Activities of Patrick LE HYARIC related to 2015/0009(COD)
Shadow opinions (1)
OPINION on the proposal for a regulation of the European Parliament and of the Council on the European Fund for Strategic Investments and amending Regulations (EU) No 1291/2013 and (EU) No 1316/2013
Amendments (18)
Amendment 35 #
Proposal for a regulation
Recital 2
Recital 2
(2) Comprehensive action is required to reverse the vicious circle created by a lack of investment. Structural reforms and fiscal responsibility are necessary preconditions for stimulating investment. Along with a renewed impetus towards investment financing, these preconditions can contribute to establishing a virtuous circle, where investment projects help support employment and demandfor a renewed impetus towards investment financing, where investment projects help support employment, demand and social and geographic cohesion of territories and lead to a sustained increase in growth potential.
Amendment 48 #
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 applied austerity policies which have brought about ian the Europe 2020 strategy that put in place an approach for smart, sustainable and inclusive growth. The European Investment Bank ('EIB') has also strengthened its role in instigating and promoting investment within the Union, partly by way ofextremely serious social and societal crisis and which have held back the strategic investments needed for smart, sustainable and increase in capital in January 2013. Flusive growth. Urgent 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 in terms of creating high-quality jobs with rights and from an environmental and sustainability point of view.
Amendment 60 #
Proposal for a regulation
Recital 8
Recital 8
(8) The EFSI is part of a comprehensive approach to address uncertainty surrounding public and private investments. The strategy has three pillars: mobilising finance for investment, making investment reach the real economy and improving the investment environment in the Union, with the creation of high-quality work with rights and in compliance with ILO standards, and improving the investment environment in the Union, particularly in those areas most affected by the crisis and then by budget cuts based on austerity plans, in order to reduce the economic disparities which may cause new economic and social crises.
Amendment 62 #
Proposal for a regulation
Recital 9
Recital 9
Amendment 76 #
Proposal for a regulation
Recital 10
Recital 10
(10) The purpose of the EFSI should be to help resolve the difficulties in financing viable projects to create high-quality jobs with rights and supporting enterprises in the areas most affected by the crisis, 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.
Amendment 89 #
Proposal for a regulation
Recital 11
Recital 11
(11) The EFSI should support strategic investments with high social and economic value added, particularly in terms of creating new public services, contributing to achieving Union policy objectives.
Amendment 96 #
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 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 110 #
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,the creation of high- quality jobs with rights, a new social security system, employment and training, education, innovation and research and long- term sustainable growth, and competitiveneswhich aim to eradicate the inequalities, poverty and social exclusion affecting numerous European regions. 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. EFSI finance should not under any circumstances be used for investments which are already provided for by the private sector. The requirement for consistency with State aid principles should contribute to such effective and strategic use.
Amendment 144 #
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 and have experience of social issues. 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 177 #
Proposal for a regulation
Recital 26
Recital 26
(26) Alongside the financing operations that will be conducted through the EFSI, a European Investment Advisory Hub ('EIAH') should be created. The EIAH should provide strengthened support for project development and preparation across the Union, by building on the expertise of the Commission, the EIB, national promotional banks and, the managing authorities of the European Structural and Investment Funds, experts in social and employment policy and representatives of civil society. This should establish a single point of entry for questions related to technical assistance for investments within the Union.
Amendment 207 #
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 enterprises, through the supply of risk bearing capacity to the EIB ('EFSI Agreement'). The overall objective of the EFSI shall be to promote and guarantee sustainable, inclusive and long-term growth and quality job creation as well as social inclusion in the Union.
Amendment 209 #
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, encourage the social and territorial cohesion of the Union and to ensure increased access to financing for small and medium-sized companies having up to 3000 employees, with a particular focus on small and medium enterprises, through the supply of risk bearing capacity to the EIB ('EFSI Agreement').
Amendment 228 #
Proposal for a regulation
Article 2 – paragraph 2 – subparagraph 2
Article 2 – paragraph 2 – subparagraph 2
To meet that objective, the EIAH shall use the expertise of the EIB, the Commission, national promotional banks and the managing authorities of the European Structural and Investment Funds, as well as social policy and employment experts.
Amendment 240 #
Proposal for a regulation
Article 3 – paragraph 2 – subparagraph 1
Article 3 – paragraph 2 – subparagraph 1
2. For as long as the only contributors to the EFSI are the Union and the EIB, the number of members and votes within the Steering Board shall be allocated based on the respective size of contributions in the form of cash or guarantees. Steering Board members from the Commission shall include representatives with proven expertise in employment and social policies.
Amendment 260 #
Proposal for a regulation
Article 3 – paragraph 5 – subparagraph 2
Article 3 – paragraph 5 – subparagraph 2
The Investment Committee shall be composed of six 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 Board for a renewable fixed term of three years. A specialist in social policies shall be appointed as one of the independent experts in the Investment Committee. This expert shall be responsible for assessing the social impact of submitted projects to ensure that those receiving support from the fund are supporting the social objectives of the EU and benefit society as a whole.
Amendment 287 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – point b
Article 5 – paragraph 2 – subparagraph 1 – point b
(b) investment in the social field including social protection, social and care services, and the social economy, in education and training, health, research and development, information and communications technology and innovation;
Amendment 295 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 1 – point e a (new)
Article 5 – paragraph 2 – subparagraph 1 – point e a (new)
(ea) investments in sectors with high job- creation potential, focusing on long-term and sustainable effects, including the social, health and care sectors as well as the social economy
Amendment 302 #
Proposal for a regulation
Article 5 – paragraph 2 – subparagraph 2 a (new)
Article 5 – paragraph 2 – subparagraph 2 a (new)
To guide the selection of projects that the EFSI can support, the Steering Board shall include social and equality preconditions in the strategic orientation, in the guidelines on the strategic asset allocation, and in the operating policies and procedures, including the investment policies.