15 Amendments of José Manuel FERNANDES related to 2015/0009(COD)
Amendment 218 #
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 and market failures 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 237 #
Proposal for a regulation
Recital 13
Recital 13
(13) The EFSI should be established within the EIB in order to benefit from its experience and proven track record and in order for its operations to start to have a positive impact as quickly as possible. The work of the EFSI on providing financeprovision of EFSI funding to small and medium enterprises and small mid-cap companies shouldmay be channelled through the European Investment Fund ('EIF') to benefit from its experience in these activities.
Amendment 336 #
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, such as research and development, transport and SMEs, as well as geographic markets within the European Union. 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 481 #
Proposal for a regulation
Recital 29
Recital 29
(29) To partially finance the contribution from the Union budget, the available envelopes of the Horizon 2020 – the Framework Programme for Research and Innovation 2014-2020, provided by Regulation (EU) No 1291/2013 of will be progressively authorised by the European Parliament and of the Council2 , and the Connecting Europe Facility, provided by Regulation (EU) No 1316/2013 of the European Parliament and of the Council3 , should be reduced. Those programmes serve purposes that are not replicated by the EFSI. However, the reduction of both programmes to finance the guarantee fund is expected to ensure a greater investment in certain areas of their respective mandates than is possible through the existing programmes. The EFSI should be able to leverage the EU guarantee to multiply the financial effect within those areas of research, development and innovation and transport, telecommunications and energy infrastructure compared to if the resources had been spent via grants within the planned Horizon 2020 and Connecting Europe Facility programmes. It is, therefore, appropriate to redirect part of the funding presently envisaged for those programmes to the benefit of EFSI. __________________ 3Regulation (EU) No 1316/2013 of the European Parlia in the framework of the annual budgetary procedures up to 2022. For this purpose, the budgetary authority should make use, where appropriate, of all means available under Council Regulation (EU, Euratom) No 1311/2013 of 2 December 2013 laying down the Multiannual Financial Framework 2014-2020, including for instance a more extensive use of unallocated margins under the Global MFF Margin for commitments and of the Council of 11 December 2013 establishing the Connecting Europe Facility, amending Regulation (EU) No 913/2010 and repealing Regulations (EC) No 680/2007 and (EC) No 67/2010 (OJ L 348, 20.12.2013, p. 129)r available flexibility mechanisms, such as the Flexibility Instrument.
Amendment 495 #
Proposal for a regulation
Recital 31
Recital 31
(31) Within the Union, there are a significant number of potentially viable projects that are not being financed due to a lack of certainty and transparency with respect to such projects. Often, this is because private investors are not aware of the projects or have insufficient information to make an assessment of the investment risks. The Commission and the EIB, with support from the Member States, should promote the creation of a transparent pipeline of current and future economically viable investment projects in the Union suitable for investment. This 'project pipeline' should ensure that information is made publicly available regarding investment projects on a regular and structured basis to ensure that investors have reliable information on which to base their investment decisions.
Amendment 682 #
Proposal for a regulation
Article 2 – paragraph 1 – subparagraph 2
Article 2 – paragraph 1 – subparagraph 2
The EFSI Agreement shall provide that there is a clear distinction between operations carried out with the EFSI support and other operations of the EIB. Therefore, the EIB should ensure that EFSI activities are presented in a separate report.
Amendment 742 #
Proposal for a regulation
Article 2 a (new)
Article 2 a (new)
Article 2a Eligibility criteria for the use of EU guarantee The EFSI shall target projects with generally a higher risk profile than existing normal EIB instruments so as to ensure additionality over existing operations. The EFSI shall support projects which: a) are consistent with Union policies and contribute to achieving the Union objectives, such as smart, sustainable and inclusive growth; b) could not have been carried out in that period under normal EIB instruments without EFSI support or to the same extent during that period under EIF and EU instruments, nor financed by the market on reasonable terms; c) are viable from an economic and technical perspective;
Amendment 751 #
Proposal for a regulation
Article 3 – paragraph 1
Article 3 – paragraph 1
1. The EFSI Agreement shall provide that the EFSI shall be governed by a Steering Board, which shall determine the strategic orientation, the strategic asset allocation and operating policies and procedures, including the investment policy of projects that EFSI can support, the treatment of investment platforms and the risk profile of the EFSI, in conformity with the objectives under Article 5(2). The Steering Board shall elect one of its members to be Chairperson. adopt investment guidelines for the use of the EU guarantee to be implemented by the Investment Committee. The investment guidelines shall be made publicly available.
Amendment 780 #
Proposal for a regulation
Article 3 – paragraph 2 – subparagraph 1
Article 3 – paragraph 2 – subparagraph 1
Amendment 791 #
Proposal for a regulation
Article 3 – paragraph 3
Article 3 – paragraph 3
Amendment 824 #
Proposal for a regulation
Article 3 – paragraph 4 – subparagraph 3
Article 3 – paragraph 4 – subparagraph 3
Amendment 859 #
Proposal for a regulation
Article 3 – paragraph 5 – subparagraph 2
Article 3 – paragraph 5 – subparagraph 2
The Investment Committee shall be composed of sixeight 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 Boardstructuring and project financing. The Investment Committee shall have an overall pluridisciplinary composition encompassing both a broad range of expertise in various sectors, such as research and development, transport and SMEs, and a wide knowledge of geographic markets within the Union. The Investment Committee shall be appointed by the Steering Board, after an open and transparent selection process, for a renewable fixed term of up to three years.
Amendment 1150 #
Proposal for a regulation
Article 8 – paragraph 5 – subparagraph 2 a (new)
Article 8 – paragraph 5 – subparagraph 2 a (new)
The necessary appropriations to meet the initial target amount shall be gradually authorised by the European Parliament and the Council in the framework of the annual budgetary procedures up to 2022.
Amendment 1153 #
Proposal for a regulation
Article 8 – paragraph 5 – subparagraph 2 b (new)
Article 8 – paragraph 5 – subparagraph 2 b (new)
In the context of the Mid-term review of the MFF 2014-2020, due to be launched by the end of 2016, the Council and the Parliament shall examine whether the redeployments from the EU programmes that were used as a source of financing for the guarantee fund could be compensated; the Council and the Parliament shall explore the ways of reinforcing these programmes by additional resources, to the largest possible extent.
Amendment 1183 #
Proposal for a regulation
Article 8 a (new)
Article 8 a (new)