Procedure completed
Next event: Decision by Parliament, 1st reading/single reading 2014/03/11 more...
- Vote in committee, 1st reading/single reading 2014/02/18
- Committee report tabled for plenary, single reading 2014/02/21
- Debate in Parliament 2014/03/10
Role | Committee | Rapporteur | Shadows |
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Lead | CONT | MARINESCU Marian-Jean (EPP) | KALFIN Ivailo (S&D), GERBRANDY Gerben-Jan (ALDE), STAES Bart (Verts/ALE), CZARNECKI Ryszard (ECR), SØNDERGAARD Søren Bo (GUE/NGL), VANHECKE Frank (EFD) |
Opinion | ECON | BERMAN Thijs (S&D) |
Legal Basis RoP 048
Activites
- 2014/03/11 Decision by Parliament, 1st reading/single reading
- 2014/03/10 Debate in Parliament
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2014/02/21
Committee report tabled for plenary, single reading
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A7-0137/2014
summary
The Committee on Budgetary Control adopted the own-initiative report by Marian-Jean Paulo MARINESCU (EPP, RO) on the European Investment Bank (EIB) – Annual Report 2012. It welcomed the EIB Annual Report 2012 and the EIB Board of Governors’ approval of a EUR 10 billion capital increase, facilitating an additional EUR 60 billion (amounting to a 49 % expansion of lending targets) for long-term lending for projects in the EU in the period 2013-2015. Members asked the EIB to keep the anticipated targets in relation to its additional activity and to unlock EUR 180 billion in extra investments across the EU for this period. The committee recognised that there was a crucial need to ensure that the EIB kept its triple A credit rating, in order to preserve its financial strength and capacity to inject money in the real economy. It urged the EIB, however, together with the EIF to consider increasing its engagement in more risk-related activities, in order to safeguard a reasonable cost-benefit perspective. The EIB is asked to: · support the EU’s long-term priorities for economic and social cohesion, growth and employment, environmental sustainability, climate action and resource efficiency; · prioritise its financing on projects that contribute strongly to economic growth; · increase its activity under the Risk Capital Mandate (RCM) and the Mezzanine for Growth (MFG) mandate provided by the EIB to the EIF; · develop, in close cooperation with the Member States, result-driven investment plans that are properly adjusted to national, regional and local growth priorities,; · make public EIB energy investments which be analysed on an annual basis, showing what energy sources are supported by the EIB; · in the current context of critically low absorption rates in many Member States, to enhance efforts to support Member States’ absorption capacity of EU resources, including Structural Funds, by further developing additional joint risk-sharing instruments and by adapting the existing ones already funded by the EU budget. More specifically, the report adressed certain recommendations to the EIB : 1) Strengthening the range of support for SMEs and mid-cap companies: the committee supported the Commission-EIB joint SME Initiative under the new MFF, blending EU funds available under the COSME and Horizon 2020 programmes, with up to EUR 8.5 billion of resources dedicated to the European Structural and Investment Funds (ESIF), in view of generating additional lending to SMEs. It invited the Bank to widen its scope of action and to make use of additional instruments in order to provide viable incentives for generating youth employment, especially in Member States with notoriously high rates of youth unemployment. 2) The EIB’s contribution to EU external policies: Members emphasised, in particular, the need to maintain support to democratic and economic transitions following the Arab Spring, with specific focus on support for civil society’s components, job creation and economic recovery in the Southern countries and Eastern partner countries. 3) The EIB’s cooperation with other international financial institutions: the report called on the EIB and the EBRD to engage in the best possible operational coordination in terms of complementarity and division of labour, in order to research systematically the best opportunities and synergies. It called on the Banks to strengthen, their expertise, their strategic and programming approaches in the various fields of intervention. 4) The EIB’s governance, compliance and control framework, through, inter alia, the development of exhaustive and sound monitoring, reporting and control systems: Members demanded that the next annual report be complemented with a set of cross-cutting performance indicators on the impact of the financing operations for the main domains of EIB interventions, and accentuated the Bank’s responsibility in enhancing the level of transparency in the selection of financial intermediaries and partners for co-financed projects and as regards the final beneficiaries.
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A7-0137/2014
summary
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2014/02/18
Vote in committee, 1st reading/single reading
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2013/07/04
Committee referral announced in Parliament, 1st reading/single reading
Documents
- Decision by Parliament, 1st reading/single reading: T7-0201/2014
- Committee report tabled for plenary, single reading: A7-0137/2014
- Debate in Parliament: Debate in Parliament
Amendments | Dossier |
21 |
2013/2131(INI)
2013/11/06
ECON
21 amendments...
Amendment 1 #
Draft opinion Paragraph 1 1. Welcomes the role of the European Investment Bank (EIB) laid out under the Compact for Growth and Jobs, as well as the increase in EIB lending in the areas of infrastructure, resource efficiency and the knowledge economy; expresses its hope, in this connection, that the full potential of the recent increase in capital of EUR 10 billion will better provide for new lending for growth and jobs; recalls that the EP in its resolution of 7 February 2013 Bank stresses that "further increase in [...] capital would be greatly beneficial [...]
Amendment 10 #
Draft opinion Paragraph 5 5. Encourages the EIB to form partnerships with transparent and accountable financial intermediaries with established links to the local economy in each country of operation; calls on the EIB, in this connection, to ensure greater transparency, especially in the intermediated loans business, as well as to exercise enhanced due diligence in preventing the use of tax havens, transfer pricing
Amendment 11 #
Draft opinion Paragraph 6 a (new) 6a. Stresses that the EIB should reduce bureaucracy in order to allocate funding more effectively and swiftly;
Amendment 12 #
Draft opinion Paragraph 7 7. Welcomes the increased focus on the support of small and medium-sized enterprises (SMEs); notes, however, that transparency and accountability as regards the real impact of these EIB operations could be improved, for example through better use of performance indicators; calls on the Council also, in this connection, to agree swiftly on the joint Commission-EIB initiatives and to blend EU budget resources intended for SMEs, as well as to take more resolute action in implementing cooperation with the ECB so as to reduce the financing constraints placed upon SMEs; points out that the main problem in several Member States is that the fragmentation of financial markets results in a lack of funding and in higher funding costs, especially for SMEs; calls for the EIB's efforts to be redirected towards defragmentation in order to promote funding for SMEs, entrepreneurship, exports and innovation, which are vital for economic recovery;
Amendment 13 #
Draft opinion Paragraph 7 7. Welcomes the increased focus on the support of small and medium-sized enterprises (SMEs); notes, however, that transparency and accountability as regards the real impact of these EIB operations
Amendment 14 #
Draft opinion Paragraph 7 7. Welcomes the increased focus on the support of small and medium-sized enterprises (SMEs); notes, however, that transparency and accountability as regards the real impact of these EIB operations
Amendment 15 #
Draft opinion Paragraph 7 a (new) 7 a. Calls on the EIB to further enhance transparency in its lending through financial intermediaries by reporting annually on its lending to SMEs, providing aggregated data on the level of disbursements made to SMEs, the number of SMEs targeted, average loan size and supported sectors, including an evaluation of the accessibility of the loans for SMEs and effectiveness thereof.
Amendment 16 #
Draft opinion Paragraph 8 8. Calls on the EIB to put in place, in close cooperation with the relevant financial intermediaries, enhanced and adequate information and marketing tools aimed at making SMEs aware of the funding opportunities available through the EIB, thereby optimising the uptake in loans by SMEs. Moreover, an extensive and systematic access to project information, and greater involvement of project beneficiaries and local civil society that could be impacted by EIB financed investments should be ensured;
Amendment 17 #
Draft opinion Paragraph 9 9. Welcomes the fact that as one of the world’s largest energy lenders, the EIB adopted in July 2013 new guidelines to reinforce support for investment in renewable energy, energy efficiency and energy grids;
Amendment 18 #
Draft opinion Paragraph 9 9. Welcomes the fact that as one of the world's largest energy lenders, the EIB adopted in July 2013 new guidelines to reinforce support for investment in renewable energy, energy efficiency and energy grids; welcomes in particular the ban on coal-fired projects; but recalls the need to present a comprehensive phase- out plan for lending for non-renewable energy.
Amendment 19 #
Draft opinion Paragraph 9 – point a (new) (a) Encourages the EIB to negotiate and conclude Memorandums of Understandings (MoUs) with regional development banks active in its regions of operations to foster synergies, share risks and costs, and ensure sufficient lending to the real economy;
Amendment 2 #
Draft opinion Paragraph 1 1. Welcomes the role of the European Investment Bank (EIB) laid out under the Compact for Growth and Jobs, as well as the increase in EIB lending in the areas of infrastructure, resource efficiency and the knowledge economy; expresses its hope, in this connection, that the full potential of the recent increase in capital of EUR 10 billion will better provide for new lending for growth and jobs, especially in small and medium-sized enterprises (SMES);
Amendment 20 #
Draft opinion Paragraph 9 a (new) 9 a. Calls for boosting the EIB's resources and expertise for climate change adaptation.
Amendment 21 #
Draft opinion Paragraph 10 10. Requests that the EIB systematically report on progress made in the context of Parliament's previous recommendations, especially as regards the impact of its lending activities in the various regions of its operations on growth and jobs creation in the EU and therein, and economic integration between the EU and pre- accession and neighbourhood countries.
Amendment 3 #
Draft opinion Paragraph 1 1. Welcomes the role of the European Investment Bank (EIB) laid out under the Compact for Growth and Jobs, as well as the increase in EIB lending in the areas of infrastructure, resource efficiency and the knowledge economy; expresses its hope, in this connection, that the full potential of the recent increase in capital of EUR 10 billion will better provide for new lending for growth and jobs in sustainable sectors;
Amendment 4 #
Draft opinion Paragraph 2 2. Regrets, however, that the level of signature remains below potential; regrets also the fact that in a number of countries there is a lack of sustainable and viable projects eligible for EIB financing; calls on the EIB, in this connection, to reassess its policy on the use of own funds in operations and to seek project opportunities in a more proactive manner, so that the EIB can increase its lending activities – especially in programme countries – as an anti-cyclical capital provider, having a catalytic impact on the real economy; calls on the EIB to develop its own trade facilitation programme; asks the EIB as a first step to establish measures to ensure the guarantees needed for companies to realise their full export potential;
Amendment 5 #
Draft opinion Paragraph 2 2. Regrets, however, that the level of signature remains below potential; regrets also the fact that in a number of countries there is a lack of sustainable and viable projects eligible for EIB financing; calls on the EIB, in this connection, to reassess its policy on the use of own funds in operations and to seek project opportunities in a more proactive manner and encourage them in order to promote sustainable projects in all Member States, so that the EIB can increase its lending activities – especially in programme countries – as an anti-cyclical capital provider, having a catalytic impact on the real economy;
Amendment 6 #
Draft opinion Paragraph 3 3. Appreciates that unused structural funds can now be used as a special guarantee
Amendment 7 #
Draft opinion Paragraph 3 3. Appreciates that unused structural funds can now be used as a special guarantee fund for EIB lending, especially in Greece; highlights, furthermore, the success of EIB pilot-project bonds; calls for the continued and increased use of such bonds, and for a regular review of their efficiency in order to boost viable investment in debt instruments that channel private capital into needed transport, energy and ICT infrastructure projects, especially those with a cross-border dimension;
Amendment 8 #
Draft opinion Paragraph 5 5.
Amendment 9 #
Draft opinion Paragraph 5 5. Encourages the EIB to form partnerships with transparent and accountable financial intermediaries with established links to the local economy in each country of operation; calls on the EIB, in this connection, to ensure greater transparency, especially in the intermediated loans business, as well as to exercise enhanced due diligence in preventing the use of tax havens, transfer pricing and tax evasion and tax avoidance; calls on the EIB to strengthen its cooperation with national public credit institutions in order to maximise the positive impact of its funding programmes for SMEs;
source: PE-522.921
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