12 Amendments of Dominique RIQUET related to 2011/0301(COD)
Amendment 17 #
Proposal for a regulation
Recital 7
Recital 7
(7) The Europe 2020 Project Bond Initiative has a double objective: first to help finance projects of European policy priorities, and second, to facilitate greater private sector involvement in the long-term capital market financing of infrastructure projects. ItThe pilot phase of this initiative will redirect some EU budget spending towards growth-enhancing areas, – particularly transport, energy and telecommunications infrastructure – taking into account the Union’s budgetary discipline and the ceilings under the current Multiannual Financial Framework.
Amendment 18 #
Proposal for a regulation
Recital 8
Recital 8
(8) It will be the first financial instrument benefiting infrastructure projects with similar financing needs across several sectors and will as such produce higher benefits in terms of market impact, administrative efficiency and resource utilisation, thanks to the possible synergies between the transport, energy and ICT sectors. It will provide a coherent instrument to infrastructure stakeholders such as financiers, public authorities, construction companies and operators.
Amendment 23 #
Proposal for a regulation
Recital 10
Recital 10
(10) The Union support provided by means of this regulation should mitigate the risk inherent in project bonds to the extent that capital market participants are willing to invest in a larger volume infrastructure project bonds than would be possible without Union support.
Amendment 26 #
Proposal for a regulation
Recital 11
Recital 11
(11) Europe's economic recovery should not be compromised by growing transport congestiondeteriorating performance on the part of transport, missing energy links and a slowing down of broadband penetration due to infrastructure projects' difficulties in gaining access to long-term private finance or public funding.
Amendment 31 #
Proposal for a regulation
Recital 15
Recital 15
(15) In order to implement the pilot phase of the Europe 2020 Project Bond Initiative, Decision No 1639/2006/EC and Regulation (EC) No 680/2007 should be amended. This pilot phase aims to support infrastructure projects with commercial potential in the transport, energy and ICT sectors, while after 2013 the initiative may be extended to o that possess a commercial potential which is, however, not sufficient to ensure their sectorsfinancing by market mechanisms alone.
Amendment 32 #
Proposal for a regulation
Recital 16
Recital 16
(16) In light of the EIB's long-standing expertise and as the major financier of infrastructure projects and given its nature as the EU financial body established by the Treaty, the Commission should involve the EIB in the implementation of this pilot phase. TIt is necessary to lay down the specific terms and conditions of the co- operation, including risk-sharing and remuneration of the EIB, should be laid down in an agreement between the Commission and the EIB.
Amendment 34 #
Proposal for a regulation
Recital 17
Recital 17
(17) TIt is important that the pilot phase of the Europe 2020 Project Bond Initiative should be launched in preparation of the proposed Connecting Europe Facility. This pilot phase, which will help to pave the way for the risk-sharing financial instrument under the Connecting Europeis Facility.
Amendment 37 #
Proposal for a regulation
Recital 20
Recital 20
(20) Budgetary funds should be requested by the EIB on the basis of a range of projects, which the EIB and the Commission would deem suitable and likely to be realised. Any such requests should be made prior to 31 December 2013. Due to the complexity of large infrastructure projects, the actual approval might take place at a later date, but no later than 31 December 2014.
Amendment 38 #
Proposal for a regulation
Recital 20 a (new)
Recital 20 a (new)
(20a) It is desirable that the Commission should perform an independent, in-depth assessment of the pilot phase of the risk- sharing instrument for project bonds. This assessment must, if appropriate, be accompanied by legislative proposals on innovative financial instruments in the context of the Multiannual Financial Framework for the period 2014-2020.
Amendment 43 #
Proposal for a regulation
Article 1 – point 2 – point b
Article 1 – point 2 – point b
Decision No 1639/2006/EC
Article 31 – paragraph 2 a – point c
Article 31 – paragraph 2 a – point c
(c) is used only for projects whose financial viability is based on project revenues and whose commercial potential is not sufficient to ensure financing by market mechanisms alone.
Amendment 48 #
Proposal for a regulation
Article 2 – point 1
Article 2 – point 1
Regulation (EC) No 680/2007
Article 2 – point 14
Article 2 – point 14
14. 'risk-sharing instrument for project bonds' means a credit enhancement provided to projects of common interest. The risk-sharing instrument for project bonds covers the debt service risk of a project and mitigates the credit-risk of bond holders. It is used only for projects whose financial viability is based on project revenues and whose commercial potential is not sufficient to ensure financing by market mechanisms alone.
Amendment 49 #
Proposal for a regulation
Article 2 – point 3 – point b
Article 2 – point 3 – point b
Regulation (EC) No 680/2007
Article 6 – paragraph 1 – point g
Article 6 – paragraph 1 – point g
(g) a financial contribution to the EIB to the provisioning and capital allocation for loans or guarantees to be issued by the EIB on its own resources under the risk-sharing instrument for project bonds in the field of TEN-T and TEN-E. The Union exposure to the risk sharing instrument, including management fees and other eligible costs, shall be strictly limited to the amount of the Union contribution to the risk-sharing instrument for project bonds and, during the term of those bonds, there shall be no further liability on the general budget of the Union. The residual risk inherent in all operations shall be borne by the EIB. The detailed terms and conditions for implementing the risk-sharing instrument for project bonds, including its monitoring and control, shall be laid down in a delegation agreement between the Commission and the EIB. In 2012 and 2013, an amount of up to EUR 210 million, of which up to EUR 200 million for transport projects and up to EUR 10 million for energy projects, may be redeployed for the risk-sharing instrument for project bonds in accordance with the procedure referred to in Article 15(2) from the TEN-T (LGTT) and TEN-E budget lines, respectively. TInterest and other revenue generated by the risk-sharing instrument for project bonds may reuse any revenues received within the investment period for new loans and guaranteesin the form of commission paid by the beneficiaries which is received before 31 December 2013 may be reused for new loans and guarantees. After 1 January 2014, the revenues shall be returned to the Union budget.