EFSI as a distinct, clearly identifiable and transparent guarantee facility and separate account managed by the EIB, whose operations are clearly distinguished from other operations of the EIB (ii) the amount and terms of the financial contribution which shall be provided by the EIB through the EFSI, which shall not be inferior to 5.000 000 000 euros in guarantees or cash; (iii) the terms of the funding or guarantees which shall be provided by the EIB through the EFSI to the European Investment Fund ('EIF') which shall not be inferior to 5.500 000 000 euros; (iv) provisions that the pricing of operations under the EU guarantee shall be in line with the EIB's general pricing policy;
Amendment 266 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 – point b
Article 2 – paragraph 1 – subparagraph 1 – point b
(b) the amougovernance arrangements concerning the EFSI, in accordance with Article 3, without prejudice to the Statute of the European Investment Band terms of the financial contribution which shall be provided by the EIB through the EFSI; k, including: (i) the compositions and number of members of the Steering Board, in accordance with Article 3 of this Regulation; (ii) the procedure for the appointment of the Managing Director and of the Deputy Managing Director, their remuneration and working conditions, that shall follow the provisions on staff of the EIB, the rules and procedures on his/her replacement in his/her function and on accountability; (iii) the procedure for the appointment and dismissal of the members of the Investment Committee, their remuneration and working conditions, the voting modalities within the Investment Committee, specifying the quorum and the allocation of votes to each member and rules to prevent conflicts of interest afflicting the members of the Investment Committee; (iv) the requirement that the Steering Board and the Investment Committee adopt each their respective rules of procedure;
Amendment 267 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 – point -c
Article 2 – paragraph 1 – subparagraph 1 – point -c
Amendment 269 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 – point d
Article 2 – paragraph 1 – subparagraph 1 – point d
(d) tThe governance arrangements concerning the EFSI, in accordance with Article 3, without prejudice to the Statute of the European Investment Bankmodalities for the approval by the Investment Committee of the use of the EU guarantee for individual projects in line with this Regulation and in particular Article 2a;
Amendment 270 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 – point e
Article 2 – paragraph 1 – subparagraph 1 – point e
(e) detailed rules on the provision of the EU guarantee, in accordance with Article 7The procedures for the submission of investment proposals and approval of proposals for the use of the EU guarantee, including: its capped coverage of portfolios of specific types of instruments, calls on the EU guarantee, that – with the exception of possible losses on equity - shall only occur once a year after profits and losses from operations have been netted, and its remuneration and the requirement that remuneration for risk- taking be allocated amongst contributors in proportion with their respective risk share;) the procedure for the transmission to the Investment Committee of projects; ii) the requirement that the procedure for submission and approval of proposals for the use of the EU guarantee is without prejudice to the EIB decision making rules laid down under the Statute of the European Investment Bank; iii) rules further detailing the transitional provisions under Article 20, and in particular the manner how operations signed by the EIB during the period referred to in Article 20 will be included under the EU guarantee coverage.
Amendment 271 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 – point f
Article 2 – paragraph 1 – subparagraph 1 – point f
(f) provThe procedures for the submissions and procedures relating to recovery of claims; of investment proposals and approval of proposals for the use of the EU guarantee, including: (i) the procedure for the transmission to the Investment Committee of projects; (ii) the requirement that the procedure for submission and approval of proposals for the use of the EU guarantee is without prejudice to the EIB decision making rules laid down under the Statute of the European Investment Bank; (iii) rules further detailing the transitional provisions under Article 20, and in particular the manner how operations signed by the EIB during the period referred to in Article 20 will be included under the EU guarantee coverage.
Amendment 272 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 – point g
Article 2 – paragraph 1 – subparagraph 1 – point g
Amendment 276 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 – point j
Article 2 – paragraph 1 – subparagraph 1 – point j
Amendment 277 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 – point j a (new)
Article 2 – paragraph 1 – subparagraph 1 – point j a (new)
(ja) any other condition of an administrative or organisational character necessary for the management of the EFSI.
Amendment 278 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 2
Article 2 – paragraph 1 – subparagraph 2
Amendment 280 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 3
Article 2 – paragraph 1 – subparagraph 3
The EFSI Agreement shall also provide that: a) EFSI activities conducted by the EIF are to be governed by the EIF governing bodies. b) remuneration attributable to the Union from EFSI supported operations shall be entered into the general budget of the Union following the deduction of payments due to calls on the EU guarantee and shall constitute internal assigned revenue that shall be proportionately reassigned to those programmes whose envelopes where reduced for the purpose of establishing the EFSI guarantee fund.
Amendment 282 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 4
Article 2 – paragraph 1 – subparagraph 4
Amendment 286 #
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 by taking into account differences of Member States, especially for those with less developed capital markets.
Amendment 287 #
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, including in the countries most affected by the financial crisis. The EFSI should only be used where financing is not available from other sources, including from private or public banks, from regional or national promotional banks, or from the EIB, on reasonable terms.
Amendment 296 #
Proposal for a regulation
Article 2 a (new)
Article 2 a (new)
Amendment 300 #
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. 1a. The Steering Board shall determine the strategic orientation, the strategic asset allocation and operating policies and procedures, including 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). The Steering Board shall elect one of its members to be Chairpersonis Regulation and shall set-up investment guidelines to this end for the use of the EU guarantee to be implemented by the Investment Committee.
Amendment 302 #
Proposal for a regulation
Article 3 – paragraph 1 b (new)
Article 3 – paragraph 1 b (new)
1b. The Commission shall be empowered to adopt delegated acts in accordance with Article 17 concerning the investment guidelines.
Amendment 303 #
Proposal for a regulation
Recital 15 a (new)
Recital 15 a (new)
(15a) Market based incentives and the additionality provided by the EFSI should ensure that the EFSI targets socially and economically viable projects without any sectorial or regional pre-allocation in particular to address high investment needs or market failures. For Member States where financial markets are less developed, appropriate technical assistance should be provided to ensure that the general objectives of this Regulation can be achieved.
Amendment 304 #
Proposal for a regulation
Article 3 – paragraph 2 – subparagraph 1 a (new)
Article 3 – paragraph 2 – subparagraph 1 a (new)
Members of the Steering Board shall be Commissioners. The Commissioner for Research, Science and Innovation shall be one of the Members of the Steering Board.
Amendment 305 #
Proposal for a regulation
Article 3 – paragraph 2 – subparagraph 1 b (new)
Article 3 – paragraph 2 – subparagraph 1 b (new)
The Steering Board shall elect one of its members to be Chairperson.
Amendment 307 #
Proposal for a regulation
Recital 16
Recital 16
(16) The EFSI should target investments that are expected to be economically and technically viable, which may entail a degree of appropriate risk, whilst still meeting the particular requirements for EFSI financing and bankable under conditions offered by the EFSI product portfolio. Average project risk under EFSI should be higher than under any other available investment portfolio in the EU.
Amendment 317 #
Proposal for a regulation
Recital 16 a (new)
Recital 16 a (new)
(16a) The EFSI should be endowed with an appropriate governance structure whose function should be commensurate to the sole purposes of ensuring the appropriate use of the EU guarantee. That governance structure should be composed of a Steering Board, a Managing Director and an Investment Committee. It should not encroach upon or interfere with the decision making of the EIB, or be a substitute of the governing bodies of the latter. The Steering Board should determine the investment guidelines according to which the Investment Committee should decide on the use of the EU guarantee, in conformity with the objectives laid down in this Regulation. The Managing Director should be responsible for the daily management of the EFSI and carry out the preparatory work of the meetings of the Investment Committee.
Amendment 334 #
Proposal for a regulation
Article 4 – paragraph 1
Article 4 – paragraph 1
The Union shall provide a guarantee to the EIB for financing or investment operations carried out within the Union covered by this Regulation (‘EU guarantee’). The EU guarantee shall be an unconditional, irrevocable, first demand guarantee in favour of the EIB. The EU guarantee shall be granted as a guarantee on demand in respect of instruments referred to in Article 6.
Amendment 336 #
Proposal for a regulation
Article 5 – paragraph 1 a (new)
Article 5 – paragraph 1 a (new)
1a. The EU guarantee may be granted for EIB financing and investment operations for which a contract between the EIB or the EIF and the beneficiary or financial intermediary has been signed by ... . _________ * OJ: please insert the date corresponding to 3 years after of entry into force of this Regulation.
Amendment 343 #
Proposal for a regulation
Article 5 – paragraph 2 – introductory part
Article 5 – paragraph 2 – introductory part
The EU guarantee shall be granted for EIB financing and investment operations approved by the Investment Committee referred to in Article 3(5) or funding to the EIF in order to conduct EIB financing and investment operations in accordance with Article 7(2). The operations concerned shall be consistent with Union policies and support any of the following general objectives:
Amendment 346 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – point a
Article 5 – paragraph 2 – subparagraph 1 – point a
Amendment 349 #
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 at least EUR 315 000 000 000 in investment in the Union within the period 2015 to 2017a period of three years starting from the entry into force of this Regulation. Guarantees that are attached to projects which are completed without a call on a guarantee are available for supporting new operations within the availability period of the guarantee.
Amendment 354 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – point a
Article 5 – paragraph 2 – subparagraph 1 – point a
(a) development of infrastructure, including in the areas of transport, particularly in industrial centres; energy, in particular energy interconnections; and digital infrastructure, in particular broadband and digital infrastructure for cultural and creative industries;
Amendment 355 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – point a
Article 5 – paragraph 2 – subparagraph 1 – point a
(a) development of infrastructure, including in the areas of transport, particularly in industrial centres; energy, in particular energy interconnections and other projects in line with Energy Union priorities; and digital infrastructure;
Amendment 357 #
Proposal for a regulation
Recital 18 a (new)
Recital 18 a (new)
(18a) To ensure accountability to European citizens, from the entry into force of this Regulation, the Commission should submit to the European Parliament and to the Council an annual report containing an independent evaluation of the use of the EU guarantee and of the fulfilment of the general objectives laid down in this Regulation, including the mobilisation of private capital, as well as an assessment of the additionality provided by the EFSI, of the risk profile of operations supported by the EFSI, of the macroeconomic impact of the EFSI, including its impact on growth and employment, of the services provided by the EIAH and of the fulfilment of the objectives of the EFSI and of the EIAH. If appropriate, the report should be accompanied by a proposal to the European Parliament and to the Council to amend this Regulation. The EIB in cooperation with the EIF should report semi-annually on EIB and EIF financing, investment operations and losses ensued under EFSI operations to the European Commission, to the European Parliament and to the Council.
Amendment 358 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – point a
Article 5 – paragraph 2 – subparagraph 1 – point a
(a) development of infrastructure, including in the areas of transport, particularly in industrial centres; energy, in particular energy interconnections; and digital infrastructuretransport infrastructure, particularly in industrial centres;
Amendment 365 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – point a a (new)
Article 5 – paragraph 2 – subparagraph 1 – point a a (new)
(aa) development and modernisation of the energy sector, increasing its competitiveness and enhancing the security of energy supply, including full exploitation of indigenous energy sources; development, in line with Union climate goals, of low-emission technologies including clean-coal technologies;
Amendment 369 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – point b
Article 5 – paragraph 2 – subparagraph 1 – point b
Amendment 373 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – point b
Article 5 – paragraph 2 – subparagraph 1 – point b
(b) investment in education and training, health, research and development, information and communications technology and, innovation, creativity and culture;
Amendment 381 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – point c
Article 5 – paragraph 2 – subparagraph 1 – point c
Amendment 383 #
Proposal for a regulation
Recital 20
Recital 20
(20) At the level of projects, third parties may co-finance together with EFSI on a project-by-project basis or inthrough investment platforms related to specific geographic or thematic sectors.
Amendment 391 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – point c
Article 5 – paragraph 2 – subparagraph 1 – point c
(c) expansion of renewable energy and energy and resource efficiency in line with the Union goals;
Amendment 393 #
Proposal for a regulation
Recital 21
Recital 21
(21) The EFSI should complement and be additional to ongoing regional, national and EU programmes as well as traditional EIB activities. Provided that all relevant eligibility criteria are fulfilled, Member States may use European Structural Investment Funds to contribute to the financing of eligible projects that are supported by the EU guarantee. The flexibility of this approach should maximise the potential to attract investors to the areas of investment targeted by the EFSI.
Amendment 401 #
Proposal for a regulation
Recital 22
Recital 22
(22) In accordance with the Treaty on the Functioning of the European Union, Infrastructure and project investments supported under EFSI should be consistent with State aid rules. To that end, the Commission has announced that it will formulate a set of core principles, for the purpose of State aid assessments, which a project will have to meet to be eligible for support under the EFSI. If a project meets these criteria and receives support from the EFSI, the Commission has announced that any national complementary support, will be assessed under a simplified and accelerated State aid assessment whereby the only additional issue to be verified by the Commission will be the proportionality of public support (absence of overcompensation). The Commission has also announced that it will provide further guidance on the set of core principles with a view to ensuring an efficient use of public funds. The requirement for consistency with state aid principles should contribute to the effective use of EFSI resources.
Amendment 403 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – point d
Article 5 – paragraph 2 – subparagraph 1 – point d
Amendment 414 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – point e
Article 5 – paragraph 2 – subparagraph 1 – point e
Amendment 422 #
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 and national promotional banks, via the EIB, that invest in operations meeting the requirements of this Regulation. In that case, the Steering BoardThe EFSI agreement shall specify policies regarding eligible investment platforms.
Amendment 424 #
Proposal for a regulation
Recital 25
Recital 25
(25) The EIB and the Commission should regularly evaluate activities supported by the EFSI with a view to assessing their relevance, performance and impact, impact as well as their coordination and consistency with other Union policies and instruments, and to identifying aspects that could improve future activities. Such evaluations should contribute to accountability and analysis of sustainability.
Amendment 439 #
Proposal for a regulation
Article 5 – paragraph 2 a (new)
Article 5 – paragraph 2 a (new)
2a. The EU guarantee can be combined with, or can be used to complement, accelerate or strengthen existing EU financial instruments.
Amendment 442 #
Proposal for a regulation
Article 5 – paragraph 2 b (new)
Article 5 – paragraph 2 b (new)
2b. At least 35% of the EU Guarantee shall be granted to support projects fitting with the objectives referred to in Article 2a.2(a) and 2a.2(e).
Amendment 448 #
Proposal for a regulation
Article 7 – paragraph 1
Article 7 – paragraph 1
1. The EU guarantee to the EIB shall be of an amount equal to EUR 16 000 000 000, of which a maximum amount oft least EUR 25 500 000 000 mayshall be allocated for EIB funding to the EIF in accordance with paragraph 2. Without prejudice to Article 8(9), aggregate payments from the Union under the guarantee to the EIB shall not exceed the amount of the guarantee.
Amendment 449 #
Proposal for a regulation
Article 7 – paragraph 2 – subparagraph 2
Article 7 – paragraph 2 – subparagraph 2
Where the EIB provides funding or guarantees to the EIF in order to conduct EIB financing and investment operations, the EU guarantee shall provide for a full guarantee on funding by the EIB provided that an equal amount of funding or guarantees is provided by the EIB without EU guarantee. The amount covered by the EU guarantee shall not exceedbe at least EUR 25 500 000 000.
Amendment 450 #
Proposal for a regulation
Article 8 – paragraph 1
Article 8 – paragraph 1
1. An EU guarantee fund (‘guarantee fund’) shall be established from which the EIB mayshall be paid in the event of a call on the EU guarantee.
Amendment 451 #
Proposal for a regulation
Article 8 – paragraph 2 – point a
Article 8 – paragraph 2 – point a
(a) payments from the general budget of the Union, contributions from the general budget of the Union, which shall be approved every year by the budgetary authority through the annual budgetary procedure and which will mobilise by order of priority: (i) any budgetary surplus entered in the general budget of the European Union; (ii) the unallocated margin, including the global margin for payments; (iii) the Flexibility Instrument, as referred to in Article 11 of Council Regulation (EU) No 1311/2013 laying down the Multiannual Financial Framework for the years 2014-2020; (iv) if necessary available envelopes of programmes under heading 1b of the multiannual financial framework; (v) if necessary available envelopes of programmes under heading 2 of the multiannual financial framework (vi) if necessary, available envelopes of programmes under heading 1a of the multiannual financial framework.
Amendment 452 #
Proposal for a regulation
Recital 27
Recital 27
(27) In order to cover the risks related to the EU guarantee to the EIB, a guarantee fund should be established. The guarantee fund should be constituted by a gradual payment from the Union budget. The guarantee fund should subsequently also receive revenues and repayments from projects that benefit from EFSI support and amounts recovered from defaulting debtors where the guarantee fund has already honoured the guarantee to the EIB. Any remuneration that arises from EFSI operations which surmounts the target amount/needs of the guarantee fund shall be transferred to the respective EU budget lines which were reduced in order to establish the EFSI guarantee fund.
Amendment 452 #
Proposal for a regulation
Article 8 – paragraph 2 – point d
Article 8 – paragraph 2 – point d
(d) any other paymentcontributions received by the Union in accordance with the EFSI Agreement.
Amendment 453 #
Proposal for a regulation
Article 8 – paragraph 2 a (new)
Article 8 – paragraph 2 a (new)
2a. Any contributions diverted from existing programmes under heading 1a shall be of a temporary nature until Regulation (EU, Euratom) No 1311/2013 will be reviewed. Any contributions diverted from existing programmes to finance the Guarantee Fund shall be fully reassigned to these programmes in the framework of the review of the Union’s Multiannual Financial Framework.
Amendment 454 #
Proposal for a regulation
Article 8 – paragraph 3
Article 8 – paragraph 3
3. Endowments to the guarantee fund provided for in points (b), (c) and (d) of paragraph 2 shall constitute internal assigned revenues in accordance with Article 21(4) of Regulation (EU) No 966/2012.
Amendment 456 #
Proposal for a regulation
Article 8 – paragraph 5 – subparagraph 2
Article 8 – paragraph 5 – subparagraph 2
The target amount shall initially be met by the gradual paymenttransfer of resources referred to in paragraph 2(a). If there have been calls on the guarantee during the initial constitution of the guarantee fund, endowments to the guarantee fund provided for in points (b), (c) and (d) of paragraph 2 shall also contribute to meet the target amount up to an amount equal to the calls on the guarantee.
Amendment 460 #
Proposal for a regulation
Article 8 – paragraph 6
Article 8 – paragraph 6
Amendment 461 #
Proposal for a regulation
Recital 28 a (new)
Recital 28 a (new)
(28a) The contribution from the Union budget to the EU budget Guarantee Fund will be progressively authorised by the European Parliament and the Council in the framework of the annual budgetary procedures. For this purpose, the budgetary authority should make use, where appropriate, of any available surplus or mechanisms of flexibility and relevant provisions under the 2014-2020 MFF Regulation;
Amendment 461 #
Proposal for a regulation
Article 8 – paragraph 7 – introductory part
Article 8 – paragraph 7 – introductory part
7. Following an adjustment in year n of the target amount or an assessment on the adequacy of the level of the guarantee fund in accordance with the reviewporting provided for in paragraph 6Articles 10:
Amendment 462 #
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 the budgetary lines referred to in paragraph 2(a),
Amendment 464 #
Proposal for a regulation
Recital 28 b (new)
Recital 28 b (new)
(28b) Given the soaring need for policy action and spending programmes at Union level to incentivise economic growth and job-creation in Europe, the Multiannual Financial Framework should be revised upon its mid-term review, increasing the available margins and commitment appropriations under heading 1a of the MFF in order to better reflect shifting policy needs and to meet the expectations of European citizens.
Amendment 464 #
Proposal for a regulation
Article 8 – paragraph 7 – point a a (new)
Article 8 – paragraph 7 – point a a (new)
(aa) any surplus in the guarantee fund shall constitute internal assigned revenue in accordance with Article 21(4) of Regulation (EU, Euratom) No 966/2012 for any lines which may have been used as a source of redeployment to the EFSI guarantee fund.
Amendment 465 #
Proposal for a regulation
Recital 28 c (new)
Recital 28 c (new)
(28c) In order to enable the exploitation of available margins, surpluses and other sources of finance as referred to in Article 8 of this Regulations under MFF headings different from heading 1a, the budget lines establishing the guarantee fund should be split, allocating 3 billion Euro of the guarantee fund under heading 1a, 5 billion euro under heading 1b and 0.11 billion Euro under heading 2, to allow for the necessary flexibility to finance the fund adequately.
Amendment 466 #
Proposal for a regulation
Recital 28 d (new)
Recital 28 d (new)
(28d) The financing of the Guarantee Fund, both in respect of commitment and payment appropriations, shall be revised in the frame of the mid-term 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 Multiannual Financial Framework for the years 2014 -2020.
Amendment 467 #
Proposal for a regulation
Recital 28 e (new)
Recital 28 e (new)
(28e) The Commission should explore in the context of the MFF midterm revision the possibilities under the Union Budget to ensure a steady funding to the EU guarantee, including the possibility to adjust the performance reserve, as provided for and calculated in accordance with Article 20 and 22 of the Common Provisions Regulation (EC) 1303/2013 in order to free unutilized funds; a small reduction of this reserve could provide a stable financing to the EU guarantee, which will attract investors and generate an added value for the European industry (economy);
Amendment 467 #
Proposal for a regulation
Article 8 – paragraph 9
Article 8 – paragraph 9
9. Subsequent to a call on the EU guarantee, endowments to the guarantee fund provided for in points (b), (c) and (d) of paragraph 2 over and above the target amount shall be used to restore the EU guarantee up to its initial amountshall be used to restore the EU guarantee up to its target amount. Any remaining remuneration shall constitute internal assigned revenue in accordance with Article 21(4) of Regulation (EU, Euratom) No 966/2012 for any lines which may have been used as a source of redeployment to the EFSI guarantee fund.
Amendment 469 #
Proposal for a regulation
Recital 29
Recital 29
Amendment 478 #
Proposal for a regulation
Article 10 – paragraph 2 – introductory part
Article 10 – paragraph 2 – introductory part
2. The EIB, in cooperation with the EIF as appropriate, shall report annually to the European Parliament and to the Council on EIB financing and investment operations under this Regulation. The report shall be made public and include:
Amendment 479 #
Proposal for a regulation
Article 10 – paragraph 2 – point a
Article 10 – paragraph 2 – point a
(a) an assessment of EIB financing and investment operations at operation, sector, country and regional levels and their compliance with this Regulation, in particular with the additionality principle, together with an assessment of the allocation of EIB financing and investment operations between the objectives in Article 5(2)2a;
Amendment 486 #
Proposal for a regulation
Article 10 – paragraph 2 – point b a (new)
Article 10 – paragraph 2 – point b a (new)
(ba) an assessment of the contribution to the Union strategy for smart, sustainable and inclusive growth, consistency with other Union policies and instruments, as well as the impact on economic, social and territorial cohesion
Amendment 487 #
Proposal for a regulation
Recital 29 a (new)
Recital 29 a (new)
(29a) The financing of the guarantee fund, both in respect of commitment and payment appropriations, shall be reviewed by the Council and the Parliament in the context of the Mid-term revision of the Multiannual Financial Framework 2014- 2020, to be launched by the end of 2016 at the latest as foreseen in Article 2 of Council Regulation (EU, Euratom) No 1311/2013 of 2 December 2013 laying down the Multiannual Financial Framework 2014-2020.
Amendment 488 #
Proposal for a regulation
Article 10 – paragraph 3 – introductory part
Article 10 – paragraph 3 – introductory part
3. For the purposes of the Commission’s accounting and reporting of the risks covered by the EU guarantee and management of the guarantee fund, the EIB, in cooperation with the EIF as appropriate, shall provide the Commission every year, the European Parliament and the Council semi-annually:
Amendment 489 #
Proposal for a regulation
Article 10 – paragraph 3 – introductory part
Article 10 – paragraph 3 – introductory part
3. For the purposes of the Commission’s accounting and reporting of the risks covered by the EU guarantee and management of the guarantee fund, the EIB, in cooperation with the EIF as appropriate, shall provide the Commission every year, the European Parliament and the Council semi-annually with:
Amendment 490 #
Proposal for a regulation
Article 10 – paragraph 3 – point a
Article 10 – paragraph 3 – point a
(a) the EIB’s and EIF’s risk assessment and grading information concerning EIB financing and investment operations under this Regulation;
Amendment 491 #
Proposal for a regulation
Article 10 – paragraph 3 – point b
Article 10 – paragraph 3 – point b
(b) the outstanding financial obligation for the EU concerning the guarantees provided towards EIB financing and investment operations under this Regulation broken down by the individual operations;
Amendment 498 #
Proposal for a regulation
Article 12 – paragraph 1 – subparagraph 1
Article 12 – paragraph 1 – subparagraph 1
At the latest [PO insert date: 18 months after the entry into force of this Regulation] the EIB shall submit an evaluateion on the functioning of the EFSI. The EIB shall submit its evaluation to the European Parliament, the Council and the Commission;
Amendment 506 #
Proposal for a regulation
Article 13 – paragraph 1
Article 13 – paragraph 1
In accordance with its own transparency policies on access to documents and information, the EIB shall make publicly available on its website information relating to all EIB financing and investment operations under this Regulation and how they contribute to the general objectives referred to in Article 5(2).
Amendment 512 #
Proposal for a regulation
Article 16 – paragraph 1
Article 16 – paragraph 1
1. In its financing and investment operations under this Regulation, the EIB shall not support any activities carried out for illegal purposes, including money laundering, financing of terrorism, tax fraud and tax evasion, corruption, or fraud affecting the financial interests of the Union. In particular the EIB shall not participate in any financing or investment operation through a vehicle located in a non-cooperative jurisdiction, in line with its policy towards weakly regulated or non- cooperative jurisdictions based on policies of the Union, the Organisation for Economic Cooperation and Development or the Financial Action Task Force.
Amendment 513 #
Proposal for a regulation
Recital 34
Recital 34
Amendment 515 #
Proposal for a regulation
Article 16 – paragraph 2
Article 16 – paragraph 2
2. In its financing and investment operations under this Regulation, the EIB shall apply the principles and standards set out in Union law on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing, including a requirement to take reasonable measures to identify the beneficial owners where applicable.
Amendment 516 #
Proposal for a regulation
Article 17 – paragraph 4 a (new)
Article 17 – paragraph 4 a (new)
4a. A delegated act adopted pursuant to Article 2(2) shall enter into force only if no objection has been expressed either by the European Parliament or by the Council within a period of one month of notification of that act to the European Parliament and the Council or if, before the expiry of that period, the European Parliament and the Council have both informed the Commission that they will not object. That period shall be extended by one month at the initiative of the European Parliament or of the Council.
Amendment 518 #
Proposal for a regulation
Article 18
Article 18
Amendment 521 #
Proposal for a regulation
Article 19
Article 19
Amendment 524 #
Proposal for a regulation
Recital 35 a (new)
Recital 35 a (new)
(35a) The Commission and the EIB should conclude an Agreement that specifies the conditions laid down in this Regulation for their management of the EFSI. That Agreement should not encroach upon the competences of the Union legislator, of the budgetary authority, and of the EIB, as laid down in the Treaties and should, therefore, be confined to elements which are mainly technical and administrative in nature and which, whilst not being essential, are necessary for the effective implementation of the EFSI. This Agreement, together with the Investment Guidelines, should be adopted by the Commission as a delegated act.
Amendment 525 #
Proposal for a regulation
Article 20 – paragraph 2
Article 20 – paragraph 2
The Commission shall assess those operations and, where they comply with the substantive requirements set out in Article 5s 2a and in the EFSI Agreement5 of this Regulation, decide that the EU guarantee coverage extends to them.
Amendment 526 #
Proposal for a regulation
Recital 36
Recital 36
(36) Since the objectives of this Regulation, namely to support investments in the Union and to ensure increased access to financing for companies having up to 3000 employees, cannot be sufficiently achieved by the Member States by reason of the disparities in their fiscal capacity to actmay - in a limited number of cases of market failure - not be sufficiently achieved by the Member States alone but can rather, by reason of its scale and effects, be better achieved at Union level, the Union may adopt measures, in accordance with the principle of subsidiarity as set out in Article 5 of the Treaty on European Union. In accordance with the principle of proportionality, as set out in that Article, this Regulation does not go beyond what is necessary in order to achieve those objectives,
Amendment 539 #
Proposal for a regulation
Article 1 – paragraph 1 – subparagraph 1
Article 1 – paragraph 1 – subparagraph 1
Amendment 547 #
Proposal for a regulation
Article 1 – paragraph 1 – subparagraph 1 a (new)
Article 1 – paragraph 1 – subparagraph 1 a (new)
This Regulation establishes a European Fund for Strategic Investments (EFSI), an EU guarantee and an EU guarantee fund.
Amendment 550 #
Proposal for a regulation
Article 1 – paragraph 1 – subparagraph 1 b (new)
Article 1 – paragraph 1 – subparagraph 1 b (new)
To that effect, this Regulation provides rules for the Commission to conclude an Agreement with the EIB for the management of the EFSI.
Amendment 558 #
Proposal for a regulation
Article 1 – paragraph 1 – subparagraph 2
Article 1 – paragraph 1 – subparagraph 2
The purpose of the EFSI shall be to support 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-sized enterprises, through the supply of risk bearing capacity to the EIB ('EFSI Agreement'), taking into account the considerable financing needs of start- ups, innovative technology-based companies and creative businesses.
Amendment 561 #
Proposal for a regulation
Article 1 – paragraph 1 – subparagraph 2
Article 1 – paragraph 1 – subparagraph 2
The purpose of the EFSI shall be to support 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-sized enterprises, through the supply of risk bearing capacity to the EIB ('EFSI Agreement').
Amendment 579 #
Proposal for a regulation
Article 1 – paragraph 1 – subparagraph 2 a (new)
Article 1 – paragraph 1 – subparagraph 2 a (new)
Operations under EFSI shall be contractually agreed and signed within three years after entry into force of this Regulation. Disbursements and guarantee commitments may take place after that period.
Amendment 611 #
Proposal for a regulation
Article 1 a (new)
Article 1 a (new)
Amendment 615 #
Proposal for a regulation
Article 2 – paragraph -1 b (new)
Article 2 – paragraph -1 b (new)
-1b. The Commission shall conclude an agreement with the European Investment Bank (EIB) on the establishment of a European Fund for Strategic Investments ('EFSI') in accordance with the requirements of this Regulation.
Amendment 616 #
Proposal for a regulation
Article 2 – paragraph -1 (new)
Article 2 – paragraph -1 (new)
-1. The Commission shall be empowered to enter into the EFSI Agreement on behalf of the Union by means of a delegated act in accordance with Article 17, provided that the EFSI Agreement meets the requirements of this Regulation.
Amendment 617 #
Proposal for a regulation
Article 2 – paragraph -1 (new)
Article 2 – paragraph -1 (new)
-1. The Commission shall be empowered to accept later amendments of the EFSI Agreement by means of delegated acts in accordance with Article 17, provided that the amendments to the EFSI Agreement meet the requirements of this Regulation.
Amendment 620 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 – point a
Article 2 – paragraph 1 – subparagraph 1 – point a
Amendment 628 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 – point a a (new)
Article 2 – paragraph 1 – subparagraph 1 – point a a (new)
(aa) (a) arrangements concerning the establishment of the EFSI as well as the amount and terms of the financial contribution to be provided by the EIB, including i) provisions governing the establishment of the EFSI as a distinct, clearly identifiable and transparent guarantee facility and separate account managed by the EIB, whose operations are clearly distinguished from other operations of the EIB ii) the amount and terms of the financial contribution which shall be provided by the EIB through the EFSI, which shall not be inferior to 5.000 000 000 euros in guarantees or cash; iii) the terms of the funding or guarantees which shall be provided by the EIB through the EFSI to the European Investment Fund ('EIF') which shall not be inferior to 5.500 000 000 euros; iv) provisions that the pricing of operations under the EU guarantee shall be in line with the EIB's general pricing policy;
Amendment 630 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 – point b
Article 2 – paragraph 1 – subparagraph 1 – point b
Amendment 635 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 – point b a (new)
Article 2 – paragraph 1 – subparagraph 1 – point b a (new)
(ba) b) the governance arrangements concerning the EFSI, in accordance with Article 3, without prejudice to the Statute of the European Investment Bank, including i) the compositions and number of members of the Steering Board, in accordance with Article 3 of this Regulation; ii) the procedure for the appointment of the Managing Director and of the Deputy Managing Director, their remuneration and working conditions, that shall follow the provisions on staff of the EIB, the rules and procedures on his/her replacement in his/her function and on accountability; iii) the procedure for the appointment and dismissal of the members of the Investment Committee, their remuneration and working conditions, the voting modalities within the Investment Committee, specifying the quorum and the allocation of votes to each member and rules to prevent conflicts of interest afflicting the members of the Investment Committee; (iv) the requirement that the Steering Board and the Investment Committee adopt each their respective rules of procedure;
Amendment 636 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 – point c
Article 2 – paragraph 1 – subparagraph 1 – point c
Amendment 641 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 – point c a (new)
Article 2 – paragraph 1 – subparagraph 1 – point c a (new)
(ca) c) The arrangements concerning the EU guarantee, that shall be an unconditional, irrevocable, first demand guarantee in favour of the EIB, including, i) detailed rules on the provision of the EU guarantee, in accordance with Article 7, among which its modalities of coverage, its defined coverage of portfolios of specific types of instruments; ii) requirements that remuneration for risk-taking be allocated amongst contributors in proportion with their respective risk share in risk taking; iii) requirements that remuneration to the Union and payments on the EU guarantee shall be made in timely manner and only occur once a year after remuneration and losses from operations have been netted; iv) requirements governing the use of the EU guarantee in accordance with Article 5 of this Regulation, among which payment conditions, such as specific time frames, interest on due amounts and the necessary liquidity arrangements; v) provisions and procedures relating to recovery of claims that shall be entrusted to the EIB, in line with Article 7(4);
Amendment 643 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 – point d
Article 2 – paragraph 1 – subparagraph 1 – point d
Amendment 645 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 – point d a (new)
Article 2 – paragraph 1 – subparagraph 1 – point d a (new)
(da) d) The modalities for the approval by the Investment Committee of the use of the EU guarantee for individual projects in line with this Regulation and in particular Article 2a;
Amendment 647 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 – point e
Article 2 – paragraph 1 – subparagraph 1 – point e
Amendment 649 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 – point e a (new)
Article 2 – paragraph 1 – subparagraph 1 – point e a (new)
(ea) e) The procedures for the submission of investment proposals and approval of proposals for the use of the EU guarantee, including, i) the procedure for the transmission to the Investment Committee of projects; ii) the requirement that the procedure for submission and approval of proposals for the use of the EU guarantee is without prejudice to the EIB decision making rules laid down under the Statute of the European Investment Bank; iii) rules further detailing the transitional provisions under Article 20, and in particular the manner how operations signed by the EIB during the period referred to in Article 20 will be included under the EU guarantee coverage.
Amendment 652 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 – point f
Article 2 – paragraph 1 – subparagraph 1 – point f
Amendment 654 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 – point f a (new)
Article 2 – paragraph 1 – subparagraph 1 – point f a (new)
(fa) f) The procedures for the submission of investment proposals and approval of proposals for the use of the EU guarantee, including i) the procedure for the transmission to the Investment Committee of projects; ii) the requirement that the procedure for submission and approval of proposals for the use of the EU guarantee is without prejudice to the EIB decision making rules laid down under the Statute of the European Investment Bank; iii) rules further detailing the transitional provisions under Article 20, and in particular the manner how operations signed by the EIB during the period referred to in Article 20 will be included under the EU guarantee coverage.
Amendment 656 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 – point g
Article 2 – paragraph 1 – subparagraph 1 – point g
Amendment 668 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 – point j
Article 2 – paragraph 1 – subparagraph 1 – point j
Amendment 670 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 1 – point j a (new)
Article 2 – paragraph 1 – subparagraph 1 – point j a (new)
(ja) any other conditions of an administrative or organisational character necessary for the management of the EFSI.
Amendment 681 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 2
Article 2 – paragraph 1 – subparagraph 2
Amendment 683 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 3
Article 2 – paragraph 1 – subparagraph 3
The EFSI Agreement shall also provide that a) EFSI activities conducted by the EIF are to be governed by the EIF governing bodies.
Amendment 689 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 4
Article 2 – paragraph 1 – subparagraph 4
Amendment 741 #
Proposal for a regulation
Article 2 a (new)
Article 2 a (new)
Article 2a Eligibility criteria for the use of the EU guarantee The EFSI Agreement shall provide that EFSI is to support projects which: (a) are consistent with Union policies and are key to transform the EU economy towards a smart, sustainable and inclusive growth, (b) are economically and technically viable, (c) provide additionality, and (d) maximise the mobilisation of private sector capital. 2. In addition, the EFSI Agreement shall provide that the EFSI is to support projects pursuing any of the following general objectives: (a) research and development and innovation, inter alia through financially supporting research infrastructure, pilot and demonstration facilities, collaborations between academia and industry, exploitation and market-uptake of research results, patenting and technology transfer; (b) development of infrastructure, including in the areas of transport, particularly in industrial centres; infrastructure projects in the environmental, natural resources, urban development and social fields; (c) information and communications technology, including digital infrastructure, in particular broadband and digital infrastructure for cultural and creative industries; (d) development of the energy sector, including energy infrastructure, in particular energy interconnections, expansion of renewable energy and energy and resource efficiency; (e) provision of financial support for companies as well as other entities having up to 3000 employees, with a particular focus on SMEs; (f) investment in education and training and health, innovation, creativity and culture;
Amendment 748 #
Proposal for a regulation
Article 3 – paragraph 1
Article 3 – paragraph 1
1. 1. The EFSI Agreement shall provide that the EFSI shall be governed by a Steering Board, which. 2. The Steering Board shall determine the strategic orientation, the strategic asset allocation and operating policies and procedures, including 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). The Steering Board shall elect one of its members to be Chairperson. is Regulation and shall set-up investment guidelines to this end for the use of the EU guarantee to be implemented by the Investment Committee.
Amendment 765 #
Proposal for a regulation
Article 3 – paragraph 1 a (new)
Article 3 – paragraph 1 a (new)
1a. The Commission shall be empowered to adopt the investment guidelines by means of a delegated act in accordance with Article 17 of this Regulation.
Amendment 770 #
Proposal for a regulation
Article 3 – paragraph 1 b (new)
Article 3 – paragraph 1 b (new)
1b. Members of the Steering Board shall be Commissioners. The Commissioner for Research, Science and Innovation shall be one of the Members of the Steering Board.
Amendment 771 #
Proposal for a regulation
Article 3 – paragraph 1 c (new)
Article 3 – paragraph 1 c (new)
1c. The Steering Board shall elect one of its members to be Chairperson.
Amendment 898 #
Proposal for a regulation
Article 4 – paragraph 1
Article 4 – paragraph 1
The Union shall provide a guarantee to the EIB for financing or investment operations carried out within the Union covered by this Regulation ('EU guarantee'). The EU guarantee shall be an unconditional, irrevocable, first demand guarantee in favour of the EIB. The EU guarantee shall be granted as a guarantee on demand in respect of instruments referred to in Article 6.
Amendment 908 #
Proposal for a regulation
Article 5 – paragraph 1 a (new)
Article 5 – paragraph 1 a (new)
1a. The EU guarantee may be granted for EIB financing and investment operations for which a contract between the EIB or the EIF and the beneficiary or financial intermediary has been signed by [3 years after of entry into force of this regulation].
Amendment 912 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – introductory part
Article 5 – paragraph 2 – subparagraph 1 – introductory part
The EU guarantee shall be granted for EIB financing and investment operations approved by the Investment Committee referred to in Article 3(5) or funding to the EIF in order to conduct EIB financing and investment operations in accordance with Article 7(2). The operations concerned shall be consistent with Union policies and support any of the following general objectives:
Amendment 928 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – point a
Article 5 – paragraph 2 – subparagraph 1 – point a
Amendment 934 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – point a
Article 5 – paragraph 2 – subparagraph 1 – point a
(a) development of infrastructure, including in the areas of transport, particularly in industrial centres; energy, in particular energy interconnections; and digital infrastructure, in particular broadband and digital infrastructure for cultural and creative industries;
Amendment 955 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – point b
Article 5 – paragraph 2 – subparagraph 1 – point b
Amendment 959 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – point b
Article 5 – paragraph 2 – subparagraph 1 – point b
(b) investment in education and training, health, research and development, information and communications technology and, innovation, creativity and culture;
Amendment 968 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – point b
Article 5 – paragraph 2 – subparagraph 1 – point b
(b) investment in education and training, health, research and development, information and communications technology and innovation; 25% of investments in research should be realized in small or medium sized companies;
Amendment 973 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – point c
Article 5 – paragraph 2 – subparagraph 1 – point c
Amendment 986 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – point d
Article 5 – paragraph 2 – subparagraph 1 – point d
Amendment 998 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – point e
Article 5 – paragraph 2 – subparagraph 1 – point e
Amendment 1030 #
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 and national promotional banks, via the EIB, that invest in operations meeting the requirements of this Regulation. In that case, the Steering BoardThe EFSI agreement shall specify policies regarding eligible investment platforms.
Amendment 1040 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 2 a (new)
Article 5 – paragraph 2 – subparagraph 2 a (new)
The EU guarantee can be combined with, or can be used to complement, accelerate or strengthen existing EU financial instruments.
Amendment 1042 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 2 b (new)
Article 5 – paragraph 2 – subparagraph 2 b (new)
Amendment 1104 #
Proposal for a regulation
Article 7 – paragraph 1
Article 7 – paragraph 1
1. The EU guarantee to the EIB shall be of an amount equal to EUR 16 000 000 000, of which a maximum amount oft least EUR 25 500 000 000 mayshall be allocated for EIB funding to the EIF in accordance with paragraph 2. Without prejudice to Article 8(9), aggregate payments from the Union under the guarantee to the EIB shall not exceed the amount of the guarantee.
Amendment 1109 #
Proposal for a regulation
Article 7 – paragraph 2 – subparagraph 2
Article 7 – paragraph 2 – subparagraph 2
Where the EIB provides funding or guarantees to the EIF in order to conduct EIB financing and investment operations, the EU guarantee shall provide for a full guarantee on funding by the EIB provided that an equal amount of funding or guarantees is provided by the EIB without EU guarantee. The amount covered by the EU guarantee shall not exceedbe at least EUR 25 500 000 000.
Amendment 1119 #
Proposal for a regulation
Article 8 – paragraph 1
Article 8 – paragraph 1
1. An EU guarantee fund ('guarantee fund') shall be established from which the EIB mayshall be paid in the event of a call on the EU guarantee.
Amendment 1125 #
Proposal for a regulation
Article 8 – paragraph 2 – point a
Article 8 – paragraph 2 – point a
(a) payments from the general budget of the Union,(a) contributions from the general budget of the Union, which shall be approved every year by the budgetary authority through the annual budgetary procedure and which will mobilise by order of priority: i) any budgetary surplus entered in the general budget of the European Union ii) the unallocated margin, including the global margin for payments iii) the global margin in commitments iv) the Flexibility Instrument, as referred to in Article 11 of Council Regulation 1311/2013 laying down the Multiannual Financial Framework for the years 2014- 2020 v) if necessary available envelopes of programmes under heading 1b of the multiannual financial framework vi) if necessary available envelopes of programmes under heading 2 of the multiannual financial framework vii) if necessary, available envelopes of programmes under heading 1a of the multiannual financial framework
Amendment 1133 #
Proposal for a regulation
Article 8 – paragraph 2 – point d
Article 8 – paragraph 2 – point d
(d) any other paymentcontributions received by the Union in accordance with the EFSI Agreement.
Amendment 1136 #
Proposal for a regulation
Article 8 – paragraph 2 a (new)
Article 8 – paragraph 2 a (new)
2a. Any contributions diverted from existing programmes under heading 1a shall be of a temporary nature until Regulation (EU, Euratom) 1311/2013 will be reviewed. Any contributions diverted from existing programmes to finance the Guarantee Fund shall be fully reassigned to these programmes in the framework of the revision of the Union's Multiannual Financial Framework.
Amendment 1137 #
Proposal for a regulation
Article 8 – paragraph 3
Article 8 – paragraph 3
3. Endowments to the guarantee fund provided for in points (b), (c) and (d) of paragraph 2 shall constitute internal assigned revenues in accordance with Article 21(4) of Regulation (EU) No 966/2012.
Amendment 1147 #
Proposal for a regulation
Article 8 – paragraph 5 – subparagraph 2
Article 8 – paragraph 5 – subparagraph 2
The target amount shall initially be met by the gradual paymenttransfer of resources referred to in paragraph 2(a). If there have been calls on the guarantee during the initial constitution of the guarantee fund, endowments to the guarantee fund provided for in points (b), (c) and (d) of paragraph 2 shall also contribute to meet the target amount up to an amount equal to the calls on the guarantee.
Amendment 1158 #
Proposal for a regulation
Article 8 – paragraph 6
Article 8 – paragraph 6
Amendment 1167 #
Proposal for a regulation
Article 8 – paragraph 7 – introductory part
Article 8 – paragraph 7 – introductory part
7. Following an adjustment in year n of the target amount or an assessment on the adequacy of the level of the guarantee fund in accordance with the reviewporting provided for in paragraph 6Articles 10:
Amendment 1169 #
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 the budgetary lines referred to in paragraph 2(a),
Amendment 1170 #
Proposal for a regulation
Article 8 – paragraph 7 – point a a (new)
Article 8 – paragraph 7 – point a a (new)
(aa) any surplus in the guarantee fund shall constitute internal assigned revenue in accordance with Article 21(4) of Regulation (EU, Euratom) No 966/2012 for any lines which may have been used as a source of redeployment to the EFSI guarantee fund.
Amendment 1179 #
Proposal for a regulation
Article 8 – paragraph 9
Article 8 – paragraph 9
9. Subsequent to a call on the EU guarantee, endowments to the guarantee fund provided for in points (b), (c) and (d) of paragraph 2 over and above the target amount shall be used to restore the EU guarantee up to its initial amountshall be used to restore the EU guarantee up to its target amount. Any remaining remuneration shall constitute internal assigned revenue in accordance with Article 21(4) of Regulation (EU, Euratom) No 966/2012 for any lines which may have been used as a source of redeployment to the EFSI guarantee fund.
Amendment 1230 #
Proposal for a regulation
Article 10 – paragraph 2 – point a
Article 10 – paragraph 2 – point a
(a) an assessment of EIB financing and investment operations at operation, sector, country and regional levels and their compliance with this Regulation, in particular with the additionality principle, together with an assessment of the allocation of EIB financing and investment operations between the objectives in Article 5(2)2a;
Amendment 1242 #
Proposal for a regulation
Article 10 – paragraph 2 – point b a (new)
Article 10 – paragraph 2 – point b a (new)
(ba) an assessment of the contribution to the Union strategy for smart, sustainable and inclusive growth, consistency with other Union policies and instruments, as well as the impact on economic, social and territorial cohesion
Amendment 1266 #
Proposal for a regulation
Article 10 – paragraph 3 – introductory part
Article 10 – paragraph 3 – introductory part
3. For the purposes of the Commission's accounting and reporting of the risks covered by the EU guarantee and management of the guarantee fund, the EIB, in cooperation with the EIF as appropriate, shall provide the Commission every year, the European Parliament and the Council semi-annually:
Amendment 1268 #
Proposal for a regulation
Article 10 – paragraph 3 – point a
Article 10 – paragraph 3 – point a
(a) the EIB's and EIF's risk assessment and grading information concerning EIB financing and investment operations under this Regulation;
Amendment 1270 #
Proposal for a regulation
Article 10 – paragraph 3 – point b
Article 10 – paragraph 3 – point b
(b) the outstanding financial obligation for the EU concerning the guarantees provided towards EIB financing and investment operations under this Regulation broken down by the individual operations;
Amendment 1306 #
Proposal for a regulation
Article 12 – paragraph 1 – subparagraph 1
Article 12 – paragraph 1 – subparagraph 1
At the latest [PO insert date: 18 months after the entry into force of this Regulation] the EIB shall submit an evaluateion on the functioning of the EFSI. The EIB shall submit its evaluation to the European Parliament, the Council and the Commission;
Amendment 1330 #
Proposal for a regulation
Article 13 – paragraph 1
Article 13 – paragraph 1
In accordance with its own transparency policies on access to documents and information, the EIB shall make publicly available on its website information relating to all EIB financing and investment operations under this Regulation and how they contribute to the general objectives referred to in Article 5(2).
Amendment 1366 #
Proposal for a regulation
Article 16 – paragraph 1
Article 16 – paragraph 1
1. In its financing and investment operations under this Regulation, the EIB shall not support any activities carried out for illegal purposes, including money laundering, financing of terrorism, tax fraud and tax evasion, corruption, or fraud affecting the financial interests of the Union. In particular the EIB shall not participate in any financing or investment operation through a vehicle located in a non-cooperative jurisdiction, in line with its policy towards weakly regulated or non- cooperative jurisdictions based on policies of the Union, the Organisation for Economic Cooperation and Development or the Financial Action Task Force.
Amendment 1374 #
Proposal for a regulation
Article 16 – paragraph 2
Article 16 – paragraph 2
2. In its financing and investment operations under this Regulation, the EIB shall apply the principles and standards set out in Union law on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing, including a requirement to take reasonable measures to identify the beneficial owners where applicable.
Amendment 1384 #
Proposal for a regulation
Article 17 – paragraph 2
Article 17 – paragraph 2
2. The power to adopt delegated acts referred to in Article 8(6s 2(2), 2(3) and 3(2) shall be conferred on the Commission for a period of three years from the entry into force of this Regulation. The Commission shall draw up a report in respect of the delegation of power not later than nine months before the end of the three-year period. The delegation of power shall be tacitly extended for periods of an identical duration, unless the European Parliament or the Council opposes such extension not later than three months before the end of each period. Or. en (See AMDs 40,41 and 62 by Christian Ehler)
Amendment 1385 #
Proposal for a regulation
Article 17 – paragraph 3
Article 17 – paragraph 3
3. The delegation of power referred to in Article 8(6s 2(2), 2(3) and 3(2) may be revoked at any time by the European Parliament or by the Council. A decision to revoke shall put an end to the delegation of the power specified in that decision. It shall take effect the day following the publication of the decision in the Official Journal of the European Union or at a later date specified therein. It shall not affect the validity of any delegated acts already in force. Or. en (See AMDs 40,41 and 62 by Christian Ehler)
Amendment 1387 #
Proposal for a regulation
Article 17 – paragraph 5
Article 17 – paragraph 5
5. A delegated act adopted pursuant to Article 8(6Articles 2(2), 2(3) and 3(2) shall enter into force only if no objection has been expressed either by the European Parliament or by the Council within a period of twoone months of notification of that act to the European Parliament and the Council or if, before the expiry of that period, the European Parliament and the Council have both informed the Commission that they will not object. That period shall be extended by two months at the initiative of the European Parliament or of the Council. Or. en (See AMDs 40,41 and 62 by Christian Ehler)
Amendment 1396 #
Proposal for a regulation
Article 18
Article 18
Regulation (EU) No 1291/2013
Article 6
Article 6
Amendment 1439 #
Proposal for a regulation
Article 19
Article 19
Regulation (EU) No 1316/2013; Regulation (EU, Euratom) No 1311/2013
Article 5
Article 5
Amendment 1468 #
Proposal for a regulation
Article 20 – paragraph 2
Article 20 – paragraph 2
The Commission shall assess those operations and, where they comply with the substantive requirements set out in Article 5s 2a and in the EFSI Agreement5 of this Regulation, decide that the EU guarantee coverage extends to them.