2016/2098(INI) Annual report on the control of the financial activities of the EIB for 2015
Lead committee dossier:
Progress: Procedure completed
| Role | Committee | Rapporteur | Shadows |
|---|---|---|---|
| Lead | CONT |
ALI Nedzhmi ( ALDE)
|
NOVAKOV Andrey ( PPE),
PIRINSKI Georgi ( S&D),
FITTO Raffaele ( ECR),
FLANAGAN Luke Ming ( GUE/NGL),
TARAND Indrek ( Verts/ALE),
VALLI Marco ( EFDD)
|
| Committee Opinion | REGI |
JAKOVČIĆ Ivan ( ALDE)
|
Steeve BRIOIS ( ENF),
Andrew LEWER ( ECR),
Derek VAUGHAN ( S&D)
|
Lead committee dossier:
Legal Basis:
RoP 54
Legal Basis:
RoP 54Subjects
Events
2017/09/07
EC - Commission response to text adopted in plenary
Documents
2017/04/27
EP - Results of vote in Parliament
Documents
2017/04/27
EP - Decision by Parliament, 1st reading/single reading
Details
The European Parliament adopted by 530 votes to 105, with 12 abstentions, a resolution on the annual report on the control of the financial activities of the EIB for 2015.
It made the following recommendations:
Enhancing the sustainability of the EIB’s investment policy : Members noted that EUR 77.5 billion of operations were signed in 2015, out of which EUR 69.7 billion went to EU Member States and EUR 7.8 billion went outside the EU.
While welcoming the EIB’s annual reports for 2015, Parliament called on the EIB to further refine and provide information on the concrete and achieved economic, social and environmental impact, and added value, of its operations in the Member States and outside the EU. Members strongly encouraged the EIB to continue its efforts to overcome investment, market and sectoral gaps and to invest in projects and operations which have real added value.
The EU should in particular:
better anticipate structural challenges , notably those related to Europe’s re-industrialisation and the knowledge-based and digital economy, in order to generate new economic opportunities, innovation, the development of a circular economy and better use of renewables; assess funded projects not only in terms of economic relevance but also with an equally strong focus on environmental and social sustainability; step up the dissemination of their financing possibilities, as well as their support and advice, to increase funding for projects of local and regional authorities and SMEs; take account of the less developed countries and regions given that 73 % of the EIB’s total lending for 2015 is concentrated in six Member States.
Members considered it fundamental that the EIB keep its triple-A rating in order to preserve its access to international capital markets under the best borrowing conditions.
Monitoring the EIB’s impact in the implementation of key public policy areas : Parliament regretted that there is no information provided in the 2015 Annual Report on the EIB operations inside the EU about expected and achieved results from the Bank operations with regard to its two cross-cutting policy objectives, namely climate action and cohesion; is concerned that in 2015 the EIB did not reach the envisaged level of 30 % investments for cohesion (25.2 % achieved inside the EU).
The EIB is called upon to reinstate economic, social and territorial cohesion as a primary public policy goal and to start explicit reporting on its implementation and to continue to define its monitoring indicators, more specifically indicators of additionality.
Funding schemes for SMEs : the EIB’s support to SMEs accounted for approximately 36.6 % of its funding in 2015, triggering a leverage effect of EUR 39.7 billion for SME finance and supporting 5 million jobs.
Parliament welcomed the EIF efforts to make the SME Initiative work. It also welcomed the European Investment Fund’s efforts to make the SME Initiative work currently in six countries (Spain, Italy, Bulgaria, Finland, Romania and Malta), as well as the proposal of the Commission to prolong the SME Initiative until 2020.
The EIB is invited to increase its intervention risk profile , especially when supporting SMEs which are taking risks or evolving in economically disadvantaged regions.
Members also recommended that the EIB should:
continue to support infrastructure agenda based on efficient projects of common interest in the transport and energy sectors with their own resources and by implementing the Debt Financial Instruments under the Connected Europe Facility; continue to pay particular attention to investments in R&D (loans to innovative projects in 2015 amounted to a record level of EUR 18.7 billion); as regards dual-use technologies, the EIB should primarily support those investments that are motivated by their commercialisation in civilian applications; strengthen cooperation with national, regional and local authorities together with National Promotional Banks and Institutions in order to create more synergies between the ESI Funds and EIB financing instruments and loans; focus its climate action on the sustainability of cross-sector projects in the context of the COP21 targets and to support the expansion of renewable energies; continue the development of a market for sustainable green projects , promoting above all the creation of a circular economy, in particular via a green bond market; support EU external policies and emergency response related to the global challenge of migration by including the development aspect.
Monitoring of the EFSI’s added value and additionality : the projects approved to date represent a total of EUR 115.7 billion of investments out of a total of EUR 315 billion of additional investments to be leveraged by the European Strategic Investment Fund (EFSI) through the EIB by 2018. Parliament called on the EIB to pay particular attention to the principle of additionality and to provide relevant qualitative management information on the implementation of the European Funds for Strategic Investment (EFSI) stated objectives.
The EIB is asked to correct the current geographical imbalances within the Union and sectoral concentration of the EFSI’s portfolio, by enhancing its advisory activities for projects development in Member States and by considering expanding the number of sectors eligible for EFSI funding.
Transparency and accountability : according to Parliament, the enhanced economic role of the EIB, its increased investment capacity and the use of the EU budget to guarantee the EIB’s operations must be accompanied by greater transparency and deepened accountability so as to ensure genuine public scrutiny of its activities, project selection and funding priorities.
Documents
2017/04/27
EP - End of procedure in Parliament
2017/04/26
EP - Debate in Parliament
Documents
2017/04/05
EP - Committee report tabled for plenary, single reading
Details
The Committee on Budgetary Control adopted an own-initiative report by Nedzhmi ALI (ADLE, BG) on the annual report on the control of the financial activities of the EIB for 2015.
It made the following recommendations:
Enhancing the sustainability of the EIB’s investment policy : while welcoming the EIB’s annual reports for 2015, the report called on the EIB to further refine and provide information on the concrete and achieved economic, social and environmental impact, and added value, of its operations in the Member States and outside the EU.
Members strongly encouraged the EIB to continue its efforts to overcome investment, market and sectoral gaps and to invest in projects and operations which have real added value for achieving greater EU economic, social and territorial cohesion, a stronger investment environment, higher employment and the return of sustainable growth across the EU.
The EU should in particular:
better anticipate structural challenges , notably those related to Europe’s re-industrialisation and the knowledge-based and digital economy, in order to generate new economic opportunities, innovation, the development of a circular economy and better use of renewables; assess funded projects not only in terms of economic relevance but also with an equally strong focus on environmental and social sustainability; step up the dissemination of their financing possibilities, as well as their support and advice, to increase funding for projects of local and regional authorities and SMEs; take account of the less developed countries and regions given that 73 % of the EIB’s total lending for 2015 is concentrated in six Member States.
Members considered it fundamental that the EIB keep its triple-A rating in order to preserve its access to international capital markets under the best borrowing conditions.
Monitoring the EIB’s impact in the implementation of key public policy areas : Members regretted that there is no information provided in the 2015 Annual Report on the EIB operations inside the EU about expected and achieved results from the Bank operations with regard to its two cross-cutting policy objectives, namely climate action and cohesion; is concerned that in 2015 the EIB did not reach the envisaged level of 30 % investments for cohesion (25.2 % achieved inside the EU).
The EIB is called upon to reinstate economic, social and territorial cohesion as a primary public policy goal and to start explicit reporting on its implementation and to continue to define its monitoring indicators, more specifically indicators of additionality.
Funding schemes for SMEs : Members noted that the EIB’s support to SMEs accounted for approximately 36.6 % of its funding in 2015, triggering a leverage effect of EUR 39.7 billion for SME finance and supporting 5 million jobs. They welcomed the EIF efforts to make the SME Initiative work. They also welcomed the European Investment Fund’s efforts to make the SME Initiative work currently in six countries (Spain, Italy, Bulgaria, Finland, Romania and Malta), as well as the proposal of the Commission to prolong the SME Initiative until 2020.
The EIB is invited to increase its intervention risk profile , especially when supporting SMEs which are taking risks or evolving in economically disadvantaged regions.
Members also recommended that the EIB should:
continue to support infrastructure agenda based on efficient projects of common interest in the transport and energy sectors with their own resources and by implementing the Debt Financial Instruments under the Connected Europe Facility; continue to pay particular attention to investments in R&D (loans to innovative projects in 2015 amounted to a record level of EUR 18.7 billion); strengthen cooperation with national, regional and local authorities together with National Promotional Banks and Institutions in order to create more synergies between the ESI Funds and EIB financing instruments and loans; focus its climate action on the sustainability of cross-sector projects in the context of the COP21 targets and to support the expansion of renewable energies; support EU external policies and emergency response related to the global challenge of migration; pay particular attention to the principle of additionality and to provide relevant qualitative management information on the implementation of the European Funds for Strategic Investment (EFSI) stated objectives; the widest possible geographical spread should be considered in the implementation of the EFSI pipeline for the benefit of cohesion and sustainability objective.
Lastly, Members considered that the enhanced economic role of the EIB, its increased investment capacity and the use of the EU budget to guarantee the EIB’s operations must be accompanied by greater transparency and deepened accountability so as to ensure genuine public scrutiny of its activities, project selection and funding priorities.
Documents
2017/03/27
EP - Vote in committee, 1st reading/single reading
2017/02/07
EP - Committee opinion
Documents
2017/02/07
EP - Amendments tabled in committee
Documents
2017/01/03
EP - Committee draft report
Documents
2016/06/09
EP - Committee referral announced in Parliament, 1st reading/single reading
2016/06/07
EP - ALI Nedzhmi (ALDE) appointed as rapporteur in CONT
2016/05/25
EP - JAKOVČIĆ Ivan (ALDE) appointed as rapporteur in REGI
Documents
- Commission response to text adopted in plenary: SP(2017)472
- Results of vote in Parliament: Results of vote in Parliament
- Decision by Parliament, 1st reading/single reading: T8-0138/2017
- Debate in Parliament: Debate in Parliament
- Committee report tabled for plenary, single reading: A8-0161/2017
- Committee opinion: PE593.948
- Amendments tabled in committee: PE599.624
- Committee draft report: PE587.516
- Committee draft report: PE587.516
- Committee opinion: PE593.948
- Amendments tabled in committee: PE599.624
- Commission response to text adopted in plenary: SP(2017)472
Activities
- Nicola CAPUTO
- Doru-Claudian FRUNZULICĂ
Plenary Speeches (1)
Votes
A8-0161/2017 - Nedzhmi Ali - Vote unique #
2017/04/27 Outcome: +: 530, -: 105, 0: 12
NI| Amendments | Dossier |
| 262 |
2016/2098(INI)
2016/12/08
REGI
78 amendments...
Amendment 1 #
Draft opinion Paragraph 1 1. Takes note of the signature by the EIB in 2015 of EUR 77.5 billion (of which EUR 69.7 billion within and EUR 7.8 billion outside the Union) in new operations in the areas of innovation, SMEs, infrastructure and environment, as well as support for refugee housing and investment in regions affected by the refugee crisis;
Amendment 10 #
Draft opinion Paragraph 1 f (new) 1f. Is extremely concerned at the fact that the EIB is looking into the possibility of funding the Turin-Lyon high-speed rail link under the EFSI, despite this major project being excessively costly, unnecessary and economically, socially and environmentally unsustainable;
Amendment 11 #
Draft opinion Paragraph 2 Amendment 12 #
Draft opinion Paragraph 2 2. A
Amendment 13 #
Draft opinion Paragraph 2 2. Acknowledges that the major EIB shareholders, i.e. Germany, France, the UK, Italy and Spain, received more than 50 % of financing in 2015, while the new Member States received less than 20 %;
Amendment 14 #
Draft opinion Paragraph 2 2. Acknowledges that the major EIB shareholders,
Amendment 15 #
Draft opinion Paragraph 2 2. Acknowledges that the major EIB shareholders, i.e. Germany, France, the UK, Italy and Spain, received more than 50 % of financing in 2015, while the new Member States received less than 20 %; recognises that this financial share represents roughly the size in population of the major shareholders countries; asks the EIB and the Commission to provide more technical assistance to those Member States
Amendment 16 #
Draft opinion Paragraph 2 2. Acknowledges that the major EIB shareholders
Amendment 17 #
Draft opinion Paragraph 2 2.
Amendment 18 #
Draft opinion Paragraph 2 2. Acknowledges that the major EIB shareholders, i.e. Germany, France, the UK, Italy and Spain, received more than 50 % of financing in 2015, while the new Member States received less than 20 %; asks the EIB and the Commission to examine the reasons of this disproportion and, where appropriate, to provide more technical assistance to those Member States having a lower share in total EIB financing in particular in the fields of advisory and analytical services and capacity building activities;
Amendment 19 #
Draft opinion Paragraph 2 2. Acknowledges that the major EIB shareholders, i.e. Germany, France, the UK, Italy and Spain, received more than 50 % of financing in 2015, while the new Member States received less than 20 %; asks the EIB and the Commission to provide more technical assistance to those Member States having a lower share in total EIB financing; points out that the concentration of investments in certain areas is contributing even more to the widening gap between regions;
Amendment 2 #
Draft opinion Paragraph 1 1. Takes note of the signature by the EIB in 2015 of EUR 77.5 billion (of which EUR 69.7 billion within and EUR 7.8 billion outside the Union) in new operations in the areas of innovation, SMEs, infrastructure and environment
Amendment 20 #
Draft opinion Paragraph 2 2. Acknowledges that the major EIB shareholders, i.e. Germany, France, the UK, Italy and Spain, received more than 50 % of financing in 2015, while the new Member States received less than 20 %; asks the EIB and the Commission to provide more technical assistance to those Member States having a lower share in total EIB financing in order to ensure the geographically balanced allocation of financing;
Amendment 21 #
Draft opinion Paragraph 3 3.
Amendment 22 #
Draft opinion Paragraph 3 3.
Amendment 23 #
Draft opinion Paragraph 3 3.
Amendment 24 #
Draft opinion Paragraph 3 3. Welcomes the level of financing of the objectives of economic and social cohesion (EUR 17 634 billion) and rural and urban regeneration (EUR 5 467 billion); emphasises the importance of maintaining a regular dialogue with the managing authorities to establish synergies and complementarity between both instruments;
Amendment 25 #
Draft opinion Paragraph 3 3. Welcomes the level of financing of the objectives of economic and social cohesion (EUR 17 634 billion) and rural and urban regeneration (EUR 5 467 billion); regards that funding as an essential complement to cohesion policy and the European Structural and Investment Funds (ESFIs);
Amendment 26 #
Draft opinion Paragraph 3 3. Welcomes the level of financing of the objectives of economic and social cohesion (EUR 17 634 billion) and rural and urban regeneration (EUR 5 467 billion), and recommends that it be maintained;
Amendment 27 #
Draft opinion Paragraph 4 4. Recognises that the quality of the loan portfolio remains high thanks to the prudent risk management policies pursued;
Amendment 28 #
Draft opinion Paragraph 4 4. Recognises that the quality of the loan portfolio remains high thanks to the prudent risk management policies pursued;
Amendment 29 #
Draft opinion Paragraph 4 4. Re
Amendment 3 #
Draft opinion Paragraph 1 a (new) 1a. Deplores the fact that the list of projects selected for funding under the EFSI includes infrastructure with a high environmental impact and dubious additionality, such as steelworks, biorefineries, petrochemical plants and regasification and gas storage facilities; criticises the fact that in many cases the EIB has failed to take action on reports from local authorities, stakeholder communities and civil society groups of environmental and social legislation being breached by funding recipients and by the projects financed, claiming that it was not its responsibility to carry out the necessary investigations; calls on the EIB, with reference to the precautionary principle, to withdraw funding wherever there is any suspicion of environmental infringements and damage to society or to local communities;
Amendment 30 #
Draft opinion Paragraph 4 4. Recognises that the quality of the loan portfolio remains high thanks to the prudent risk management policies pursued;
Amendment 31 #
Draft opinion Paragraph 4 4. Recognises that the quality of the loan portfolio remains high thanks to the prudent risk management policies pursued; requests the EIB, however, to increase its risk appetite, thus ensuring a wider and more effective economic impact, while maintaining a high loan portfolio level;
Amendment 32 #
Draft opinion Paragraph 4 4. Recognises that the quality of the loan portfolio remains high thanks to the prudent risk management policies pursued; requests the EIB, however, to increase its risk appetite while maintaining a high loan portfolio level, including by means of arrangements for ever-closer coordination with national bodies that underwrite preferential loans for investment programmes that are in keeping with the development objectives promoted by the EIB;
Amendment 33 #
Draft opinion Paragraph 5 5. Calls on the EIB and the Commission and on local and regional authorities to strengthen their cooperation in order to create more synergies between the ESI Funds and EIB financing instruments and loans;
Amendment 34 #
Draft opinion Paragraph 5 5. Calls on the EIB and the Commission to strengthen their cooperation in order to create more synergies between the ESI Funds and EIB financing instruments and loans as well as to reduce the administrative burdens, enhance simplified procedures and increase the administrative capacity;
Amendment 35 #
Draft opinion Paragraph 5 5. Calls on the EIB and the Commission to strengthen their cooperation in order to create more synergies between the ESI Funds and EIB financing instruments and loans; Considers that little information is available with regard to the blending activities of the EIB in Cohesion Policy projects and programmes; Requests the EIB to honour its role as public institution and pursue highest ambition in relation to accountability, transparency and visibility to avoid ambiguity;
Amendment 36 #
Draft opinion Paragraph 5 5. Calls on the EIB and the Commission to strengthen their cooperation in order to create more synergies between the ESI Funds and EIB financing instruments and loans; urges the EIB to strengthen its dialogue with Member States' national legislatures, bureaucracies and local authorities to improve understanding of how ESI funds and EIB financing - through schemes such as EFSI - can deliver projects as seamlessly as possible;
Amendment 37 #
Draft opinion Paragraph 5 a (new) 5a. Deplores the involvement of the EIB in large-scale infrastructure projects with a serious environmental impact and lacking in real added economic and social value for the local population; calls on the EIB to finance only those projects whose implementation is not environmentally, financially or socially controversial, as demonstrated by a thorough prior assessment and an adequate cost-benefit analysis;
Amendment 38 #
Draft opinion Paragraph 5 a (new) 5a. Underlines that the increased use of financial instruments in cohesion policy requires stronger involvement of the European Parliament in scrutinising the EIB's activities also to allow for better assessing the implications and consequences of the EIB's role;
Amendment 39 #
Draft opinion Paragraph 5 b (new) 5b. Is of the opinion that the EIB should take special care to ensure the reliability and maximum transparency of the network of financial intermediaries, checking that they are not involved in tax avoidance or abuse, corruption, money laundering, organised crime or terrorism, and that they are in a position to finance SMEs in an effective way and in accordance with EU environmental and social standards;
Amendment 4 #
Draft opinion Paragraph 1 a (new) 1a. Calls for European Investment Bank funding to be wholly used in the EU Member States and for it not to be used to finance reception facilities for illegal migrants; recalls that our fellow citizens, and in particular young people, are currently suffering mass unemployment, casualisation of the labour market and rising social inequalities, and that consequently they shall be the sole beneficiaries of EU funds;
Amendment 40 #
Draft opinion Paragraph 6 Amendment 41 #
Draft opinion Paragraph 6 6.
Amendment 42 #
Draft opinion Paragraph 6 6. Is concerned that the SME Initiative
Amendment 43 #
Draft opinion Paragraph 6 6.
Amendment 44 #
Draft opinion Paragraph 6 6. Is concerned that the SME Initiative is not delivering as planned; notes with concern the very opaque structure of the indirect financing operations for SMEs and the fact that they are carried out through speculative investment funds, which are geared towards maximum short-term profit but are entirely at odds with the objective of supporting the real economy and the SMEs themselves; points out that more effective, direct, and transparent funding mechanisms should therefore be identified;
Amendment 45 #
Draft opinion Paragraph 6 6. Is concerned that the SME Initiative is not delivering as planned and recognises that the economic and financial crisis and its impact on traditional credit systems as well as existing financial and non- financial barriers resulted in a lack of investment which has undermined the full growth potential of the European economy and jeopardised the development potential of micro, small and medium- sized enterprises;
Amendment 46 #
Draft opinion Paragraph 6 6. Is concerned that the SME Initiative is not delivering as planned; calls on the EIF to publish a report detailing the programme's successes and failures; urges the EIF to extend the programme beyond the original four nations only if its operation within these countries demonstrates a clear return on investment and scalability to widely different markets across the EU;
Amendment 47 #
Draft opinion Paragraph 6 6. Is concerned that the SME Initiative is not delivering as planned; calls on the Member States to implement the SME Initiative on a wider scale, bearing in mind that it has the capacity to reduce the risk for financial intermediaries;
Amendment 48 #
Draft opinion Paragraph 6 6. Is concerned that the SME Initiative is not delivering as planned and calls on the EIB to monitor and improve the use of the instrument of securitisation to facilitate access to credit for SMEs in particular;
Amendment 49 #
Draft opinion Paragraph 6 a (new) 6a. Deplores the fact that the EIB’s transparency policy is still seriously lacking when compared to those of other international institutions, as confirmed by the 2016 Aid Transparency Index; calls on the EIB to publish on its website the disaggregated statistical data relating to each project funded inside and outside the EU, including, in particular, lending operations implemented through financial intermediaries, and to make fully accessible the results of the ex-ante and ex-post impact assessments for each of its projects, with a detailed explanation of the indicators and the selection and evaluation criteria used; calls on the EIB once again to ensure regular publication of the minutes of the meetings of its management and governing bodies;
Amendment 5 #
Draft opinion Paragraph 1 a (new) 1a. Acknowledges the important role played by EIB funding at a time of serious economic and financial crisis that is having a serious impact on traditional credit systems;
Amendment 50 #
Draft opinion Paragraph 6 a (new) 6a. Welcomes the EIF efforts to make the SME initiative work in currently six countries (Spain, Italy, Bulgaria, Finland, Romania, Malta) which are expected to benefit from about 8.5bn of new SME loans at favourable terms; appreciates therefore the proposal of the EC to prolong the SME initiative until 2020;
Amendment 51 #
Draft opinion Paragraph 6 b (new) 6b. Calls on the EIB to ensure public access to documents concerning internal investigations, reports and audits, particularly when they relate to issues of public interest or projects in which tax abuse or fraud and corruption have been identified, and to make all information fully accessible to Parliament;
Amendment 52 #
Draft opinion Paragraph 7 7. Requests the Member States to make full use of their allocation of ESI Funds and additionality, thus complementing EIB loans and financial instruments; asks,
Amendment 53 #
Draft opinion Paragraph 7 7. Requests the Member States to make full use of their allocation of ESI
Amendment 54 #
Draft opinion Paragraph 7 7. Requests the Member States to make full use of their allocation of ESI Funds and additionality, thus complementing EIB loans and financial instruments; asks, moreover, for greater blending of grants with EIB financing; calls on the EIB to refrain from financing in any way projects infiltrated by criminal groups and to put funding for such projects on hold as a precautionary measure while investigations are under way;
Amendment 55 #
Draft opinion Paragraph 7 7. Requests the Member States to make full use of their allocation of ESI Funds and additionality, thus complementing EIB loans and financial instruments; asks, moreover, for greater blending of grants with EIB financing
Amendment 56 #
Draft opinion Paragraph 7 a (new) 7a. Underlines that EIB lending is a relevant contribution to cohesion policy spending, whereas insufficient evidence is available on its impact and efficiency towards EU objectives and priorities; Considers, therefore, that ongoing monitoring and evaluation would increase the legitimacy of EIB lending activities;
Amendment 57 #
Draft opinion Paragraph 7 a (new) 7a. Calls on the Commission to establish a permanent European Guarantee Platform under EFSI to ease SME access to finance, and to improve the development of guarantees and lending products based on European guarantees;
Amendment 58 #
Draft opinion Paragraph 8 8. Calls on the EIB to increase its share of financing of economic and social cohesion
Amendment 59 #
Draft opinion Paragraph 8 8. Calls on the EIB to increase its financing of economic and social cohesion as well as of the urban objectives;
Amendment 6 #
Draft opinion Paragraph 1 b (new) 1b. Notes that the considerable EFSI support being provided for energy, energy efficiency and renewable energy projects has been made possible only by cutting ordinary EIB investment in those sectors by an equal amount, thus suggesting that the majority of EFSI loans have not complied with the principle of additionality; takes the view that EFSI- funded loans should be additional to ordinary EIB investment;
Amendment 60 #
Draft opinion Paragraph 8 8. Calls on the EIB to increase its financing of economic and social cohesion as well as of the urban objectives; calls, moreover, for the development of special financial instruments
Amendment 61 #
Draft opinion Paragraph 8 8. Calls on the EIB to increase immediately its financing of economic and social cohesion as well as of the urban objectives;
Amendment 62 #
Draft opinion Paragraph 8 8. Calls on the EIB to increase its financing of economic and social cohesion as well as of the urban objectives; calls, moreover, for the development of special financial instruments for macroregional strategies; stresses the importance of ensuring the efficient and responsible management of resources, with the aim of safeguarding the bank’s financing capacity for the years to come;
Amendment 63 #
Draft opinion Paragraph 8 8. Calls on the EIB to increase its financing of economic and social cohesion as well as of the urban objectives; calls, moreover, for the development of special financial instruments for macroregional strategies, providing that Member States remain the primary actors in the creation of these instruments and that they are only implemented where they have Member States' approval;
Amendment 64 #
Draft opinion Paragraph 8 8. Calls on the EIB to increase its financing of economic and social cohesion as well as of the urban objectives; calls, moreover, for the development of special financial instruments for macroregional strategies; stresses, likewise, the importance of continuing to support innovative as well as traditional economic sectors in the EU;
Amendment 65 #
Draft opinion Paragraph 8 a (new) 8a. Takes the view that an increase in the EIB’s lending activity could be achieved through a better, more balanced allocation of resources; recalls that public-private partnerships (PPP) for the funding of projects of public interest are often founded on poor distribution of the financial risks of the investment, to the detriment of the public sector and to the sole advantage of the private sector, and may therefore lead to considerable losses for the public coffers, but with no real added value for society;
Amendment 66 #
Draft opinion Paragraph 8 b (new) 8b. Is concerned about the EIB’s readiness to allocate EUR 2 billion to the construction of the final stretch of the TAP (Trans-Adriatic Pipeline); calls on the EIB to refrain from financing in any way this expensive and controversial pipeline as a result of the considerable environmental, financial, seismic, tax and geo-political risks inherent in its construction;
Amendment 67 #
Draft opinion Paragraph 9 Amendment 68 #
Draft opinion Paragraph 9 9. Calls on the EIB and the Commission to
Amendment 69 #
Draft opinion Paragraph 9 9. Calls on the EIB and the Commission to step up the dissemination of their financing possibilities, as well as their provision of support and advice for local and regional authorities and SMEs, in the interests of
Amendment 7 #
Draft opinion Paragraph 1 c (new) 1c. Criticises the fact that less than 20% of the projects given EFSI funding approval focus on research, development and innovation, human capital and the environment and energy efficiency;
Amendment 70 #
Draft opinion Paragraph 9 9. Calls on the EIB and the Commission to step up their provision of support and advice and increase funding for local and regional authorities and SMEs, in the interests of simplifying access to EIB finance and blending grants with loans and financial instruments.
Amendment 71 #
Draft opinion Paragraph 9 9. Calls on the EIB and the Commission to step up their provision of support and advice for local and regional authorities and SMEs, in the interests of simplifying access to EIB finance and blending grants with loans and financial instruments; calls on the Commission to support the drawing-up of training programmes for potential beneficiaries by giving management authorities a more substantial role in providing information, guidance and advice for final beneficiaries.
Amendment 72 #
Draft opinion Paragraph 9 a (new) 9a. Notes the increase in the percentage of loans granted to projects located outside the European Union; while welcoming assistance to developing nations believes that the primary investment target for the EIB should be Europe itself, particularly as the continent continues its recovery from the economic crisis; calls on the EIB to ensure that Europe remains the investment priority particularly when the Commission's External Investment Plan for Africa gets underway;
Amendment 73 #
Draft opinion Paragraph 9 a (new) 9a. Is concerned about the proposal from the Commission to modify the EIB's lending criteria in view of stepping-up investment in the defence industry; Underlines that ESI Funds must first and foremost be oriented towards the objective of reducing regional disparities and pursuing cohesion, while investment into other areas can be legitimized only when directly contributing to these objectives.
Amendment 74 #
Draft opinion Paragraph 9 a (new) 9a. Calls on the European Commission and the European Investment Bank (EIB) to make access to EIB financing simpler for beneficiaries, such as SMEs, that cannot afford the costs involved in complex administrative procedures.
Amendment 75 #
Draft opinion Paragraph 9 a (new) 9a. Likewise considers that there is a need to strengthen cooperation between the Commission, the EIB and local and regional bodies to ensure that the financial instruments are used effectively to boost territorial development and cohesion policies.
Amendment 76 #
Draft opinion Paragraph 9 a (new) 9a. Calls on the EIB to develop a communication policy regarding its activities, including its advisory activities, so that all forms of government and all beneficiaries can have access to its programmes;
Amendment 77 #
Draft opinion Paragraph 9 b (new) 9b. Regrets that the number of impaired loan contracts increased between 2014 and 2015, with total exposure rising by EUR 455 million to EUR 1.41 billion; calls on the Commission to review its risk management and project due diligence procedures to ensure that they are effectively tackling this escalating problem and to provide an update to the European Parliament on progress in 2017.
Amendment 78 #
Draft opinion Paragraph 9 b (new) 9b. Calls on the EIB to step up its cooperation and coordination with the National Promotional Banks and Institutions (NPBIs) in order to blend and implement financial instruments nationally and regionally, also in synergy with the EFSI (European Fund for Strategic Investments).
Amendment 8 #
Draft opinion Paragraph 1 d (new) 1d. Deplores the fact that as much as 15% of all EFSI investment in the energy sector has been channelled into fossil-fuel projects, in particular projects for regasification and gas storage facilities; calls on the EIB to give serious thought to phasing out loans for projects involving the production of non-renewable energy;
Amendment 9 #
Draft opinion Paragraph 1 e (new) 1e. Deplores the almost total lack of information and disaggregated statistics on the projects financed, in particular as regards each individual project’s expected impact, benefits and additionality; calls on the EIB to publish all available information about and findings of impact assessments for operations carried out within the framework of the EFSI; calls also on the EIB to set out in detail the added value and additionality of each individual project financed and the contribution each makes towards the pursuit of the EU’s strategies and long- term objectives;
source: 595.507
2017/02/07
CONT
184 amendments...
Amendment 1 #
Motion for a resolution Citation 10 — having regard to Articles 15, 126, 174, 175, 208, 209, 271, 308 and 309 of the Treaty on the Functioning of the European Union (TFEU)
Amendment 10 #
Motion for a resolution Recital B B. whereas the EIB, as
Amendment 100 #
Motion for a resolution Paragraph 25 25. Invites the EIB to increase its intervention risk profile, especially when supporting SMEs which are taking risks or evolving in economic regions that have to be stabilised; believes also that the SME sector and its access to financing is a
Amendment 101 #
Motion for a resolution Paragraph 26 26. Supports all the incentives for market-driven innovation
Amendment 102 #
Motion for a resolution Paragraph 26 26. Supports all the incentives for market-driven innovation and those helping the EU’s ambition to become a knowledge-based and digital economy and maintain the EU’s competitiveness;
Amendment 103 #
Motion for a resolution Paragraph 27 Amendment 104 #
Motion for a resolution Paragraph 27 27.
Amendment 105 #
Motion for a resolution Paragraph 27 27. Notes that the EIB already finances investments in R&D by EU security companies where civilian and dual-use technologies are concerned;
Amendment 106 #
Motion for a resolution Paragraph 27 a (new) 27a. Notes that loans to innovative projects in 2015 amounted to a record level of EUR 18.7 billion, and welcomes the greater emphasis being placed by the EIB on investment in innovation;
Amendment 107 #
Motion for a resolution Paragraph 28 Amendment 108 #
Motion for a resolution Paragraph 28 Amendment 109 #
Motion for a resolution Paragraph 29 29. Invites the EIB to define a new global infrastructure agenda based on efficient projects of common interest such as transport (Connected Europe), while considering their compatibility with environmental and climate policy objectives and regional development; calls on the EIB to develop new financial instruments for the building of infrastructure and works under the terms of macroregional strategies;
Amendment 11 #
Motion for a resolution Recital Β Β. whereas the EIB, as the biggest public lender in the world, ought to operate
Amendment 110 #
Motion for a resolution Paragraph 29 29. Invites the EIB to define a new global infrastructure agenda based on efficient projects of common interest such as transport (Connected Europe), while considering their compatibility with climate and environmental policy objectives and regional development; considers it vital that people living in the vicinity of the projects funded should be actively involved in assessing them;
Amendment 111 #
Motion for a resolution Paragraph 29 29. Invites the EIB to define a new global infrastructure agenda based on efficient projects of common interest such as transport (Connected Europe), while considering their compatibility with climate policy objectives and regional development
Amendment 112 #
Motion for a resolution Paragraph 29 29. Invites the EIB to
Amendment 113 #
Motion for a resolution Paragraph 29 29. Invites the EIB to define a new global infrastructure agenda based on efficient and sustainable projects of common interest such as transport (Connected Europe),
Amendment 114 #
Motion for a resolution Paragraph 29 a (new) 29a. Deplores the involvement of the EIB in large-scale infrastructure projects with a serious environmental impact and lacking in real added economic and social value for the local population; stresses furthermore that such projects have little impact on the creation of new jobs and that the cost-benefit ratio is not such as to make such investments sustainable; calls on the EIB to finance only those projects whose implementation is not environmentally, financially or socially controversial, as demonstrated by a thorough prior assessment and an adequate cost-benefit analysis;
Amendment 115 #
Motion for a resolution Paragraph 29 b (new) 29b. Notes with concern the tendency to allocate ever more EU public resources to high CO2-emitting infrastructure projects, motorways in particular; stresses, moreover, that assessments of the viability of such projects are often based on inaccurate and excessively optimistic forecasts of traffic flows and toll profits, thus resulting in significant and unexpected disbursement of public resources to ensure profit for private entities, as in the case of the EUR 700 million allocated to the project for the completion of the Brescia-Bergamo-Milan stretch of motorway, which was found to be financially unsustainable and of dubious economic and social benefit; calls on the EIB to carry out thorough advance assessments of the financial viability of the projects that it funds and to refrain from financing projects at odds with the EU’s long-term objectives of moving towards a CO2-free economy and with the principle of additionality;
Amendment 116 #
Motion for a resolution Paragraph 30 30. Encourages the EIB to focus its climate action on the sustainability of cross-sector projects in the context of the COP21 targets and
Amendment 117 #
Motion for a resolution Paragraph 30 a (new) 30a. Calls on the EIB to include the COP21 targets from the Paris Climate Agreement into its entire portfolio of future activities and duly report on the implementation of the Climate strategy and the compliance of individual Action Plans with the COP21 targets;
Amendment 118 #
Motion for a resolution Paragraph 30 b (new) 30b. Following up on the Paris Climate Agreement calls on the EIB to stop further investments in fossil fuels and the related part in the automotive industry and to invest in projects which truly contribute to climate change mitigation and adaptation;
Amendment 119 #
Motion for a resolution Paragraph 30 c (new) 30c. Points to the increase of the EIB's financing of fossil fuel projects which reached the level of 2.5 billion euro in 2015 compared to 2.4 billion euro in 2014 and 2.0 billion euro in 2013; in the context of the post Paris Climate Agreement framework calls on the EIB to deliver on the European Parliament's calls to phase out lending to fossil fuels from its portfolio from 2017 on;
Amendment 12 #
Motion for a resolution Recital C C. whereas the European Investment Fund (EIF) and the European Fund for Strategic Investments (EFSI) should play a key role in complementing the EIB’s interventions as the EU’s specialist vehicle for venture capital and guarantees aimed primarily at supporting SMEs and European integration and
Amendment 120 #
Motion for a resolution Paragraph 30 d (new) 30d. Calls on the EIB to re-assess its specific attention to gas infrastructure projects, especially as gas demand in Europe is declining while new large-scale plans to build new pipelines and LNG terminals are emerging; expresses concern that the EIB investments in gas infrastructure could lead to investments in stranded assets;
Amendment 121 #
Motion for a resolution Paragraph 30 e (new) 30e. Asks the EIB to strengthen its Emissions' Performance Standard in 2017 by lowering it to 350 g of CO2/kWh;
Amendment 122 #
Motion for a resolution Paragraph 31 31. Believes it necessary to continue the development of a market for sustainable green projects, above all promoting the creation of a circular economy, in particular via a green bond market;
Amendment 123 #
Motion for a resolution Paragraph 32 32. Notes the increase of the external mandate from EUR 10 to 27 billion, with an additional optional amount of EUR 3 billion; recalls the need to constantly maintain the coherence of this mandate with the objectives of the EU’s external policy, particularly with regard to respect for civil rights in the countries receiving financing; reiterates Parliament’s request to the European Court of Auditors to prepare a special report on the alignment with EU policies of EIB external lending interventions and their performance;
Amendment 124 #
Motion for a resolution Paragraph 33 33. Welcomes the EIB’s rapid adaptation capacity to international challenges
Amendment 125 #
Motion for a resolution Paragraph 33 33. Welcomes the EIB’s rapid adaptation capacity to international challenges; calls on the EIB to continue its support to EU external policies and emergency response related to the global challenge of migration by in
Amendment 126 #
Motion for a resolution Paragraph 33 33.
Amendment 127 #
Motion for a resolution Paragraph 33 a (new) 33a. Expresses concern about certain infrastructure projects in Africa financed by the EIB which are linked to tax havens, as well as about their environmental and social impact, such as the Tenke-Fungurume copper/cobalt mine in the Democratic Republic of Congo, the West African Gas Pipeline from Nigeria to Ghana and the Mopani copper-mining project in Zambia;
Amendment 128 #
Motion for a resolution Paragraph 33 b (new) 33b. Notes with concern that Turkey is the primary beneficiary of non-EU EIB funding, itself the primary external funding institution in Turkey, which received roughly 3.5% of all EIB loans granted in 2015; stresses the need to make EIB funding conditional on the upholding of human rights and fundamental freedoms, democracy and the rule of law by beneficiary countries;
Amendment 129 #
Motion for a resolution Paragraph 34 34. Notes that the EFSI aims
Amendment 13 #
Motion for a resolution Recital C C. whereas the European Investment Fund (EIF)
Amendment 130 #
Motion for a resolution Paragraph 34 34. Notes that the EFSI aims at leveraging through the EIB a total of EUR 315 billion in extra investment and new projects in the real economy by 2018; observes that 97 infrastructure and innovation projects and 192 SME financing agreements have been approved, representing a total expected investment of EUR 115.7 billion; cautions, however, that given the scale of these new investments, and especially in PPPs and in securitization, the EIB should guard against the added risk of socializing losses while privatizing profits;
Amendment 131 #
Motion for a resolution Paragraph 35 35. Recognises that the implementation of the EFSI has rapidly changed the profile and business model of the EIB in terms of processes and monitoring of signatures and contracts; considers it desirable that the existing monitoring systems which are prescribed for projects financed by the EIB should at least be guaranteed;
Amendment 132 #
Motion for a resolution Paragraph 36 36. Notes that in order to make full use of the additional risk bearing capacity, the EIB Group is developing various new products that will allow for higher risk taking (e.g. subordinated debt, equity-type, risk sharing with banks), and has reviewed its credit risk policy and eligibilities to allow for increased flexibility; the EIB is increasing its support to innovative companies or to infrastructure projects, as with the support of the EFSI; the EIB can support a larger number of these risky projects without compromising the principles of sound management;
Amendment 133 #
Motion for a resolution Paragraph 36 36. Notes that in order to make full use of the additional risk bearing capacity, the EIB Group is developing various new products that will allow for higher risk taking (e.g. subordinated debt, equity-type, risk sharing with banks), and has reviewed its credit risk policy and eligibilities to allow for increased flexibility; the EIB is increasing its support to innovative companies or to infrastructure projects, as with the support of the EFSI; hopes that the EIB
Amendment 134 #
Motion for a resolution Paragraph 37 a (new) 37a. Recognizes that EFSI is a market- based instrument. Recalls however that all the Member States must develop adequate capacity to use it;
Amendment 135 #
Motion for a resolution Paragraph 38 38. Insists that
Amendment 136 #
Motion for a resolution Paragraph 38 38. Insists that the widest possible geographical spread should be considered in the implementation of the EFSI pipeline for the benefit of cohesion and sustainability objectives; asks the EIB to correct the current geographical imbalances within the Union and sectoral concentration of the EFSI’s portfolio, namely under the Infrastructure and Innovation Window (IIW) and the Small and Medium-sized Enterprises Window (SMEW), by enhancing its advisory activities for projects development in Member States and technical assistance through the European Investment Advisory Hub (EIAH), by considering expanding the number of sectors eligible for EFSI funding or by better adapting the type and size of the projects to the market needs in Member States;
Amendment 137 #
Motion for a resolution Paragraph 38 38.
Amendment 138 #
Motion for a resolution Paragraph 39 39. Calls on the EIB to carefully consider
Amendment 139 #
Motion for a resolution Paragraph 41 41. Calls on the EIB to pay particular attention to the principle of additionality and to provide full and relevant qualitative management information on the implementation of the EFSI stated objectives, showing their effective additionality and impact compared with benchmarks, but also in view of the extension of the EFSI beyond 2017;
Amendment 14 #
Motion for a resolution Recital C C. whereas the European Investment Fund (EIF) and the European Fund for Strategic Investments (EFSI) ought to play a key role in complementing the EIB’s interventions as the EU’s specialist vehicle for venture capital and guarantees aimed primarily at supporting SMEs and European integration and regional cohesion;
Amendment 140 #
Motion for a resolution Paragraph 41 a (new) 41a. Deplores the fact that the list of projects chosen to receive funding under the EFSI includes infrastructure installations with serious environmental impact and dubious additionality, such as biorefineries, steelworks, regasification and gas storage facilities and motorways; criticises the fact that in many cases the EIB has failed to take action on reports from local authorities, stakeholder communities and civil society groups of environmental and social legislation being breached by funding recipients and by the projects financed, claiming that it was not its responsibility to carry out the necessary investigations; calls on the EIB, with reference to the precautionary principle, to withdraw funding wherever there is any suspicion of environmental infringements and damage to society or to local communities;
Amendment 141 #
Motion for a resolution Paragraph 43 43. Notes that the EFSI (through the SMEW)
Amendment 142 #
Motion for a resolution Paragraph 43 a (new) 43a. Calls on the EIB to use the opportunity given by the EFSI to increase financing for smaller-scale, off-grid decentralised renewable energy projects involving citizens and communities which face difficulties in obtaining finance from other sources;
Amendment 143 #
Motion for a resolution Paragraph 45 45. Insists, for accountability purposes, on the development of result-driven investments to be regularly assessed through the scoreboard of indicators by the Investment Committee, with a view to identifying well-targeted projects in terms of their contribution to growth and jobs - particularly in EU Member States such as Greece, Spain, Portugal, Italy, etc. with mass unemployment - and to having an objective overview of their additionality, added value and consistency with Union policies or other classical EIB operations;
Amendment 144 #
Motion for a resolution Paragraph 45 45. Insists, for accountability purposes, on the development of result-driven investments to be regularly assessed through the scoreboard of indicators by the Investment Committee, with a view to identifying well-targeted projects in terms of their contribution to growth and jobs and to having an objective overview of their additionality, added value and consistency with Union policies or other classical EIB operations; calls on the EIB to disclose information on how projects receiving the EFSI guarantee scored when measured against the EFSI Scoreboard of Indicators;
Amendment 145 #
Motion for a resolution Paragraph 46 46. Notes that, in the future, the EIB remains open to discussing with Parliament’s services the further arrangements which could be envisaged to have a more structured, less fragmented approach for the Parliament-EIB dialogue; is concerned that the EIB and Parliament
Amendment 146 #
Motion for a resolution Subheading 9 Deepening the EIB’s transparency, accountability, integrity and internal control as a prerequisite for better corporate governance
Amendment 147 #
Motion for a resolution Paragraph 47 47. Believes that the enhanced economic role of the EIB, its increased investment capacity and the use of the EU budget to guarantee the EIB’s operations must be accompanied by greater transparency and deepened accountability so as to ensure genuine public scrutiny of its activities, project selection and funding priorities; considers it essential, in this context, that the EIB should disclose information on the individual projects, as required by the EFSI Regulation;
Amendment 148 #
Motion for a resolution Paragraph 47 a (new) 47a. To reduce the likelihood of conflicts of interest and to enhance transparency in its key operations, recommends the following: 1) that EIB Vice-Presidents should no longer be responsible for projects from their home countries; 2) that the EIB should urgently develop a more effective debarment policy (it currently excludes three entities while lending more than the World Bank, which has debarred 820 entities); 3) that all members of the Board of Directors should make declarations of interests, especially in view of the manifold private-sector interests of some members - these declarations are as much for their protection as they are for the interests of EU citizens; 4) that the EIB should join the EU Transparency Register and require lobbyists' registration for meetings with the President and Vice- Presidents, those registers then to be published; 5) that the EIB should require the publication of beneficial ownership information of all bidders for any EIB- financed procurement; 6) that the EIB should follow the European Commission's calls to support its anti-tax- avoidance agenda;
Amendment 149 #
Motion for a resolution Paragraph 48 48. Invites the EIB to regularly update its risk-mapping of activities and to adapt its risk culture with regard to its recent business model and increasing volume of its portfolio related to the implementation of new instruments with the EFSI, various facilities, investment platforms and risk- sharing instruments; invites the EIB also in that context to include in its risk- mapping non-financial dimensions such as social and/or environmental added- value; welcomes, in that context, the implementation of the EIB’s prudential risk appetite framework in order to reinforce the monitoring of risks and oversight of the origin, ownership and management of risks; recalls the need to develop a single and homogeneous control framework;
Amendment 15 #
Motion for a resolution Recital D D.
Amendment 150 #
Motion for a resolution Paragraph 49 a (new) 49a. Calls on the EIB once again to improve significantly its policies on non- cooperative jurisdictions, in line with Parliament’s earlier recommendations; stresses in particular the need to make the allocation of direct and indirect loans conditional on the publication of tax and financial data country by country, and on the sharing of beneficial ownership data for the beneficiaries and financial intermediaries involved in the financing operations; insists on the need for the EIB to establish a thorough public list of selection criteria for financial intermediaries, so as to step up the EU’s commitment to combating tax abuse and to prevent more effectively the risks of corruption and infiltration by criminal groups to which many EIB projects have been exposed;
Amendment 151 #
Motion for a resolution Paragraph 49 b (new) 49b. Welcomes the recent establishment of a Memorandum of Understanding between the EIB and the Italian Anti- Corruption Authority (ANAC), whose aim is to step up the fight against corruption through information exchange and mutual technical and operational support; urges the EIB to make the agreement operational as soon as possible in order to improve the prior assessment of the risks of corruption and infiltration by criminal groups associated with the projects selected and thus to prevent EIB-financed projects from becoming embroiled in corruption, as in the case of the Passante di Mestre motorway route;
Amendment 152 #
Motion for a resolution Paragraph 50 50. Welcomes the fact that the EIB’s transparency policy is based on a presumption of disclosure and that everyone can access EIB documents and information;
Amendment 153 #
Motion for a resolution Paragraph 50 50.
Amendment 154 #
Motion for a resolution Paragraph 51 51. Welcomes the report on the implementation of the EIB Group Transparency policy for 2015 and the upcoming review of the EIB whistleblowing policy; considers that the EIB should apply the highest possible standards of transparency and protection of whistle-blowers, going beyond the current arrangements;
Amendment 155 #
Motion for a resolution Paragraph 51 51. Welcomes the report on the implementation of the EIB Group Transparency policy for 2015 and the upcoming review of the EIB
Amendment 156 #
Motion for a resolution Paragraph 52 52. Recalls that transparency in the implementation of EU policies not only leads to strengthening the EIB’s overall corporate accountability and credibility, with a clear overview of the type of financial intermediaries and final beneficiaries, but also contributes to enhancing the effectiveness and sustainability of the funded projects alongside a zero-tolerance approach to fraud and corruption in its loan portfolio; calls on the EIB to align itself with the new rapid alert and exclusion system planned by the Commission;
Amendment 157 #
Motion for a resolution Paragraph 52 a (new) 52a. Notes with concern that the EIB, despite awarding three times as much financing as the World Bank, has blacklisted only three entities, whereas the World Bank has blacklisted 820; calls on the EIB, in order to remedy this situation, to join forces with the network of other public banks dealing with blacklisting, a network which includes the World Bank and the European Bank for Reconstruction and Development (EBRD);
Amendment 158 #
Motion for a resolution Paragraph 52 a (new) 52a. calls on the EIB to disclose the results of its own investigation into the seventeen loans exceeding in total EUR 4 billion to the Volkswagen Group between 2005 and 2015, out of which twelve loans aimed at fuel efficiency and emissions' reduction and five were classified as EIB's Climate Action;
Amendment 159 #
Motion for a resolution Paragraph 53 53. Reiterates its call to increase the transparency of the EIB’s interventions when operating with financial intermediaries and beneficiaries in order to avoid counterparts with negative records, blacklisted counterparts and counterparts with potential links with NCJs, offshore activities or organised crime; considers that using criteria for selecting financial
Amendment 16 #
Motion for a resolution Recital Ε Ε. whereas safeguards against fraud, including tax fraud and money laundering, and against the financing of terrorism risks are contained in EIB contractual provisions included in the contracts signed between the EIB Group and its counterparties; whereas the EIB also expects its counterparties to comply with all applicable legislation; whereas additional contractual provisions addressing specific transparency and integrity issues
Amendment 160 #
Motion for a resolution Paragraph 53 – point a (new) (a) Suggests that, as is done by the International Finance Corporation (IFC) of the World Bank group, the EIB should start disclosing information about high- risk sub-projects it finances via commercial banks (the main intermediaries/financial vehicles used by the EIB to fund SMEs);
Amendment 161 #
Motion for a resolution Paragraph 54 54. Welcomes the regular meetings with civil society and public consultations on the development of the EIB’s policies but asks that these meetings should then bear practical fruit with the EIB ensuring that, together with its clients, those public consultations should especially take place at project level, including via the application of the principle of Free, Prior and Informed Consent (FPIC). It is key that the EIB considers extending the FPIC to all affected communities in land and natural resource-based investments, in order to avoid land-grabbing and expropriations;
Amendment 162 #
Motion for a resolution Paragraph 55 55. Calls for an increasingly high level of transparency to be ensured in the EIB’s disclosure policy as regards its governance bodies, in particular through the disclosure of the minutes of the meetings of the EIB’s and EIF’s Board of Directors or the EFSI Investment Committee and as regards projects of public interest benefiting from the EU budget guarantee and impacting EU territories and citizens; considers the disclosure of the scoreboard of indicators to be good practice for any operation and for the environmental and social impact assessments at the level of projects or subprojects;
Amendment 163 #
Motion for a resolution Paragraph 55 55. Calls for a high level of transparency to be ensured in the EIB’s disclosure policy as regards its governance bodies, in
Amendment 164 #
Motion for a resolution Paragraph 55 a (new) 55a. Reiterates its request for information on the contracting and subcontracting system to be made public and easily accessible, and for Parliament to be guaranteed access to the associated financial information and documentation in all cases;
Amendment 165 #
Motion for a resolution Paragraph 55 a (new) 55a. Calls on the EIB for a high level of transparency and publicity regarding the system of contracts and subcontracts between the EIB and its clients;
Amendment 166 #
Motion for a resolution Paragraph 56 56.
Amendment 167 #
Motion for a resolution Paragraph 56 56.
Amendment 168 #
Motion for a resolution Paragraph 56 56. Invites the EIB, in accordance with its wide scope of intervention, to better prevent conflicts of interest in its governing bodies and potential revolving doors issues; deplores the fact that the Ombudsman has noted that the declarations of interests of members of the management committee published on the website are insufficient to determine the risk of conflicts of interests; expresses its concern about the fact that at present the Board of Directors applies an ad hoc system for the management of conflicts of interests; calls for a single and unequivocal protocol to be instituted by the end of 2017 to prevent all risks at all levels;
Amendment 169 #
Motion for a resolution Paragraph 56 56. Invites the EIB, in accordance with its wide scope of intervention, to better prevent conflicts of interest in its governing bodies and potential revolving doors issues; refers to the letter sent by the European Ombudsman to the EIB President in July 2016 asking the bank to review its governance arrangements to help prevent potential conflicts of interest in the bank's governing bodies;
Amendment 17 #
Motion for a resolution Recital E E. whereas safeguards against fraud, including tax fraud and money laundering, and against the financing of terrorism risks are contained in EIB contractual provisions included in the contracts signed between the EIB Group and its counterparties;
Amendment 170 #
Motion for a resolution Paragraph 56 a (new) 56a. Considers that the Vice-Presidents of the EIB should no longer be in charge of projects in their home countries, given that a clear potential for conflicts of interests exists and that only a minority of Member States have their own Vice- President;
Amendment 171 #
Motion for a resolution Paragraph 56 a (new) 56a. Considers it essential that Vice- Presidents of the EIB should not be responsible for projects financed in their countries of origin and that sectoral rather than territorial remits should be assigned;
Amendment 172 #
Motion for a resolution Paragraph 57 57. Welcomes the review of the rules of the Complaints Mechanism Office
Amendment 173 #
Motion for a resolution Paragraph 57 57. Welcomes the review of the rules of the Complaints Mechanism Office (CM Office) with a view to ensuring more independence within the EIB’s structure and improving
Amendment 174 #
Motion for a resolution Paragraph 58 58.
Amendment 175 #
Motion for a resolution Paragraph 58 58. Asks the EIB to
Amendment 176 #
Motion for a resolution Paragraph 58 a (new) 58a. Calls on the EIB to establish a new responsible taxation policy in 2017, starting from the review of its policy on non-cooperative jurisdictions (NCJ policy) in cooperation with the European Commission; regrets that the EIB ignored previous calls from the European Parliament on this subject;
Amendment 177 #
Motion for a resolution Paragraph 58 b (new) 58b. Reiterates its call on the EIB to make both direct funding and funding via intermediaries contingent upon disclosure of country-by-country tax-relevant data;
Amendment 178 #
Motion for a resolution Paragraph 59 59. Invites the EIB also to maintain regular cooperation with other national and international financial institutions through the exchange of information on the results of its corporate or tax due diligence or ‘Know Your Customer’ review;
Amendment 179 #
Motion for a resolution Paragraph 59 59. Invites the EIB also to maintain regular cooperation with other international
Amendment 18 #
Motion for a resolution Recital E E. whereas safeguards against fraud, including tax fraud and money laundering, and against the financing of terrorism risks are contained in EIB contractual provisions included in the contracts signed between the EIB Group and its counterparties; whereas the EIB also expects its counterparties to comply with all applicable legislation; whereas additional contractual provisions addressing specific transparency and integrity issues
Amendment 180 #
Motion for a resolution Paragraph 60 a (new) 60a. Notes the conclusion of the updated Tripartite Agreement between the EIB, the Commission and the Court of Auditors in September 2016 and calls on the Court to conduct performance audits of the EIB operations in different sectors when they are related to the use of the EU budget resources with regard their effectiveness and efficiency;
Amendment 181 #
Motion for a resolution Paragraph 60 a (new) 60a. Encourages the European Court of Auditors (ECA) to actively carry out assessments on the performance of EIB lending activities; calls on the ECA to issue statements on the EIB's specific sectoral policies, according to the new Tripartite Agreement signed in 2016 between the ECA, the European Commission and the EIB;
Amendment 182 #
Motion for a resolution Paragraph 60 b (new) 60b. Calls on the Commission to present annually by June every year starting from 2018 a report on implementation from the beginning of the current MFF and state of play, including results achieved, of all financial instruments managed and implemented by the EIB Group, which operate with resources from the EU budget, in order to use it in the discharge procedure;
Amendment 183 #
Motion for a resolution Paragraph 60 c (new) 60c. Calls on the European Anti-Fraud office (OLAF) to include information in its annual report about cases related to the EIB;
Amendment 184 #
Motion for a resolution Paragraph 61 a (new) 61a. Calls on the EIB to revise the Policy on preventing and deterring prohibited conduct in the EIB's activities, which should set in stone the necessity for the EIB to stop financing and/or approving further loan disbursements to projects under on-going national or OLAF investigation for corruption and fraud;
Amendment 19 #
Motion for a resolution Recital F F. whereas the EIB ought to act
Amendment 2 #
Motion for a resolution Citation 10 a (new) - having regard to Protocol (No 1) of the Treaty on the Functioning of the European Union (TFEU) on the role of national parliaments in the European Union,
Amendment 20 #
Motion for a resolution Recital G G. whereas the catalytic effect of the EIB’s fundraising is a key element in defining EU added value and ensuring that Europe
Amendment 21 #
Motion for a resolution Recital Η Η. whereas the EIB’s investments constitute an eco-stimulus package for making the EU far better equipped to
Amendment 22 #
Motion for a resolution Recital I I. whereas the Investment Plan for Europe is part of a broader strategy aimed at reversing the negative trend observed in public and private investment by mobilising new and private financial liquidity to be injected into the real economy with a view to fostering long- term strategic and sustainable investments
Amendment 23 #
Motion for a resolution Recital J J. whereas the EIB’s financing of operations outside the EU primarily supports the EU’s external policy objectives, while expanding the Union’s visibility and values and contributing to maintaining the stability of third countries;
Amendment 24 #
Motion for a resolution Recital K K. whereas continuous attention should be focused on the development of best practices related to the EIB’s performance policy and management, as well as good governance and transparency;
Amendment 25 #
Motion for a resolution Recital L a (new) La. whereas the EIB has not yet undertaken all necessary measures in response to the recommendations and calls of Parliament in its resolutions on the EIB Annual Reports from previous years;
Amendment 26 #
Motion for a resolution Paragraph 2 2. Welcomes the EIB’s annual reports for 2015 and its achievements presented therein
Amendment 27 #
Motion for a resolution Paragraph 2 2.
Amendment 28 #
Motion for a resolution Paragraph 3 3. Regrets, however, that the EIB has not presented a report in fulfilment of the stipulations of Article 9 of the Protocol 5 to the TFEU and recalls Parliament’s request to present a more comprehensive and harmonised annual report for a better overview and evaluation of the EIB’s overall activities and lending priorities; in
Amendment 29 #
Motion for a resolution Paragraph 3 3. Recalls Parliament’s request to present a more comprehensive and harmonised annual report for a better overview and evaluation of the EIB’s overall activities and lending priorities; invites the EIB to further refine and provide information on anticipated economic, social and environmental impacts; considers it necessary to arrange for a country-by-country report, including for third countries, indicating clearly, in this case, whether the planned EU guarantee has been used;
Amendment 3 #
Motion for a resolution Citation 10 b (new) - having regard to Protocol (No 2) of the Treaty on the Functioning of the European Union (TFEU) on the application of the principles of subsidiarity and proportionality,
Amendment 30 #
Motion for a resolution Paragraph 3 3. Recalls Parliament
Amendment 31 #
Motion for a resolution Paragraph 3 3. Recalls Parliament’s request to present a more comprehensive and harmonised annual report for a better overview and evaluation of the EIB’s overall activities and lending priorities; invites the EIB to further refine and provide information on anticipated economic, social and environmental impacts and awaits the immediate fulfilment of its objectives;
Amendment 32 #
Motion for a resolution Paragraph 3 3. Recalls Parliament’s request to present a more comprehensive and harmonised annual report for a better overview and evaluation of the EIB’s overall activities and lending priorities; invites the EIB to further refine and provide information on anticipated economic, social and environmental impacts, and added value;
Amendment 33 #
Motion for a resolution Paragraph 4 4. Emphasises that all EIB-financed activities must be part of and steadily consistent with the EU’s general strategy and political priority areas as defined in the Europe 2020 strategy and , the Growth and Employment Facility
Amendment 34 #
Motion for a resolution Paragraph 4 4. Emphasises that all EIB-financed activities must be part of and steadily consistent with the EU’s general strategy and political priority areas as defined in the Europe 2020 strategy, the Growth and Employment Facility and the Compact for Growth and Jobs, while integrating the economic and financial efficiency criteria; considers it desirable, in this context, that the projects funded should be the subject of an independent ex ante assessment based not only on economic criteria but also on social and environmental criteria and that an ex post assessment should be made to check that these criteria have been respected;
Amendment 35 #
Motion for a resolution Paragraph 4 4. Emphasises that all EIB-financed activities must be part of and steadily consistent with the EU’s general strategy and political priority areas as defined in the Europe 2020 strategy, the Growth and Employment Facility and the Compact for Growth and Jobs, while integrating the economic and financial efficiency criteria, in order to ensure the consistent implementation of EU policy;
Amendment 36 #
Motion for a resolution Paragraph 4 4. Emphasises that all EIB-financed activities must be part of and steadily consistent with the EU’s general strategy and political priority areas as defined in the Europe 2020 strategy, the Growth and Employment Facility and the Compact for Growth and Jobs, while
Amendment 37 #
Motion for a resolution Paragraph 4 4. Emphasises that all EIB-financed activities must be part of and steadily consistent with the EU’s general strategy and political priority areas as defined in the Europe 2020 strategy, the Growth and Employment Facility and the Compact for Growth and Jobs, while integrating the economic
Amendment 38 #
Motion for a resolution Paragraph 4 a (new) 4a. Emphasises the need of presenting concrete and concise results on how the EIB external investments have contributed to the achievement of the EU's priorities and the development of capacity building in the region;
Amendment 39 #
Motion for a resolution Paragraph 5 5. Strongly encourages the EIB to continue its efforts to overcome investment, market and sectoral gaps
Amendment 4 #
Motion for a resolution Citation 20 a (new) - having regard to the current multiplication of financial instruments designed and promoted by the EIB, from PPPs to securitisation, and the risk such instruments carry to socialise losses and privatise profits,
Amendment 40 #
Motion for a resolution Paragraph 5 5.
Amendment 41 #
Motion for a resolution Paragraph 5 5. Strongly encourages the EIB to continue its efforts to overcome investment, market and sectoral gaps
Amendment 42 #
Motion for a resolution Paragraph 5 5. Strongly encourages the EIB to continue its efforts to overcome investment, market and sectoral gaps with a view to possibly fostering transnational added value via greater
Amendment 43 #
Motion for a resolution Paragraph 6 6. Recalls that supporting economic recovery and sustainable growth is an overarching objective and that the EIB should anticipate structural challenges, notably those related to Europe’s re- industrialisation and the knowledge-based and digital economy, in order to generate new economic opportunities, innovation, the development of a circular economy and use of renewables in line with the goals of environmental, climate or energy policies; stresses that the process of reindustrialisation must be undertaken while taking into account on the one hand the need to create high-quality jobs and on the other hand the various situations that exist in the European economy, but always having due regard for the environment and the health of workers and members of the public;
Amendment 44 #
Motion for a resolution Paragraph 6 6. Recalls that supporting economic recovery and sustainable growth is an overarching objective - with major emphasis on the principle of sustainability - and that the EIB should anticipate structural challenges, notably those related to Europe’s re-
Amendment 45 #
Motion for a resolution Paragraph 6 6. Recalls that supporting economic recovery and sustainable growth
Amendment 46 #
Motion for a resolution Paragraph 6 6. Recalls that supporting economic recovery
Amendment 47 #
Motion for a resolution Paragraph 6 6. Recalls that supporting economic recovery and sustainable growth is an overarching objective and that the EIB should better anticipate structural challenges, notably those related to Europe
Amendment 48 #
Motion for a resolution Paragraph 7 7.
Amendment 49 #
Motion for a resolution Paragraph 7 7. Is of the opinion that the EIB should systematically pay attention to mid- and long-term effects when defining investment actions and its funding decisions, particularly with regard to cross-border aspects; considers it necessary for the EIB to invest in projects of systemic importance in the long term that create added value at regional and EU level;
Amendment 5 #
Motion for a resolution Citation 21 a (new) - having regard to Special Report 19/2016 of the EU Court of Auditors on implementing the EU budget through financial instruments,
Amendment 50 #
Motion for a resolution Paragraph 7 7. Is of the opinion that the EIB should systematically pay attention to mid- and long-term effects when defining investment actions and its funding decisions; considers it necessary for the EIB to invest in projects of systemic importance in the long term; calls on the EIB to finance more high-risk, structurally innovative projects while allocating less funding to low-risk projects which can be funded by the private market and by national banks;
Amendment 51 #
Motion for a resolution Paragraph 7 7. Is of the opinion that the EIB should systematically pay attention to mid- and long-term economic, social and environmental effects when defining investment actions and its funding decisions; considers it necessary for the EIB to invest in both large and small-scale sustainable projects of systemic importance
Amendment 52 #
Motion for a resolution Paragraph 8 8.
Amendment 53 #
Motion for a resolution Paragraph 8 8. Believes also that the soundness of funded projects should not be assessed only in terms of economic relevance but also with a focus on environmental and social sustainability, as well as on the political, cross-border and regional importance of such projects; recalls that prioritisation within the EIB’s lending activities on projects with clear deliverables and impact on growth and employment must remain the core guiding principle;
Amendment 54 #
Motion for a resolution Paragraph 9 9. Acknowledges that the EIB is a core actor needed to revitalise the EU economy and maximise the effectiveness and value for money of available financial resources by using revolving instruments, namely through a multiplier effect of guarantee funds and leveraging
Amendment 55 #
Motion for a resolution Paragraph 9 9. Acknowledges that the EIB is a core actor needed to revitalise the EU economy, boost employment and growth figures in the Member States and maximise the effectiveness and value for money of available financial resources by using revolving instruments, namely through a multiplier effect of guarantee funds and leveraging classical EU financial instruments such as grants;
Amendment 56 #
Motion for a resolution Paragraph 9 9. Acknowledges that the EIB is a core actor needed to revitalise the EU economy and
Amendment 57 #
Motion for a resolution Paragraph 9 9. Acknowledges that the EIB is a core actor needed to revitalise the EU economy and maximise the effectiveness and value for money of available financial resources by using revolving instruments, namely through a multiplier effect of guarantee funds and leveraging classical EU financial instruments such as grants; notes the conclusions of the Court of Auditors, which observes that hitherto only a limited number of financial instruments have been successful in providing revolving financial support and that in general the financial instruments have not succeeded in attracting private capital; draws attention to the need to provide ab initio clear and concrete estimated leverage for the funds of financial instruments;
Amendment 58 #
Motion for a resolution Paragraph 10 10. Believes there is a need to secure a resilient and sustainable EU funding strategy to speed up economic recovery and help certain economic sectors and geographical areas catch up; recalls the need to focus on productive investment making a difference and bolster the primary sector, research, infrastructures and employment; believes that projects should be chosen on the basis of their own merits and effective additionality, possibly with a higher risk profile;
Amendment 59 #
Motion for a resolution Paragraph 10 10. Believes there is a need to secure a resilient and sustainable EU funding strategy to speed up economic recovery and help certain economic sectors and geographical areas catch up and with that in mind, advises that the focus and emphasis should be on those sectors; recalls the need to focus on investment making a difference; believes that projects should be chosen on the basis of their own merits and effective additionality, possibly with a higher risk profile;
Amendment 6 #
Motion for a resolution Citation 22 a (new) - having regard to the Tripartite Agreement between the European Commission, the European Court of Auditors, and the European Investment Bank from September 2016,
Amendment 60 #
Motion for a resolution Paragraph 10 10. Believes there is a need to secure a resilient
Amendment 61 #
Motion for a resolution Paragraph 10 10. Believes there is a need to secure a resilient and sustainable EU funding strategy
Amendment 62 #
Motion for a resolution Paragraph 10 10. Believes there is a need to secure a resilient and sustainable EU funding strategy to speed up economic recovery and help certain economic sectors and geographical areas catch up; recalls the need to focus on sustainable investment making a difference; believes that projects should be chosen on the basis of their own merits and effective additionality
Amendment 63 #
Motion for a resolution Paragraph 10 10. Believes there is a need to secure a resilient and sustainable EU funding strategy to speed up economic recovery, boost employment and help certain economic sectors and
Amendment 64 #
Motion for a resolution Paragraph 11 11. Reiterates, in this respect, that
Amendment 65 #
Motion for a resolution Paragraph 11 11. Reiterates, in this respect, that
Amendment 66 #
Motion for a resolution Paragraph 11 11. Reiterates, in this respect, that more information should be given on the precise nature of individual projects funded directly or indirectly through the EIB’s lending activities, and, in particular, on their added value and expected
Amendment 67 #
Motion for a resolution Paragraph 11 11. Reiterates, in this respect and in order to enhance transparency, that more information should be given on the precise nature of individual projects funded directly or indirectly through the EIB’s lending activities, and, in particular, on their added value and expected impact;
Amendment 68 #
Motion for a resolution Paragraph 11 11. Reiterates, in this respect, that more information should be
Amendment 69 #
Motion for a resolution Paragraph 12 12. Reiterates Parliament’s concern about defining a balanced strategy with a dynamic and transparent geographical distribution of projects and investments among EU Member States taking into account the special focus on the less developed countries and regions; observes that 73 % of the EIB’s total lending for 2015 (EUR 51 billion) is concentrated in six Member States;
Amendment 7 #
Motion for a resolution Citation 22 b (new) - having regard to the letter of the European Ombudsman to the President of the European Investment Bank from 22 July 2016,
Amendment 70 #
Motion for a resolution Paragraph 12 12. Reiterates Parliament’s concern about defining a balanced strategy with a dynamic, fair and transparent geographical distribution of projects and investments among EU Member States; observes that 73 % of the EIB’s total lending for 2015 (EUR 51 billion) is concentrated in six Member States;
Amendment 71 #
Motion for a resolution Paragraph 12 12. Reiterates Parliament’s concern about defining a balanced strategy with a dynamic and transparent geographical distribution of projects and investments among EU Member States; observes that 73 % of the EIB’s total lending for 2015 (EUR 51 billion) is concentrated in six Member States, which shows that not all Member States or regions are able to benefit equally from investment opportunities;
Amendment 72 #
Motion for a resolution Paragraph 12 – subparagraph 1 (new) Supports EIB initiatives to provide joint technical assistance on the ground to the managing authorities and financial intermediaries, including targeted fi- compass trainings.
Amendment 73 #
Motion for a resolution Paragraph 13 13. Invites the EIB to intensify immediately its communication policy towards potential stakeholders and private investors on the available funding sources and instruments, and towards citizens on the results achieved;
Amendment 74 #
Motion for a resolution Paragraph 14 14. Considers it fundamental that the EIB keep its triple-A rating in order to preserve its access to international capital markets under the best borrowing conditions and to pass on the benefits in its investment strategy and lending conditions;
Amendment 75 #
Motion for a resolution Paragraph 14 a (new) 14a. Is deeply concerned about the generally higher costs and fees for EIB/EIF-managed funds implementing financial instruments under shared management which have been revealed by the European Court of Auditors (ECA) findings in its Special report 19/2016 on 'Implementing the EU budget through financial instruments – lessons to be learnt from the 2007-2013 programme period' and encourages the ECA to conduct similar audit for the current period;
Amendment 76 #
Motion for a resolution Paragraph 15 15.
Amendment 77 #
Motion for a resolution Paragraph 15 15.
Amendment 78 #
Motion for a resolution Paragraph 16 16.
Amendment 79 #
Motion for a resolution Paragraph 16 a (new) 16a. Regrets as well as that the updating of the three-pillar methodology to align it with the requirements of the EFSI Regulation has not led to harmonization of the EIB reporting for operations inside the EU with the reporting of operations outside the EU and to the inclusion of analytical and comprehensive information about achieved concrete results inside the EU; requests more information to be disclosed at project level by giving public access to 3 Pillars Assessment (3PA) and Results Measurement Framework (REM) project evaluation and assessment sheets;
Amendment 8 #
Motion for a resolution Recital A A. whereas the EIB is
Amendment 80 #
Motion for a resolution Paragraph 17 17. Highlights that an ambitious investment strategy must be coupled with monitoring and reporting instruments that serve performance management and economic, social and environmental impact assessment;
Amendment 81 #
Motion for a resolution Paragraph 17 17. Highlights that an ambitious investment strategy must be coupled with clear monitoring and reporting instruments that
Amendment 82 #
Motion for a resolution Paragraph 18 18.
Amendment 83 #
Motion for a resolution Paragraph 18 18. Encourages the EIB to continuously put an emphasis on its performance scrutiny via performance assessments and proven impact; encourages the EIB to continue to define its monitoring indicators, more specifically indicators of additionality, with a view to assessing the impact as early as possible in the project generation phase, and providing the Board with sufficient information on the expected impact, in particular with regard to the contribution to EU social and environmental policies;
Amendment 84 #
Motion for a resolution Paragraph 19 Amendment 85 #
Motion for a resolution Paragraph 19 19. Acknowledges the complexity of monitoring a growing portfolio and various projects pipeline and subsequently the overall management of indicators and encourages the EIB to apply greater efforts to ensure proper monitoring;
Amendment 86 #
Motion for a resolution Paragraph 20 20. Encourages the EIB to
Amendment 87 #
Motion for a resolution Paragraph 20 20. Encourages the EIB to be more pro- active towards Member States in order to provide capacity-building and advisory services directly to the beneficiaries for the preparation of large-scale investment projects through better cooperation with relevant national or decentralised authorities or national promotional banks;
Amendment 88 #
Motion for a resolution Paragraph 21 21. Recalls that with regard to Europe’s potential to provide funding in third countries the EIB has
Amendment 89 #
Motion for a resolution Paragraph 21 21. Recalls that the EIB has worldwide responsibilities in ensuring the EU’s attractiveness on the world stage by promoting a conducive investment climate for business and enterprises, particularly those which are local;
Amendment 9 #
Motion for a resolution Recital Α Α. whereas the EIB is the longstanding financing partner of the EU institutions
Amendment 90 #
Motion for a resolution Paragraph 21 21. Recalls that the EIB has worldwide responsibilities in ensuring the EU’s attractiveness on the world stage by promoting a conducive investment climate
Amendment 91 #
Motion for a resolution Paragraph 22 22. Acknowledges the central role of SMEs and mid-caps in the EU economy in terms of employment and growth; encourages the EIB to intensify its support to all kinds of SMEs (start-ups, micro- medium sized businesses, business clusters), with a focus on new business models with high potential job opportunities for young people; asks that the EIB should be proactive in ensuring that Member States are properly implementing EIB policy in the use of funding through subsidiary financial institutions, to avoid the 'gold-plating' effect;
Amendment 92 #
Motion for a resolution Paragraph 22 22. Acknowledges the central role of SMEs and mid-caps in the
Amendment 93 #
Motion for a resolution Paragraph 22 22. Acknowledges the central role of SMEs and mid-caps in the EU economy in terms of employment and growth; encourages the EIB to intensify its support to all kinds of SMEs (start-ups, micro- medium sized businesses, business clusters), with a focus on new business models, inter alia in the field of digitalisation, with high potential job opportunities for young people;
Amendment 94 #
Motion for a resolution Paragraph 22 22. Acknowledges the central role of SMEs and mid-caps in the EU economy in terms of employment and growth;
Amendment 95 #
Motion for a resolution Paragraph 22 22. Acknowledges the central role of SMEs and mid-caps in the EU economy in terms of employment and growth;
Amendment 96 #
Motion for a resolution Paragraph 23 23. Takes note that the EIB’s support to SMEs accounted for approximately 36.6 % of its funding in 2015, triggering a leverage effect of EUR 39.7 billion for SME finance and supporting 5 million jobs; expects increased support for SMEs;
Amendment 97 #
Motion for a resolution Paragraph 23 23. Takes note that the EIB’s support to SMEs accounted for approximately 36.6 % of its funding in 2015, triggering a leverage effect of EUR 39.7 billion for SME finance and expecting to support
Amendment 98 #
Motion for a resolution Paragraph 24 24. Welcomes the launch of new instruments, agreed between the EIB and the Commission, such as the Private Finance for Energy Efficiency (PF4EE) instrument, the SME initiative and the Employment and Social Innovation
Amendment 99 #
Motion for a resolution Paragraph 25 25. Invites the EIB to increase its intervention risk profile, especially when supporting SMEs which are taking risks or evolving in economic
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