34 Amendments of Liem HOANG NGOC related to 2013/2175(INI)
Amendment 4 #
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 the capacity of governments to invest; note that private investment has decreased from 21.3% of GDP in 2007 to 17.2% of GDP in 2013 for the EU overall, while public investment has decreased from 2.9% in 2009 to 2.3% in 2013;
Amendment 7 #
Motion for a resolution
Recital B a (new)
Recital B a (new)
Ba. whereas public investment has a key role to play in driving long-term investment; whereas, as shown by the Commission's recent studies1, fiscal consolidation policies, in particular when coordinated at EU level, due to spill over effects and to the existence of a positive fiscal multiplicator, had a very severe impact on long-term investment 1 http://ec.europa.eu/economy_finance/pu blications/economic_paper/2013/pdf/ecp5 06_en.pdf
Amendment 8 #
Motion for a resolution
Recital B b (new)
Recital B b (new)
Bb. whereas international competitors of the EU, such as the US or Japan, have maintained high levels of public investment, while EU policies have led to very low levels of the latter;
Amendment 13 #
Motion for a resolution
Subheading 1
Subheading 1
Amendment 14 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. Welcomes the Commission’s initiative of starting a broad debate on ways to foster the supply of long-term financing and to improve and diversify the system of financial intermediation for long-term investment in the EU. Stresses, however, that concrete advances need to be made as a matter of urgency in order to relaunch long term investment and job-creation in the EU; stresses the idea that the definition of long-term financing should be balanced and include the existence of stable liabilities in order to handle long- term assets without any risk of excessive liquidity;
Amendment 15 #
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
Amendment 21 #
Motion for a resolution
Paragraph 2 a (new)
Paragraph 2 a (new)
2a. Stresses the importance of ring- fencing of public investment, in order to ensure that fiscal consolidation does not hamper it; Calls on the Commission to come forward with a proposal, as agreed in the two-pack, to accommodate under certain conditions, non-recurrent, public investment programmes with a proven impact on the sustainability of public finances made by the Member States in the assessment of their Stability and Convergence Programmes;
Amendment 22 #
Motion for a resolution
Paragraph 2 b (new)
Paragraph 2 b (new)
2b. Stresses that costs of training and education should be treated as long-term investments;
Amendment 23 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. Notes that the economy’s capacity to provide financing for long-term investment depends on public and private demand, both very low in the EU, its investment culture as well as its ability to generate savings and attract and retain domestic and foreign direct investment capital;
Amendment 32 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. Notes that public financing is limited owing to coordinated fiscal consolidation resulting in slow economic growth, as well as poor public budget management and the granting of state aid to save financial institutions;
Amendment 35 #
Motion for a resolution
Paragraph 6
Paragraph 6
6. Notes that some countries face serious obstacles to, or are even denied, access to capital markets while capital markets have been the main cause of the recent crisis;
Amendment 43 #
Motion for a resolution
Paragraph 7
Paragraph 7
7. NoteRegrets that some investors from the banking and insurance sector are reluctant to invest on account of tightened regulatory requirements;
Amendment 51 #
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; regrets that over the last twenty years, public offering have been declining in the EU hampering growth, jobs creation, innovation and stability. Notes the important share of listed SMEs in the overall jobs created in the EU and regrets the negative consequences of such companies being limited of capital while growing;
Amendment 58 #
Motion for a resolution
Paragraph 9 a (new)
Paragraph 9 a (new)
9a. Emphasizes the strengthened role of new innovative financial instruments within all fields of activity and all funds covered by the European Structural and Investment Funds; stresses that the role of financial instruments within the Cohesion Policy is growing in importance given the poor availability of lending for investment in the real economy; calls on the Commission to guarantee legal clarity and transparency of the new off-the-shelf financial instruments and establish firmer links with the EIB lending options;
Amendment 62 #
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; calls on the Member States to develop national project bond initiatives underpinned by guarantee schemes; recalls that public guarantees should only be granted under strict conditionality aimed at ensuring the adequate provision of public goods;
Amendment 65 #
Motion for a resolution
Paragraph 12
Paragraph 12
12. Believes that national or multilateral development banks canlong-term public investors (national, regional or multilateral development banks and public financial institutions) are strong tools to stimulate private investments and catalyse long-term financing for undertakings of broader public interest and to support access of SMEs to capital markets;
Amendment 70 #
Motion for a resolution
Paragraph 12 a (new)
Paragraph 12 a (new)
12a. Calls on the Commission to explore way to accommodate state aid rules in order to promote the activities of long- term public investors;
Amendment 73 #
Motion for a resolution
Paragraph 13
Paragraph 13
13. Calls on the Member States to create appropriate networks for cooperation and information exchange, and to set up national or regional development banklong-term public investors which can learn from the best practice of already established institutions; highlights in this regard that such national or regional development banks, which are often structured along cooperative lines, have during the current crisis, continued offering reliable funding to regional and local economies; calls on the Commission and the Member States to strengthen their support to the financial institutions of these type;
Amendment 76 #
Motion for a resolution
Paragraph 14
Paragraph 14
14. Calls on the Commission to explore ways to support Member States requiring financial and technical assistance to set up their national development banklong-term national and regional public investors, and to study the possibility of an EU guarantee mechanism for national development banklong-term national public investors;
Amendment 90 #
Motion for a resolution
Paragraph 17
Paragraph 17
17. BelieveConsiders that securitisation canould play an important residual role in financial intermediation; encourages regulatory efforts to securitisensure the high- quality assets while avoiding structures of high complexity; notes that there is scope for more standardisation and transparencyof securitised assets while preventing the development of structures of high complexity; calls in this respect for the highest standards of transparency to be applied; 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 a definition of ‘high-quality securitisation’; reiterates its call for the creation of a European credit rating agency and/or a European credit rating foundation;
Amendment 95 #
Motion for a resolution
Paragraph 17 a (new)
Paragraph 17 a (new)
17a. Notes that securitization was one of the contributing factors for the crisis, since long-term responsibility for risk was diffused along the securitization chain. Therefore, calls on the Commission to continuing to strengthen the banking system, including cooperative and public savings banks, and the ability of banks to access long-term refinancing to cover their long-term investments;
Amendment 99 #
Motion for a resolution
Paragraph 18 a (new)
Paragraph 18 a (new)
18a. Recommends that the EIB set up a special branch for SME funding with tailor-made loan conditions;
Amendment 101 #
Motion for a resolution
Paragraph 19
Paragraph 19
19. WelcomNotes the Commission’s call for the use of private equity or venture capital as an alternative source of finance for high- risk investments, in particular vis-à-vis companies in the start-up and growth phases; notes that there is currently a strong tax bias favouring debt financing; believes that venture capital firms can provide valuable non-financial support including consultancy services, financial advice, marketing strategy and training; therefore calls on the Commission to conduct a thorough impact assessment;
Amendment 104 #
Motion for a resolution
Paragraph 19 a (new)
Paragraph 19 a (new)
19a. Calls on the Commission to further encourage investment in the social enterprise sector by strengthening the European Social Entrepreneurship Funds excluding all funds which come from tax havens;
Amendment 108 #
Motion for a resolution
Paragraph 20
Paragraph 20
20. Emphasises that public investment together with an investor-friendly business climate with a strong drive for technological progress is a prerequisite for making the EU an attractive destination for foreign direct investment;
Amendment 114 #
Motion for a resolution
Paragraph 21 a (new)
Paragraph 21 a (new)
21a. Calls on the Commission to come forward with a proposal which aims at separating investment banking from commercial banking and a controlled reduction of balance sheets of the largest financial institutions to the benefit of their loan portfolios;
Amendment 116 #
Motion for a resolution
Paragraph 21 b (new)
Paragraph 21 b (new)
21b. Calls for the implementation of incentives to enhance long-term shareholding, such as additional voting rights in management boards, additional shares or higher dividends;
Amendment 117 #
Motion for a resolution
Paragraph 21 c (new)
Paragraph 21 c (new)
21c. Calls for the creation of standard rules in terms of responsible investments in the EU and the implementation of a European label for good practices regarding corporate social and environmental responsibility.
Amendment 121 #
Motion for a resolution
Paragraph 24
Paragraph 24
24. Welcomes the fact thatFully supports the Commission has asked's call to 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; calls for further modification to the current legislation in that respect;
Amendment 125 #
Motion for a resolution
Paragraph 25
Paragraph 25
25. Reiterates its call, in the proposal for a regulation on prudential requirements for credit institutions and investment firms, for exposures fully and completely secured by mortgages on critical infrastructure projects in the fields of transport, energy and communication to be assigned an appropriate risk weight; further legislation should take into account the requirements of long-term investors, evaluate the risk of financial assets by including the nature and duration of liabilities and recognize the positive effect of a stable liabilities;
Amendment 131 #
Motion for a resolution
Paragraph 26
Paragraph 26
26. Believes that sound fair valuthe accounting principles forapplicable to institutional investors can enhance the transparency and consistency of financial information; stresses that those principles should avoid creating incentives forshould systematically reflect the economic approach employed by long-term investors, in order to take full account of the nature of that activity and to rule out unwarranted pro-cyclical strategieeffects;
Amendment 138 #
Motion for a resolution
Paragraph 26 a (new)
Paragraph 26 a (new)
26a. Believes that, alongside fair value and depreciated cost portfolios, a third type of accounting portfolio should be created covering long-term financial investments, which would thus enjoy specially tailored accounting treatment; takes the view, in particular, that the IFRS 9 standard should provide for specific accounting treatment for long- term shareholdings, in keeping with the principle of assessing investments on the basis of their utility value, rather than systematically on the basis of their market value;
Amendment 142 #
Motion for a resolution
Paragraph 27
Paragraph 27
27. Believes that there is a strong need for a spredictable 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 and harmonisation of national tax policies in order to facilitate cross-border investment and avoid double taxation as well as double non-taxation; encourages the Member States to assess the possibility of granting tax-free yields on infrastructure projects;
Amendment 147 #
Motion for a resolution
Paragraph 27 a (new)
Paragraph 27 a (new)
27a. Believes that a stable, sector-specific regulatory framework is essential for concession-holders who operate major items of transport infrastructure without public funding, as this will enable them, through the application of appropriate charging rules, to obtain the financing they need, recover their costs in the long term and a secure a sufficient return on their investment;