[ParlTrack]

Proposal for a regulation
Recital 4

(4) The EFSI, implemented and co- sponsored by the EIB Group, ~~is firmly on track~~hopes to deliver the objective of mobilising at least EUR 315 billion in additional investments in the real economy by mid- 2018. However, investments have been very uneven among the different Member States, what constitutes an important shortcoming of the EFSI which needs to be rapidly addressed. The market absorption has been particularly quick under the SME Window where the EFSI is delivering well beyond expectations. In July 2016 the SME Window was thus scaled-up by EUR 500 million within the existing parameters of Regulation (EU) No 2015/1017. A larger share of financing to be geared towards SMEs given the exceptional market demand for SME financing under the EFSI: 40% of the increased risk bearing capacity of the EFSI should be geared towards increasing access to financing for SMEs.

2017/01/31
Committee: REGI

Victor BOŞTINARU

Proposal for a regulation
Recital 6

(6) The EFSI was established for an initial period of three years and with the aim of mobilising at least EUR 315 billion in investments. Given its success, the Commission is committed to the doubling of the EFSI, both in terms of duration and financial capacity. The legal extension covers the period of the current Multiannual Financial Framework and should provide a total of at least half a trillion euro investments by 2020. In order to enhance the firepower of the EFSI even further and reach the aim of doubling the investment target, Member States should also contribute as a matter of priority.deleted

2017/01/31
Committee: REGI

Victor BOŞTINARU

Proposal for a regulation
Recital 7

(7) For the period after 2020, the Commission intends to put forward the necessary proposals to ensure that strategic investment will continue at a sustainable level, in particular through the ESI Funds which will continue to represent the key funds to support cohesion and investments in all Member States and regions, aiming at promoting growth and jobs and reducing development gaps among EU regions.

2017/01/31
Committee: REGI

Victor BOŞTINARU

Proposal for a regulation
Recital 11

(11) ~~In order~~With a view to reinforceing the take-up of the EFSI in less-developed and transition regions, the scope of the general objectives eligible for EFSI support should be enlarged. In order to fully fulfil the objectives of the EFSI, adequate measures should be put in place to ensure a geographical balance of the projects.

2017/01/31
Committee: REGI

Victor BOŞTINARU

Proposal for a regulation
Recital 12

(12) For the full investment period, the Union should provide a Union guarantee (the ‘EU guarantee’) which should not, at any time, exceed EUR 26 000 000 000 in order to enable the EFSI to support investments, of which a maximum of EUR 16 000 000 000 should be available prior to 6 July 2018.deleted

2017/01/31
Committee: REGI

Victor BOŞTINARU

Proposal for a regulation
Article 1 – paragraph 1 – point 3

Regulation (EU) No 2015/1017
Article 6 - paragraph 1 - introductory words

The EFSI Agreement shall provide that the EFSI is to support geographically balanced projects which address market failures or sub-optimal investment situations and which:;

2017/01/31
Committee: REGI

Victor BOŞTINARU

Proposal for a regulation
Article 1 – paragraph 1 – point 4 – point d

Regulation (EU) No 2015/1017
Paragraph 12 - subparagraph 2 - subparagraph 2

Decisions approving the use of the EU guarantee shall be public and accessible, and include the rationale for the decision, with particular focus on compliance with the additionality and geographical balance criteriona. The publication shall not contain commercially sensitive information. In reaching its decision, the Investment Committee shall be supported by the documentation provided by the EIB.;

2017/01/31
Committee: REGI

Victor BOŞTINARU

Proposal for a regulation
Article 1 – paragraph 1 – point 5 – point c

Regulation (EU) No 2015/1017
Article 9 - paragraph 3

(c) paragraph 3 is replaced by the following: ‘3. The investment period during which the EU guarantee may be granted for supporting financing and investment operations covered by this Regulation shall last until: (a) 31 December 2020, for EIB operations for which a contract between the EIB and the beneficiary or financial intermediary has been signed by 31 December 2022; (b) 31 December 2020, for EIF operations for which a contract between the EIF and the financial intermediary has been signed by 31 December 2022.;’deleted

2017/01/31
Committee: REGI

Victor BOŞTINARU

Proposal for a regulation
Article 1 – paragraph 1 – point 7

Regulation (EU) No 2015/1017
Article 11

(7) Article 11 is amended as follows: (a) paragraph 1 is replaced by the following: ‘1. The EU guarantee shall not, at any time, exceed EUR 26 000 000 000, of which a part may be allocated for EIB funding or guarantees to the EIF in accordance with paragraph 3. Aggregate net payments from the general budget of the Union under the EU guarantee shall not exceed EUR 26 000 000 000 and not exceed EUR 16 000 000 000 prior to 6 July 2018.;’ ‘3. 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 such funding or guarantees provided that an amount of at least EUR 4 000 000 000 of funding or guarantees is provided by the EIB without coverage by the EU guarantee, up to an initial limit of EUR 6 500 000 000. Without prejudice to paragraph 1, that limit may where appropriate be adjusted by the Steering Board.’ ‘(a) for debt instruments referred to in Article 10(2)(a), the principal and all interest and amounts due to the EIB but not received by it in accordance with the terms of the financing operations until the event of default; losses arising from fluctuations of currencies other than the euro in markets where possibilities for long-term hedging are limited; for subordinated debt a deferral, reduction or required exit shall be considered to be an event of default; (b) for equity or quasi-equity investments referred to in Article 10(2)(a), the amounts invested and their associated funding cost and losses arising from fluctuations of currencies other than the euro;’deleted

2017/01/31
Committee: REGI

Victor BOŞTINARU

Proposal for a regulation
Article 1 – paragraph 1 – point 8 – point c

Regulation (EU) No 2015/1017
Article 12 - paragraphs 8, 9 and 10

(c) paragraphs 8, 9 and 10 are replaced by the following: ‘8. After a call on the EU guarantee, endowments to the guarantee fund provided for in points (b) and (d) of paragraph 2 above the target amount shall be used within the limits of the investment period provided for in Article 9 to restore the EU guarantee up to its full amount. 9. Endowments to the guarantee fund provided for in point (c) of paragraph (2) shall be used to restore the EU guarantee up to its full amount. 10. In the event that the EU guarantee is fully restored up to an amount of EUR 26 000 000 000, any amount in the guarantee fund in excess of the target amount shall be paid to the general budget of the Union as internal assigned revenue in accordance with Article 21(4) of Regulation (EU, Euratom) No 966/2012 for any budget lines which may have been used as a source of redeployment to the guarantee fund.;’deleted

2017/01/31
Committee: REGI

Victor BOŞTINARU

Proposal for a regulation
Article 1 – paragraph 1 – point 9 – point b – point i

Regulation (EU) No 2015/1017
Article 14 - paragraph 2 - point c

(c) leveraging local knowledge to facilitate EFSI support across the Union and contributing ~~where possible~~ to the objective of sectorial and geographical diversification of the EFSI referred to in Section 8 of Annex II by supporting the EIB to originate operations;;

2017/01/31
Committee: REGI

Victor BOŞTINARU

Proposal for a regulation
Article 1 – paragraph 1 – point 10 – point a

Regulation (EU) No 2015/1017
Article 18 - paragraph 6

6. By 30 June 2018 ~~and 30 June 2020~~, the Commission shall submit to the European Parliament and the Council a report containing an independent evaluation of the application of this Regulation, and of the way a geographical balance of the projects has been ensured.;

2017/01/31
Committee: REGI

Victor BOŞTINARU

Proposal for a regulation
Article 1 – paragraph 1 – point 13

Regulation (EU) No 2015/1017
Article 23 - paragraph 2 - subparagraph 1 - first and the second sentences

(13) in Article 23(2), the first and second sentences of the first subparagraph are replaced by the following ‘The power to adopt delegated acts referred to in Article 7(13) and (14) shall be conferred on the Commission for a period of five years from 4 July 2015. The Commission shall draw up a report in respect of the delegation of power not later than nine months before the end of the five-year period.;’deleted

2017/01/31
Committee: REGI

13 Amendments of Victor BOŞTINARU related to 2016/0276(COD)

ParlTrack - 2011-2024