2013/2131(INI) | [ParlTrack]

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2013/2131(INI) European Investment Bank (EIB) - Annual report 2012

Role	Committee	Rapporteur	Shadows
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)

Lead committee dossier: CONT/7/13185
Legal Basis RoP 048

Subjects

8.40.07 European Investment Bank

Links

Activites

2014/03/11 Decision by Parliament, 1st reading/single reading
- T7-0201/2014
2014/03/10 Debate in Parliament
- Debate in Parliament
2014/02/21 Committee report tabled for plenary, single reading
- 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.
2014/02/18 Vote in committee, 1st reading/single reading
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
111	2013/2131(INI) 2013/11/06 ECON 21 amendments... Amendment 1 # Bas EICKHOUT 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 # Derk Jan EPPINK 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 fraud, evasion and aggressive tax avoidance or planning; Amendment 11 # Krišjānis KARIŅŠ 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 # Pablo ZALBA BIDEGAIN 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 # Inese VAIDERE 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; welcomes additional investment in skills and new jobs, in particular the "Jobs for Youth - Investing in Skills" programme that will link EIB financing to the employment of young people in SMEs as well as provide investment to education and research facilities, vocational training, student loans and mobility programmes; Amendment 14 # Elena BĂSESCU 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 cshould 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; Amendment 15 # Theodoros SKYLAKAKIS 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 # Elena BĂSESCU 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 # Kathleen VAN BREMPT 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~~is gratified that coal-fired projects are no longer receiving support; wishes to emphasise, however, that the EIB’s investment policy ought to focus far more still on sustainable projects and that support for initiatives relating to fossil and nuclear energy generation or allied technologies ought as soon as possible to be limited to a minimum and completely abandoned; Amendment 18 # Bas EICKHOUT 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 # Derk Jan EPPINK 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 # Derk Jan EPPINK 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 # Bas EICKHOUT Draft opinion Paragraph 9 a (new) 9 a. Calls for boosting the EIB's resources and expertise for climate change adaptation. Amendment 21 # Derk Jan EPPINK 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 # Kathleen VAN BREMPT 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 # Pablo ZALBA BIDEGAIN 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 # Kathleen VAN BREMPT 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 # Ramon TREMOSA i BALCELLS 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; believes however that EIB should better evaluate on which projects to invest and their safety and risk profile, as the Castor Project in Spain which benefits from the project-bonds has created dozens of microseisms and may even have to close with millionaire losses. Amendment 7 # Derk Jan EPPINK 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 # Bas EICKHOUT Draft opinion Paragraph 5 5. ECalls on the EIB to refrain from cooperation with financial intermediaries with a negative track record in terms of transparency, fraud, corruption and environmental and social impacts and 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 for the establishment of a stringent publicly available list of criteria for selection of financial intermediaries; Amendment 9 # Pablo ZALBA BIDEGAIN 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 2014/01/10 CONT 90 amendments... Amendment 1 # Jean-Pierre AUDY Motion for a resolution Recital A A. whereas the EIB was set up by the Treaty of Rome ~~with the dual role of being the bank of the European Union as well as a policy-driven bank, with the aim of helping to realise the Union's priorities by~~and, under Article 309 TFEU, its task is to contribute, by having recourse to the capital market and utilising its own resources, to the balanced and steady development of the internal market in the interest of the Union. It select~~ing~~s, economically ~~valuable~~useful projects for investment by the EU; Amendment 10 # Ivailo KALFIN Motion for a resolution Paragraph 7 7. Calls on the EIB to continue to support the EU’s long-term priorities for economic and social cohesion, growth and employment, environmental sustainability and climate action and resource efficiency, through further development of new financial and non- financial instruments designed to address both short-term market inefficiencies and the more long-term structural gaps of the EU economy; Amendment 11 # Jean-Pierre AUDY Motion for a resolution Paragraph 8 8. Regards the Compact for Growth and Jobs as an i~~mportant~~nadequate response to the challenges facing the EU, noting that the EIB capital increase and an enhanced recourse to joint Commission-EIB risk sharing instruments, coupled with synergies between EIB and EIF specialised activities, are key elements for its success; Amendment 12 # Jean-Pierre AUDY Motion for a resolution Paragraph 9 9. Asks the EIB to focus its financing on ~~projects with proven high economic rates of return, which ensure that~~ individual investment projects that contribute strongly to economic growth; Amendment 13 # Marian-Jean MARINESCU Motion for a resolution Paragraph 9 9. Asks the EIB to ~~focus~~prioritise its financing on projects with ~~proven~~ high economic rates of return, which ensure that individual investment projects contribute strongly to economic growth; Amendment 14 # Ivailo KALFIN Motion for a resolution Paragraph 9 9. Asks the EIB to ~~focus~~prioritise its financing on projects with ~~proven~~ high economic rates of return, which ensure that individual investment projects contribute strongly to economic growth; Amendment 15 # Jean-Pierre AUDY Motion for a resolution Paragraph 9 a (new) 9a. Recalls the conclusions of the European Council 14 and 15 March 2013 calling on the Commission, together with the EIB, to present in June 2013 a report on the opportunities and targeted priorities to be identified through the implementation of the Pact for Growth and Employment, especially with regard to infrastructure, energy efficiency and efficient use of resources, the digital economy, research and innovation and SMEs and calls, on the basis of this report, for a political debate in the European Parliament to be attended by with the Presidents of the European Council, the Commission and the European Investment Bank; Amendment 16 # Marian-Jean MARINESCU Motion for a resolution Paragraph 10 10. Is particularly concerned that finance in Programme Countries ( Greece, Ireland, Portugal, Cyprus) remained low in the course of 2012, representing roughly +/- 5 % of overall EIB investment; notes that the EIB’s targets of investment in Programme Countries for 2013 represent up to EUR 5 billion, out of an overall EU target of EUR 62 billion; Amendment 17 # Ivailo KALFIN Motion for a resolution Paragraph 10 10. Is particularly concerned that finance in Programme Countries 1 remained low in the course of 2012, representing roughly +/- 5 % of overall EIB investment; notes that the EIB’'s targets of investment in Programme Countries for 2013 represent up to EUR 5 billion, out of an overall EU target of EUR 62 billion; __________________ 1 Greece, Ireland, Portugal, Cyprus Amendment 18 # Ivailo KALFIN Motion for a resolution Paragraph 11 11. Is concerned that the EIB has maintained a somewhat risk-averse policy in its lending, thus limiting the scope of potential borrowers to meet EIB’s lending requirements and, subsequently, hindering the value-added of loans;deleted Amendment 19 # Ivailo KALFIN Motion for a resolution Paragraph 12 ~~12. Demands that the EIB increase its internal risk-taking capacity by ensuring that its risk-management systems are adapted to the current environment;~~deleted Amendment 2 # Ivailo KALFIN Motion for a resolution Recital A A. whereas the EIB was set up by the Treaty of Rome with the dual role of being the bank of the European Union as well as a policy-driven bank, with the aim of helping to realise the Union’'s priorities by selecting economically v~~alu~~iable projects for investment by the EU; Amendment 20 # Bart STAES Motion for a resolution Paragraph 12 12. Demands that the EIB increase its internal risk-taking capacity by ensuring that its risk-management systems are adapted to the current environment; at the same time taking into account the highest financial standards concerning due diligence and transparency ; Amendment 21 # Marta ANDREASEN Motion for a resolution Paragraph 13 13. Acknowledges that it is fundamental for the EIB to maintain its triple A rating in order to preserve its financial strength and capacity to inject money in the real economy; urges~~, however,~~ the EIB to t~~est the limits of the triple A rating, and to increase its~~ry to reduce its level of exposure to risks by teaming up with creditworthy partners at the local, regional or international level in order to maintain its triple A rating while engag~~ement~~ing in ~~mor~~some risk- related activities, in order to safeguard a reasonable cost-benefit perspective; Amendment 22 # Ivailo KALFIN Motion for a resolution Paragraph 13 13. Acknowledges that it is fundamental for the EIB to maintain its triple A rating in order to preserve its financial strength and capacity to inject money in the real economy; urges, however, the EIB to ~~test the limits of the triple A rating, and to~~gether with the EIF to consider increaseing its engagement in more risk- related activities, in order to safeguard a reasonable cost-benefit perspective; Amendment 23 # Ivailo KALFIN Motion for a resolution Paragraph 14 14. Notes the increase in the EIB’'s higher- risk special activity targets to EUR 6 billion in 2013 as well as the increase in funding for risk-sharing and credit enhancement initiatives to EUR 2.3 billion; Welcomes the recent launch of the Growth Financing Initiative (GFI) easing access to finance of innovative mid-cap companies. Amendment 24 # Marian-Jean MARINESCU Motion for a resolution Paragraph 14 14. Notes the increase in the EIB’s higher- risk special activity targets to EUR 6 billion in 2013 ~~as well as~~, the increase in funding for risk-sharing and credit enhancement initiatives to EUR 2.3 billion;, as well as the recent launch of the Growth Financing Initiative ( GFI) easing access to finance for innovative mid-cap companies Amendment 25 # Ivailo KALFIN Motion for a resolution Paragraph 19 19. Calls on the Member States, where appropriate, to work with the Commission in using part of their Structural Fund allocations in order to share the EIB loan risk and provide loan guarantees for knowledge and skills, resource and energy efficiency, strategic infrastructure and access to finance for SMEs; Amendment 26 # Ivailo KALFIN Motion for a resolution Paragraph 21 21. Calls on the EIB, in light of the different economic and financial conditions that prevail within the EU, to develop, in close cooperation with the Member States, result-driven investment ~~strategie~~plans that are properly adjusted to national, regional and local growth priorities, taking into due account the horizontal priorities of the Commission’s Annual Growth Survey and the European Semester for economic governance; Amendment 27 # Ivailo KALFIN Motion for a resolution Paragraph 25 25. Believes, moreover, that the EIB advisory capacity, based on the expertise gathered in the European PPP Expertise Centre (EPEC), could be used to provide targeted technical and specialised assistance at government level in order to facilitate proper assessments regarding the benefits of involving a SG in a PPP programme; Amendment 28 # Marian-Jean MARINESCU Motion for a resolution Paragraph 25 25. Believes, moreover, that the EIB advisory capacity, based on expertise gathered in the European PPP Expertise Center ( EPEC), could be used to provide targeted technical and specialised assistance at government level in order to facilitate proper assessments regarding the benefits of involving a SG in a PPP programme; Amendment 29 # Bart STAES Motion for a resolution Paragraph 25 25. Believes, moreover, that the EIB advisory capacity could be used to provide targeted technical and specialised assistance at government level and where appropriate also at regional level, in order to facilitate proper assessments regarding the benefits of involving a SG in a PPP programme; Amendment 3 # Ivailo KALFIN Motion for a resolution Recital M M. whereas the EIB’s operations outside the EU are undertaken in support of the Union’s external action policies and should be in line with, and promote, EU objectives according to Art. 208 and Art. 209 TFEU; Amendment 30 # Bart STAES Motion for a resolution Paragraph 26 26. Recalls the launch in 2012, by the EIB and the Commission and with the support of Member States, of the pilot phase of the Project Bond Initiative, which aims at boosting the funding for key-infrastructure projects by attracting institutional investors; But urges that these key- infrastructure projects should be selected to those that serve the public interest and respond best to the social, environmental, cultural and economic needs of peoples and communities. funding via Project Bonds should promote a transition towards a sustainable economic model based on the respect for territories and the environment, capable to respond to the needs for local jobs for younger generations, especially in the Mediterranean region, where the economic and financial crisis is having the most severe impacts also in terms of youth unemployment; Amendment 31 # Marta ANDREASEN Motion for a resolution Paragraph 27 27. Welcomes the Projects Bonds Pilot Phase first six-monthly report indicating the approval of nine projects in six countries; calls for a regular review of the efficiency of such bonds in order to boost viable investment in debt instruments that channel private capital into needed transport, energy and ICT infrastructure projects; recalls that the EU budget is providing EUR 230 million in support of EIB credit enhancement activity for infrastructure investment in the transport, energy and communications sectors; Amendment 32 # Bart STAES Motion for a resolution Paragraph 28 28. Demands that Parliament be informed on an annual basis about the selected projects in an appropriate manner ~~and in due time~~; Amendment 33 # Marian-Jean MARINESCU Motion for a resolution Paragraph 29 29. Notes with concern that key challenges (e.g. turning interest into commitments, limited experience with bond solution from procuring authorities, hesitation to engage from institutional investors, concern over costs from sponsors) remain; invites the Bank to assess properly the possibility of co-investing in early bond deals in order to re-assure investors and sponsors; calls on the EIB to ensure that the Project Bond Initiative will be consistent with the EU long-term climate target, i.e., focusing on low carbon infrastructures Amendment 34 # Bart STAES Motion for a resolution Paragraph 32 32. 32. Welcomes the EIB’'s new energy policy, introducing new energy lending criteria that reflect the EU’'s energy and climate policies as well as current investment trends; demands that EIB energy investments are made public and analysed on an annual basis, showing which energy sources are supported by the EIB; Amendment 35 # Bart STAES Motion for a resolution Paragraph 33 33. Welcomes the introduction by the EIB of a new Emissions Performance Standard (EPS), to be applied to all fossil fuel generation projects in order to screen out investments with projected carbon emissions exceeding a threshold level; calls on the Board of the EIB to keep the Emissions Performance Standard under review and to consider more restrictive commitments in the future; recalls the EIB commitment to review the EPS in 2014 in the light of the 2030 climate and energy package's discussion and calls for an EPS level that is compatible with the EU long term climate target, at a level of 350 g CO2/kWh; Amendment 36 # Bart STAES Motion for a resolution Paragraph 33 a (new) 33 a. Given the step change that will result from the 2030 climate and energy package, requiring a stronger decarbonisation and additional low carbon investments efforts, demands that the EIB does a climate assessment and review of all its activities in 2014 making the results and recommendations public. On this basis, it should elaborate a renewed climate policy including more ambitious climate action targets, a stronger weighting of climate action through project assessment and an integrated approach to smartly combine sector-specific policies for key sectors (energy, transport) and cross-cutting energy efficiency and low carbon requirements; Amendment 37 # Bart STAES Motion for a resolution Paragraph 34 34. Recalls the important role played by the EIB in financing public and private sector investment in energy infrastructure and in supporting projects that contribute to achieving EU climate and energy policy goals; recalls the 2007 Parliament resolution calling for an end to public funding for fossil fuel projects and a shift to energy efficiency and renewable energies, and calls on the EIB to become the first fossil fuel-free public bank globally in 2020 at the latest; Amendment 38 # Ivailo KALFIN Motion for a resolution Paragraph 34 34. Recalls the important role played by the EIB in financing public and private sector investment in energy infrastructure and in supporting projects that contribute to achieving EU climate and energy policy goals; recalls the 2007 Parliament resolution calling for an end to public funding for fossil fuel projects and a shift to energy efficiency and renewable energies; Amendment 39 # Bart STAES Motion for a resolution Paragraph 34 a (new) 34 a. Demands that the EIB enforces the best international standards regarding hydropower, namely the World Commission on Dams' guiding principles and the Hydropower Sustainability Assessment Protocol (HSAP), implying to only invest in cases where countries have put in place a legal framework establishing energy planning mechanisms (including "no go" areas) and requiring that negative impacts on ecosystems and local communities are properly assessed, avoided, mitigated and monitored and implying as well that the projects are not located in/nearby protected areas or on river stretches with good ecological status; Amendment 4 # Jean-Pierre AUDY Motion for a resolution Recital P a (new) Pa. whereas the Member States have failed to pay into the EIB account EUR 220.7 billion of a subscribed share capital of EUR 242.4 billion; Amendment 40 # Ivailo KALFIN Motion for a resolution Paragraph 34 a (new) 34 a. In line with Union and international climate change objectives and the best international standards, before the end of 2015, the EIB, in cooperation with the Commission, shall update its climate change strategy as regards EIB financing operations; This update should inter alia integrate concrete actions to ensure that investment projects are in line with EU´s climate objectives and step up efforts to support renewable energy sources and energy efficiency; Amendment 41 # Gerben-Jan GERBRANDY Motion for a resolution Paragraph 34 a (new) 34 a. Calls upon the EIB to carefully factor the vision and targets of the EU Biodiversity Strategy to 2020 "Our life insurance, our natural capital" into its projects. Amendment 42 # Ivailo KALFIN Motion for a resolution Paragraph 36 36. Welcomes the particular focus (in the context of increasing the lending activity in the EU) on helping to improve access to finance for SMEs, and welcomes, subsequently, the EIB Group’s target for 2013 of more than EUR 2019 billion in SME lending to be signed within the EU; Amendment 43 # Marian-Jean MARINESCU Motion for a resolution Paragraph 36 36. Welcomes the particular focus (in the context of increasing the lending activity in the EU) on helping to improve access to finance for SMEs, and welcomes, subsequently, the EIB Group’s target for 2013 of more than EUR 2019 billion in SME lending to be signed within the EU; Amendment 44 # Ivailo KALFIN Motion for a resolution Paragraph 37 37. Welcomes the enhanced bank lending to SME’'s through the revitalisation of the SME securitisation market by means of the EIB Group’'s new ABS initiative; invites the EIB to provide for a market analysis with a view of better calibrating this EIB offer to stakeholders needs; welcomes the enhancement of credit capacity of the EIF through capital increase and mandate, and invites the EIB and the Commission to finalise the process by early next year; Amendment 45 # Marian-Jean MARINESCU Motion for a resolution Paragraph 38 38. Supports the initiatives of the EIB Group on innovative financings for SMEs and mid-cap companies through the launching of ~~equity funds and the Risk Sharing I~~Horizon 2020 and COSME financial instruments ~~(RSI)~~ in order to encourage banks to provide financial resources by means of loans and guarantees, and to ensure the provision of long-term risk capitals; Amendment 46 # Ivailo KALFIN Motion for a resolution Paragraph 38 38. Supports the initiatives of the EIB Group on innovative financings for SMEs and mid-cap companies through the launching of Horizon 2020 and COSME financial instruments equity funds and the Risk Sharing Instruments (RSI) in order to encourage banks to provide financial resources by means of loans and guarantees, and to ensure the provision of long-term risk capitals; Amendment 47 # Ivailo KALFIN Motion for a resolution Paragraph 39 39. Supports the Commission-EIB joint SME Finance 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; Amendment 48 # Marian-Jean MARINESCU Motion for a resolution Paragraph 39 39. Supports the Commission-EIB joint SME ~~Finance~~ Initiative under the new MFF, blending EU funds available under the COSME and Horizon 2020 programmes, with EUR 8.5 billion of resources dedicated to the European Structural and Investment Funds (ESIF), in view of generating additional lending to SMEs; Amendment 49 # Ivailo KALFIN Motion for a resolution Paragraph 41 41. Encourages the EIB to ~~increase the funds dedicated to~~expand the Trade Finance Initiative; considers that this guarantee mechanism for SMEs is of key importance and should be widened at EU scale, wherever it is deemed most needed; Amendment 5 # Jean-Pierre AUDY Motion for a resolution Paragraph 2 a (new) 2a. Calls on the EIB to report to Parliament on the consistency of this capital increase with the failure of the Member States to pay up EUR 220.7 billion of a subscribed share capital of EUR 242.4 billion; Amendment 50 # Ivailo KALFIN Motion for a resolution Paragraph 42 42. ~~Agrees on the EIB’s focus~~Stresses the importance onf the regional and local dimension, ~~made possible through dedicated equity fund~~and calls MS to make use of financial engineering shared management instruments such as the JEREMIE programme and through regional fund-to-fund schemes providing equity and debt finance to local SMEs; Amendment 51 # Marian-Jean MARINESCU Motion for a resolution Paragraph 42 42. ~~Agrees on~~Supports the EIB’s focus on the regional and local dimension~~, made possible through dedicated equity fund~~ and calls on the Member States to make full use of financial engineering shared management instruments such as the JEREMIE programme and ~~through~~ regional fund- to-fund schemes providing equity finance to local SMEs; Amendment 52 # Ivailo KALFIN Motion for a resolution Paragraph 44 44. Notes that the evaluation shows EIB- SME intermediate lending (via the L4SME product) to be consistent with EU objectives; calls, nonetheless, for a better assessment of complementarity between the EIB product and the national policy mixes, in order to improve further the operations’' relevance; asks the EIB to ~~bring forward proposals for enhancing the effect of the L4SME product so that it can be mobilised~~continue developing its product offering to fill specific gaps, ~~instead of~~besides funding a broad spectrum of SMEs through the L4SME, thereby optimising EIB’'s contribution to growth and employment; Amendment 53 # Ivailo KALFIN Motion for a resolution Paragraph 45 45. Notes with concern that ~~during~~ the period under review the EIB loans had ‘'some’' impact on growth and employment, but with great variations across countries (only 1/3 of SMEs attributed the growth of turnover to the EIB funding); is concerned that there is only limited evidence that the EIB loans helped maintain employment; notes, however, that the relative impact on growth and employment was found to be higher in the new Member States; acknowledges however that the period under review included the financial and economic crisis and the relatively modest new job creation was achieved despite a background of falling employment levels; Amendment 54 # Ivailo KALFIN Motion for a resolution Paragraph 46 46. Is concerned that EIB funding, for a majority of operations, seems to have been used in support of SME ‘'champions’', not as ’'gap funding’'; notes however that more than 80% of the SMEs reached were companies with less than 50 employees, which proves that the EIB reaches out to the smaller segment of the SME universe; Amendment 55 # Ivailo KALFIN Motion for a resolution Paragraph 47 47. Demands that the ~~EIB make full use of the eligibility criteria~~financial intermediaries make full use of the lending possibilities given by EIB SME loans in order to influence the targeting of financial beneficiaries in a more effective way; Amendment 56 # Ivailo KALFIN Motion for a resolution Paragraph 48 48. Invites the EIB to identify and select higher-value-added and higher-risk projects, notably by identifying start-ups, micro-enterprises, clusters of enterprises, SMEs and mid-cap companies undertaking research, development and innovation projects in priority technologies area;deleted Amendment 57 # Bart STAES Motion for a resolution Paragraph 48 48. Invites the EIB to identify and select higher-value-added and higher-risk projects, notably by identifying start-ups, micro-enterprises, cooperatives, clusters of enterprises, SMEs and mid-cap companies undertaking research, development and innovation projects in priority technologies area; Amendment 58 # Lorenzo FONTANA Motion for a resolution Paragraph 49 a (new) 49a. Calls on the EIB to establish an action plan to simplify access to information and funding for SMEs, focusing in particular on the administrative formalities for access to funding; Amendment 59 # Bart STAES Motion for a resolution Paragraph 51 51. Reiterates with concern that a considerable number of outstanding issues remain unresolved in this area, notably the lack of transparency ~~that is inherent to this type of lending~~ (especially concerning information about the final beneficiaries), the difficulty in assessing the economic and social impact of the loans (resulting in a flawed targeted approach) and the reliance, via outsourcing of responsibilities, on third parties for carrying out the due diligence; urges the Bank to provide details on its approach to accelerate measures addressing these issues; Amendment 6 # Ivailo KALFIN Motion for a resolution Paragraph 4 4. Recalls that for projects in the EU, prospects are particularly interesting for a number of priority thematic areas under the ‘Europe 2020’ strategy: innovation and skills, including low carbon infrastructure, investment in SMEs, cohesion and resource and energy efficiency (including the shift to low-carbon economy) ’packages’; notes that these focal areas have been duly identified in the EIB Groups’ Operational Plan for 2013- 2015, and welcomes the allotment of an additional EUR 60 billion in lending capacity in order to finance their implementation; Amendment 60 # Ivailo KALFIN Motion for a resolution Paragraph 51 51. Reiterates with concern that a considerable number of outstanding issues remain unresolved in this area, notably the ~~lack of transparency~~insufficient detailed information that is inherent to this type of lending (especially concerning information about the final beneficiaries), the difficulty in assessing the economic and social impact of the loans (resulting in a flawed targeted approach) and the reliance, via outsourcing of responsibilities, on ~~third p~~financial intermediarties for carrying out the due diligence; urges the Bank to provide details on its approach to accelerate measures addressing these issues; Amendment 61 # Ivailo KALFIN Motion for a resolution Paragraph 52 52. Urges the EIB to make an up-to-date and comprehensive evaluation of how the financial crisis has affected the final recipients of EIB funding, and to provide a thorough assessment of the effects and impact of the financial crisis on the current status of financial intermediaries used by the Bank, both within and outside of the EU;deleted Amendment 62 # Ivailo KALFIN Motion for a resolution Paragraph 53 53. Demands that the EIB ~~ensure that its goal of~~strives to generat~~ing~~e employment ~~for around a half a million people,~~ through lending to infrastructure, resource and energy efficiency and knowledge economy projects in 2013 alone~~, is accomplished~~; Amendment 63 # Ivailo KALFIN Motion for a resolution Paragraph 55 55. Believes the EIB’s Youth Employment programme (with a lending volume of EUR 6 billion), comprising the Jobs for Youth and Investing in Skills components, to be of utmost importance in addressing these issues; welcomes the interim implementation report showing important achievements in this sector, such as the EUR 4.9 billion provided in loans through the Investing in Skills sub-programme, complemented by the EUR 2.7 billion provided under the Jobs for Youth pillar; acknowledges the early accomplishment of its objectives; Amendment 64 # Lorenzo FONTANA Motion for a resolution Paragraph 59 59. SDoes not supports the increase of the EU Guarantee Fund, provided to the EIB by the EU budget, to EUR 30 billion (with EUR 27 billion as a celling and an additional optional EUR 3 billion) for the next financial period by using reflows deriving from Mediterranean risk capital and loan investments under past EIB MEDA mandates; believes that, at a time of continuing crisis and economic stagnation in the EU, it would have been preferable to channel such reflows back into internal Union policy support, promoting European SMEs in particular; Amendment 65 # Marian-Jean MARINESCU Motion for a resolution Paragraph 59 59. Supports the increase of the EU Guarantee Fund, provided to the EIB by the EU budget, to EUR 30 billion (with EUR 27 billion as a celling and an additional optional EUR 3 billion) for the next financial period by using reflows deriving from Mediterranean risk capital and loan investments under past EIB MEDA mandates;Welcomes the EU Guarantee for external lending, provided to the EIB by the EU budget, fixed to a maximum ceiling of EUR 30 billion (split into a General Mandate of EUR 27 billion plus an optional EUR 3 billion subject to the Mid-Term Review) for the next financial period by using reflows from unused FEMIP (Facility for Euro-Mediterranean Investment and Partnership) operations dating before 2007 Amendment 66 # Ivailo KALFIN Motion for a resolution Paragraph 59 59. Supports ~~the increase of the EU Guarantee Fund, provided to the EIB by the EU budget, to EUR 30 billion (with EUR 27 billion as a celling and an additional optional EUR 3 billion)~~an External Lending Mandate of a similar size as the current one for the next financial period by using reflows deriving from Mediterranean risk capital and loan investments under past EIB MEDA mandates; Amendment 67 # Jan MULDER Motion for a resolution Paragraph 60 60. Asks the European Court of Auditors to carry out a special report on the performance and alignment with EU policies of EIB external lending activities before the mid-term review of the EIB’s external mandate as well as compare the added value with regards the own resources used by the EIB. Asks the ECA furthermore to differentiate their analysis between the guarantees granted by the EU budget, the investment facility endowed by the EDF, the various forms of blending used in the EU Africa infrastructural trust fund, the Caribbean investment fund and the investment facility for the Pacific and the usage of reflows for these investments; Amendment 68 # Ivailo KALFIN Motion for a resolution Paragraph 62 62. Asks the EIB to make additional flexible use of the Guarantee Fund, ~~and to focus more on~~complemented by own-risk lending, by extending its area of reach for bankable projects; insists that the EIB ensure a high level of visibility to the final beneficiaries of the projects of the European financial support it provides; Amendment 69 # Marian-Jean MARINESCU Motion for a resolution Paragraph 63 63. Notes that the pre-accession countries and the eastern and southern neighbourhood are at the top of the EIB’s priority areas; emphasises, 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 as well as Eastern Partner countries; notes with satisfaction the focus on SMEs and access to finance; Amendment 7 # Ivailo KALFIN Motion for a resolution Paragraph 5 5. Strongly believes, however, that within these broad priorities greater focus should be placed on investing in long-term job creation and on generating a durable and visible impact in the real economy, and therefore calls, in this respect, for a~~n in- depth~~ comprehensive evaluation providing ~~viable~~estimates figures on the long-term employment created through, and the impact on the economy as a result of, EIB lending, in all areas, following the financial crisis; Amendment 70 # Ivailo KALFIN Motion for a resolution Paragraph 63 63. Notes that the pre-accession countries and the eastern and southern neighbourhood are at the top of the EIB’s priority areas; emphasises, 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 as well as Eastern Partner countries; notes with satisfaction the focus on SMEs and access to finance; Amendment 71 # Ivailo KALFIN Motion for a resolution Paragraph 64 64. Supports, in the context of the EU’s external policies, the progressive development of new financial products with the Commission and the Member States, such as products blending EU grants, loans and risk sharing instruments in order to reach new categories of firms; demands that best practices and well- defined eligibility criteria be defined for the use of those instruments, accompanied by structured reporting, monitoring and control conditions; calls on the finalization of allocation policy; Amendment 72 # Ivailo KALFIN Motion for a resolution Paragraph 65 65. Expects, therefore, the governance report on the implementation of the platform for cooperation with international financial instruments on blending to ensure an adequate role for the EIB and include detailed and consistent information in this regard, and calls on the Commission to provide a full-fledged report on the impact and results of the implementation of financial facilities in the context of the platform for cooperation on blending; Amendment 73 # Ivailo KALFIN Motion for a resolution Paragraph 66 66. Welcomes the EIB’s support for projects, across several energy sectors, targeting growth and jobs; recalls the need to maintain consistency with the new developments in the EU’s energy and climate policies; encourages the EIB, in the context of its renewed energy policy, to continue to support, both within and outside of the EU, projects dedicated to energy efficiency and sustainable renewable energies, and thereby pave the way towards a low carbon economy; Amendment 74 # Marta ANDREASEN Motion for a resolution Paragraph 68 68. Welcomes the updated Memorandum of Understanding agreed between the EIB and the EBRD reflecting the willingness on the part of the EU to intensify the level of coordination and cooperation between these two major international financial institutions; further to this, 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 75 # Jean-Pierre AUDY Motion for a resolution Paragraph 71 a (new) 71a. Reiterates its proposal for the European Union to become a member of the EIB; Amendment 76 # Ivailo KALFIN Motion for a resolution Paragraph 72 72. Calls on the EIB and other associated partners and stakeholders to further improve their governance mechanisms through, inter alia, the development of ~~exhaustive and~~ sound monitoring, reporting and control systems that will ensure higher transparency for, and give better insight into, the results of the projects to be financed through each innovative financial instruments implemented within the 2014-2020 Financial Framework; Amendment 77 # Marian-Jean MARINESCU Motion for a resolution Paragraph 74 a (new) 74 a. Calls on the EIB to comply with the provisions of the Aarhus Convention by setting up a public Register of documents, in order to guarantee the right of access to documents as enshrined in the EU Treaties ; asks the Bank to keep its commitment and to make the Register public as of 2014; Amendment 78 # Ivailo KALFIN Motion for a resolution Paragraph 75 75. Demands 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, the expected multiplier effect when appropriate and the transfer of financial advantages in the programmes funded;deleted Amendment 79 # Bart STAES Motion for a resolution Paragraph 76 76. Reiterates and accentuates 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; Reiterates with concern that there is still a lack of due diligence and transparency towards financial intermediaries. Therefore asks for a stringent list of criteria for selection of these financial intermediaries to be established by the EIB jointly with the Commission and be publicly available; Amendment 8 # Marta ANDREASEN Motion for a resolution Paragraph 5 5. Strongly believes, however, that within these broad priorities greater focus should be placed on investing in long-term growth and job creation ~~and on~~, generating a durable and visible impact in the real economy, and therefore calls, in this respect, for an in- depth evaluation providing viable figures on the long-term employment created through, and the impact on the economy as a result of, EIB lending, in all areas, following the financial crisis; Amendment 80 # Bart STAES Motion for a resolution Paragraph 76 a (new) 76 a. Furthermore ask for a public exclusion list for financial intermediaries to be developed jointly with the EC, based on their track record in terms of transparency, fraud, links to offshore jurisdictions and social and environmental impacts; Amendment 81 # Marian-Jean MARINESCU Motion for a resolution Paragraph 76 a (new) 76 a. Calls on EIB to immediately engage in an inclusive revision process of its Non-Cooperative Jurisdictions policy, duly taking into account recent developments in this respect at EU and international level Amendment 82 # Ivailo KALFIN Motion for a resolution Paragraph 77 77. Considers it to be fundamental that the EIB maintains its triple A rating as it enabled it to borrow EUR 71 billion on the international capital markets in 2012; considers that while maintaining the triple A rating is an essential ‘asset’ when it comes to preserving the EIB’s financial strength and capacity to inject money in the real economy, this should not lead to the financing of certain projects being waived or replaced; encourages the EIB also to research higher-value-added projects with higher risk;deleted Amendment 83 # Marian-Jean MARINESCU Motion for a resolution Paragraph 77 77. Considers it to be fundamental that the EIB maintains its triple A rating as it enabled it to borrow EUR 71 billion on the international capital markets in 2012; considers that while maintaining the triple A rating is an essential ‘asset’ when it comes to preserving the EIB’s financial strength and capacity to inject money in the real economy, this should not lead to the financing of certain projects being waived or replaced; encourages the EIB also to ~~research~~strengthen its capacity to prioritize higher- value-added projects with higher risk; Amendment 84 # Jean-Pierre AUDY Motion for a resolution Paragraph 77 77. Considers it to be fundamental that the EIB maintains its triple A rating as it enabled it to borrow EUR 71 billion on the international capital markets in 2012; considers that while maintaining the triple A rating is an essential ‘asset’ when it comes to preserving the EIB’s financial strength and capacity to inject money in the real economy, this should not lead to the financing of certain projects being waived or replaced at favourable rates; encourages the EIB also to research higher-value-added projects with higher risk; Amendment 85 # Ivailo KALFIN Motion for a resolution Paragraph 78 78. Recalls and stresses, as in previous years, the necessity for prudential banking supervision of the EIB to be carried out by European Central Bank, in the framework of the future Banking Union; invites, once more, the Commission to make a proposal in this regard;deleted Amendment 86 # Jean-Pierre AUDY Motion for a resolution Paragraph 78 78. Recalls and stresses, as in previous years, the necessity for prudential banking supervision of the EIB ~~to be carried out by European Central Bank, in the framework of the future Banking Union; invites, once more, the Commission to make a proposal in this regard~~and calls for a legal study into ways of finding a possible solution; Amendment 87 # Jean-Pierre AUDY Motion for a resolution Paragraph 78 a (new) 78a. Proposes that this regulatory supervision should be: (i) exercised by the ECB on the basis of Article 127(6) TFEU or (ii) exercised in the context of the future Banking Union envisage d in the Commission’s communication of 12 September 2012 or (iii) failing that and on the basis of a voluntary approach by the EIB, carried out by the European Banking Authority, with or without the participation of one or more national supervisors, or else by an independent auditor; regrets that the Commission has proposed no action in this regard, despite Parliament’s requests dating back to 2007; Amendment 88 # Bart STAES Motion for a resolution Paragraph 80 80. Welcomes the fact that the EIB has taken measures in the area of anti-money laundering and combating the financing of terrorism, and has reinforced the resources of its compliance function through the appointment of a new Group Chief Compliance Officer; requests that Parliament be updated ~~regularly~~on a six month basis on the results presented in the Group Chief Compliance Officer’'s report; Calls for the EIB to revise its Non Cooperative Jurisdictions policy (tax heavens policy). The EIB must therefore ensure that all companies and financial institutions involved in its projects publicly disclose the beneficial ownership of any legal structure directly or indirectly related to the company, including trusts, foundations and bank accounts Amendment 89 # Bart STAES Motion for a resolution Paragraph 80 a (new) 80 a. Calls on the EIB to follow the Country by country reporting in order to combat financing of illegal activities. In order to be eligible for EIB financing, all beneficiaries, whether corporations or financial intermediaries, that are incorporated in different jurisdictions must be obliged to disclose country level information about their sales, assets, employees, profits and tax payments in each country in which they operate in their audited annual reports. Beneficiaries must make contracts with host governments public and in particular disclose the fiscal regime in each country in which they operate; Amendment 9 # Bart STAES Motion for a resolution Paragraph 5 5. Strongly believes, however, that within these broad priorities greater focus should be placed on investing in long-term job creation and on generating a durable and visible impact in the real economy, and therefore calls, in this respect, for an annual in- depth evaluation providing viable figures on the long-term employment created through, and the impact on the economy as a result of, EIB lending, in all areas, following the financial crisis; Amendment 90 # Bart STAES Motion for a resolution Paragraph 82 82. Calls on the EIB to report on the state of play and status of previous recommendations issued by Parliament in each annual report; source: PE-524.886

Amendments

Dossier

111

2013/2131(INI)

2013/11/06 ECON 21 amendments...

Amendment 1 #

Bas EICKHOUT

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 #

Derk Jan EPPINK

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 fraud, evasion and aggressive tax avoidance or planning;

Amendment 11 #

Krišjānis KARIŅŠ

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 #

Pablo ZALBA BIDEGAIN

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 #

Inese VAIDERE

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; welcomes additional investment in skills and new jobs, in particular the "Jobs for Youth - Investing in Skills" programme that will link EIB financing to the employment of young people in SMEs as well as provide investment to education and research facilities, vocational training, student loans and mobility programmes;

Amendment 14 #

Elena BĂSESCU

Draft opinion
Paragraph 7

Amendment 15 #

Theodoros SKYLAKAKIS

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 #

Elena BĂSESCU

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 #

Kathleen VAN BREMPT

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~~is gratified that coal-fired projects are no longer receiving support; wishes to emphasise, however, that the EIB’s investment policy ought to focus far more still on sustainable projects and that support for initiatives relating to fossil and nuclear energy generation or allied technologies ought as soon as possible to be limited to a minimum and completely abandoned;

Amendment 18 #

Bas EICKHOUT

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 #

Derk Jan EPPINK

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 #

Derk Jan EPPINK

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 #

Bas EICKHOUT

Draft opinion
Paragraph 9 a (new)

9 a. Calls for boosting the EIB's resources and expertise for climate change adaptation.

Amendment 21 #

Derk Jan EPPINK

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 #

Kathleen VAN BREMPT

Draft opinion
Paragraph 1

Amendment 4 #

Pablo ZALBA BIDEGAIN

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 #

Kathleen VAN BREMPT

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 #

Ramon TREMOSA i BALCELLS

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; believes however that EIB should better evaluate on which projects to invest and their safety and risk profile, as the Castor Project in Spain which benefits from the project-bonds has created dozens of microseisms and may even have to close with millionaire losses.

Amendment 7 #

Derk Jan EPPINK

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 #

Bas EICKHOUT

Draft opinion
Paragraph 5

5. ECalls on the EIB to refrain from cooperation with financial intermediaries with a negative track record in terms of transparency, fraud, corruption and environmental and social impacts and 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 for the establishment of a stringent publicly available list of criteria for selection of financial intermediaries;

Amendment 9 #

Pablo ZALBA BIDEGAIN

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

2014/01/10 CONT 90 amendments...

Amendment 1 #

Jean-Pierre AUDY

Motion for a resolution
Recital A

A. whereas the EIB was set up by the Treaty of Rome ~~with the dual role of being the bank of the European Union as well as a policy-driven bank, with the aim of helping to realise the Union's priorities by~~and, under Article 309 TFEU, its task is to contribute, by having recourse to the capital market and utilising its own resources, to the balanced and steady development of the internal market in the interest of the Union. It select~~ing~~s, economically ~~valuable~~useful projects for investment by the EU;

Amendment 10 #

activities/0/committees	body: EP shadows: group: S&D name: KALFIN Ivailo group: ALDE name: GERBRANDY Gerben-Jan group: Verts/ALE name: STAES Bart group: ECR name: CZARNECKI Ryszard group: GUE/NGL name: SØNDERGAARD Søren Bo group: EFD name: VANHECKE Frank responsible: True committee: CONT date: 2013-08-07T00:00:00 committee_full: Budgetary Control rapporteur: group: PPE name: MARINESCU Marian-Jean body: EP responsible: False committee: ECON date: 2013-01-14T00:00:00 committee_full: Economic and Monetary Affairs rapporteur: group: S&D name: BERMAN Thijs
activities/0/date	Old 2014-03-11T00:00:00 New 2013-07-04T00:00:00
activities/0/docs	url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P7-TA-2014-0201 type: Decision by Parliament, 1st reading/single reading title: T7-0201/2014
activities/0/type	Old Decision by Parliament, 1st reading/single reading New Committee referral announced in Parliament, 1st reading/single reading
activities/1/committees/0/rapporteur/0/group	Old EPP New PPE
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activities/1/committees/0/shadows/4/mepref	Old 4de1888a0fb8127435bdc36a New 4f1adb84b819f207b30000cb
activities/1/committees/0/shadows/5/mepref	Old 4de189170fb8127435bdc41f New 4f1adc48b819f207b300010e
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activities/4/committees	body: EP shadows: group: S&D name: KALFIN Ivailo group: ALDE name: GERBRANDY Gerben-Jan group: Verts/ALE name: STAES Bart group: ECR name: CZARNECKI Ryszard group: GUE/NGL name: SØNDERGAARD Søren Bo group: EFD name: VANHECKE Frank responsible: True committee: CONT date: 2013-08-07T00:00:00 committee_full: Budgetary Control rapporteur: group: EPP name: MARINESCU Marian-Jean body: EP responsible: False committee: ECON date: 2013-01-14T00:00:00 committee_full: Economic and Monetary Affairs rapporteur: group: S&D name: BERMAN Thijs
activities/4/date	Old 2013-07-04T00:00:00 New 2014-03-11T00:00:00
activities/4/docs	url: http://www.europarl.europa.eu/oeil/popups/sda.do?id=24261&l=en type: Results of vote in Parliament title: Results of vote in Parliament url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P7-TA-2014-0201 type: Decision by Parliament, 1st reading/single reading title: T7-0201/2014
activities/4/type	Old Committee referral announced in Parliament, 1st reading/single reading New Results of vote in Parliament
committees/0/rapporteur/0/group	Old EPP New PPE
committees/0/rapporteur/0/mepref	Old 4de186d90fb8127435bdc0fd New 4f1ad96bb819f207b3000016
committees/0/shadows/0/mepref	Old 4de185fd0fb8127435bdbfc0 New 4f1ac966b819f25efd000133
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committees/1/rapporteur/0/mepref	Old 4de183580fb8127435bdbbf3 New 4f1ac65ab819f25efd000035
procedure/Modified legal basis	Rules of Procedure of the European Parliament EP 150
procedure/legal_basis/0	Old Rules of Procedure of the European Parliament EP 048 New Rules of Procedure of the European Parliament EP 052

activities/2/docs/0/text	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.
activities/3/docs	url: http://www.europarl.europa.eu/sides/getDoc.do?secondRef=TOC&language=EN&reference=20140310&type=CRE type: Debate in Parliament title: Debate in Parliament
activities/3/type	Old Debate in plenary scheduled New Debate in Parliament
activities/4/docs	url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P7-TA-2014-0201 type: Decision by Parliament, 1st reading/single reading title: T7-0201/2014
activities/4/type	Old Vote in plenary scheduled New Decision by Parliament, 1st reading/single reading
procedure/stage_reached	Old Awaiting Parliament 1st reading / single reading / budget 1st stage New Procedure completed

activities/2/docs	url: http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&mode=XML&reference=A7-2014-0137&language=EN type: Committee report tabled for plenary, single reading title: A7-0137/2014
activities/3/type	Old Indicative plenary sitting date, 1st reading/single reading New Debate in plenary scheduled
activities/4	date 2014-03-11T00:00:00 body EP type Vote in plenary scheduled

activities/2	date 2014-02-21T00:00:00 body EP type Committee report tabled for plenary, single reading
procedure/stage_reached	Old Awaiting committee decision New Awaiting Parliament 1st reading / single reading / budget 1st stage

activities/1	date 2013-11-18T00:00:00 docs url: http://www.europarl.europa.eu/sides/getDoc.do?type=COMPARL&mode=XML&language=EN&reference=PE521.743 type: Committee draft report title: PE521.743 body EP type Committee draft report
activities/2	date 2014-01-10T00:00:00 docs type: Amendments tabled in committee title: PE524.886 body EP type Amendments tabled in committee

activities/0/committees/0/shadows/1	group ALDE name GERBRANDY Gerben-Jan
activities/0/committees/0/shadows/3	group ECR name CZARNECKI Ryszard
committees/0/shadows/1	group ALDE name GERBRANDY Gerben-Jan
committees/0/shadows/3	group ECR name CZARNECKI Ryszard

activities/0/committees/0/shadows/3	group EFD name VANHECKE Frank
committees/0/shadows/3	group EFD name VANHECKE Frank

activities/0/committees/0/date	2013-08-07T00:00:00
activities/0/committees/0/rapporteur	group: EPP name: MARINESCU Marian-Jean
activities/0/committees/0/shadows	group: S&D name: KALFIN Ivailo group: Verts/ALE name: STAES Bart group: GUE/NGL name: SØNDERGAARD Søren Bo
committees/0/date	2013-08-07T00:00:00
committees/0/rapporteur	group: EPP name: MARINESCU Marian-Jean
committees/0/shadows	group: S&D name: KALFIN Ivailo group: Verts/ALE name: STAES Bart group: GUE/NGL name: SØNDERGAARD Søren Bo

activities/0/committees/1/date	2013-01-14T00:00:00
activities/0/committees/1/rapporteur	group: S&D name: BERMAN Thijs
committees/1/date	2013-01-14T00:00:00
committees/1/rapporteur	group: S&D name: BERMAN Thijs

activities	date: 2013-07-04T00:00:00 body: EP type: Committee referral announced in Parliament, 1st reading/single reading committees: body: EP responsible: True committee_full: Budgetary Control committee: CONT body: EP responsible: False committee_full: Economic and Monetary Affairs committee: ECON
committees	body: EP responsible: True committee_full: Budgetary Control committee: CONT body: EP responsible: False committee_full: Economic and Monetary Affairs committee: ECON
links
other	body: EC dg: url: http://ec.europa.eu/dgs/economy_finance/index_en.htm title: Economic and Financial Affairs commissioner: REHN Olli
procedure	dossier_of_the_committee CONT/7/13185 reference 2013/2131(INI) title European Investment Bank (EIB) - Annual report 2012 legal_basis Rules of Procedure of the European Parliament EP 048 stage_reached Awaiting committee decision subtype Annual report type INI - Own-initiative procedure subject 8.40.07 European Investment Bank

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