BETA


2016/0274(COD) Guarantee Fund for external actions: asset management

Progress: Procedure completed

RoleCommitteeRapporteurShadows
Lead BUDG GARDIAZABAL RUBIAL Eider (icon: S&D S&D) MUREŞAN Siegfried (icon: PPE PPE), DEPREZ Gérard (icon: ALDE ALDE), HAUTALA Heidi (icon: Verts/ALE Verts/ALE), ZANNI Marco (icon: ENF ENF)
Committee Opinion AFET KUKAN Eduard (icon: PPE PPE) Sabine LÖSING (icon: GUE/NGL GUE/NGL)
Committee Opinion DEVE DEVA Nirj (icon: ECR ECR) Doru-Claudian FRUNZULICĂ (icon: S&D S&D), Lola SÁNCHEZ CALDENTEY (icon: GUE/NGL GUE/NGL)
Committee Opinion INTA QUISTHOUDT-ROWOHL Godelieve (icon: PPE PPE) David CAMPBELL BANNERMAN (icon: ECR ECR)
Committee Opinion LIBE
Lead committee dossier:
Legal Basis:
TFEU 209-p1, TFEU 212

Events

2018/04/24
   EC - Commission response to text adopted in plenary
Documents
2018/03/19
   Final act published in Official Journal
Details

PURPOSE: to create the conditions for the guarantee fund for external actions to receive risk premiums from EIB financing operations under the private sector mandate for refugee projects.

LEGISLATIVE ACT: Regulation (EU) 2018/409 of the European Parliament and of the Council amending Council Regulation (EC, Euratom) No 480/2009 establishing a Guarantee Fund for external actions.

CONTENT: this Regulation amends Regulation (EC, Euratom) No 480/2009 establishing a Guarantee Fund for external actions. The amendments introduced are as follows:

risk-premium revenues generated under the financing operations of the European Investment Bank (EIB) that benefit from a Union budgetary guarantee should be paid into the fund; where the amount of the Fund exceeds 10 % of the Union's total outstanding capital liabilities, the surplus should be paid back into the general budget of the Union in order to better protect the general budget of the Union against potential additional risk of default of the EIB financing operations addressing the long-term economic resilience of refugees, migrants, host and transit communities, and communities of origin as a strategic response to addressing root causes of migration; the financial management of the fund shall be entrusted to the EIB by the Commission.

The Commission shall:

present by 30 June 2019 at the latest, an independent external evaluation of the advantages and disadvantages of entrusting the financial management of the assets of the fund and of the European fund for sustainable development to the Commission, the EIB or a combination of the two. Where appropriate, the evaluation shall be accompanied by a legislative proposal; present each year , a report on the presentation of the financial position and information on the functioning of the fund at the end of the previous calendar year, including detailed information on the outstanding capital of guaranteed loans or the fund's assets during the previous calendar year, as well as conclusions and lessons learned. The report shall also include information about the financial management and performance and the risk of the Fund at the end of the previous calendar year. Starting in 2019 and every three years thereafter, the report shall also include an assessment of the adequacy of the 9% target and the 10% threshold for the fund.

ENTRY INTO FORCE: 8.4.2018.

2018/03/14
   CSL - Draft final act
Documents
2018/03/14
   CSL - Final act signed
2018/03/14
   EP - End of procedure in Parliament
2018/02/27
   EP/CSL - Act adopted by Council after Parliament's 1st reading
2018/02/27
   CSL - Council Meeting
2018/02/08
   EP - Results of vote in Parliament
2018/02/08
   EP - Decision by Parliament, 1st reading
Details

The European Parliament adopted by 506 votes to 83, with 36 abstentions, a legislative resolution on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EC, Euratom) No 480/2009 establishing a Guarantee Fund for external actions.

The European Parliament’s position adopted at first reading following the ordinary legislative procedure should amend the Commission proposal as follows:

Financial management of the Guarantee Fund : according to the amended text, the Commission shall entrust the financial management of the Fund to the European Investment Bank (EIB). By 30 June 2019, the Commission shall submit an independent external evaluation of the advantages and disadvantages of entrusting the financial management of the assets of the Fund and of the European Fund for Sustainable Development to the Commission, the EIB, or a combination of the two. The evaluation shall, where appropriate, be accompanied with a legislative proposal.

Annual report : this shall contain a presentation of the financial position and information on the functioning of the Fund at the end of the previous calendar year, the financial flows as well as the significant transactions and any relevant information on the financial accounts, such as detailed information on the outstanding capital of guaranteed loans or the Fund's assets during the previous calendar year, as well as conclusions and lessons learned.

As of 2019 and every third year thereafter, it shall also include an assessment on the adequacy of the 9 % target and the 10% threshold for the Fund .

The text stressed that where the amount of the Fund exceeds 10 % of the Union's total outstanding capital liabilities, the surplus should be paid back into the general budget of the Union in order to better protect the general budget of the Union against potential additional risk of default of the EIB financing operations addressing the long-term economic resilience of refugees, migrants, host and transit communities, and communities of origin as a strategic response to addressing root causes of migration.

Documents
2018/02/07
   EP - Debate in Parliament
2018/01/30
   EP - Amendments tabled in committee
Documents
2017/12/04
   EP - Approval in committee of the text agreed at 1st reading interinstitutional negotiations
2017/12/01
   CSL - Coreper letter confirming interinstitutional agreement
2017/04/06
   EP - Referral to associated committees announced in Parliament
2017/04/05
   EP - Committee decision to enter into interinstitutional negotiations confirmed by plenary (Rule 71)
2017/04/03
   EP - Committee decision to enter into interinstitutional negotiations announced in plenary (Rule 71)
2017/03/30
   EP - Committee report tabled for plenary, 1st reading
Details

The Committee on Budgets adopted the report by Eider GARDIAZABAL RUBIAL (S&D, ES) on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EC, Euratom) No 480/2009 establishing a Guarantee Fund for external actions.

The Committee on Development, exercising its prerogative as an associated committee in accordance with Article 54 of the Rules of Procedure, also gave its opinion on the report.

The committee recommended that the European Parliament’s position, adopted at first reading following the ordinary legislative procedure, should amend the Commission proposal as follows:

Financial management of the Guarantee Fund : Members stated that the Commission shall ensure the financial management of the Fund, while taking into account the principles guiding the Union's external action. The Commission shall explain to the European Parliament how the management of the Fund is integrated into its broader development strategy.

The financial management of Fund shall be carried out under the highest standards of transparency and democratic accountability .

Annual report : Regulation (EC, Euratom) No 480/2009 stipulated that the target amount of the Fund shall be 9 % of the Communities’ total outstanding capital liabilities arising from each operation, increased by unpaid interest due.

The Commission proposal stipulated the amount of the Guarantee Fund in surplus exceeding 10% of the Union's total outstanding capital liabilities shall be paid back to the general budget of the Union.

According to Members, the annual report on the management of the Guarantee Fund in the previous calendar year and an assessment of the adequacy of the 9 % target amount and of the 10 % threshold , and of the asset management of the Guarantee Fund by the Commission.

Documents
2017/03/27
   EP - Vote in committee, 1st reading
2017/03/27
   EP - Committee decision to open interinstitutional negotiations with report adopted in committee
2017/03/24
   EP - Committee opinion
Documents
2017/03/22
   EP - Committee opinion
Documents
2017/03/22
   EP - Committee opinion
Documents
2017/03/03
   EP - Amendments tabled in committee
Documents
2017/02/08
   EP - Committee draft report
Documents
2016/12/19
   IT_SENATE - Contribution
Documents
2016/12/16
   EP - DEVA Nirj (ECR) appointed as rapporteur in DEVE
2016/12/02
   EP - KUKAN Eduard (PPE) appointed as rapporteur in AFET
2016/11/09
   EP - QUISTHOUDT-ROWOHL Godelieve (PPE) appointed as rapporteur in INTA
2016/10/10
   EP - GARDIAZABAL RUBIAL Eider (S&D) appointed as rapporteur in BUDG
2016/10/06
   EP - Committee referral announced in Parliament, 1st reading
2016/09/14
   EC - Document attached to the procedure
2016/09/14
   EC - Document attached to the procedure
2016/09/14
   EC - Legislative proposal published
Details

PURPOSE: to create the necessary preconditions in order for the Guarantee Fund for external action to receive the risk premiums originating from EIB financing operations under the private sector mandate dedicated to projects in support of refugees and/or host communities.

PROPOSED ACT: Regulation of the European Parliament and of the Council.

ROLE OF THE EUROPEAN PARLIAMENT: the European Parliament decides in accordance with the ordinary legislative procedure and on an equal footing with Council.

BACKGROUND: the proposal forms part of the ambitious external investment plan ("EIP") announced in the Commission communication of 7 June 2016 on establishing a new partnership framework with third countries under the European agenda on migration. On 28 June 2016, the European Council endorsed the EIP initiative, which aims to address root causes of migration, while contributing to the achievement of sustainable development goals. Together with a separate legislative proposal to amend Decision No 466/2014/EU of the European Parliament and of the Council on granting an EU guarantee to the European Investment Bank ("EIB") against losses under financing operations supporting investment projects outside the Union, the proposal will enable the EIB to contribute to the EIP by expanding both quantitatively and qualitatively the EIB’s external lending mandate.

CONTENT: the proposal seeks to amend Regulation (EC, Euratom) No 480/2009 establishing a Guarantee Fund for external actions. It contains ancillary provisions necessary for the functioning of the EIP, in particular the new private sector lending mandate to the EIB.

Endowment of the Fund : currently, the Guarantee Fund is endowed by the following: (1) one annual payment from the general budget of the Union, (2) interest on Guarantee Fund resources invested, and (3) amounts recovered from defaulting debtors. It is proposed that the risk premium revenues generated under the new private sector lending mandate of the EIB should represent a fourth source of income for the Guarantee Fund.

In order to better protect the budget against potential additional risk of default of the EIB financing operations related to migration crisis, the amount of the Guarantee Fund in surplus exceeding 10% of the outstanding of loans will be paid back to the EU budget.

Management of the Fund: until now, the assets of the Guarantee Fund have been managed by the EIB. In view of the facts that the Commission has strong experience managing similar financial operations, and is already entrusted with the management of the Guarantee Fund for the EFSI, it is proposed that the management of the assets of the Guarantee Fund be transferred to the Commission.

Reports: the Commission will, by 31 March of each year, in the context of the financial statements of the Commission, submit to the European Parliament, to the Council and to the Court of Auditors the required information on the situation of the Guarantee Fund.

BUDGETARY IMPLICATIONS: under the new private sector lending mandate set up by a separate legislative act, the Union will be entitled to the risk premium revenues generated under EIB financing operations. The risk premium revenues will remunerate the higher risk and contribute over the lifetime of the instrument to the funding of the additional provisioning needs for the Guarantee Fund.

The proposal is not expected to have any net budgetary implication because the risk premiums constitute inflows to the Guarantee Fund. They will be charged to the EIB in return for risks borne by the Union budget.

Documents

Activities

Votes

A8-0132/2017 - Eider Gardiazabal Rubial - Am 7 08/02/2018 12:14:04.000 #

2018/02/08 Outcome: +: 506, -: 83, 0: 36
DE IT PL FR RO ES GB BE SE BG CZ PT AT FI NL SK LT LV HR SI EE DK LU MT IE HU CY EL
Total
81
54
45
59
26
45
60
18
16
12
16
20
16
11
24
11
9
8
8
8
6
11
5
5
9
15
6
19
icon: PPE PPE
178

Estonia PPE

For (1)

1

Luxembourg PPE

2

Cyprus PPE

1
icon: S&D S&D
156

Czechia S&D

2

Finland S&D

1

Netherlands S&D

3
3

Latvia S&D

1

Croatia S&D

For (1)

1

Slovenia S&D

For (1)

1

Estonia S&D

For (1)

1

Denmark S&D

2

Luxembourg S&D

For (1)

1

Malta S&D

2

Ireland S&D

For (1)

1
3

Cyprus S&D

2
icon: ALDE ALDE
62

Germany ALDE

3

Romania ALDE

3

United Kingdom ALDE

1

Sweden ALDE

2

Portugal ALDE

1

Austria ALDE

For (1)

1

Lithuania ALDE

2

Latvia ALDE

1

Croatia ALDE

2

Slovenia ALDE

For (1)

1

Estonia ALDE

3

Luxembourg ALDE

For (1)

1

Ireland ALDE

For (1)

1
icon: ECR ECR
64

Italy ECR

1

Romania ECR

For (1)

1

Bulgaria ECR

1

Czechia ECR

2
2

Netherlands ECR

For (1)

1

Lithuania ECR

1

Latvia ECR

For (1)

1

Croatia ECR

For (1)

1

Cyprus ECR

1

Greece ECR

For (1)

1
icon: Verts/ALE Verts/ALE
43

Italy Verts/ALE

For (1)

1

United Kingdom Verts/ALE

4

Belgium Verts/ALE

2

Austria Verts/ALE

2

Finland Verts/ALE

For (1)

1

Netherlands Verts/ALE

2

Latvia Verts/ALE

1

Croatia Verts/ALE

For (1)

1

Slovenia Verts/ALE

For (1)

1

Estonia Verts/ALE

For (1)

1

Denmark Verts/ALE

For (1)

1

Luxembourg Verts/ALE

For (1)

1

Hungary Verts/ALE

2
icon: EFDD EFDD
37

Germany EFDD

Against (1)

1

Poland EFDD

1

Sweden EFDD

2

Czechia EFDD

Against (1)

1

Lithuania EFDD

For (1)

1
icon: ENF ENF
29

Germany ENF

Against (1)

1

Poland ENF

2

Romania ENF

1

Netherlands ENF

4
icon: NI NI
12

Germany NI

2

Poland NI

Against (1)

1

United Kingdom NI

3

Hungary NI

2
icon: GUE/NGL GUE/NGL
42

Italy GUE/NGL

2

France GUE/NGL

Abstain (1)

3

United Kingdom GUE/NGL

Against (1)

1

Netherlands GUE/NGL

3

Denmark GUE/NGL

Against (1)

1

Ireland GUE/NGL

Against (1)

4

Cyprus GUE/NGL

2
AmendmentsDossier
30 2016/0274(COD)
2017/02/20 AFET 5 amendments...
source: 599.636
2017/03/03 DEVE 25 amendments...
source: 601.034

History

(these mark the time of scraping, not the official date of the change)

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  • date: 2016-10-06T00:00:00 body: EP type: Committee referral announced in Parliament, 1st reading/single reading committees: body: EP responsible: False committee: AFET date: 2016-12-02T00:00:00 committee_full: Foreign Affairs rapporteur: group: EPP name: KUKAN Eduard body: EP shadows: group: EPP name: MUREŞAN Siegfried group: ALDE name: DEPREZ Gérard group: GUE/NGL name: BENITO ZILUAGA Xabier group: Verts/ALE name: HAUTALA Heidi group: ENF name: ZANNI Marco responsible: True committee: BUDG date: 2016-10-10T00:00:00 committee_full: Budgets (Associated committee) rapporteur: group: S&D name: GARDIAZABAL RUBIAL Eider body: EP responsible: False committee: DEVE date: 2016-12-16T00:00:00 committee_full: Development (Associated committee) rapporteur: group: ECR name: DEVA Nirj body: EP responsible: False committee: INTA date: 2016-11-09T00:00:00 committee_full: International Trade rapporteur: group: EPP name: QUISTHOUDT-ROWOHL Godelieve body: EP responsible: False committee_full: Civil Liberties, Justice and Home Affairs committee: LIBE
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  • date: 2017-04-06T00:00:00 body: EP type: Referral to associated committees announced in Parliament
  • date: 2017-12-04T00:00:00 docs: url: http://www.europarl.europa.eu/RegData/commissions/budg/lcag/2017/12-01/BUDG_LA(2017)011231_EN.pdf type: Approval in committee of the text agreed at 1st reading interinstitutional negotiations title: PE615.381 GEDA/A/(2017)011231 body: unknown type: Approval in committee of the text agreed at 1st reading interinstitutional negotiations
  • date: 2018-02-07T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?secondRef=TOC&language=EN&reference=20180207&type=CRE type: Debate in Parliament title: Debate in Parliament body: EP type: Debate in Parliament
  • date: 2018-02-08T00:00:00 docs: url: http://www.europarl.europa.eu/oeil/popups/sda.do?id=29351&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=P8-TA-2018-0037 type: Decision by Parliament, 1st reading/single reading title: T8-0037/2018 body: EP type: Results of vote in Parliament
  • date: 2018-02-27T00:00:00 body: EP/CSL type: Act adopted by Council after Parliament's 1st reading
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  • date: 2018-03-14T00:00:00 body: EP type: End of procedure in Parliament
  • date: 2018-03-19T00:00:00 docs: url: http://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!CELEXnumdoc&lg=EN&numdoc=32018R0409 title: Regulation 2018/409 url: http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=OJ:L:2018:076:TOC title: OJ L 076 19.03.2018, p. 0001 type: Final act published in Official Journal
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council
  • body: CSL type: Council Meeting council: General Affairs meeting_id: 3599 url: http://register.consilium.europa.eu/content/out?lang=EN&typ=SET&i=SMPL&ROWSPP=25&RESULTSET=1&NRROWS=500&DOC_LANCD=EN&ORDERBY=DOC_DATE+DESC&CONTENTS=3599*&MEET_DATE=27/02/2018 date: 2018-02-27T00:00:00
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  • date: 2016-09-14T00:00:00 docs: url: http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2016/0603/COM_COM(2016)0603_EN.pdf title: COM(2016)0603 url: https://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!DocNumber&lg=EN&type_doc=COMfinal&an_doc=2016&nu_doc=0603 title: EUR-Lex type: Document attached to the procedure body: EC
  • date: 2016-09-14T00:00:00 docs: url: https://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=SWD:2016:0299:FIN:EN:PDF title: EUR-Lex title: SWD(2016)0299 type: Document attached to the procedure body: EC
  • date: 2017-02-08T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=COMPARL&mode=XML&language=EN&reference=PE599.626 title: PE599.626 type: Committee draft report body: EP
  • date: 2017-03-03T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=COMPARL&mode=XML&language=EN&reference=PE601.023 title: PE601.023 type: Amendments tabled in committee body: EP
  • date: 2017-03-22T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=COMPARL&mode=XML&language=EN&reference=PE595.733&secondRef=02 title: PE595.733 committee: AFET type: Committee opinion body: EP
  • date: 2017-03-22T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=COMPARL&mode=XML&language=EN&reference=PE599.646&secondRef=02 title: PE599.646 committee: INTA type: Committee opinion body: EP
  • date: 2017-03-24T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=COMPARL&mode=XML&language=EN&reference=PE599.689&secondRef=02 title: PE599.689 committee: DEVE type: Committee opinion body: EP
  • date: 2017-12-01T00:00:00 docs: url: http://www.europarl.europa.eu/RegData/commissions/budg/lcag/2017/12-01/BUDG_LA(2017)011231_EN.pdf title: GEDA/A/(2017)011231 type: Coreper letter confirming interinstitutional agreement body: CSL
  • date: 2018-01-30T00:00:00 docs: title: PE616.887 type: Amendments tabled in committee body: EP
  • date: 2018-03-14T00:00:00 docs: url: http://register.consilium.europa.eu/content/out?lang=EN&typ=SET&i=ADV&RESULTSET=1&DOC_ID=[%n4]%2F18&DOC_LANCD=EN&ROWSPP=25&NRROWS=500&ORDERBY=DOC_DATE+DESC title: 00066/2017/LEX type: Draft final act body: CSL
  • date: 2018-04-24T00:00:00 docs: url: /oeil/spdoc.do?i=29351&j=0&l=en title: SP(2018)178 type: Commission response to text adopted in plenary
  • date: 2016-12-19T00:00:00 docs: url: http://www.connefof.europarl.europa.eu/connefof/app/exp/COM(2016)0582 title: COM(2016)0582 type: Contribution body: IT_SENATE
events
  • date: 2016-09-14T00:00:00 type: Legislative proposal published body: EC docs: url: https://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!DocNumber&lg=EN&type_doc=COMfinal&an_doc=2016&nu_doc=0582 title: EUR-Lex title: COM(2016)0582 summary: PURPOSE: to create the necessary preconditions in order for the Guarantee Fund for external action to receive the risk premiums originating from EIB financing operations under the private sector mandate dedicated to projects in support of refugees and/or host communities. PROPOSED ACT: Regulation of the European Parliament and of the Council. ROLE OF THE EUROPEAN PARLIAMENT: the European Parliament decides in accordance with the ordinary legislative procedure and on an equal footing with Council. BACKGROUND: the proposal forms part of the ambitious external investment plan ("EIP") announced in the Commission communication of 7 June 2016 on establishing a new partnership framework with third countries under the European agenda on migration. On 28 June 2016, the European Council endorsed the EIP initiative, which aims to address root causes of migration, while contributing to the achievement of sustainable development goals. Together with a separate legislative proposal to amend Decision No 466/2014/EU of the European Parliament and of the Council on granting an EU guarantee to the European Investment Bank ("EIB") against losses under financing operations supporting investment projects outside the Union, the proposal will enable the EIB to contribute to the EIP by expanding both quantitatively and qualitatively the EIB’s external lending mandate. CONTENT: the proposal seeks to amend Regulation (EC, Euratom) No 480/2009 establishing a Guarantee Fund for external actions. It contains ancillary provisions necessary for the functioning of the EIP, in particular the new private sector lending mandate to the EIB. Endowment of the Fund : currently, the Guarantee Fund is endowed by the following: (1) one annual payment from the general budget of the Union, (2) interest on Guarantee Fund resources invested, and (3) amounts recovered from defaulting debtors. It is proposed that the risk premium revenues generated under the new private sector lending mandate of the EIB should represent a fourth source of income for the Guarantee Fund. In order to better protect the budget against potential additional risk of default of the EIB financing operations related to migration crisis, the amount of the Guarantee Fund in surplus exceeding 10% of the outstanding of loans will be paid back to the EU budget. Management of the Fund: until now, the assets of the Guarantee Fund have been managed by the EIB. In view of the facts that the Commission has strong experience managing similar financial operations, and is already entrusted with the management of the Guarantee Fund for the EFSI, it is proposed that the management of the assets of the Guarantee Fund be transferred to the Commission. Reports: the Commission will, by 31 March of each year, in the context of the financial statements of the Commission, submit to the European Parliament, to the Council and to the Court of Auditors the required information on the situation of the Guarantee Fund. BUDGETARY IMPLICATIONS: under the new private sector lending mandate set up by a separate legislative act, the Union will be entitled to the risk premium revenues generated under EIB financing operations. The risk premium revenues will remunerate the higher risk and contribute over the lifetime of the instrument to the funding of the additional provisioning needs for the Guarantee Fund. The proposal is not expected to have any net budgetary implication because the risk premiums constitute inflows to the Guarantee Fund. They will be charged to the EIB in return for risks borne by the Union budget.
  • date: 2016-10-06T00:00:00 type: Committee referral announced in Parliament, 1st reading/single reading body: EP
  • date: 2017-03-27T00:00:00 type: Vote in committee, 1st reading/single reading body: EP
  • date: 2017-03-27T00:00:00 type: Committee decision to open interinstitutional negotiations with report adopted in committee body: EP
  • date: 2017-03-30T00:00:00 type: Committee report tabled for plenary, 1st reading/single reading body: EP docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&mode=XML&reference=A8-2017-0132&language=EN title: A8-0132/2017 summary: The Committee on Budgets adopted the report by Eider GARDIAZABAL RUBIAL (S&D, ES) on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EC, Euratom) No 480/2009 establishing a Guarantee Fund for external actions. The Committee on Development, exercising its prerogative as an associated committee in accordance with Article 54 of the Rules of Procedure, also gave its opinion on the report. The committee recommended that the European Parliament’s position, adopted at first reading following the ordinary legislative procedure, should amend the Commission proposal as follows: Financial management of the Guarantee Fund : Members stated that the Commission shall ensure the financial management of the Fund, while taking into account the principles guiding the Union's external action. The Commission shall explain to the European Parliament how the management of the Fund is integrated into its broader development strategy. The financial management of Fund shall be carried out under the highest standards of transparency and democratic accountability . Annual report : Regulation (EC, Euratom) No 480/2009 stipulated that the target amount of the Fund shall be 9 % of the Communities’ total outstanding capital liabilities arising from each operation, increased by unpaid interest due. The Commission proposal stipulated the amount of the Guarantee Fund in surplus exceeding 10% of the Union's total outstanding capital liabilities shall be paid back to the general budget of the Union. According to Members, the annual report on the management of the Guarantee Fund in the previous calendar year and an assessment of the adequacy of the 9 % target amount and of the 10 % threshold , and of the asset management of the Guarantee Fund by the Commission.
  • date: 2017-04-06T00:00:00 type: Referral to associated committees announced in Parliament body: EP
  • date: 2017-12-04T00:00:00 type: Approval in committee of the text agreed at 1st reading interinstitutional negotiations body: EP docs: url: http://www.europarl.europa.eu/RegData/commissions/budg/lcag/2017/12-01/BUDG_LA(2017)011231_EN.pdf title: GEDA/A/(2017)011231
  • date: 2018-02-07T00:00:00 type: Debate in Parliament body: EP docs: url: http://www.europarl.europa.eu/sides/getDoc.do?secondRef=TOC&language=EN&reference=20180207&type=CRE title: Debate in Parliament
  • date: 2018-02-08T00:00:00 type: Results of vote in Parliament body: EP docs: url: https://oeil.secure.europarl.europa.eu/oeil/popups/sda.do?id=29351&l=en title: Results of vote in Parliament
  • date: 2018-02-08T00:00:00 type: Decision by Parliament, 1st reading/single reading body: EP docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P8-TA-2018-0037 title: T8-0037/2018 summary: The European Parliament adopted by 506 votes to 83, with 36 abstentions, a legislative resolution on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EC, Euratom) No 480/2009 establishing a Guarantee Fund for external actions. The European Parliament’s position adopted at first reading following the ordinary legislative procedure should amend the Commission proposal as follows: Financial management of the Guarantee Fund : according to the amended text, the Commission shall entrust the financial management of the Fund to the European Investment Bank (EIB). By 30 June 2019, the Commission shall submit an independent external evaluation of the advantages and disadvantages of entrusting the financial management of the assets of the Fund and of the European Fund for Sustainable Development to the Commission, the EIB, or a combination of the two. The evaluation shall, where appropriate, be accompanied with a legislative proposal. Annual report : this shall contain a presentation of the financial position and information on the functioning of the Fund at the end of the previous calendar year, the financial flows as well as the significant transactions and any relevant information on the financial accounts, such as detailed information on the outstanding capital of guaranteed loans or the Fund's assets during the previous calendar year, as well as conclusions and lessons learned. As of 2019 and every third year thereafter, it shall also include an assessment on the adequacy of the 9 % target and the 10% threshold for the Fund . The text stressed that where the amount of the Fund exceeds 10 % of the Union's total outstanding capital liabilities, the surplus should be paid back into the general budget of the Union in order to better protect the general budget of the Union against potential additional risk of default of the EIB financing operations addressing the long-term economic resilience of refugees, migrants, host and transit communities, and communities of origin as a strategic response to addressing root causes of migration.
  • date: 2018-02-27T00:00:00 type: Act adopted by Council after Parliament's 1st reading body: EP/CSL
  • date: 2018-03-14T00:00:00 type: Final act signed body: CSL
  • date: 2018-03-14T00:00:00 type: End of procedure in Parliament body: EP
  • date: 2018-03-19T00:00:00 type: Final act published in Official Journal summary: PURPOSE: to create the conditions for the guarantee fund for external actions to receive risk premiums from EIB financing operations under the private sector mandate for refugee projects. LEGISLATIVE ACT: Regulation (EU) 2018/409 of the European Parliament and of the Council amending Council Regulation (EC, Euratom) No 480/2009 establishing a Guarantee Fund for external actions. CONTENT: this Regulation amends Regulation (EC, Euratom) No 480/2009 establishing a Guarantee Fund for external actions. The amendments introduced are as follows: risk-premium revenues generated under the financing operations of the European Investment Bank (EIB) that benefit from a Union budgetary guarantee should be paid into the fund; where the amount of the Fund exceeds 10 % of the Union's total outstanding capital liabilities, the surplus should be paid back into the general budget of the Union in order to better protect the general budget of the Union against potential additional risk of default of the EIB financing operations addressing the long-term economic resilience of refugees, migrants, host and transit communities, and communities of origin as a strategic response to addressing root causes of migration; the financial management of the fund shall be entrusted to the EIB by the Commission. The Commission shall: present by 30 June 2019 at the latest, an independent external evaluation of the advantages and disadvantages of entrusting the financial management of the assets of the fund and of the European fund for sustainable development to the Commission, the EIB or a combination of the two. Where appropriate, the evaluation shall be accompanied by a legislative proposal; present each year , a report on the presentation of the financial position and information on the functioning of the fund at the end of the previous calendar year, including detailed information on the outstanding capital of guaranteed loans or the fund's assets during the previous calendar year, as well as conclusions and lessons learned. The report shall also include information about the financial management and performance and the risk of the Fund at the end of the previous calendar year. Starting in 2019 and every three years thereafter, the report shall also include an assessment of the adequacy of the 9% target and the 10% threshold for the fund. ENTRY INTO FORCE: 8.4.2018. docs: title: Regulation 2018/409 url: https://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!CELEXnumdoc&lg=EN&numdoc=32018R0409 title: OJ L 076 19.03.2018, p. 0001 url: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=OJ:L:2018:076:TOC
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  • body: EC dg: url: http://ec.europa.eu/info/departments/economic-and-financial-affairs_en title: Economic and Financial Affairs commissioner: MOSCOVICI Pierre
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  • title: Joint Declaration 2018 url: https://oeil.secure.europarl.europa.eu/oeil/popups/thematicnote.do?id=2063000&l=en
  • title: Joint Declaration 2017 url: https://oeil.secure.europarl.europa.eu/oeil/popups/thematicnote.do?id=2062000&l=en
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Rules of Procedure EP 150
New
Rules of Procedure EP 159
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  • 05/04/2017 Decision to enter into interinstitutional negotiations confirmed by plenary (Rule 69c)
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BUDG/8/07915
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  • BUDG/8/07915
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http://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!CELEXnumdoc&lg=EN&numdoc=32018R0409
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Regulation
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  • Regulation
  • Amending Regulation (EC, Euratom) No 480/2009 2008/0117(CNS)
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    • 6.30.04 Loans to third-countries, Guarantee Fund
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    Loans to third-countries, Guarantee Fund
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    • Amending Regulation (EC, Euratom) No 480/2009
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    Regulation 2018/409
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    2018-03-14T00:00:00
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    • The European Parliament adopted by 506 votes to 83, with 36 abstentions, a legislative resolution on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EC, Euratom) No 480/2009 establishing a Guarantee Fund for external actions.

      The European Parliament’s position adopted at first reading following the ordinary legislative procedure should amend the Commission proposal as follows:

      Financial management of the Guarantee Fund: according to the amended text, the Commission shall entrust the financial management of the Fund to the European Investment Bank (EIB). By 30 June 2019, the Commission shall submit an independent external evaluation of the advantages and disadvantages of entrusting the financial management of the assets of the Fund and of the European Fund for Sustainable Development to the Commission, the EIB, or a combination of the two. The evaluation shall, where appropriate, be accompanied with a legislative proposal.

      Annual report: this shall contain a presentation of the financial position and information on the functioning of the Fund at the end of the previous calendar year, the financial flows as well as the significant transactions and any relevant information on the financial accounts, such as detailed information on the outstanding capital of guaranteed loans or the Fund's assets during the previous calendar year, as well as conclusions and lessons learned.

      As of 2019 and every third year thereafter, it shall also include an assessment on the adequacy of the 9 % target and the 10% threshold for the Fund.

      The text stressed that where the amount of the Fund exceeds 10 % of the Union's total outstanding capital liabilities, the surplus should be paid back into the general budget of the Union in order to better protect the general budget of the Union against potential additional risk of default of the EIB financing operations addressing the long-term economic resilience of refugees, migrants, host and transit communities, and communities of origin as a strategic response to addressing root causes of migration.

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      • The Committee on Budgets adopted the report by Eider GARDIAZABAL RUBIAL (S&D, ES) on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EC, Euratom) No 480/2009 establishing a Guarantee Fund for external actions.

        The Committee on Development, exercising its prerogative as an associated committee in accordance with Article 54 of the Rules of Procedure, also gave its opinion on the report.

        The committee recommended that the European Parliament’s position, adopted at first reading following the ordinary legislative procedure, should amend the Commission proposal as follows:

        Financial management of the Guarantee Fund: Members stated that the Commission shall ensure the financial management of the Fund, while taking into account the principles guiding the Union's external action. The Commission shall explain to the European Parliament how the management of the Fund is integrated into its broader development strategy.

        The financial management of Fund shall be carried out under the highest standards of transparency and democratic accountability.

        Annual report: Regulation (EC, Euratom) No 480/2009 stipulated that the target amount of the Fund shall be 9 % of the Communities’ total outstanding capital liabilities arising from each operation, increased by unpaid interest due.

        The Commission proposal stipulated the amount of the Guarantee Fund in surplus exceeding 10% of the Union's total outstanding capital liabilities shall be paid back to the general budget of the Union.

        According to Members, the annual report on the management of the Guarantee Fund in the previous calendar year and an assessment of the adequacy of the 9 % target amount and of the 10 % threshold, and of the asset management of the Guarantee Fund by the Commission.

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      • PURPOSE: to create the necessary preconditions in order for the Guarantee Fund for external action to receive the risk premiums originating from EIB financing operations under the private sector mandate dedicated to projects in support of refugees and/or host communities.

        PROPOSED ACT: Regulation of the European Parliament and of the Council.

        ROLE OF THE EUROPEAN PARLIAMENT: the European Parliament decides in accordance with the ordinary legislative procedure and on an equal footing with Council.

        BACKGROUND: the proposal forms part of the ambitious external investment plan ("EIP") announced in the Commission communication of 7 June 2016 on establishing a new partnership framework with third countries under the European agenda on migration. On 28 June 2016, the European Council endorsed the EIP initiative, which aims to address root causes of migration, while contributing to the achievement of sustainable development goals. Together with a separate legislative proposal to amend Decision No 466/2014/EU of the European Parliament and of the Council on granting an EU guarantee to the European Investment Bank ("EIB") against losses under financing operations supporting investment projects outside the Union, the proposal will enable the EIB to contribute to the EIP by expanding both quantitatively and qualitatively the EIB’s external lending mandate.

        CONTENT: the proposal seeks to amend Regulation (EC, Euratom) No 480/2009 establishing a Guarantee Fund for external actions. It contains ancillary provisions necessary for the functioning of the EIP, in particular the new private sector lending mandate to the EIB.

        Endowment of the Fund: currently, the Guarantee Fund is endowed by the following: (1) one annual payment from the general budget of the Union, (2) interest on Guarantee Fund resources invested, and (3) amounts recovered from defaulting debtors. It is proposed that the risk premium revenues generated under the new private sector lending mandate of the EIB should represent a fourth source of income for the Guarantee Fund.

        In order to better protect the budget against potential additional risk of default of the EIB financing operations related to migration crisis, the amount of the Guarantee Fund in surplus exceeding 10% of the outstanding of loans will be paid back to the EU budget.

        Management of the Fund: until now, the assets of the Guarantee Fund have been managed by the EIB. In view of the facts that the Commission has strong experience managing similar financial operations, and is already entrusted with the management of the Guarantee Fund for the EFSI, it is proposed that the management of the assets of the Guarantee Fund be transferred to the Commission.

        Reports: the Commission will, by 31 March of each year, in the context of the financial statements of the Commission, submit to the European Parliament, to the Council and to the Court of Auditors the required information on the situation of the Guarantee Fund.

        BUDGETARY IMPLICATIONS: under the new private sector lending mandate set up by a separate legislative act, the Union will be entitled to the risk premium revenues generated under EIB financing operations. The risk premium revenues will remunerate the higher risk and contribute over the lifetime of the instrument to the funding of the additional provisioning needs for the Guarantee Fund.

        The proposal is not expected to have any net budgetary implication because the risk premiums constitute inflows to the Guarantee Fund. They will be charged to the EIB in return for risks borne by the Union budget.

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