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44 Amendments of Marisa MATIAS related to 2018/0229(COD)

Amendment 48 #
Proposal for a regulation
Recital 1
(1) With 1.8% of EU GDP, down from 2.2% in 2009, infrastructure investment activities in the Union in 2016 were about 20% below investment rates before the global financial crisis. Thus, while a recovery in investment-to-GDP ratios in the Union can be observed, it remains below what might be expected in a strong recovery period and is insufficient to compensate years of underinvestment. According to the most recent data on national accounts, there no indication of a significant surge in investment since the European Fund for Strategic Investments (EFSI) was launched, while growth is unevenly distributed among Member States and mainly export led. More importantly, the current investment levels and forecasts do not cover the Union’s structural investment needs in the face of technological change and global competitiveness, including for innovation, skills, infrastructure, small and medium- sized enterprises ('SMEs') and the need to address key societal challenges such as sustainability or population ageing. Consequently, continued support is necessary to address market failures and sub-optimal investment situations to reduce the investment gap in targeted sectors to achieve the Union's policy objectives.
2018/09/14
Committee: ITRE
Amendment 51 #
Proposal for a regulation
Recital 1 a (new)
(1a) Acknowledges that one of the main barrier to business investment is the lack of demand resulting from austerity measures, that provoked a sharp drop in workers’ disposable income and in public consumption and investment; believes that only an increase in workers’ income and ambitious public investment will be able to avoid risks of continued weak growth, or even recession, and continuing high unemployment rates; urges to an immediate reverse of the austerity measures, repeal the budget deficit and public debt limits and create a broad public investment plan;
2018/09/14
Committee: ITRE
Amendment 53 #
Proposal for a regulation
Recital 3
(3) In the last years, the Union has adopted ambitious strategies to complete the Single Market and to stimulate sustainable growth and jobs, such as the Capital Markets Union, the Digital Single Market Strategy, the Clean Energy for all Europeans package, the Union Action Plan for the Circular Economy, the Low- Emission Mobility Strategy, the Defence and the Space Strategy for Europe. The InvestEU Fund should exploit and reinforce synergies between those mutually reinforcing strategies through providing support to investment and access to financing.
2018/09/14
Committee: ITRE
Amendment 56 #
Proposal for a regulation
Recital 4
(4) At Union level, the European Semester of economic policy coordination is the framework to identify national reform priorities and monitor their implementation. Member States develop their own national multiannual investment strategies in support of those reform priorities. The strategies should be presented alongside the yearly National Reform ProgrammMember States develop their own national multiannual investment strategies as a way to outline and coordinate priority investment projects to be supported by national or Union funding, or by both. Theyse strategies should also serve to use Union funding in a coherent manner and to maximise the added value of the financial support to be received notably from the European Structural and Investment Funds, the European Investment Stabilisation Function and the InvestEU Fund, where relevant.
2018/09/14
Committee: ITRE
Amendment 59 #
Proposal for a regulation
Recital 5
(5) The InvestEU Fund should contribute to improving the competitiveness of the Union, including in the field of innovation and digitisation, the sustainability of the Union's economic growth, the social resilience and inclusiveness and the integration of the Union capital markets, including solutions addressing their fragmentation and diversifying sources of financing for the Union enterprisbe geared to social, economic and territorial cohesion and be capable of helping to increase aggregate demand and carry out investment in public infrastructure, which may subsequently leverage and boost private investment. Only a plan of this nature can be effective in reviving growth, fighting unemployment and combating social, economic and territorial inequalities. To that end, it should supportfavour projects that are technically and economically viable by providing a framework for the use of debt, risk sharing and equity instruments underpinned by a guarantee from the Union's budget and by contributions from implementing partners. It should be demand-driven while support under the InvestEU Fund should at the same time focus on contributing to meeting policy objectives of the Union. and to encourage social and regional cohesion through the creation of quality jobs and the broadening and improvement of the productive base of Member States, especially those facing severe economic imbalances, suffering from austerity measures and undergoing violent structural adjustments;
2018/09/14
Committee: ITRE
Amendment 70 #
Proposal for a regulation
Recital 6 a (new)
(6a) Additionality, a key feature of the EFSI, should be strengthened in the InvestEU selection criteria. In particular, operations should only be eligible if they address clearly identified market failures or sub-optimal investment situations. InvestEU should not support public- private in infrastructure, given that these are in general more expensive for taxpayers and consumers.
2018/09/14
Committee: ITRE
Amendment 89 #
Proposal for a regulation
Recital 13
(13) Low infrastructure investment rates in the Union during the financial crisis undermined the Union's ability to boost sustainable growth, competitiveness and convergence. Sizeable investments in the European infrastructure are fundamental to meet the Union's sustainability targets, including the 2030 energy and climate targets as well as the EU 2050 commitment to reduce Greenhouse gas emissions by 80-95%. Accordingly, support from the InvestEU Fund should target investments into transport, energy, including energy efficiency and renewable energy, environmental, climate action, maritime and digital infrastructure. To maximise the impact and the value added of Union financing support, it is appropriate to promote a streamlined investment process enabling visibility of the project pipeline and consistency across relevant Union programmes. Bearing in mind security threats, investment projects receiving Union support should take into account principles for the protection of citizens in public spaces. This should be complementary to the efforts made by other Union funds such as the European Regional Development Fund providing support for security components of investments in public spaces, transport, energy and other critical infrastructure.
2018/09/14
Committee: ITRE
Amendment 108 #
Proposal for a regulation
Recital 16
(16) Small and medium-sized enterprises (SMEs) play a crucial role in the Union. However, they face challenges when accessing finance because of their perceived high risk and lack of sufficient collateral. Additional challenges arise from SMEs' need to stay competitive by engaging in digitisation, internationalisation and innovation activities and skilling up their workforce. Moreover, compared to larger enterprises, they have access to a more limited set of financing sources: they typically do not issue bonds, have only limited access to stock exchanges or large institutional investors. The challenge in accessing finance is even greater for those SMEs whose activities focus on intangible assets. SMEs in the Union rely heavily on banks and debt financing in the form of bank overdrafts, bank loans or leasing. Supporting SMEs that face the above challenges and providing more diversified sources of funding is necessary for increasing the ability of SMEs to finance their creation, growth and development, withstand economic downturns, and for making the economy and the financial system more resilient during economic downturn or shocks. Particular attention should be paid to social enterprises. This is also complementary to the initiatives already undertaken in the context of the Capital Markets Union. The InvestEU Fund should provide an opportunity to focus on specific, more targeted financial products.
2018/09/14
Committee: ITRE
Amendment 116 #
Proposal for a regulation
Recital 18
(18) The InvestEU Fund should operate under four policy windows, mirroring the key Union policy priorities, namely sustainable infrastructure; research, innovation and digitisation: SMEs; and social investment and skills. Supported actions should address market failures or sub-optimal investment situations at Union level or in one or several Member States, in a proportionate manner, including vulnerable and remote areas such as the outermost regions of the Union and should have a clear European added value.
2018/09/14
Committee: ITRE
Amendment 121 #
Proposal for a regulation
Recital 19
(19) Each policy window should be composed of two compartments, that is to say an EU compartment and a Member State compartment. The EU compartment should address Union-wide market failures or sub-optimal investment situations in a proportionate manner; supported actions should have a clear European added value. The Member State compartment should give Member States the possibility to contribute a share of their resources of Funds under shared management to the provisioning of the EU guarantee to use the EU guarantee for financing or investment operations to address specific market failures or sub- optimal investment situations in their own territory, including in vulnerable and remote areas such as the outermost regions of the Union, to deliver objectives of the Fund under shared management. Actions supported from the InvestEU Fund through either EU or Member State compartments should not duplicate or crowd out private financing or distort competition in the internal market.deleted
2018/09/14
Committee: ITRE
Amendment 126 #
Proposal for a regulation
Recital 20
(20) The Member State compartment should be specifically designed to allow the use of funds under shared management to provision a guarantee issued by the Union. That combination aims at mobilising the high credit rating of the Union to promote national and regional investments while ensuring a consistent risk management of the contingent liabilities by implementing the guarantee given by the Commission under indirect management. The Union should guarantee the financing and investment operations foreseen by the guarantee agreements concluded between the Commission and implementing partners under the Member State compartment, the Funds under shared management should provide the provisioning of the guarantee, following a provisioning rate determined by the Commission based on the nature of the operations and the resulting expected losses, and the Member State would assume losses above the expected losses by issuing a back-to-back guarantee in favour of the Union. Such arrangements should be concluded in a single contribution agreement with each Member State that voluntarily chooses such option. The contribution agreement should encompass the one or more specific guarantee agreements to be implemented within the Member State concerned. The setting out of the provisioning rate on a case by case basis requires a derogation from [Article 211(1)] of Regulation (EU, Euratom) No XXXX19 (the 'Financial Regulation'). This design provides also a single set of rules for budgetary guarantees supported by funds managed centrally or by funds under shared management, which would facilitate their combination. _________________ 19deleted
2018/09/14
Committee: ITRE
Amendment 135 #
Proposal for a regulation
Recital 24
(24) The EU guarantee underpinning the InvestEU Fund should be implemented indirectly by the Commission relying on implementing partners with outreach to final recipients. A guarantee agreement allocating guarantee capacity from the InvestEU Fund should be concluded by the Commission with each implementing partner, to support its financing and investment operations meeting the InvestEU Fund objectives and eligibility criteria. TIn order to improve transparency, efficiency, accountability and ensure the appropriate use of the EU guarantee, the InvestEU Fund should be provided with a specific governance structure to ensure the appropriate use of the EU guarantee, completely separate from that of the EIB Group.
2018/09/14
Committee: ITRE
Amendment 141 #
Proposal for a regulation
Recital 27
(27) A Project Team consisting of experts put at the disposal of the Commission by the implementing partners in order to provide professional expertise in financial and technical assessment of proposed financing and investment operations should score those submitted by the implementing partners to be assessed by the Investment Committee.deleted
2018/09/14
Committee: ITRE
Amendment 146 #
Proposal for a regulation
Recital 29
(29) In selecting implementing partners for the deployment of the InvestEU Fund, the Commission should consider the counterpart's capacity to fulfil the objectives of the InvestEU Fund and contribute its own resources, in order to ensure adequate geographical coverage and diversification, to avoid disproportionate benefit to larger Member States with more developed capital markets, to crowd-in private investors and to provide sufficient risk diversification as well as new solutions to address market failures and sub-optimal investment situations. Given its role under the Treaties, its capacity to operate in all Member States and the existing experience under the current financial instruments and the EFSI, the European Investment Bank (‘EIB’) Group should remain a privileged implementing partner under the InvestEU Fund's EU compartment. In addition to the EIB Group, national promotional banks or institutions should be able to offer a complementary financial product range given that their experience and capabilities at regional level could be beneficial for the maximisation of the impact of public funds on the territory of the Union. Moreover, it should be possible to have other international financial institutions as implementing partners, in particular when they present a comparative advantage in terms of specific expertise and experience in certain Member States. It should also be possible for other entities fulfilling the criteria laid down in the Financial Regulation to act as implementing partners.
2018/09/14
Committee: ITRE
Amendment 152 #
Proposal for a regulation
Recital 30
(30) In order to ensure that interventions under the EU compartment of the InvestEU Fund focus on market failures and sub-optimal investment situations at Union level, but, at the same time, satisfy the objectives of best possible geographic outreach and avoid disproportionate benefit to larger Member States with more developed capital markets, the EU guarantee should be allocated to implementing partners, which alone or together with other implementing partners, can cover at least three Member States. However, it is expected that around 75 % of the EU guarantee under the EU compartment would be allocated to implementing partner or partners that can offer financial products under the InvestEU Fund in all Member States.
2018/09/14
Committee: ITRE
Amendment 154 #
Proposal for a regulation
Recital 31
(31) The EU guarantee under the Member State compartment should be allocated to any implementing partner eligible according to [Article 62(1)(c)] of the [Financial Regulation], including national or regional promotional banks or institutions, the EIB, the European Investment Fund and other multilateral development banks. When selecting implementing partners under the Member State compartment, the Commission should take into account the proposals made by each Member State. In accordance with [Article 154] of the [Financial Regulation], the Commission must carry out an assessment of the rules and procedures of the implementing partner to ascertain that they provide a level of protection of the financial interest of the Union equivalent to the one provided by the Commission.deleted
2018/09/14
Committee: ITRE
Amendment 162 #
Proposal for a regulation
Recital 36
(36) In order to ensure a wide geographic outreach of the advisory services across the Union and to successfully leverage local knowledge about the InvestEU Fund, a local presence in each Member State and in regions of the InvestEU Advisory Hub should be ensured, where needed, taking into account existing support schemes, with a view to provide tangible, proactive, tailor-made assistance on the ground.
2018/09/14
Committee: ITRE
Amendment 169 #
Proposal for a regulation
Article 1 – paragraph 1
This Regulation establishes the InvestEU Fund providing for an EU guarantee for financing and investment operations carried out by the implementing partners in support of the Union’s internal policies.
2018/09/14
Committee: ITRE
Amendment 175 #
Proposal for a regulation
Article 2 – paragraph 1 – point 7
(7) 'implementing partner' means the eligible counterpart such as a financial institution or other intermediarybeing the European Investment Bank (EIB) Group, or national promotional banks or institutions with whom the Commission signs a guarantee agreement and/or an agreement to implement the InvestEU Advisory Hub;
2018/09/14
Committee: ITRE
Amendment 176 #
Proposal for a regulation
Article 2 – paragraph 1 – point 12
(12) 'midcap companies' means entities employing up to 3 000 employees that are not SMEs or small midcap companies;deleted
2018/09/14
Committee: ITRE
Amendment 178 #
Proposal for a regulation
Article 2 – paragraph 1 – point 15
(15) 'small midcap companies' means entities employing up to 499 employees that are not SMEs;deleted
2018/09/14
Committee: ITRE
Amendment 183 #
Proposal for a regulation
Article 3 – paragraph 1 – point a
(a) the competitiveness of the Unsocial and regional cohesion, including innovation and digitisation;
2018/09/14
Committee: ITRE
Amendment 186 #
Proposal for a regulation
Article 3 – paragraph 1 – point d
(d) the integration of the Union capital markets and the strengthening of the Single Market, including solutions addressing the fragmentation of the Union capital markets,addressing diversifying sources of financing for Union enterprises and promoting sustainable finance.
2018/09/14
Committee: ITRE
Amendment 194 #
Proposal for a regulation
Article 3 – paragraph 2 – point c
(c) to increase the access to and the availability of finance for SMEs and, in duly justified cases, for small mid-cap companies;
2018/09/14
Committee: ITRE
Amendment 244 #
Proposal for a regulation
Article 7 – paragraph 3 – subparagraph 1
Financing and investment operations under the sustainable infrastructure policy window referred to in point (a) of paragraph (1) shall be subject to climate, environmental and social sustainability proofing with a view to minimise detrimental impacts and maximise benefits on climate, environment and social dimension. For that purpose, promoters requesting financing shall provide adequate information based on guidance to be developed by the Commission and avoiding any operations involving intensive fossil fuel infrastructures. Projects below a certain size defined in the guidance shall be excluded from the proofing.
2018/09/14
Committee: ITRE
Amendment 258 #
Proposal for a regulation
Article 8
1. Article 7(1) shall consist of two compartments addressing specific market failures or sub-optimal investment situations as follows: (a) any of the following situations: (i) investment situations related to Union policy priorities and addressed at the Union level; (ii) Union wide market failures or sub- optimal investment situations; or (iii) new or complex market failures or sub-optimal investment situations with a view to developing new financial solutions and market structures; (b)8 deleted Compartments Each policy window referred to in the EU compartment shall address specific market failures or sub-optimal investment situations in one or several Member States to deliver objectives of the contributing Funds under shared management. 2. The compartments referred to in paragraph 1 may be used in a complementary manner to support a financing or investment operation, including by combining support from both compartments.the Member State compartment
2018/09/14
Committee: ITRE
Amendment 264 #
Proposal for a regulation
Article 9
[...]deleted
2018/09/14
Committee: ITRE
Amendment 303 #
Proposal for a regulation
Article 12 – paragraph 1 – subparagraph 2
For the EU compartment, tThe eligible counterparts shall have expressed their interest and shall be able to cover financing and investment operations in at least three Member States. The implementing partners may also cover together financing and investment operations in at least three Member States by forming a group.
2018/09/14
Committee: ITRE
Amendment 304 #
Proposal for a regulation
Article 12 – paragraph 1 – subparagraph 3
For the Member State compartment, the Member State concerned may propose one or more eligible counterparts as implementing partners from among those that have expressed their interest pursuant to Article 9(3)(c).deleted
2018/09/14
Committee: ITRE
Amendment 308 #
Proposal for a regulation
Article 12 – paragraph 2 – point d
(d) achieves geographical diversification by Member State and by region;
2018/09/14
Committee: ITRE
Amendment 317 #
Proposal for a regulation
Article 14 – paragraph 5
5. Where the guarantee agreement is concluded under the Member State compartment, it may provide for the participation of representatives from the Member State or the regions concerned in the monitoring of the implementation of the guarantee agreement.deleted
2018/09/14
Committee: ITRE
Amendment 330 #
Proposal for a regulation
Article 18
1. experts, put at the disposal of the Commission by the implementing partners free of charge for the Union budget, shall be established. 2. assign experts to the project team. The number of the experts shall be established in the guarantee agreement. 3. whether the proposed financing and investment operations by the implementing partners comply with Union law and policies. 4. Commission referred to in paragraph 3, the project team shall perform a quality control of the due diligence of the proposed financing and investment operations carried out by the implementing partners. Financing and investment operations shall be then submitted to the Investment Committee for approval of the coverage by the EU guarantee. The project team shalArticle 18 deleted Project team A project team consisting of Each implementing partner shall The Commission shall confirm Subject to the confirmation by the the benefit for final prepare the scoreboard on the proposed financing and investment operations for the Investment Committee. The scoreboard shall, in particular, contain an assessment of: (a) the risk profile of the proposed financing and investment operations; (b) (c) criteria. Each implementing partner shall provide adequate and harmonised information to the project team in order for it to be able to carry out its risk analysis and prepare the scoreboard. 5. assess the due diligence or appraisal relating to a potential financing or investment operation submitted by the implementing partner that has put the expert at the disposal of the Commission. That expert shall also not prepare the scoreboard in relation to those proposals. 6. declare to the Commission any conflict of interest and shall communicate without delay to the Commission all information needed to check on an ongoing basis the absence of any conflict of interest. 7. detailed rules for the functioning of the project team and for the verification of conflict of interest situations. 8. detailed rules for the scoreboard to enable the Investment Committee to approve the use of the EU guarantee for a proposed financing or investment operation.cipients; the respect of the eligibility A project team expert shall not Each project team expert shall The Commission shall lay down The Commission shall lay down
2018/09/14
Committee: ITRE
Amendment 345 #
Proposal for a regulation
Article 19 – paragraph 5 – subparagraph 2
Conclusions of the Investment Committee approving the support of the EU guarantee to a financing or investment operation shall be publicly accessible and shall include the rationale for the approval. The publication shall not contain commercially sensitive informat, the criteria applied and the scoreboard of indicators. Particular focus should be given on compliance with the additionality criterion.
2018/09/14
Committee: ITRE
Amendment 346 #
Proposal for a regulation
Article 19 – paragraph 5 – subparagraph 3
The scoreboard shall be publicly available after the signature of a financing or investment operation or sub-project, if applicable. The publication shall not contain commercially sensitive information or personal data not to be disclosed under the Union data protection rules.deleted
2018/09/14
Committee: ITRE
Amendment 348 #
Proposal for a regulation
Article 19 – paragraph 5 – subparagraph 4
Twice a year, the conclusions of, the criteria applied and the scoreboard indicators related to the Investment Committee rejecting the use of the EU guarantee shall be transmitted to the European Parliament and to the Council, subject to strict confidentiality requirements.
2018/09/14
Committee: ITRE
Amendment 364 #
Proposal for a regulation
Article 20 – paragraph 6
6. The InvestEU Advisory Hub shall have local presence, where necessary. It shall be established in particular in in each Member States or and in regions that face difficulties in developing projects under the InvestEU Fund. The InvestEU Advisory Hub shall assist in the transfer of knowledge to the regional and local level with a view to building up regional and local capacity and expertise for support referred to in paragraph 1.
2018/09/14
Committee: ITRE
Amendment 378 #
Proposal for a regulation
Annex I – paragraph 1 – point a
(a) up to EUR 11 5000 000 000 for objectives referred to in point (a) of Article 3(2);
2018/09/14
Committee: ITRE
Amendment 379 #
Proposal for a regulation
Annex I – paragraph 1 – point b
(b) up to EUR 11 25000 000 000 for objectives referred to in point (b) of Article 3(2);
2018/09/14
Committee: ITRE
Amendment 380 #
Proposal for a regulation
Annex I – paragraph 1 – point c
(c) up to EUR 11 25000 000 000 for objectives referred to in point (c) of Article 3(2);
2018/09/14
Committee: ITRE
Amendment 381 #
Proposal for a regulation
Annex I – paragraph 1 – point d
(d) up to EUR 45 000 000 000 for objectives referred to in point (d) of Article 3(2).
2018/09/14
Committee: ITRE
Amendment 463 #
Proposal for a regulation
Annex II – paragraph 1 – point 12
12. Development of the defence industry, thereby enhancing the Union's strategic autonomy, in particular through support for: (a) the Union’s defence industry supply chain, in particular through financial support to SMEs and mid-caps; (b) companies participating in disruptive innovation projects in the defence sector and closely related dual- use technologies; (c) the defence sector supply chain when participating in collaborative defence research and development projects, including those supported by the European Defence Fund; (d) infrastructure.deleted defence research and training
2018/09/14
Committee: ITRE
Amendment 471 #
Proposal for a regulation
Annex II – paragraph 1 – point 13 – introductory part
13. Space, in particular through the development of the space sector with an exclusive focus on civil applications in line with Space Strategy objectives:
2018/09/14
Committee: ITRE
Amendment 475 #
Proposal for a regulation
Annex II – paragraph 1 – point 13 – point d
(d) to foster Union's autonomy for safe and secure access to space, including dual use aspects.
2018/09/14
Committee: ITRE
Amendment 480 #
Proposal for a regulation
Annex III – point 2 a (new)
2a. Number of regions covered by projects;
2018/09/14
Committee: ITRE