20 Amendments of Elisa FERREIRA related to 2015/0009(COD)
Amendment 88 #
Proposal for a regulation
Recital 1
Recital 1
(1) The economic and financial crisis has led to a lowering of the level of investments within the Union. IAccording to the Commission, 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, and the decline has been especially dramatic in Greece, Ireland, Spain, Portugal, and Italy. The Union suffers in particular from a lack of investment as a consequence of fiscal constraints on Member States and sluggish growth, thereby resulting in market uncertainty regarding the economic future. This lack of investment, which has been particularly severe in Member States most affected by the crisis, slows economic recovery and negatively affects job creation, long-term growth prospects and competitiveness.
Amendment 139 #
Proposal for a regulation
Recital 7 a (new)
Recital 7 a (new)
(7a) On 13 January 2015, the European Commission presented a Communication on how it will apply the existing rules of the Stability and Growth Pact, with a view to outline the conditions of use ot the flexibility offered in the existing rules of the Stability and Growth Pact.
Amendment 251 #
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, long- term sustainable growth and competitiveness, notably where such projects have the highest incremental value. The EFSI should support a wide range of financial products, including 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 private market finance but should instead catalyse private finance by addressing market failures so as to ensure the most effective and strategic use of public money and as a means of further enhancing cohesion across the Union. The requirement for consistency with State aid principles should contribute to such effective and strategic use.
Amendment 298 #
Proposal for a regulation
Recital 15
Recital 15
(15) The EFSI should target projects with a higher sectoral and regional risk-return profile than existing EIB and Union instruments to ensure additionality over existing operations. The EFSI should finance projects across the Union, includingparticularly in the countries most affected by the financial crisis. The EFSI should only be used where financing is not available from other sources on reasonable terms. 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 and any use of price discrimination among sovereigns in particular to address high investment needs or market failures.
Amendment 315 #
Proposal for a regulation
Recital 16
Recital 16
(16) The EFSI should target investments that are potentially viable, which means that are expected to be economically and technically viable, which may but cannot find private capital financing without the support of EFSI guarantee. Such investment should entail a degree of appropriate risk, whilst still meeting the particular requirements for EFSI financing. The EFSI should not aim at simply reducing the cost of capital for investments that would find private financing also in absence of EU guarantee.
Amendment 328 #
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 anthe Steering Board, following a proposal by the 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 athe Steering Board of the EFSI, who should supervise the fulfilment of the EFSI's objectivesich shall also determine the strategic orientation of the EFSI. 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 389 #
Proposal for a regulation
Recital 20 a (new)
Recital 20 a (new)
(20a) The financial contributions to the EFSI of the Member States and their national promotional institutions or banks, including their potential participation in investment platforms, shall not be taken into account by the Commission when defining the fiscal adjustments under the preventive and corrective arms of the Pact.
Amendment 425 #
Proposal for a regulation
Recital 25
Recital 25
(25) The EIB should be responsible for all the analytical and financial evaluation of the projects that are applying for the use of the EU guarantee. Furthermore, the EIB should regularly evaluate activities supported by the EFSI with a view to assessing their relevance, performance and impact and to identifying aspects that could improve future activities. Such evaluations should contribute to accountability and analysis of sustainability.
Amendment 763 #
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, paying particular attention to those countries where the highest investment gaps and financial market failures have emerged, 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 Chairpersonalso approve the support of the EU guarantee for operations in line with Article 5 for each project, following a proposal from the Investment Committee; specify policies regarding eligible investment platforms and be the competent body for approving the eligibility of investment platforms and national promotional banks and permitting them to use the designation of 'EFSI' or 'European Fund for Strategic Investments'. The Steering Board shall determine the EU guarantee pricing policies having due regard to the need to address investment gaps and financial fragmentation in the EU.
Amendment 768 #
Proposal for a regulation
Article 3 – paragraph 1 a (new)
Article 3 – paragraph 1 a (new)
1a. When establishing the investment policy and risk policy for the EFSI support, the Steering Board shall pay particular attention to suboptimal investment situations and to the prevailing business cycle conditions across Europe.
Amendment 769 #
Proposal for a regulation
Article 3 – paragraph 1 a (new)
Article 3 – paragraph 1 a (new)
1a. When establishing the investment policy and risk policy for the EFSI support, the Steering Board shall take into account the need to avoid an excessive exposure within a given sector or concentration in an already developed geographic area
Amendment 797 #
Proposal for a regulation
Article 3 – paragraph 3 – subparagraph 1
Article 3 – paragraph 3 – subparagraph 1
When other parties accede to the EFSI Agreement in accordance with Article 1(2), the number of members and votes within the Steering Board shall be allocated based on the respectivrecalculated taking into account the size of contributions from contributors in the form of cash or guarantees. The number of members and votes of the Commission and the EIB, while respecting the following conditions: a) The voting rights of the Commission and the EIB, together, shall always represent at least 51% of total votes. b) Individual third parties accoreding to paragraph 2, shall be recalculated accordinglythe EFSI agreement shall have a minimum contribution of EUR 250 000 000 in order to have a seat at the Steering Board but, regardless of their capital contribution, shall never have voting rights representing more than 10% of total votes.
Amendment 833 #
Proposal for a regulation
Article 3 – paragraph 5 – subparagraph 1
Article 3 – paragraph 5 – subparagraph 1
The EFSI Agreement shall provide that the EFSI shall have an Investment Committee, which shall be responsible for examining potential operations in line with the EFSI investment policies and approvingposing to the Steering Board the support of the EU guarantee for operations in line with Article 5, irrespective of their geographic location.
Amendment 885 #
Proposal for a regulation
Article 3 – paragraph 5 a (new)
Article 3 – paragraph 5 a (new)
5a. When carrying out their duties, the members of the Investment Committee shall be independent and shall not take instructions from the EIB, the Union institutions, Member States or any other public or private body. EIB staff shall always assist with analytical, logistical, and administrative support. However, no project assessment conducted by EIB staff shall be binding on the Investment Committee.
Amendment 913 #
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). 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 Board shall specify policies regarding eligible investment platforms and shall be the competent body for approving the eligibility of investment platforms and national promotional banks and permitting them to use the designation of 'EFSI' or 'European Fund for Strategic Investments'. The operations concerned shall be consistent with Union policies and support any of the following general objectives:
Amendment 1016 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 2
Article 5 – paragraph 2 – subparagraph 2
Amendment 1046 #
Proposal for a regulation
Article 5 – paragraph 2 a (new)
Article 5 – paragraph 2 a (new)
2a. The EFSI shall target projects with a higher sectoral and regional risk profile than existing EIB and Union instruments so as to ensure additionality over existing operations. The EFSI shall support projects which fulfil the following criteria: a) the pursuit of the Union objective of smart, sustainable, long-term and inclusive growth and having high additional societal and economic value, the highest possible incremental positive impact on quality job creation, and enhance economic, social and territorial cohesion; b) a focus on operations that could not have been carried out using the Union budget or by the ordinary activity of the EIB, nor financed by the market; c) be viable from an economic perspective, according to a comprehensive assessment in which not only the project itself but also its overall dynamic impact on the economy and its ability to trigger subsequent investments, such as from the private sector, is to be carried out; d) would not have received financing from any other existing Union fund due to a non-availability of the required financing in the market; e) has a higher sectoral and regional risk profile than projects supported under existing EIB activity, taking account of the fact that real additionality can only be ensured when financial resources are concentrated on projects not financed otherwise and where they are most needed; the design of the appropriate measures is to be elaborated under the procedures of Article 3(1);
Amendment 1054 #
Proposal for a regulation
Article 5 – paragraph 2 a (new)
Article 5 – paragraph 2 a (new)
2a. The EFSI shall target projects which take into account the rate of unemployment, especially of young people, and the evolution of the investment level in the NUTS 2 region concerned.
Amendment 1079 #
Proposal for a regulation
Article 6 – paragraph 1
Article 6 – paragraph 1
For the purposes of Article 5(2), the EIB shall usoperationally manage the EU Guarantee towards risk coverage for instruments as a rule on a portfolio basis.
Amendment 1371 #
Proposal for a regulation
Article 16 – paragraph 1
Article 16 – paragraph 1
1. In its financing and investment operations, 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: - where there are no or nominal taxes, - where there its policy towards weakly regulated or non-coopera lack of effective exchange of information with foreign tax authorities, - where there is a lack of transparency in legislative, jurisdictions based on policies of the Union, the Organisation for Economic Cooperation and Development or thdicial or administrative provisions, - where there is no requirement for a substantive local presence, or - which acts as an offshore Ffinancial Action Task Force. centre