2014/2156(INI) | [ParlTrack]

Draft opinion
Paragraph 2 a (new)

2 a. Encourages an increased focus on social sustainability in the EIB's urban investment activities; acknowledges the improvement in EIB funding for social housing but emphasises the need to develop further research and activity on social sustainability in the context of sustainable urban regeneration;

Amendment 10 #

Draft opinion
Paragraph 19 a (new)

19 a. Notes that the Tripartite Agreement mentioned in Article 287 (3) of the Treaty on the Functioning of the EU governing cooperation between the Bank, the Commission and the Court of Auditors with respect to the modes for controls exercised by the Court on Bank's activity in managing Union and Member States' funds, is up for renewal in 2015. Calls upon the EIB to update the remit of the European Court of Auditors in this respect, by including any new facilities of the EIB involving public funds from the EU or the European Development Fund.

Amendment 2 #

Iris HOFFMANN

Draft opinion
Paragraph 3

3. Acknowledges the essential counter- cyclical and stabilising role of the EIB’s actions to support sound projects throughout the EU and beyond with an increased lending capacity up to EUR 75 billion, i.e. an increase of 37 % compared to 2012, and invites the EIB to further identify ~~and~~, obtain and apply additional sources of funding to fuel economic recovery and growth;

Amendment 3 #

Draft opinion
Paragraph 4 a (new)

4 a. Requests in this respect more information on the precise nature of individual projects funded directly and indirectly through the EIB's lending activities, and, in particular, on their added value and impact on economic growth, recovery, and employment;

Amendment 4 #

Draft opinion
Paragraph 5

5. Welcomes the decision to increase the EIF capital by EUR 1.5 billion, which should allow boosting of the fund’s activities at short term, in particular by unlocking and facilitating SMEs’ access to finance, but also requests to consequently adapt its risk-management system through an EIB Group risk mapping broken down by intervention policies; emphasises the importance of the EIB in facilitating partnerships for funding SME activity; points to an agreement between the Irish government and German bank KFW in 2014 to provide lending of €150 million to Irish businesses, developed in conjunction with the EIB, as a positive example of this system of lending;

Amendment 5 #

Draft opinion
Paragraph 6 a (new)

6 a. Notes that complaints from especially small businesses persist on the lack of access to funding originating in the EIB's external lending capacities, as well as funding supported by the EIF. Requests therefore an annual survey of how many SMEs, and in particular micro- enterprises, have benefited from these facilities and which measures the EIB has taken in respect of the policies of intermediaries used by the EIB to improve effective access to funding for SMEs;

Amendment 6 #

Draft opinion
Paragraph 8 a (new)

8 a. Highlights the importance of the EIB's role in developing educational infrastructure as a means of developing skills and tackling youth unemployment problems in Europe; welcomes increased EIB activity on developing educational facilities to address job shortages for young people;

Amendment 7 #

Iris HOFFMANN

Draft opinion
Paragraph 13

13. Acknowledges the need of civil society's participation to create prosperous and sustainable neighbouring regions through socio-economic development iniatives and private sector investment; Recalls the need to continuously support civil society’s components involved in democratic and economic transitions in Southern Mediterranean and Eastern partner countries, in line with the European Union’s foreign policy objectives defined by the Commission and the European External Action Service;

Amendment 8 #

Draft opinion
Paragraph 16 a (new)

16 a. Notes with concern that contrary to the commitments made under the IATI, the EIB is considering to change its rules on access to documents for stakeholders and citizens and make these more restrictive; Calls upon the EIB to ensure the full application of existing EU- legislation, and, in particular, Regulation (EC) No. 1049/2001, in respect of access to documents relating to its administrative tasks, whilst respecting the general principle of 'working as openly as possible' laid down in Article 15, paragraph 1, of the Treaty on the Functioning of the European Union to all tasks of the EIB;

Amendment 9 #

Draft opinion
Paragraph 16 a (new)

16 a. Proposes that regular structured dialogue between the President of the EIB and the European Parliament, similar to the quarterly monetary dialogue between the ECB and the European Parliament, is set up to ensure increased parliamentary oversight of the EIB's activities and to facilitate enhanced cooperation and coordination between the two institutions;

source: 541.600

2014/12/16 ECON 177 amendments...

Amendment 1 #

Dimitrios PAPADIMOULIS, Marisa MATIAS, Paloma LÓPEZ BERMEJO, Fabio DE MASI

Motion for a resolution
Citation 1 a (new)

- having regard to the 2013 Activity Report of the European Investment Bank,

Amendment 10 #

Motion for a resolution
Recital B

B. whereas the EIB should continue to play the essential role of catalyst for financing sound ~~public and privat~~and sustainable long-term investments, ~~while~~striking a balance between maintaining its high profile in terms of credibility in the capital markets, in order to access best funding conditions and satisfying as far as possible the requirement for investment in line with the needs of the real economy and society, so as to ensure compliance with the principles of social efficiency;

Amendment 100 #

Motion for a resolution
Paragraph 13

13. Insists that the evaluation to be carried out by the Commission in December 2014 take into account both the negative and positive impacts of ~~some~~ projects in the PBI Pilot Phase; ~~considers it regrettable that the EIB is supporting un~~stresses that the EIB should avoid economically non-viable and unon- sustainable infrastructure projects ~~which are neither climate-friendly nor address the needs and interest~~, and invest in those which bring tangible economic benefits, meet the needs of the peop~~ulation they are intended to serve~~le they serve and are climate-friendly;

Amendment 101 #

Motion for a resolution
Paragraph 13

13. Insists that the evaluation to be carried out by the Commission in December 2014 take into account the negative impact of some projects in the PBI Pilot Phase; considers it regrettable that the EIB is supporting some unviable and unsustainable infrastructure projects which are neither climate-friendly nor address the needs and interests of the population they are intended to serve;

Amendment 102 #

Siegfried MUREŞAN, Burkhard BALZ, Marian-Jean MARINESCU

Motion for a resolution
Paragraph 14

14. Regrets in particular the role played by the EIB and the Commission in the Castor project, which is funded in the framework of PBI, involving a risk assessment which did not take account of the risk of increased seismic activity associated with the injection of gas, despite the existence of studies clearly warning of the potential dangers8 ; urges the Commission and the EIB to take action in order to avoid Spain having to pay EUR 1 300 million in compensation over a disastrously assessed project; __________________ 8 See: Observatori de l’Ebre (CSIC, URLL). Evaluación de Impacto Ambiental (SGEA/SHG; Ref.: GAD/13/05) -‘Almacenamiento subterráneo de gas natural Amposta (Permiso Castor) Ttarragona); IAM 2109- 07 - Estudio elaborado por la Dirección General de Política Ambiental y Sostenibilidad del Departamento de Medio Ambienta y Vivienda de la Generalitat de Catalunya sobre el estudio de impacto ambiental del Proyecto de almacén subterráneo de gas natural Castor’; and Simone Cesca, Francesco Grigoli, Sebastian Heimann, Álvaro González, Elisa Buforn, Samira Maghsoudi, Estefania Blanch y Torsten Dahm (2014): ’The 2013 September– October seismic sequence offshore Spain: a case of seismicity triggered by gas injection?’, Geophysical Journal International, 198, 941–953.deleted

Amendment 103 #

Motion for a resolution
Paragraph 14

Amendment 104 #

Fulvio MARTUSCIELLO

Motion for a resolution
Paragraph 14

14. Regrets in particular the role played by the EIB and the Commission in the Castor project, which is funded in the framework of PBI, involving a risk assessment which did not take account of the risk of increased seismic activity associated with the injection of gas, despite the existence of studies clearly warning of the potential dangers8 ~~; urges the Commission and the EIB to take action in order to avoid Spain having to pay EUR 1 300 million in compensation over a disastrously assessed project~~; __________________ 8 See: Observatori de l’Ebre (CSIC, URLL). Evaluación de Impacto Ambiental (SGEA/SHG; ref.; GAD/13/05) - ‘Almacenamiento subterráneo de gas natural Amposta (Permiso Castor) Tarragona); IAM 2109-07 - Estudio elaborado por la Dirección General de Política Ambiental y Sostenibilidad del Departamento de Medio Ambienta y Vivienda de la Generalitat de Catalunya sobre el estudio de impacto ambiental del Proyecto de almacén subterráneo de gas natural Castor’; and Simone Cesca, Francesco Grigoli, Sebastian Heimann, Álvaro González, Elisa Buforn, Samira Maghsoudi, Estefania Blanch y Torsten Dahm (2014): ‘The 2013 September– October seismic sequence offshore Spain: a case of seismicity triggered by gas injection?’, Geophysical Journal International, 198, 941–953.

Amendment 105 #

Motion for a resolution
Paragraph 14

14. Regrets in particular the role played by the EIB and the Commission in the Castor project, which is funded in the framework of PBI, involving a risk assessment which did not take account of the risk of increased seismic activity associated with the injection of gas, despite the existence of studies clearly warning of the potential dangers8 ; urges the Commission and the EIB to take action in order to avoid Spain having to pay EUR 1 300 million in compensation over a disastrously assessed project; Asks the Commission to follow the recommendations of the European Ombudsman and investigate whether the Spanish Government decisions on Castor could be considered prohibited state aid; __________________ 8 See: Observatori de l’Ebre (CSIC, URLL). Evaluación de Impacto Ambiental (SGEA/SHG; Ref.: GAD/13/05) - ‘Almacenamiento subterráneo de gas natural Amposta (Permiso Castor) Ttarragona); IAM 2109-07 - Estudio elaborado por la Dirección General de Política Ambiental y Sostenibilidad del Departamento de Medio Ambienta y Vivienda de la Generalitat de Catalunya sobre el estudio de impacto ambiental del Proyecto de almacén subterráneo de gas natural Castor’; and Simone Cesca, Francesco Grigoli, Sebastian Heimann, Álvaro González, Elisa Buforn, Samira Maghsoudi, Estefania Blanch y Torsten Dahm (2014): ’The 2013 September– October seismic sequence offshore Spain: a case of seismicity triggered by gas injection?’, Geophysical Journal International, 198, 941–953.

Amendment 106 #

Motion for a resolution
Paragraph 14

14. Regrets ~~in particular~~ the role played by the EIB and the Commission in the Castor project, which is funded in the framework of PBI, involving a risk assessment which did not take account of the risk of increased seismic activity associated with the injection of gas, despite the existence of studies clearly warning of the potential dangers8 ; urges the Commission and the EIB to take action in order to avoid Spainish citizens having to pay EUR 1 300 million in compensation over a disastrously assessed project either through a higher deficit or raising energy costs that would have a negative impact on poverty; __________________ 8 See: Observatori de l’Ebre (CSIC, URLL). Evaluación de Impacto Ambiental (SGEA/SHG; Ref.: GAD/13/05) - ‘Almacenamiento subterráneo de gas natural Amposta (Permiso Castor) Ttarragona); IAM 2109-07 - Estudio elaborado por la Dirección General de Política Ambiental y Sostenibilidad del Departamento de Medio Ambienta y Vivienda de la Generalitat de Catalunya sobre el estudio de impacto ambiental del Proyecto de almacén subterráneo de gas natural Castor’; and Simone Cesca, Francesco Grigoli, Sebastian Heimann, Álvaro González, Elisa Buforn, Samira Maghsoudi, Estefania Blanch y Torsten Dahm (2014): ’The 2013 September– October seismic sequence offshore Spain: a case of seismicity triggered by gas injection?’, Geophysical Journal International, 198, 941–953.

Amendment 107 #

Siegfried MUREŞAN, Burkhard BALZ, Marian-Jean MARINESCU

Motion for a resolution
Paragraph 14 a (new)

14a. Regrets that the EIB financed the highway by-pass "Passante di Mestre", after the Italian authorities publicly announced the arrest of the CEO of its main subcontractor for fiscal fraud; in light of still on-going investigations by Italian authorities on the corruption scandal related to the construction and management of Passante di Mestre, calls on the EIB not to finance the Passante di Mestre project through the Project Bond Initiative or any other financial instrument, and to ensure that it implements its zero-tolerance to fraud policy when considering the use of project bonds;

Amendment 108 #

Motion for a resolution
Paragraph 14 a (new)

14a. Concludes that the enhancement of EIB financing instruments is no replacement for structural reforms, sound macroeconomic policies and fiscal consolidation;

Amendment 109 #

Motion for a resolution
Paragraph 14 a (new)

14a. Calls on the EIB to increase its risk- taking capacity by promoting lending towards those sectors of the economy which have the potential to generate growth and jobs but have difficulties in obtaining financing without proper guarantees;

Amendment 11 #

Motion for a resolution
Recital B a (new)

Ba. whereas there is a crucial need to ensure that the EIB keeps its triple A credit rating, in order to preserve its access to international capital markets under best funding conditions, with subsequent positive impacts on project life and for stakeholders;

Amendment 110 #

Motion for a resolution
Paragraph 15

15. Calls, therefore, for a comprehensive evaluation of the pilot projects on the basis of an inclusive and open consultation process; also calls on the Commission to submit, via the ordinary legislative procedure, a legislative proposal which will better frame the future project bond strategy, including an enhancement of the EIB performance indicators framework for quality investment, so as to identify and measure both the impact of the funded projects in terms of external costs and their social and environmental returns;

Amendment 111 #

Dimitrios PAPADIMOULIS, Marisa MATIAS, Paloma LÓPEZ BERMEJO, Fabio DE MASI, Miguel VIEGAS

Motion for a resolution
Paragraph 15

15. Calls~~, therefore,~~ for a comprehensive evaluation of the pilot projects on the basis of an inclusive and open consultation process; ~~also calls on the Commission to submit, via the ordinary legislat~~points out that the Project Bond Initiative is still only at the pilot stage and trusts that the Commission will give appro~~cedure, a legislative proposal which will better frame~~priate consideration to all evaluations of the first projects under the initiative before it finalises the details of the future project bond strategy, ~~including~~ and enhance~~ment of~~ the EIB performance indicators framework for quality investment, so as to identify and measure ~~both~~ the impact of the funded projects ~~in terms of external costs and their social and environmental returns~~as broadly as possible;

Amendment 112 #

Motion for a resolution
Paragraph 15

15. Calls, therefore, for a comprehensive evaluation of the pilot projects on the basis of an inclusive and open consultation process that will involve public, national and local bodies; highlights also the need for funded projects to be evaluated in terms of added value, the environment, productivity and jobs; also calls on the Commission to submit, via the ordinary legislative procedure, a legislative proposal which will better frame the future project bond strategy, including an enhancement of the EIB performance indicators framework for quality investment, so as to identify and measure both the impact of the funded projects in terms of external costs and their social and environmental returns;

Amendment 113 #

Fulvio MARTUSCIELLO

Motion for a resolution
Paragraph 15 – subparagraph 1 (new)

Stresses, moreover, its interest in the full implementation of the investment programmes the EIB intends to devote to the development of depressed geographical areas such as some parts of southern Italy, with reference to the instrument for urban development for the EU programming period 2014-2020 known as ‘JESSICA’ (an initiative of the Commission developed in collaboration with international financial institutions, including the EIB); in Italy, in particular, such investments are geared to the urban regeneration and energy efficiency of Sicily, Campania and Sardinia;

Amendment 114 #

Paloma LÓPEZ BERMEJO, Dimitrios PAPADIMOULIS, Fabio DE MASI, Miguel VIEGAS

Motion for a resolution
Paragraph 15 a (new)

15a. Is concerned by the potential generalization of Project Bond Initiatives as a means to reduce costs for private investment, either through lower interest rates or socialization of losses, rather than the more limited scope of providing support to investments of public interest where private investment can be shown to provide indispensable expertise or know- how that is not available to the public sector;

Amendment 115 #

Hugues BAYET, Ernest URTASUN

Motion for a resolution
Paragraph 15 a (new)

15a. Asks the EIB to evaluate and report in detail on the impacts on the real economy and results of its support to SMEs in Europe for the years 2010 - 2014;

Amendment 116 #

Motion for a resolution
Subheading 2 a (new)

Small and medium sized enterprises

Amendment 117 #

Hugues BAYET, Ernest URTASUN

Motion for a resolution
Paragraph 15 a (new)

15a. Welcomes the increased support for SMEs in the European Union which amounted to EUR 21.9 billion, thus providing access to financing for more than 230.000 SMEs;

Amendment 118 #

Motion for a resolution
Paragraph 15 b (new)

15b. Notes the launching of the "Skills and jobs - Investing for Youth" initiative and asks the EIB to report on the implementation of this initiative;

Amendment 119 #

Siegfried MUREŞAN, Burkhard BALZ, Marian-Jean MARINESCU

Motion for a resolution
Paragraph 15 b (new)

15b. Calls on the EIB to further increase its lending capacities to SMEs; stresses the importance of strengthening other EIB instruments, such as the European Progress Microfinance Facility;

Amendment 12 #

Motion for a resolution
Recital B a (new)

Ba. whereas EIB investment provides extremely valuable assistance for SMEs in Member States such as Greece that are in the throes of structural and financial adjustment;

Amendment 120 #

Motion for a resolution
Subheading 2 b (new)

Infrastructure

Amendment 121 #

Motion for a resolution
Paragraph 15 c (new)

15c. Stresses that investment in large infrastructure projects is key to improving competitiveness and restoring growth and jobs in Europe; calls therefore on deployment of EIB financing towards the areas mostly affected by high unemployment; points out that EIB financing should focus primarily to those countries which lag behind in terms of infrastructure quality and development;

Amendment 122 #

Motion for a resolution
Subheading 2 c (new)

Research and innovation

Amendment 123 #

Siegfried MUREŞAN, Burkhard BALZ, Marian-Jean MARINESCU

Motion for a resolution
Paragraph 15 d (new)

15d. Welcomes the launch of the first Growth Financing Initiative (GFI) operations that aim at developing the mid- cap client group; stresses the importance of adequate financing for innovative start- ups;

Amendment 124 #

Motion for a resolution
Paragraph 15 e (new)

15e. Calls on the EIB to further extend lending capacities towards innovative start-ups and SMEs;

Amendment 125 #

Motion for a resolution
Paragraph 16

16. ~~Urges~~Calls on the EIB to ~~fully implement its new~~ensure a proper implementation of its energy lending criteria and to p~~ublic~~eriodically report on their implementation;

Amendment 126 #

Motion for a resolution
Paragraph 16 a (new)

16a. Hopes that the EIB energy policy will be concretely supported by its Emissions Performance Standard, 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 EIB to keep the Emissions Performance Standard under review and to apply stricter commitments;

Amendment 127 #

Motion for a resolution
Paragraph 17

17. Calls on the EIB to step up its investment efforts with view to reducing significantly its carbon footprint, and to work on policies leading to more ambitious climate targets; requests that the EIB perform a climate assessment and review of all its activities in 2015, with a view to a renewed climate protection policy;deleted

Amendment 128 #

Motion for a resolution
Paragraph 17

Amendment 129 #

Paloma LÓPEZ BERMEJO, Dimitrios PAPADIMOULIS, Fabio DE MASI, Miguel VIEGAS

Motion for a resolution
Paragraph 17

17. Calls on the EIB to step up its investment efforts with view to reducing significantly its carbon footprint, and to work on policies ~~leading to more ambitiou~~which will help the Union reach its climate targets; requests that the EIB perform a climate assessment and review of all its activities in 2015, w~~ith a view~~hich may lead to a renewed climate protection policy;

Amendment 13 #

Motion for a resolution
Recital C

C. whereas ~~particular efforts should be made to expand jo~~we recognize the root cause of the fall int in~~terventions (combining EIF or other guarantee tools) for financing SMEs or tangible and intangible sustainable infra~~vestment and credit is due to the combined effect of reduced public spending and private over-indebtedness, as well as an oligopolistic banking structures;

Amendment 130 #

Motion for a resolution
Paragraph 17

17. Calls on the EIB to step up its investment efforts with a view to reducing significantly its carbon footprint, and to work on ~~policies leading to more ambitious~~realistic and ambitious policies in connection with climate targets; requests that the EIB perform a climate assessment and review of all its activities in 2015, with a view to a renewed climate protection policy;

Amendment 131 #

Motion for a resolution
Paragraph 17

Amendment 132 #

Motion for a resolution
Paragraph 18

18. Welcomes the EIB’s first steps towards a shift to renewable energy and the reduction of lending to the coal sector; points out that this shift should be done in a way that takes into account the different degrees of development of the Member States' economies; calls for the rectification of regional imbalances in renewable energy lending and for more attention to be paid in the future to smaller- scale, off-grid decentralised renewable energy projects involving citizens and communities;

Amendment 133 #

Motion for a resolution
Paragraph 18

18. Welcomes the EIB’s first steps towards a shift to renewable energy and the reduction of lending to the coal sector; calls for the rectification of regional imbalances in renewable energy lending, particularly with a view to supporting projects in member states which are reliant on non-renewable energy sources, and for more attention to be paid in the future to smaller-scale, off- grid decentralised renewable energy projects involving citizens and communities;

Amendment 134 #

Motion for a resolution
Paragraph 18

18. Welcomes the EIB’s first steps towards a shift to renewable energy ~~and the reduction of lending to the coal sector~~; calls for the rectification of regional imbalances in renewable energy lending and for more attention to be paid in the future to smaller- scale, off-grid decentralised renewable energy projects involving citizens and communities;

Amendment 135 #

Motion for a resolution
Paragraph 18

18. Welcomes the EIB’s first steps towards a shift to renewable energy ~~and the reduction of lending to the coal sector~~; calls for support to be given to indigenous energy sources in order to overcome Europe’s high level of external energy dependency and ensure security of supply; calls for the rectification of regional imbalances in renewable energy lending and for more attention to be paid in the future to smaller- scale, off-grid decentralised renewable energy projects involving citizens and communities;

Amendment 136 #

Motion for a resolution
Paragraph 18

18. Welcomes ~~the EIB’s first steps towards a shift to renewable energy and the reduction~~all the steps taken by the EIB towards projects aimed at securing competitive and safe energy supply; stresses the importance of lefunding ~~to the coal sector~~for energy efficiency, renewable energy, energy networks and related research and innovation; calls for the rectification of regional imbalances in rene~~wable energy le~~rgy efficiency project funding and for more attention to be paid in the future to smaller-scale, off- grid decentralised renewable energy projects involving citizens and communities;

Amendment 137 #

Motion for a resolution
Paragraph 19

19. Calls on the EIB to ~~significantly~~ increase its lending volume to energy efficiency projects in all sectors, notably where relating to process optimisation, SMEs, buildings and the urban environment;

Amendment 138 #

Motion for a resolution
Paragraph 19

19. Calls on the EIB to significantly increase its lending volume to energy efficiency projects in all sectors, notably where relating to process optimisation, SMEs, buildings and the urban environment; calls the EIB to support more projects especially in countries in economic difficulty in Europe;

Amendment 139 #

Angel DZHAMBAZKI

Motion for a resolution
Paragraph 19

19. Calls on the EIB to significantly increase its lending volume to energy efficiency projects in all sectors, notably where relating to process optimisation, SMEs, buildings and the urban environment, and to award priority to very deprived areas, in line with cohesion policy;

Amendment 14 #

Motion for a resolution
Recital C

C. whereas ~~particular efforts should be made to expand joint interventions (combin~~the EIB's 2013 report on Investment and Investment Finance ing E~~IF or other guarantee tools) for financing SMEs or tangible an~~urope emphasises, with regard to SME financing, that a more diversified fintan~~gible sustainable infrastructure~~cial market would reduce the likelihood of borrowing constraints;

Amendment 140 #

Motion for a resolution
Paragraph 20

~~20. Urges the EIB to present a comprehensive plan for phasing out its lending to non-renewable energy projects and its currently excessive support for large-scale gas infrastructures;~~deleted

Amendment 141 #

Motion for a resolution
Paragraph 20

~~20. Urges the EIB to present a comprehensive plan for phasing out its lending to non-renewable energy projects and its currently excessive support for large-scale gas infrastructures;~~deleted

Amendment 142 #

Motion for a resolution
Paragraph 20

~~20. Urges the EIB to present a comprehensive plan for phasing out its lending to non-renewable energy projects and its currently excessive support for large-scale gas infrastructures;~~deleted

Amendment 143 #

Motion for a resolution
Paragraph 20

~~20. Urges the EIB to present a comprehensive plan for phasing out its lending to non-renewable energy projects and its currently excessive support for large-scale gas infrastructures;~~deleted

Amendment 144 #

Motion for a resolution
Paragraph 20

20. Urges the EIB to present a comprehensive ~~plan for phasing out~~evaluation of its lending to non-renewable energy projects and its ~~currently excessive~~ support for large-scale gas infrastructures;

Amendment 145 #

Motion for a resolution
Paragraph 20

20. Urges the EIB to present a comprehensive plan for phasing out its lending to ~~non-renewable energy projects and its currently excessive support for large-scale gas infrastructures~~projects which do not contribute either to reducing external energy dependency or ensuring security of supply;

Amendment 146 #

Motion for a resolution
Paragraph 20 a (new)

20a. In the context of the EIBs "climate review", calls on the EIB to mainstream both climate change mitigation and adaptation objectives in all EIB activities. Calls for boosting the EIB's resources and expertise for climate change adaptation and mitigation;

Amendment 147 #

Motion for a resolution
Paragraph 21

21. Calls on the EIB to monitor more closely the implementation of projects in cooperation with Member States, in order to ensure greater efficiency and sound management of the allocated resources and to improve the monitoring and evaluation thereof;

Amendment 148 #

Motion for a resolution
Paragraph 21 a (new)

21a. Points out that the geographical distribution of the financing provided by the EIB reveals significant discrepancies between lending to various Member States; calls therefore on the EIB to assess the reasons for such discrepancies and to ensure that financial institutions in all Member States are fully capable of managing and implementing EIB programmes; furthermore calls on specific information campaigns in all Member States with the aim to raise awareness about EIB specific programmes; furthermore calls on a stronger cooperation between the EIB and national authorities in order to address the bottlenecks that hinder the signing and implementation of EIB projects;

Amendment 149 #

Motion for a resolution
Paragraph 21 a (new)

21a. Recalls that Council and the European Parliament agreed that the time was ripe to study the rationalization of system of European public financial institutions (2011/0014 (COD) recital 8);

Amendment 15 #

Motion for a resolution
Recital C

C. whereas particular efforts should be made to expand joint interventions (combining EIF or other guarantee tools) for financing SMEs oreducing fragmentation on interest rates inside the single market as well as tangible and intangible sustainable infrastructures;

Amendment 150 #

Motion for a resolution
Paragraph 21 b (new)

21b. Recalls that it was agreed that[1]the Governor of the EBRD for the Union shall ensure report annually to the EP on the use of capital, on measures to ensure transparency on how the EBRD has contributed to the Union's objectives, on risk taking, and on cooperation between the EIB and the EBRD outside the Union. Regrets the Governor as well as the Commission has not been pro-active regarding the implementation of this legal provision (2011/0014 (COD) article 3);

Amendment 151 #

Motion for a resolution
Paragraph 22

22. Urges the EIB to improve the independence and effectiveness of its Complaint Mechanism Office; calls on the EIB Management Committee to take on board the recommendations of that office; calls on the EIB to act on the opinions of the European Ombudsman and to practise greater cooperation ~~in order to avoid situations like the inquiry into complaint 178/2014/AN against the European Investment Bank9~~ ; __________________ 9 Decision of the European Ombudsman closing the inquiry into complaint 178/2014/AN against the European Investment Bank - http://www.ombudsman.europa.eu/cases/de cision.faces/en/58171/html.bookmark

Amendment 152 #

Motion for a resolution
Paragraph 22 a (new)

22a. Believes that there are still considerable margins for manoeuvre for improving transparency, assessing the economic and social impact of the loans and the effectiveness in the implementation of due diligence; reiterates its demand to the Bank to provide details on its approach to accelerate measures addressing these issues and 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 made publicly available;

Amendment 153 #

Motion for a resolution
Paragraph 23

23. ~~Stresses that~~Welcomes the ongoing transparency policy review ~~represents a unique chance to end the EIB’s culture of sec~~as well as other initiatives taken in order to improve transparency~~, and urges~~; calls on the EIB to operate on the basis of the ‘presumption of disclosure’ rather than the ’presumption of confidentiality’, since this will considerably reduce the list of disclosure exemptions;

Amendment 154 #

Dimitrios PAPADIMOULIS, Marisa MATIAS, Paloma LÓPEZ BERMEJO, Fabio DE MASI, Miguel VIEGAS

Motion for a resolution
Paragraph 23 a (new)

23a. Draws attention to the fact that the EIB is required to make sure that its transparency policy is consistent with the provisions of Regulation (EC) No 1049/2001 on public access to European Parliament, Council and Commission documents;

Amendment 155 #

Motion for a resolution
Paragraph 23 a (new)

23a. Calls on the EIB to take all necessary measures to ensure the utmost reliability of financial intermediaries, to enhance transparency in its lending and publish information on the amounts disbursed, the recipients of these funds, the regions and sectors to which they were allocated and the environmental, social and macroeconomic impact of these loans;

Amendment 156 #

Dimitrios PAPADIMOULIS, Marisa MATIAS, Paloma LÓPEZ BERMEJO, Fabio DE MASI, Miguel VIEGAS

Motion for a resolution
Paragraph 24

24. Calls on the EIB to refrain from cooperation with financial intermediaries having a negative track record in terms of transparency, fraud, corruption or environmental and social impacts or with no substantial local ownership; highlights the need for more comprehensive transparency regarding global loans, since the current very limited disclosure possibilities do not permit rigorous scrutiny of the impact of this type of indirect lending;

Amendment 157 #

Anneliese DODDS

Motion for a resolution
Paragraph 24

24. Calls on the EIB to refrain from cooperation with financial intermediaries having a negative track record in terms of transparency, tax evasion or aggressive tax avoidance practices, fraud, corruption or environmental and social impacts or with no substantial local ownership; highlights the need for more comprehensive transparency regarding global loans, since the current very limited disclosure possibilities do not permit rigorous scrutiny of the impact of this type of indirect lending;

Amendment 158 #

Motion for a resolution
Paragraph 24 a (new)

24a. Reminds the EIB that it has a duty, in all its financial transactions, to implement mechanisms to safeguard European environmental, labour, social, human rights, transparency and public procurement standards;

Amendment 159 #

Motion for a resolution
Paragraph 25

25. Urges the EIB ~~not to cooperate with entities operating out of secrecy~~to prioritise cooperation with jurisdictions ‘not characterised ~~notably by no or nominal taxes, a lack of~~by secrecy; warns against cooperating with jurisdictions not having effective exchange of information with ~~foreign~~ tax authorities ~~and~~or characterised by a lack of transparency in legislative, legal or administrative provisions~~, or as identified by the Organisation for Economic Cooperation and Development or the Finan~~; 2011/0014(COD), recital ~~Action Task Force’10; __________________ 10~~13

Amendment 16 #

Motion for a resolution
Recital C a (new)

Ca. whereas SMEs are the backbone of the European economy and their adequate financing is the main driver to the economic recovery and job creation in the EU;

Amendment 160 #

Motion for a resolution
Paragraph 25 a (new)

25a. Urges the Conference of Presidents to make a proposal for a single committee approach, with view to ensuring a permanently high level of accountability of the EIB towards the EP and civil society;

Amendment 161 #

Dimitrios PAPADIMOULIS, Marisa MATIAS, Paloma LÓPEZ BERMEJO, Fabio DE MASI, Miguel VIEGAS

Motion for a resolution
Paragraph 25 a (new)

25a. Encourages the EIB to make both direct funding and funding via intermediaries contingent upon the disclosure of both country-by-country tax relevant data along the lines of the CRD IV provision for credit institutions, as well as disclosure of beneficial ownership information. To this end, calls on the EIB to establish a new Responsible Taxation policy, starting from the review of its policy on Non-cooperative jurisdictions (NCJ policy) in 2015;

Amendment 162 #

Motion for a resolution
Paragraph 25 a (new)

25 a. Expresses its concern about the lack of transparency regarding the way ‘global loans’ are allocated and monitored in terms of tax governance; recalls that the EIB should ensure that recipients of loans do not evade taxes by availing themselves of tax havens or use other harmful tax practices such as ‘tax rulings' and abusive transfer pricing;

Amendment 163 #

Motion for a resolution
Paragraph 25 b (new)

25b. Urges the EIB to take a leading and exemplary role on issues of tax transparency and responsibility; calls in particular the EIB to collect precise data on the tax payments resulting from its investment and lending operations, especially on taxation of corporate profits and particularly in developing countries, and to analyse and publish this data annually;

Amendment 164 #

Motion for a resolution
Paragraph 27

27. Regrets the fact that in the context of the most recent scandal involving Glencore, the EIB is refusing to publish the findings of its internal inquiry; also regrets the fact that the 2013 aid transparency index11 shows that the EIB fares poorly on transparency and accountability; __________________ 11 http://newati.publishwhatyoufund.org/201 3/index-2013/results/deleted

Amendment 165 #

Bernard MONOT

Motion for a resolution
Paragraph 27

27. Regrets the fact that in the context of the most recent scandal involving Glencore, the EIB is refusing to publish the findings of its internal inquiry; urges the EIB, wherever possible, not to grant loans for projects carried out with the direct involvement of multinationals whose profit levels would enable them to cover the expenditure in question without any external assistance; also regrets the fact that the 2013 aid transparency index11 shows that the EIB fares poorly on transparency and accountability; __________________ 11 http://newati.publishwhatyoufund.org/2013 /index-2013/results/

Amendment 166 #

Motion for a resolution
Paragraph 27 a (new)

27a. Notes with attention the recommendations of the European Ombudsman in the complaint 349/2014/OV1 for the EIB to reconsider its refusal to grant access to its investigation report into tax evasion allegations of Glencore in relation to the financing of the Mopani copper mine in Zambia. Asks the EIB to follow the recommendations of the European Ombudsman; __________________ 1 http://www.ombudsman.europa.eu/cases/dr aftrecommendation.faces/en/58471/html.bo okmark

Amendment 167 #

Motion for a resolution
Paragraph 27 b (new)

27b. Regrets the lack of diversity in the management committee, the board of governors and the board of directors of the EIB, in particular with regard to gender; calls upon the EIB to implement the spirit of the Capital Requirements Directive, which obliges banks -in the article 88 paragraph 2- to "decide on a target for the representation of the underrepresented gender in the management body and prepare a policy on how to increase the number of the underrepresented gender in the management body in order to meet that target. The target, policy and its implementation shall be made public";

Amendment 168 #

Motion for a resolution
Paragraph 28

28. Recalls that the external policy of the EIB, and in particular the regional technical operational guidelines, should be consistent with the external action goals of the UE as defined in Article 21 TEU; ~~calls for full respect of the legislation, and in particular the environmental and social standards, of the beneficiary countries;~~

Amendment 169 #

Motion for a resolution
Paragraph 28

28. Recalls that the external policy of the EIB, and in particular the regional technical operational guidelines, should be consistent with the external action goals of the UE as defined in Article 21 TEU; calls for full respect of the legislation~~, and in particular the environmental and social standards,~~ of the beneficiary countries;

Amendment 17 #

Motion for a resolution
Recital C a (new)

Ca. whereas the EIB should continue to fulfil its mandate for the financing of projects part of the EU external actions respecting high social and environmental standards;

Amendment 170 #

Motion for a resolution
Paragraph 28 a (new)

28a. Calls on the EIB, in the light of the current geopolitical developments in the region, to assess the possibility of increasing external financing towards EU's Eastern neighbourhood within the current mandate;

Amendment 171 #

Motion for a resolution
Paragraph 28 a (new)

28a. Welcomes that the EIB signed the International Aid Transparency Initiative (IATI) and started disclosing information in this framework about its lending outside of the European Union;

Amendment 172 #

Motion for a resolution
Paragraph 28 b (new)

28b. Calls the EIB to take into account the conclusions of the G-20 meeting in Pittsburgh and present by 2015 a road map and timeline to phase out by 2016 environmentally or economically harmful subsidies, including for fossil fuels, and prevent from financing projects which could have a negative impact to foster this goal, in supporting climate change mitigation projects in eligible third countries;

Amendment 173 #

Marco ZANNI, Marco VALLI

Motion for a resolution
Paragraph 30 – subparagraph 1 (new)

Calls for a revision of the EIB’s External Mandate so that available resources can be increasingly concentrated inside the European Union;

Amendment 174 #

Motion for a resolution
Paragraph 30 a (new)

30a. Recalls previous demands from the European Parliament requesting that the European Court of Auditors produce a special report on the performance and alignment of EIB external lending activities with EU policies before the mid- term review of the EIB's external mandate in 2016, asks to be included in this report the added value in relation to the use EIB own resources;

Amendment 175 #

Motion for a resolution
Paragraph 30 a (new)

30a. Calls on the EIB to report to ensure a substantive follow up of the European Parliament annual reports;

Amendment 176 #

Motion for a resolution
Paragraph 30 b (new)

30b. Asks also the European Court of Auditors to include in its analysis the management by the EIB of EU-budget derived funds in the context of the investment facility via the European Development Fund and through the various forms of blending via EU blending facilities, and the usage of reflows for these investments;

Amendment 177 #

Sander LOONES, Bernd LUCKE

Motion for a resolution
Paragraph 31 a (new)

31a. Urges the Conference of Presidents to make a proposal for a single committee approach, with view to ensuring a permanently high level of accountability of the EIB towards the EP and civil society. Calls for the EIB and the EP to set up a platform for dialogue between the EIB and the relevant EP Committees; asks on this basis for the EIB to come to the European Parliament to report and discuss on EIB progress and activities on a quarterly basis;

Amendment 18 #

Motion for a resolution
Recital C a (new)

Ca. whereas the selection for investments by the EIB should be made independently and on the basis of their viability, added value and impact on economic recovery;

Amendment 19 #

Motion for a resolution
Recital C a (new)

Ca. whereas the EIB should evolve towards the development bank model in the context of improved macroeconomic coordination with the Member States;

Amendment 2 #

Motion for a resolution
Citation 13 a (new)

- having regard to the Commission Communication on An Investment Plan for Europe (COM(2014) 903) of 26 November 2014,

Amendment 20 #

Motion for a resolution
Recital C a (new)

Ca. whereas, in view of the crisis, ECB financing remains essential at a time when southern European banks still have reduced access to alternative sources of financing;

Amendment 21 #

Motion for a resolution
Recital C b (new)

Cb. whereas the EIB should be not only a financial institution but also a bank of knowledge and good practice;

Amendment 22 #

Motion for a resolution
Subheading -1 (new)

whereas the positive interest rate policy of the ECB has approached certain limits and no further easing is expected;

Amendment 23 #

Motion for a resolution
Recital C c (new)

Cc. whereas the EIB should strengthen its capacity for macroeconomic analysis and the establishment and evaluation of measurable impact indicators;

Amendment 24 #

Motion for a resolution
Recital C b (new)

Cb. whereas the relatively small and highly concentrated European Union securitisation market, providing limited SME loan securitisation, has shrunk still further as a result of the crisis;

Amendment 25 #

Motion for a resolution
Paragraph -1 a (new)

-1 a. Welcomes the successful implementation of the capital increase of the EIB which took place in 2013 and contributed to the significant boost of the Bank's activities;

Amendment 26 #

Motion for a resolution
Paragraph -1 (new)

-1. Welcomes the EIB Annual Report 2013 and the increase of the Group's financing activities by 37% to EUR 75.1 billion; views this development as an adequate answer to the macroeconomic conditions in the European Union;

Amendment 27 #

Motion for a resolution
Paragraph 1

1. ~~Is deeply~~Nevertheless, is concerned at the current situation of economic stalling in the EU, and in particular the significant decline in public and private investment– around 18 % below 2007 levels – and by the staggering 35 % drop in lending to SMEs between 2008 and 2013; underlines that such a decline represents a massive hurdle for a sustainable recovery as well as for genuine progress towards the EU 2020 objectives;

Amendment 28 #

Dimitrios PAPADIMOULIS, Marisa MATIAS, Paloma LÓPEZ BERMEJO, Fabio DE MASI, Miguel VIEGAS

Motion for a resolution
Paragraph 1

1. ~~Is deeply concerned at the current situation of economic stalling in the EU, and in particular the significant decline in public and private investment– around 18 % below~~Notes that economic recovery in the EU has considerably slowed down in the course of 2014 with a prospect to catch up again in 2015 and even more in 2016 ; notes that since the peak of the crisis in 2007 the level~~s – and by the staggering 35 % drop in lending to SMEs between 2008 and 2013~~ of investment has fallen by about EUR 430 billion ; underlines that such a decline represents a ~~massive~~ hurdle for a sustainable recovery as well as for genuine progress towards the EU 2020 objectives;

Amendment 29 #

Motion for a resolution
Paragraph 1

1. Is deeply concerned at the current situation of economic stalling in the EU, and in particular the significant decline in public and private investment– around 18 % below 2007 levels – and by the staggering 35 % drop in lending to SMEs between 2008 and 2013; underlines that such a decline represents a massive hurdle for a sustainable recovery as well as for genuine social progres~~s towards the EU 2020 objective~~s;

Amendment 3 #

Motion for a resolution
Citation 14

~~– having regard to the capital increase of the European Bank for Reconstruction and Development (EBRD), notably in relation to the question of relations between the EIB and the EBRD,~~(Does not affect English version.)

Amendment 30 #

Dimitrios PAPADIMOULIS, Marisa MATIAS, Paloma LÓPEZ BERMEJO, Fabio DE MASI, Miguel VIEGAS

Motion for a resolution
Paragraph 1 a (new)

1a. Stresses the need for more efficient allocation of SME funding, while facilitating risk sharing by banks with a broad spectrum of private investors for the provision of such funding;

Amendment 31 #

Motion for a resolution
Paragraph 2

2. Points out, in that perspective, that national projections demonstrate that nearly half of all Member States will not achieve their national targets on education schemes and greenhouse gas reductions by 2020 and that trends regarding employment and poverty reduction are even worse~~, moving away rather than towards the national EU 2020 target~~; calls for economic reinvigoration and an end to austerity policies in all Member States;

Amendment 32 #

Dimitrios PAPADIMOULIS, Marisa MATIAS, Paloma LÓPEZ BERMEJO, Fabio DE MASI, Miguel VIEGAS

Motion for a resolution
Paragraph 2

2. Points out, in that perspective, that national projections demonstrate that nearly half of all Member States will not achieve their national targets on education schemes and greenhouse gas reductions by 2020 and that trends regarding employment and poverty reduction are even worse, moving away rather than towards the national EU 2020 targets; and the 2030 climate and energy package;

Amendment 33 #

Motion for a resolution
Paragraph 2 a (new)

2a. Points out that austerity measures, neo-liberal structural reforms and budget cuts in many Member States, in particular those under the supervision of the Troika, have led to a historically low level of private investment following a dramatic reduction in purchasing power and flagging demand, accompanied by a widening income divide and worsening poverty;

Amendment 34 #

Dimitrios PAPADIMOULIS, Marisa MATIAS, Paloma LÓPEZ BERMEJO, Fabio DE MASI, Miguel VIEGAS

Motion for a resolution
Paragraph 3

Amendment 35 #

Motion for a resolution
Paragraph 3

3. Welcomes in that context the acknowledgment of the new President of the Commission that bold and urgent action is required to revitalise the EU economy including, inter alia, an EU investment plan of at least EUR 300 billion over the next three yearslaunch of an Investment Plan for Europe that aims to revitalise the EU economy through the mobilisation of EUR 315 billion over the next three years; draws the attention that the implementation of the Investment Plan will require additional human resources for the EIB, in order to fulfil its mandate;

Amendment 36 #

Motion for a resolution
Paragraph 3

3. ~~Welcomes in that context the acknowledgment of the new President of the Commission that bold and urgent action is required to revitalise the EU economy including, inter alia, an EU i~~Takes note of the communication from de Commission on an Investment pPlan ~~of at least EUR 300 billion over the next three years~~for Europe;

Amendment 37 #

Motion for a resolution
Paragraph 3

3. ~~Welcom~~Notes in that context the ~~acknowledgment~~call of the new President of the Commission ~~that~~for bold and urgent action ~~is required~~ to revitalise the EU economy including, inter alia, an EU investment plan of at least EUR 300 billion over the next three years;

Amendment 38 #

Motion for a resolution
Paragraph 3

Amendment 39 #

Bernard MONOT

Motion for a resolution
Paragraph 3 a (new)

3a. Notes, however, the implausibility of the ratio of 1:15 put forward by the Commission as the multiplier effect between contributions in kind and guarantees from the EU budget and the total amount of the investment programme of more than EUR 300 billion presented on 26 November 2014;

Amendment 4 #

Dimitrios PAPADIMOULIS, Marisa MATIAS, Paloma LÓPEZ BERMEJO, Fabio DE MASI, Miguel VIEGAS

Motion for a resolution
Recital A

A. whereas all possible resources from the Member States and the EU, including those of the EIB, need to be efficiently mobilised without delay to sustain public and private investments in ~~line with~~order to re-establish economic growth and boost employment in Europe taking into account the objectives set out in the EU 2020 Strategy for smart, sustainable and inclusive growth;

Amendment 40 #

Motion for a resolution
Paragraph 3 a (new)

3a. Strongly criticises President Juncker’s investment plan which involves recycling existing funds and seeks to leverage private capital in a ratio of 1:15 in an economic climate characterised by recession and deflation; notes that it does not constitute a reliable investment programme in which new funds support targeted measures and public and productive investments contributing to social progress, the creation of full employment, a reduction in unemployment, the strengthening of quality public services and environmental sustainability;

Amendment 41 #

Motion for a resolution
Paragraph 3 a (new)

3 a. Expects the Commission’s investment plan particularly to benefit Member States in crisis, but private investors must be fully informed and the investment funding risk must be shared;

Amendment 42 #

Paloma LÓPEZ BERMEJO, Dimitrios PAPADIMOULIS, Fabio DE MASI, Miguel VIEGAS

Motion for a resolution
Paragraph 4

Amendment 43 #

Motion for a resolution
Paragraph 4

4. Takes note in that context of the establishment of a Task Force, led by the Commission and the European Investment Bank, with a view to identifying concrete actions to boost investment, including a pipeline of potentially viable projects of European relevance to be realised in the short and medium term; emphasises that this Task Force should explicitly identify hurdles and remedies for increasing investments and; emphasises that this Task Force should not act as in intermediary to subsidise private investment with public guarantees, but actively seek the involvement of Parliament, social partners and CSOs in the development of public investment projects;

Amendment 44 #

Motion for a resolution
Paragraph 4

4. Takes note in that context of the establishment of a Task Force, led by the Commission and the European Investment Bank, ~~with a view to identifying concrete actions to boost investm~~looks forward to the proposals to be adopted under the ordinary legislative procedure that the Commission will present, including a pipeline of potentially viable projects of European relevance to be realised in the short and medium term; emphasises that this Task Force should explicitly identify hurdles and remedies for increasing investments and actively seek the involvement of Parliament, social partners and CSOs January for establishing the European Fund for Strategic Investments (EFSI); underlines the need for specifying in such legislative proposal a high quality governance and selection process as well as a democratically accountable monitoring and evaluation framework underpinning the fund;

Amendment 45 #

Miguel VIEGAS

Motion for a resolution
Paragraph 4

4. Takes note once again in that context of the deeply antidemocratic nature of this process, with the establishment of a Task Force, led by the Commission and the European Investment Bank, leaving aside the European Parliament and the Member States, with a view to identifying concrete actions to boost investment, including a pipeline of potentially viable projects of European relevance to be realised in the short and medium term; emphasises that th~~is Task Force should~~e Member States should be able to explicitly identify hurdles and remedies for increasing investments and actively seek the involvement of Parliament, social partners and CSOs;

Amendment 46 #

Neena GILL

Motion for a resolution
Paragraph 4

4. Takes note in that context of the establishment of a Task Force, led by the Commission and the European Investment Bank, with a view to identifying concrete actions to boost investment, including a pipeline of potentially viable projects of European relevance to be realised in the short and medium term; however, with the aim of making EU economy less dependent on bank finance, this task force needs to focus on projects that do not easily qualify for finance by banks, and should also consider the practice of overreliance on AAA-rating by the EIB; emphasises that this Task Force should explicitly identify hurdles and remedies for increasing investments and actively seek the involvement of Parliament, social partners and CSOs;

Amendment 47 #

Anneliese DODDS

Motion for a resolution
Paragraph 4

4. Takes note in that context of the establishment of a Task Force, led by the Commission and the European Investment Bank, with a view to identifying concrete actions to boost investment, including a pipeline of potentially viable projects of European relevance to be realised in the short and medium term; emphasises that this Task Force should explicitly identify hurdles and remedies for increasing investments and actively seek the involvement of Parliament, social partners and CSOs, and should be as transparent as possible in setting out the criteria that it will use to determine the projects that will be deemed suitable for inclusion in the pipeline;

Amendment 48 #

Motion for a resolution
Paragraph 4

4. Takes note in that context of the establishment of a Task Force, led by the Commission and the European Investment Bank, with a view to identifying concrete actions to boost investment, including a pipeline of potentially viable projects of European relevance to be realised in the short and medium term; emphasises that this Task Force should explicitly identify hurdles and remedies for increasing investments and actively seek the involvement of Parliament, social partners and CSOs; believes that TEN-T projects in Energy and Transport should be prioritized, as well as other projects with an European added value and a positive cost-benefit analysis;

Amendment 49 #

Dimitrios PAPADIMOULIS, Marisa MATIAS, Paloma LÓPEZ BERMEJO, Fabio DE MASI, Miguel VIEGAS

Motion for a resolution
Paragraph 4

4. Takes note in that context of the establishment of a Task Force, led by the Commission and the European Investment Bank, with a view to identifying concrete actions to boost investment, including a pipeline of potentially viable projects of European relevance to be realised in the short and medium term; emphasises that this Task Force should explicitly identify hurdles and remedies for increasing investments and actively seek the involvement of Parliament, social partners and CSOs; stresses the importance of implementing labour-intensive projects in order to maximize the impact in terms of job creation;

Amendment 5 #

Motion for a resolution
Recital A

A. whereas all possible resources from the Member States and the EU, including those of the EIB, need to be efficiently mobilised without delay to ~~sustain~~enhance public ~~and private investments in line with the EU 2020 Strategy for smart, sustainable and inclusive growth~~investments, supporting projects that promote sustainable growth and quality job creation, as well as infrastructures, particularly in the social, public health and public education sectors;

Amendment 50 #

Bernd LUCKE, Sander LOONES

Motion for a resolution
Paragraph 4

4. Takes note in that context of the establishment of a Task Force, led by the Commission and the European Investment Bank, with a view to identifying concrete actions to boost investment, including a pipeline of potentially viable projects of European relevance to be realised in the short and medium term; emphasises that this Task Force should explicitly identify hurdles and remedies for increasing investments and actively seek the involvement of Parliament, social partners and CSOs; warns that the Task Force could face political pressure to foster projects favoured by special interest groups, leading to a misallocation of funds to unprofitable investments that are not of public interest;

Amendment 51 #

Philippe LAMBERTS

Motion for a resolution
Paragraph 4 a (new)

4a. Emphasizes that guarantees which the Commissions foresees to the EFSI do not correspond to new money, but to reallocated resources; underlines that it is of the paramount importance to identify the opportunity costs of such reallocation and therefore to establish explicitly to what extent the overall returns from the foreseen additional investments to be co- financed by the EFSI are expected to be above what would have come from the original spending allocation of the reallocated resources;

Amendment 52 #

Motion for a resolution
Paragraph 4 a (new)

4a. Points out that the project selection process should aim at avoiding crowding- out and reshuffling effects and should therefore focus on projects of European added value with a high innovation based potential that meet the additionally criteria and deliver high social and environmental returns in a measurable way; Emphasizes the need to take into account the employment potential of the projects selected in those EU countries suffering from mass unemployment;

Amendment 53 #

Philippe LAMBERTS

Motion for a resolution
Paragraph 4 b (new)

4b. Asks in that respect the Commission to carefully assess in its forthcoming legislative proposal the parts of the EU budget framework which are expected to provide guarantees to the EFSI with a view of minimizing the opportunity costs related to the redeployment of such resources;

Amendment 54 #

Motion for a resolution
Paragraph 4 b (new)

4b. Encourages the ECB to consider purchasing EIB and EFSI bonds in the context of its intended balance sheet expansion;

Amendment 55 #

Paloma LÓPEZ BERMEJO, Fabio DE MASI, Miguel VIEGAS

Motion for a resolution
Paragraph 5

5. Underlines that the EIB is called on to play an instrumental role in financing ~~such an EU investment plan~~the Investment Plan for Europe by committing EUR 5 billion to the establishment of the new European Fund for Strategic Investments; calls, therefore, on the Council, the Commission and the EIB Board of Governors to duly assess the consistency between the new tasks assigned to the EIB within such a plan and the effective needs of the EIB in terms of capital and public guarantees provided to its lending operations, asset purchases and involvement in special-purpose vehicles;

Amendment 56 #

Motion for a resolution
Paragraph 5

5. Underlines that the EIB is called on to play an instrumental role in financing ~~such~~ an EU investment plan; calls, therefore, on the Council, the Commission and the EIB Board of Governors to duly assess the consistency between the new tasks assigned to the EIB ~~within such a plan and the effective needs of the EIB in terms of capital and public guarantees provided to its lending operations, asset purchases and involvement in special-purpose vehicles~~and the needs of the European economy;

Amendment 57 #

Sander LOONES, Bernd LUCKE

Motion for a resolution
Paragraph 5

5. Underlines that the EIB group is called on to play an instrumental role in financing such an EU investment plan; calls, therefore, on the Council, the Commission and the EIB Board of Governors to duly assess the consistency between the new tasks assigned to the EIB within such a plan and the ~~effective needs of the EIB in terms of capital and public guarantees provided to its lending operations, asset purchases and involvement in special-purpose vehicles~~resources of the EIB group;

Amendment 58 #

Motion for a resolution
Paragraph 5 a (new)

5a. Urges the EIB to avoid the socialisation of losses and the privatisation of gains in the establishment of the European Fund for Strategic Investments;

Amendment 59 #

Bernd LUCKE, Sander LOONES

Motion for a resolution
Paragraph 5 a (new)

5a. Also calls on the Council, the Commission and the EIB Board of Governors to duly assess the redistribution effects the investment plan entails, namely a possible increase of investor profits at the costs of customers who have to pay for the usage of new infrastructure in order to ensure an appropriate return on investment;

Amendment 6 #

Motion for a resolution
Recital A

A. whereas all possible resources from the Member States and the EU, including those of the EIB, need to be efficiently mobilised without delay to sustain public and private investments in line with the EU 2020 Strategythe EIB's 2013 report on Investment and Investment Finance in Europe concludes that it is uncertainty, not a funding shortage that deters investment in the European Union; therefore it is of utmost importance to solve Europe’s fundamental debt, banking and competitiveness crises, this being the only way to encourage sufficient private investment for smart, sustainable and inclusive growth in line with the EU 2020 Strategy;

Amendment 60 #

Paloma LÓPEZ BERMEJO, Fabio DE MASI, Miguel VIEGAS

Motion for a resolution
Paragraph 6

Amendment 61 #

Motion for a resolution
Paragraph 6

6. Is of the opinion that, in this respect, appropriate EIB involvement in ~~an EU i~~the Investment pPlan will require a substantial increase in EIB lending and borrowing ceilings within the next five years with a view to significantly increasing its balance sheet size; ~~points out that such an increase will imply a combination of a new capital increase and guarantees provided to new credit lines in the framework of the plan;~~

Amendment 62 #

Motion for a resolution
Paragraph 6

6. Is of the opinion that, in this respect, appropriate EIB involvement in an EU investment plan ~~will~~might require a substantial increase in EIB lending and borrowing ceilings within the next five years with a view to significantly increasing its balance sheet size; ~~points out that such an increase will imply a combination of a new capital increase and guarantees provided to new credit lines in the framework of the plan;~~

Amendment 63 #

Motion for a resolution
Paragraph 6

Amendment 64 #

Motion for a resolution
Paragraph 6

6. Is of the opinion that, in this respect, appropriate EIB involvement in an EU investment plan will require a substantial increase in EIB lending and borrowing ceilings within the next five years with a view to significantly increasing its balance sheet size; points out that such an increase will imply a combination of a new capital increase and guarantees provided to new credit lines in the framework of the plan; believes that an excessive level of leverage will undermine the objectives of the investment plan;

Amendment 65 #

Motion for a resolution
Paragraph 6

6. Is of the opinion that, in this respect, appropriate EIB involvement in an EU investment plan will require a substantial increase in EIB lending and borrowing ceilings within the next five years with a view to significantly increasing its balance sheet size; points out that such an increase will imply a combination of a new capital increase and guarantees provided to new credit lines in the framework of the plan; warns that an increase in state funded investment is an imperfect substitute for profitable private investment and is aimed at curing symptoms rather than causes of Europe's economic crisis;

Amendment 66 #

Motion for a resolution
Paragraph 6 a (new)

6a. Notes that the level of investments differ from Member State to Member State, being particularly depressed in Greece, Ireland, Portugal and Spain; warns the EIB Board of Governors that a low level of investment does not necessarily imply a particularly productive use of additional public or private funds; calls on the EIB Board of Governors to ensure that public money is invested wherever it is most productive and, in conjunction with the EU investment plan, to clearly specify the intended allocation of funds among the Member States;

Amendment 67 #

Motion for a resolution
Paragraph 6 a (new)

6a. Believes that the promotion of the institutional framework for the operation of the single capital market will contribute positively to the faster implementation of the investment plan;

Amendment 68 #

Motion for a resolution
Paragraph 6 b (new)

6b. Calls on the EIB Board of Governors to further assess the investment gap in the EU regarding its composition, namely whether private or public investments are lacking; and to specify which kind of investments, private or public, are intended to be subject of support and what size of productive effects of the investment are expected;

Amendment 69 #

Motion for a resolution
Paragraph 7

7. Points out, however, that the current EIB operational corporate plan foresees a reduction in lending flows to EUR 67 billion in 2014 and 2015, while the middle of the targeted range for 2016 is expected to be EUR 58.5 billion;deleted

Amendment 7 #

Motion for a resolution
Recital A

A. whereas all possible resources from the Member States and the EU, including those of the EIB, need to be efficiently mobilised without delay to ~~sustain~~boost public and private investments in line with the EU 2020 Strategy for smart, sustainable and inclusive growth delivering strong job creation;

Amendment 70 #

Dimitrios PAPADIMOULIS, Marisa MATIAS, Paloma LÓPEZ BERMEJO, Fabio DE MASI, Miguel VIEGAS

Motion for a resolution
Paragraph 8

~~8. Urges, therefore, the EIB Board of Governors to review the EIB operational corporate plan;~~deleted

Amendment 71 #

Motion for a resolution
Paragraph 8 a (new)

8a. Regrets the fact that, despite being a public bank, the EIB has a strict banking culture that does not meet the needs of society and the real economy and prevents it from fully playing its essential and aspirational role as a tool oriented towards supporting social cohesion. Economic considerations regarding sound investments with good returns and profits often dominate at the expense of sustainable, environmental and social considerations. It is therefore necessary to strike a new balance between better evaluation and the best possible investment, so that especially in the current critical climate projects that steer the economy towards a path of growth and promote full employment can be supported without hindrance;

Amendment 72 #

Paloma LÓPEZ BERMEJO, Fabio DE MASI, Miguel VIEGAS

Motion for a resolution
Paragraph 9

9. Stresses that the extra lending capacity resulting from the recent EUR 10 billion EIB capital increase has been underused; urges the Task Force to identify the factors and hurdles behind this situation;deleted

Amendment 73 #

Motion for a resolution
Paragraph 9

9. Stresses that the extra lending capacity resulting from the recent EUR 10 billion EIB capital increase has been underused; ~~urges the Task Force to identify the factors and hurdles behind this situation;~~

Amendment 74 #

Motion for a resolution
Paragraph 9

9. Stresses that the extra lending capacity resulting from the recent EUR 10 billion EIB capital increase has been underused; urges the Task Force to ~~identify the factors and hurdles behind this situation~~promote as far as possible actions to extend EIB lending;

Amendment 75 #

Motion for a resolution
Paragraph 9 a (new)

9a. Recalls that the importance of the EU 'Europe 2020' strategy; underlines that the future "package" of investments should better take into account the general objectives of cohesion policy, sustainability and energy efficiency; calls the Commission and EIB Council of Governors to enhance its performance indicators for quality investments with that perspective;

Amendment 76 #

Motion for a resolution
Paragraph 9 b (new)

9b. Calls on the Commission to encourage multilateral cooperation between the EIB and the national promotional banks in order to foster synergies, share risks and costs, and ensure appropriate lending to EU projects with a positive impact on productivity, job creation, environmental protection and the quality of life;

Amendment 77 #

Dimitrios PAPADIMOULIS, Marisa MATIAS, Paloma LÓPEZ BERMEJO, Fabio DE MASI, Miguel VIEGAS

Motion for a resolution
Paragraph 10

10. Calls on the Commission and the EIB to foster the inclusion of investment in the human capital within its scope of action, especially in Member States with high levels of unemployment and low rates of productivity;deleted

Amendment 78 #

Motion for a resolution
Paragraph 10

10. Calls on the Commission and the EIB to foster the inclusion of investment in the human capital within its scope of action, ~~especially in Member States with high levels of unemployment and low rates of productivity~~to boost, by lending, activities designed to achieve full employment and reduce unemployment, support public and productive investments and indispensable infrastructure projects, especially in Member States with high levels of unemployment and low rates of productivity that are facing problems, are subject to stringent fiscal discipline programmes and have been particularly hard hit by the crisis;

Amendment 79 #

Dimitrios PAPADIMOULIS, Marisa MATIAS, Paloma LÓPEZ BERMEJO, Fabio DE MASI, Miguel VIEGAS

Motion for a resolution
Paragraph 10

Amendment 8 #

Motion for a resolution
Recital A a (new)

Aa. whereas the economic and financial crisis, coupled with austerity policies, has seriously undermined economic growth in many Member States, leading to rapidly worsening social conditions, steadily growing inequalities and imbalances between European regions and failure to achieve the objective of social cohesion and real convergence, thereby destabilising European integration and democracy;

Amendment 80 #

Anneliese DODDS

Motion for a resolution
Paragraph 10

10. Calls on the Commission and the EIB to foster the inclusion of investment ~~in the human capital within its scope of action, especially i~~with a clear social benefit, including increased levels of employment, within its scope of action, with a particular focus on creating employment opportunities for young people, and on Member States with high levels of unemployment and low rates of productivity;

Amendment 81 #

Motion for a resolution
Paragraph 10 a (new)

10a. Draws attention to the high proportion of micro-enterprises in the European economy and welcomes the steps taken by the EIB towards microfinance lending in Europe; calls for further investment in this sector in view of the importance of micro-enterprises in creating jobs;

Amendment 82 #

Motion for a resolution
Paragraph 10 a (new)

10a. SMEs Emphasizes that SMEs are the backbone of the European economy, and as such should be a principal target for investment;

Amendment 83 #

Motion for a resolution
Paragraph 10 a (new)

10a. Calls on the EIB to consider a change in character from a purely commercial banking and AAA-rating methodology towards that of a project risk assessment model based on defined criteria and transparency;

Amendment 84 #

Motion for a resolution
Paragraph 10 a (new)

10a. Reiterates its cautious support to the development of public-private partnerships (PPPs) which, if well designed, can play an important role in long-term investment, in the digital economy, research and innovation, human capital, as well as transport, energy or telecommunication European networks. Regrets that flawed PPPs have turned into an expensive system of public financing of the private sector generating public debt. Moreover such operations often face problems of opacity as well as asymmetric information in the execution clauses between the public and private agents, normally in favour of private sector;

Amendment 85 #

Dimitrios PAPADIMOULIS, Marisa MATIAS, Paloma LÓPEZ BERMEJO, Fabio DE MASI

Motion for a resolution
Paragraph 10 a (new)

10b. Suggests that the EIB enhance its sectoral analysis capacities and its macroeconomic analytical work;

Amendment 86 #

Motion for a resolution
Paragraph 10 a (new)

10a. Recalls that it is essential that the EIB cooperate with the European Funds especially in those Member States experiencing problems so that productive public investments and essential infrastructure projects can be carried out; regrets the fact that funding from the European Funds to Europe’s regions have been linked with compliance with harsh neoliberal macroeconomic conditions by Member States under the principle of ‘macroeconomic conditionality’, thus condemning them to permanent austerity and under- development;

Amendment 87 #

Motion for a resolution
Paragraph 10 b (new)

10b. Is concerned, therefore, that access to finance remains one of the most pressing difficulties facing SMEs in Europe;

Amendment 88 #

Dimitrios PAPADIMOULIS, Marisa MATIAS, Paloma LÓPEZ BERMEJO, Fabio DE MASI, Miguel VIEGAS

Motion for a resolution
Paragraph 10 b (new)

10b. Calls on the Commission and the EIB to assess the effect of the economic crisis in relations with the banking system and the final recipients of EIB funding, in particular regarding SMEs, social economy sector and public companies;

Amendment 89 #

Motion for a resolution
Paragraph 10 b (new)

10b. Points out that investment programmes and growth tools in general must not be undermined by the terms and conditions of the Stability Pact, the economic governance package, the fiscal adjustment programmes and the Memoranda programmes. The new European Fund for Strategic Investments which will operate under the EIB as a special purpose fund must not be linked to the demand for new neoliberal structural reforms in Member States which would aggravate the devastating effects of the austerity programmes;

Amendment 9 #

Dimitrios PAPADIMOULIS, Marisa MATIAS, Paloma LÓPEZ BERMEJO, Fabio DE MASI, Miguel VIEGAS

Motion for a resolution
Recital A b (new)

Ab. whereas the EIB is an instrument designed to support social cohesion and is able to provide valuable assistance to Member States facing difficulties in the critical social and economic situation now confronting us; whereas, particularly in view of the shortage of public funding, it is, through increased lending and support for targeted investment projects, in a position to facilitate economic recovery in those Member States that are in financial difficulty and subject to the provisions of fiscal adjustment programmes, as well as helping to iron out social inequalities;

Amendment 90 #

Paloma LÓPEZ BERMEJO, Dimitrios PAPADIMOULIS, Fabio DE MASI, Miguel VIEGAS

Motion for a resolution
Paragraph 10 c (new)

10c. Urges the EIB to fully analyse the drop in funding to SMEs and to come forward with a comprehensive plan to ensure SMEs across Europe are encouraged to apply for funding under the auspices of the EIB wherever possible;

Amendment 91 #

Motion for a resolution
Paragraph 11

11. Points out that risk-sharing instruments ultimately involving the provision of public subsidies should only be foreseen where there are market failures generating external costs ~~or for the execution of missions of general inte~~and diresct ~~such as the provision of public goods and services of general economic interest~~public provision is not available;

Amendment 92 #

Motion for a resolution
Paragraph 11

11. ~~Points out that risk-sharing instruments ultimately involving the provision of public subsidies should only be foreseen~~Welcomes the RSFF and the extension of the RSI to other countries and its potential for funding innovative SMEs; stresses the importance of risk- sharing instruments where there are market failures generating external costs or for the execution of missions of general interest such as the provision of public goods ~~and~~or services of ~~general economic interest~~public interest; highlights, in particular, the real benefits of using the risk-sharing mechanism in the promotion of funding for SMEs and innovation in Europe;

Amendment 93 #

Paloma LÓPEZ BERMEJO, Dimitrios PAPADIMOULIS, Fabio DE MASI, Miguel VIEGAS

Motion for a resolution
Paragraph 11

11. Points out that risk-sharing instruments ultimately involving the provision of public subsidies should only be foreseen where there are market failures generating external costs or for the execution of missions of general interest such as the provision of public goods and services of general economic interest, bearing in mind that such a take always bears the risk of the socialisation of losses and the privatisation of returns;

Amendment 94 #

Miguel VIEGAS

Motion for a resolution
Paragraph 11

11. Points out that ~~risk-sharing instruments ultimately~~, since they almost always involv~~ing~~e the provision of public subsidies ~~should only be foreseen~~and since they constitute financial engineering instruments, risk- sharing instruments should be used as a last resort and only where there are market failures generating external costs or for the execution of missions of general interest such as the provision of public goods and services of general economic interest;

Amendment 95 #

Motion for a resolution
Paragraph 12

12. Points out that any involvement of public resources in risk-sharing instruments and more specifically in first- loss tranches of investment vehicles should either be explicitly linked to the reduction of measurable external negative costs, or the generation of measurable positive external costs ~~or the implementation of public services obligations and services of general economic interest~~; points out that Article 14 TFEU provides a legal basis for establishing such a link by means of an ordinary legislative proposal;

Amendment 96 #

Dimitrios PAPADIMOULIS, Marisa MATIAS, Paloma LÓPEZ BERMEJO, Fabio DE MASI

Motion for a resolution
Paragraph 12

12. Points out that any involvement of public resources in risk-sharing instruments and more specifically in first- loss tranches of investment vehicles should either be explicitly linked to the reduction of measurable external negative costs, the generation of measurable positive external costs or the implementation of public services obligations and services of general economic interest; points out that Article 14 TFEU provides a legal basis for establishing such a link by means of an ordinary legislative proposal; underlines that in praxis those links are unobservable and subject to political beliefs;

Amendment 97 #

Motion for a resolution
Paragraph 12 a (new)

12a. Points out the risk of innovative financial instruments and of trying to mobilise private resources to finance major projects and allowing the framework to be set by monopolistic forces and major market players rather than serving the needs of society and the interests of citizens; notes the risk of the privatisation of public infrastructure and that in the event of failure this will lead to society having to defray the losses;

Amendment 98 #

Motion for a resolution
Paragraph 13

13. Insists that the evaluation to be carried out by the Commission in December 2014 take into account the negative impact of some projects in the PBI Pilot Phase; considers ~~it regrettable that the EIB is supporting unviable and unsustainable~~that the EIB should mainly focus its support on infrastructure projects which are ~~neither~~ climate-friendly nor address the needs and interests of the population they are intended to serve;

Amendment 99 #