20 Amendments of Jan OLBRYCHT related to 2015/0009(COD)
Amendment 218 #
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 237 #
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 financeprovision of EFSI funding to small and medium enterprises and small mid-cap companies shouldmay be channelled through the European Investment Fund ('EIF') to benefit from its experience in these activities.
Amendment 294 #
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 promoting geographical spread. The EFSI should only be used where financing is not available from other sources on reasonable terms.
Amendment 320 #
Proposal for a regulation
Recital 16 a (new)
Recital 16 a (new)
(16a) The selection method of investment projects should take into consideration different levels of development of national financial markets as well as their stability, which will have a direct impact on the ability to use the EFSI in Member States. This will secure the distribution of financial resources throughout the whole Union.
Amendment 336 #
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, such as research and development, transport and SMEs, as well as geographic markets within the European Union. 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.
Amendment 387 #
Proposal for a regulation
Recital 20 a (new)
Recital 20 a (new)
Amendment 395 #
Proposal for a regulation
Recital 21
Recital 21
(21) 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. The EFSI may also be used for co- financing projects eligible under European Structural and Investment Funds.
Amendment 495 #
Proposal for a regulation
Recital 31
Recital 31
(31) Within the Union, there are a significant number of potentially viable projects that are not being financed due to a lack of certainty and transparency with respect to such projects. Often, this is because private investors are not aware of the projects or have insufficient information to make an assessment of the investment risks. The Commission and the EIB, with support from the Member States, should promote the creation of a transparent pipeline of current and future economically viable investment projects in the Union suitable for investment. This 'project pipeline' should ensure that information is made publicly available regarding investment projects on a regular and structured basis to ensure that investors have reliable information on which to base their investment decisions.
Amendment 612 #
Proposal for a regulation
Article 1 a (new)
Article 1 a (new)
Article 1a Definitions For the purposes of this Regulation, the following definitions apply: "national promotional banks or institutions" mean legal entities carrying out financial activities on a professional basis which are conferred a mandate by a Member State, whether central, regional or local level, to carry out public development or promotional activities.
Amendment 682 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 2
Article 2 – paragraph 1 – subparagraph 2
The EFSI Agreement shall provide that there is a clear distinction between operations carried out with the EFSI support and other operations of the EIB. Therefore, the EIB should ensure that EFSI activities are presented in a separate report.
Amendment 735 #
Proposal for a regulation
Article 2 – paragraph 3
Article 2 – paragraph 3
3. Member States that become parties to the EFSI Agreement shall be able to provide their contribution, in particular, in the form of cash or a guarantee acceptable to the EIB. Other third parties shall be able to provide their contribution only in cash. Financial contributions by Member States, including possible contributions to investment platforms, shall not be taken into account by the Commission when defining the fiscal adjustment under the preventive and corrective arm of the Stability and Growth Pact. In the event of an excess over the deficit reference value the Commission shall not launch an EDP if that excess is only due to the contribution and is small and expected to be temporary. Similarly, no procedure shall be launched when assessing and excess over the debt reference value in the event that this is due solely to contributions to the EFSI.
Amendment 742 #
Proposal for a regulation
Article 2 a (new)
Article 2 a (new)
Article 2a Eligibility criteria for the use of EU guarantee The EFSI shall target projects with generally a higher risk profile than existing normal EIB instruments so as to ensure additionality over existing operations. The EFSI shall support projects which: a) are consistent with Union policies and contribute to achieving the Union objectives, such as smart, sustainable and inclusive growth; b) could not have been carried out in that period under normal EIB instruments without EFSI support or to the same extent during that period under EIF and EU instruments, nor financed by the market on reasonable terms; c) are viable from an economic and technical perspective;
Amendment 751 #
Proposal for a regulation
Article 3 – paragraph 1
Article 3 – paragraph 1
1. The EFSI Agreement shall provide that the EFSI shall be governed by a Steering Board, which shall determine the strategic orientation, the strategic asset allocation and operating policies and procedures, including the investment policy of projects that EFSI can support, the treatment of investment platforms 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. adopt investment guidelines for the use of the EU guarantee to be implemented by the Investment Committee. The investment guidelines shall be made publicly available.
Amendment 780 #
Proposal for a regulation
Article 3 – paragraph 2 – subparagraph 1
Article 3 – paragraph 2 – subparagraph 1
Amendment 791 #
Proposal for a regulation
Article 3 – paragraph 3
Article 3 – paragraph 3
Amendment 859 #
Proposal for a regulation
Article 3 – paragraph 5 – subparagraph 2
Article 3 – paragraph 5 – subparagraph 2
The Investment Committee shall be composed of sixeight independent experts and the Managing Director. Independent experts shall have a high level of relevant market experience in project finance and be appointed by the Steering Boardstructuring and project financing. The Investment Committee shall have an overall pluridisciplinary composition encompassing both a broad range of expertise in various sectors, such as research and development, transport and SMEs, and a wide knowledge of geographic markets within the Union. The Investment Committee shall be appointed by the Steering Board, after an open and transparent selection process, for a renewable fixed term of up to three years.
Amendment 981 #
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 efficiencydevelopment and modernisation of the energy sector, including the development of indigenous energy sources;
Amendment 1070 #
Proposal for a regulation
Article 5 – paragraph 4
Article 5 – paragraph 4
4. Provided that all relevant eligibility criteria are fulfilled, Member States may use European Structural and Investment Funds to contribute to the financing of eligible projects in which the EIB is investing with the support of the EU guarantee. The EFSI may also be used for co- financing projects eligible for European Structural and Investment Funds.
Amendment 1153 #
Proposal for a regulation
Article 8 – paragraph 5 – subparagraph 2 b (new)
Article 8 – paragraph 5 – subparagraph 2 b (new)
In the context of the Mid-term review of the MFF 2014-2020, due to be launched by the end of 2016, the Council and the Parliament shall examine whether the redeployments from the EU programmes that were used as a source of financing for the guarantee fund could be compensated; the Council and the Parliament shall explore the ways of reinforcing these programmes by additional resources, to the largest possible extent.
Amendment 1183 #
Proposal for a regulation
Article 8 a (new)
Article 8 a (new)