28 Amendments of Bas EICKHOUT related to 2013/2175(INI)
Amendment 6 #
Motion for a resolution
Recital B
Recital B
B. whereas the global financial crisis and the sovereign debt crisis in the EU have significantly hampered the financial intermediation process, and this has been particularly detrimental for the financing of SMEs;
Amendment 10 #
Motion for a resolution
Recital D
Recital D
D. whereas the low-interest environment and low growth projections, at least for the foreseeable future and economic uncertainty have significantly decreased demand andthe supply of long-term financing as well as risk appetite for long-term projects;
Amendment 12 #
Motion for a resolution
Recital D a (new)
Recital D a (new)
Da. whereas according to scientific estimates, to avoid the worst effects of climate change (limiting global warming to 2 degrees), roughly two-thirds of the known carbon reserves have to remain unburned; whereas carbon assets currently part of companies' assessed value are likely to be stranded assets;
Amendment 17 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. Stresses that long-term investments provide thein line with the needs of the real economy provide a necessary basis for continuous sustainable economic growth and social well-being necessary to achieve a competitive, sustainable and inclusive EU;
Amendment 24 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. Notes that the economy’'s capacity to provide financing for long-term investment depends on its ability to generate savingfinancing capacities and attract and retain domestic and foreign direct investment capital;
Amendment 28 #
Motion for a resolution
Paragraph 4 a (new)
Paragraph 4 a (new)
4a. Notes that for EU objectives in the field of climate and energy to be reached, asset allocation needs to be pushed towards long-term green investment;
Amendment 30 #
Motion for a resolution
Subheading 2
Subheading 2
Barriers to smart, sustainable and inclusive growth
Amendment 31 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. Notes that public financing is limited owing to inter alia slow economic growth, poor public budget management and the granting of state aid to save financial institutions and the lack of flexibility the Commission and Council are using in the application of the stability and growth pact in times of economic downturn;
Amendment 37 #
Motion for a resolution
Paragraph 6
Paragraph 6
6. Notes that some countriMember States face serious obstacles to, or are even denied, access to capital markets;
Amendment 40 #
Motion for a resolution
Paragraph 7
Paragraph 7
7. Notes that some investors from the banking and insurance sector are reluctant to need to adapt their businvest on account ofs models to evolving and tightened regulatory requirements; points out that these requirements are supposed to strengthen the financing of the real economy and should contribute to the overarching EU objectives for a sustainable, inclusive and smart economy;
Amendment 47 #
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
7a. Is concerned about markets mispricing risks related to the consequences of the necessary transition to a climate friendly economy and limits to fossil fuel reserves; stresses that fossil fuel assets becoming "unburnable" can create systemic risks;
Amendment 49 #
Motion for a resolution
Paragraph 7 b (new)
Paragraph 7 b (new)
7b. Calls on the Commission in cooperation with the ESRB to assess systemic risks posed to capital markets and society at large due to the overhang of unburnable carbon assets; asks the Commission to report on that assessment as a follow-up to its Green paper;
Amendment 52 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. Notes that commercial banks will remain a main source of finance and that it is key for the EU to establish new sources to complement established mechanisms and fill the funding gap; while providing for an appropriate regulatory and supervisory framework adapted to the needs of the real economy;
Amendment 57 #
Motion for a resolution
Paragraph 9
Paragraph 9
9. Welcomes the Commission’'s legislative proposal on long-term investment funds; notes that their envisaged characteristics will mean that they serve mainly institutional investors; points out that the EU regime on alternative investment funds; venture capital, and social investments funds also provides suitable investment vehicle models;
Amendment 60 #
Motion for a resolution
Paragraph 10
Paragraph 10
10. Calls on the Commission to propose an enhanced European framework for less liquid investment funds in order to channel the short-term liquidity of private households into long-term investments, and to provide an additional retirement solution;
Amendment 61 #
Motion for a resolution
Paragraph 11
Paragraph 11
11. Encourages the stakeholders to further develop the EU-European Investment Bank Project Bond Initiative to increase the financing of large European infrastructure projects in the transport, energy and information technology sectors and other sectors providing services of general interest in accordance with article 14 TFEU; calls on the Member States to develop national project bond initiatives underpinned by guarantee schemes; stresses that these projects should meet strict sustainability criteria; calls on the Commission to propose additional benchmarks and indicative targets for developing the project Bond initiative in a follow-up communication to its green paper on long term investments;
Amendment 67 #
Motion for a resolution
Paragraph 12
Paragraph 12
12. Believes that national or multilateral development banks can stimulate private investments and catalyse long-term financing for undertakings of broader public interest; underlines the importance of accountability, transparency and democratic ownership of desirable long- term investment aims and facilitation mechanisms;
Amendment 71 #
Motion for a resolution
Paragraph 12 a (new)
Paragraph 12 a (new)
12a. Calls on the Commission in a follow- up paper to explore and develop a harmonized approach for long-term valuation of projects of general interest supported with public resources at the EU and National levels;
Amendment 72 #
Motion for a resolution
Paragraph 12 b (new)
Paragraph 12 b (new)
12b. Calls on the EIB and national development banks to divest from fossil fuels;
Amendment 82 #
Motion for a resolution
Paragraph 15
Paragraph 15
15. Believes that institutional investors – insurance companies, pension funds, mutual funds and endowments – are suitable providers of long-term financing, given the longer time horizons of their business models; underlines that appropriate supervisory and prudential requirements related to these institutional investors need to be refined and calibrated so as to promote long-term investments for a smart, sustainable and inclusive real economy;
Amendment 87 #
Motion for a resolution
Paragraph 16
Paragraph 16
16. Stresses the need to improve access to capital markets through new sources of funding such as initial public offerings, crowd funding, peer-to-peer lending and (covered) bonds or through new market segments;
Amendment 93 #
Motion for a resolution
Paragraph 17
Paragraph 17
17. Believes that securitisation can play an important role in financial intermediation; encourages efforts to securitise high- quality assets while avoiding structures of high complexity; notes that there is scope for more standardisation and transparency; calls on the Commission to follow closely the activities of the International Organisation of Securities Commissions- Financial Stability Board working group on securitisation and to develop an overall framework and definition of ‘high-quality securitisation’; deems that a an enhanced EU regulatory framework would be required for promoting high quality securitisation oriented towards productive and sustainable sectors of the real economy; underlines in particular that mechanism such as special licencing for securitisation providers would enhance sector specific supervision and favour financial stability;
Amendment 123 #
Motion for a resolution
Paragraph 24
Paragraph 24
24. WelcomNotes the fact that the Commission has asked the European Insurance and Occupational Pensions Authority to examine the potential calibration of certain capital requirement provisions under the Solvency II regime to avoid possible obstacles to long-term financing;
Amendment 124 #
Motion for a resolution
Paragraph 25
Paragraph 25
Amendment 129 #
Motion for a resolution
Paragraph 25 a (new)
Paragraph 25 a (new)
25a. Underlines that as a matter of consistency with the EU climate and energy objectives there is a need for establishing an EU legal framework for taking explicit account of systemic risks related to 'unburnable' fossil fuel related assets; points out that such a framework should include regulatory measures such as carbon stress tests, the establishment of a sustainable investment label, a mandatory assessment of contribution of financial products to the transition to a climate friendly and resources efficient economy and the overall inclusion and assessment of climate risks to the prudential framework;
Amendment 133 #
Motion for a resolution
Paragraph 26
Paragraph 26
26. Believes that sound fair value accounting principles for institutional investors can enhance the transparency and consistency of financial information; stresses that those principles should avoid creating incentives for pro-cyclical strategies; calls in particular on the adaptation of accounting standards so as to take proper account of the need to streamline the economy towards the transition to a climate friendly economy;
Amendment 141 #
Motion for a resolution
Paragraph 27
Paragraph 27
27. Believes that there is a strong need for a stable tax environment which prevents impediments to long-term investments; notes that certain tax incentives and concessions can be key in fostering investment; stresses that the internal market requires stronger coordination of national tax policies in order to facilitate cross-border investment and avoid double taxation or double non-taxation; reduce aggressive tax planning and harmful tax competition and a EU common consolidated tax basis; encourages the Member States to assess the possibility of granting tax-free yields on sustainable infrastructure projects linked to the transition towards a climate friendly economy;
Amendment 150 #
Motion for a resolution
Paragraph 27 a (new)
Paragraph 27 a (new)
27a. Calls on the Commission to assess the impact of tax incentives used by Member States on long-term finance and the energy transition and to identify best practices in differentiating between lower capital costs for green investments and higher capital costs for investments in projects incompatible with the transition to sustainable energy provision;