2017/2071(INI) | [ParlTrack]

Draft opinion
Paragraph 1

1. Acknowledges the EIB’s contribution to restoring investment activity in the EU after the economic and financial crisesis and the policies of excessive fiscal adjustment, that had a negative impact on investment; stresses that the EIB’s activities during the current period of recovery and credit availability in some countries and sectors must be carefully directed towards products and projects, thereby ensuring additionality, while addressing underlying investment gaps in both public and private sectors;

Amendment 10 #

Draft opinion
Paragraph 1 c (new)

1c. Calls on the EIB to continue improving the assessment of projects, by using richer, more precise and refined impact indicators;

Amendment 100 #

Draft opinion
Paragraph 9 c (new)

9c. Deplores the conditions of the reappointment of the President of the EIB in July 2017 without any clear mandate nor any proper democratic debate; believes that the European Parliament should be involved in this process;

Amendment 101 #

Draft opinion
Paragraph 9 c (new)

9c. Asks for a country-by-country reporting without exemptions as a key part of the Corporate Social Responsibility strategy of the EIB and this before the EU adopts legislation in the field;

Amendment 102 #

Draft opinion
Paragraph 9 d (new)

9d. Reiterates its call to the Commission to amend European legislation, including those concerning the European Investment Bank (EIB) Statute, the European Fund for Strategic Investment (EFSI) regulation, the four Common Agricultural Policy (CAP) Regulations, and the five European Structural and Investment Funds (European Regional Development Fund, European Social Fund, Cohesion Fund, European Agricultural Fund for Rural Development, European Maritime and Fisheries Fund) to prohibit the use of EU funding going to ultimate beneficiaries or financial intermediaries proven to be involved in tax evasion or aggressive tax planning;

Amendment 103 #

Draft opinion
Paragraph 9 e (new)

9e. Urges the EIB group to adopt the review of its whistleblowing policy as soon as possible and to reinforce the independence, legitimacy, accessibility, predictability, equitability and transparency of its Complaints Mechanism, including by involving Directors and enhancing protection of complainants. Believes that such measures are clearly in the interest of the bank, the stakeholders and the EU institutions;

Amendment 104 #

Draft opinion
Paragraph 9 f (new)

9f. Recommends that the new European Public Prosecutor's Office (EPPO) examine the possibility of covering EIB operations in the EU Member States concerned as part of its activities;

Amendment 11 #

Draft opinion
Paragraph 1 d (new)

1d. In order to keep bioeconomy investments in Europe, demonstration and flagship investment project proposals that have been positively evaluated by the Bio- Based Industries Joint Undertaking (BBI JU) but could not be funded under the BBI JU program because of a lack of available budget, shall be eligible for ‘fast-track’ simplified procedure for EIB funding that would be limited to a financial assessment;

Amendment 12 #

Draft opinion
Paragraph 2

2. Stresses the need to ~~minimise the risk of crowding out the private sector by~~ focusing on long-term financing otherwise unavailable on time to EIB clients on the markets, or by greater risk-taking, namely by supporting the financing of projects that would not get financed otherwise; further points out that additionality of EIB financing also consists in providing technical advice and capacity-building in order to help projects to become investment-ready and quick mobilization of resources, often faster than the private sector;

Amendment 13 #

Draft opinion
Paragraph 2

2. Stresses the need to minimise the risk of crowding out the private sector by focusing on long-term financing otherwise unavailable to EIB clients on the markets, or by greater risk-taking, namely by supporting the financing of projects that would not get financed otherwise; supports the EIB’s approach of helping to mobilise private capital by means of loans and guarantees rather than public support in the form of grants;

Amendment 14 #

Draft opinion
Paragraph 2

2. Stresses the need to minimise the risk of crowding out the private sector by focusing on long-term financing otherwise unavailable to EIB clients on the markets, or by greater risk-taking, namely by supporting the financing of projects that would not get financed otherwise; further points out that additionality of EIB financing also consists of providing technical advice and capacity-building in order to help projects to become investment-ready;

Amendment 15 #

Draft opinion
Paragraph 2

2. Stresses the need to minimise the risk of crowding out the private sector ~~by focusing on long-term financing otherwise unavailable to EIB clients on the markets, or by greater risk-taking, namely by supporting the financing of projects that would not get financed otherwise~~, therefore proposes to drastically reduce the EIB's activities;

Amendment 16 #

Draft opinion
Paragraph 2

2. Stresses the need to minimise the risk of crowding out the private sector by focusing on long-term financing otherwise unavailable to EIB clients on the markets, or by greater risk-taking, namely by supporting the financing of projects that would not get financed otherwise, particularly in support for innovative start-ups and SMEs;

Amendment 17 #

Ashley FOX

Draft opinion
Paragraph 2

Amendment 18 #

Draft opinion
Paragraph 2 a (new)

2a. Considers that EIB loans should increase in nominal and real terms every year, at least as far as the investment gap caused by the financial and economic crisis and the policies of fiscal adjustment is not filled;

Amendment 19 #

Draft opinion
Paragraph 2 b (new)

2b. Notes that the EIB maintained solid a financial stance, according to the forecast for 2016, with a net annual surplus of EUR 2,8 billion; calls for a share of this profit to be used for financing EU aid programmes;

Amendment 2 #

Draft opinion
Paragraph 1

1. Acknowledges the EIB’s contribution to restoring investment activity in the EU after the economic and financial crises; stresses that the EIB’s activities during the current period of recovery and credit availability must be carefully directed towards products and projects, thereby ensuring additionality; underlines that EIB’s advisory services and financing in key areas such as infrastructure financing, climate change mitigation and adaptation, urban development and SME support should continue;

Amendment 20 #

Draft opinion
Paragraph 2 c (new)

2c. Notes that the Parliament resolution of 22 November 2016 on the Green Paper on Retail Financial Services, in its paragraph 47, calls on ‘the Commission to put forward a proposal on the creation of an “EU savings account” in order to unlock long-term financing and support ecological transition in Europe'; suggests therefore that the EIB undertakes an study on the viability of creating the said EU savings account, in order to channel individual savings to the EIB for the financing of the circular economy and the ecological transition, bio-based industries and sustainable development;

Amendment 21 #

Draft opinion
Paragraph 2 d (new)

2d. Considers that the EIB should continue to prioritise investments in the fight against climate, the circular economy, and bio-economy, and in particular in the recycling industry, renewable energy, sustainable and last generation biofuels that do not crowd out food supply, non-fossil fuel-based alternative transport methods, bio-based industries and biomass, green building, biotechnologies, bioplastics and organic farming;

Amendment 22 #

Draft opinion
Paragraph 2 e (new)

2e. Encourages the EIB to, in particular, increase financing to the bio- economy sector, including bio-based industries, biotechnology and the efficient management of natural resources, particularly in crisis-affected Member States and Regions, in partnership with Bio-Based Industries Joint Undertaking (BBI JU), the €3.7 billion Public-Private Partnership on Bio-based Industries between the European Commission and the Bio-based Industries Consortium (BIC);

Amendment 23 #

Draft opinion
Paragraph 2 f (new)

2f. Notes with concern that many biotechnological starts ups that exploit EU-financed science move to the United States for lack of private finance and venture capital in Europe; calls on the EIB to offer suitable financing alternatives to the said start-ups;

Amendment 24 #

Draft opinion
Paragraph 3

~~3. Believes that instead of playing a partly anti-cyclical role, the key priority for the EIB should be to focus on areas where markets fail;~~deleted

Amendment 25 #

Draft opinion
Paragraph 3

3. ~~Believes that instead of playing a partly anti-cyclical role,~~Recognises the importance for the EIB to continue to play its anti-cyclical role in support of long-term growth; believes that one of the key priorityies for the EIB should be to focus on areas where markets fail; underlines the EIB’s role in developing an "investment culture" across the EU through targeted investments in education and training, in particular in less developed regions;

Amendment 26 #

Draft opinion
Paragraph 3

3. Believes that instead of playing a partly anti-cyclical role, the key priority for the EIB should be to focus on areas where markets fail and on regional development, supporting projects such as revitalization rural and other less populated, less accessible and underdeveloped areas;

Amendment 27 #

Olle LUDVIGSSON

Draft opinion
Paragraph 3

3. Believes that instead of playing a partly anti-cyclical role, the key priority for the EIB should be to focus on areas where markets fail; in order to boost sustainable investments, innovation, and thus fostering green growth as well as inclusive growth across the Union.

Amendment 28 #

Draft opinion
Paragraph 3

3. Believes that instead of playing a partly anti-cyclical role, the key priority for the EIB should be to focus on areas where markets fail; underlines the need to prioritise innovation-based projects with clear added value for the EU;

Amendment 29 #

Draft opinion
Paragraph 3

3. Believes that instead of playing a partly anti-cyclical role, the key priority for the EIB should be to focus on areas where markets fail due to their persistent very short term focus and inability to correctly price long term externalities;

Amendment 3 #

Draft opinion
Paragraph 1

1. Acknowledges the EIB’s contribution to restoring investment activity in the EU after the economic and financial crises; stresses that the EIB’s activities during the current period of recovery and credit availability must be carefully directed towards products and projects, thereby ensuring additionality; emphasises that expanding the EIB’s financing activities is no substitute for structural reform and consolidated budgets in the Member States;

Amendment 30 #

Draft opinion
Paragraph 3

3. Believes that ~~instead of playing a partly anti-cyclical role,~~ the key priorityies for the EIB should be to focus on ~~areas where markets fail;~~bridging investments gaps, develop technical capacity, address market failures, and on providing financing support for the EU´s economic and social cohesion objectives.

Amendment 31 #

Draft opinion
Paragraph 3

3. Believes that instead of playing a partly anti-cyclical role, ~~the~~ key priorityies for the EIB should ~~be to~~ focus on helping to bridge investment gaps in areas where markets fail;

Amendment 32 #

Draft opinion
Paragraph 3

3. Believes that ~~instead of playing a partly anti-cyclical role,~~ the key priority for the EIB should be to focus on areas where markets fail;

Amendment 33 #

Jonás FERNÁNDEZ

Draft opinion
Paragraph 3 a (new)

3a. Calls on the EIB to continue financial support to indigenous energy sources in order to overcome Europe's high level of external energy dependency and ensure security of supply;

Amendment 34 #

Draft opinion
Paragraph 3 a (new)

3a. Calls on the EIB to help Member States to identify fundable projects whenever they call for financial assistance;

Amendment 35 #

Draft opinion
Paragraph 3 b (new)

3b. Reminds that more than 90% of EU SMEs are microenterprises providing almost 30% of employment in the private sector; microenterprises are more vulnerable to economic shocks than larger firms and may remain underserved in credit provision; believes that in the domain of access to finance, the EIB could emphasise bridging possible funding gaps for microenterprises through financial instruments and products such as microfinance facilities and guarantees;

Amendment 36 #

Neena GILL

Draft opinion
Paragraph 4

4. Emphasises that the EIB can play a positive role in reducing the negative public investment gap, but that its activities should not come into conflict with fiscal rules, as fiscal stability is a key precondition for stable and sustainable economic growth; highlights that the EIB is a key partner in the fight for a more sustainable financing and that it should step up its efforts in the future by investing less in fossil fuel projects and more in renewable energy.

Amendment 37 #

Draft opinion
Paragraph 4

4. Emphasises that the EIB can play a positive role in reducing the negative public investment gap, but that its activities should not come into conflict with fiscal rules, as fiscal stability is a key precondition for stable and sustainable economic growth; calls on coordination of EIB’s activities in the member states with the governments’ activities, policies and objectives set in National reform programmes as well as in the Country specific recommendations;

Amendment 38 #

Draft opinion
Paragraph 4

4. Emphasises that the EIB can play a positive role in reducing the negative public investment gap~~, but that its activities should not come into conflict with fiscal rules, as fiscal stability is a key precondition for stable and sustainable economic growth~~;

Amendment 39 #

Draft opinion
Paragraph 4

Amendment 4 #

Draft opinion
Paragraph 1

1. ~~Acknowledge~~Questions the EIB’s contribution to restoring investment activity in the EU after the economic and financial crises; ~~stresses that the EIB’s activities during the current period of recovery and credit availability must be carefully directed towards products and projects, thereby ensuring additionality;~~

Amendment 40 #

Draft opinion
Paragraph 4

4. Emphasises that the EIB can play a positive role in reducing the negative public investment gap, but that its activities should not come into conflict with fiscal rules, as fiscal stability is a key precondition for stable and sustainable economic growth; emphasises that investment, structural reforms and sound budgetary policies must be part of an overall strategy;

Amendment 41 #

Draft opinion
Paragraph 4

Amendment 42 #

Draft opinion
Paragraph 4

4. Emphasises that the EIB ~~can~~played and continues to play a positive role in reducing the negative public ~~investment gap, but th~~and private i~~ts activities should not come into conflict with fiscal rules, as fiscal stability is a key precondition for stable and sustainable economic growth~~nvestment gap;

Amendment 43 #

Draft opinion
Paragraph 4

Amendment 44 #

Draft opinion
Paragraph 4

4. Emphasises that the EIB ~~can play a positive role in reducing the negative public investment gap, but that it~~'s activities should not come into conflict with fiscal rules, as fiscal stability is a key precondition for stable and sustainable economic growth;

Amendment 45 #

Draft opinion
Paragraph 4 a (new)

4a. Calls on the EIB, taking into account the insufficient project generation capacity in the public and private sectors and the lower borrowing capacity in some Member States, and with a view to reducing the investment shortfall in the EU, to consider an approach whereby contributions made on a one-off basis to EIB-funded projects by Member States, whether by a Member State as such or by national promotional banks classified in the general government sector or acting on behalf of a Member State, would qualify as one-off measures within the meaning of Article 5 of Council Regulation (EC) No 1466/971 a and Article 3 of Council Regulation (EC) No 1467/971 b; _________________ 1a Council Regulation (EC) No 1466/97 of 7 July 1997 on the strengthening of the surveillance of budgetary positions and the surveillance and coordination of economic policies 1b Council Regulation (EC) No 1467/97 of 7 July 1997 on speeding up and clarifying the implementation of the excessive deficit procedure

Amendment 46 #

Draft opinion
Paragraph 4 a (new)

4a. Underlines that at EU level there are major structural reasons which are increasing the investment gap between Member States; calls on the EIB to boost its technical assistance in order to address low project generation capacity and borrowing capacity in some Member States;

Amendment 47 #

Draft opinion
Paragraph 4 a (new)

4a. Considers that the EIB should move towards the development bank model by establishing, among other plans, programme strategies agreed with the Member States and within the framework of the national reform programmes and country-specific recommendations;

Amendment 48 #

Jakob von WEIZSÄCKER

Draft opinion
Paragraph 4 a (new)

4a. Emphasises the need for investment in projects fostering innovation, in order to create technological progress and achieve sustained growth;

Amendment 49 #

Draft opinion
Paragraph 4 b (new)

4b. Points out that it is important to fund projects that intensively use labour to maximise the impact in terms of job creation; Calls on the EIB to provide detailed information on the direct and indirect jobs created by every project funded;

Amendment 5 #

Draft opinion
Paragraph 1

1. ~~Acknowledges the EIB’s contribution to restoring investment activity in the EU after the economic and financial crises;~~ stresses that the EIB’s activities during the current period of recovery and credit availability must be carefully directed towards products and projects, thereby ensuring additionality;

Amendment 50 #

Draft opinion
Paragraph 4 b (new)

4b. Calls on the EIB to draw up a strategy for remedying the fact that SMEs, when they are based in a country in which the economic and banking context is unfavourable, have difficulties in gaining access to project financing;

Amendment 51 #

Draft opinion
Paragraph 5

5. Recalls the high degree of urgency of clarifying the impact of Brexit on the EIB in order for the bank to continue to be able to perform its role; Believes that, while the UK, in terms of investment, should be treated as any other member state prior to its formal departure from the Union, the EIB is right to condition investment on assurances that investment eligibility criteria, notably on environmental standards, will be met for the full duration of such investments

Amendment 52 #

Draft opinion
Paragraph 5

5. Recalls the high degree of urgency of clarifying the impact of Brexit on the EIB in order for the ~~bank~~institution to continue to be able to perform its role, and the need to deliver a study on the matter; calls for Member States to make sure that the departure of the United Kingdom does not result in a loss of capital for the EIB; suggest Member States to, on the contrary, seize this opportunity to increase the EIB capital;

Amendment 53 #

Neena GILL

Draft opinion
Paragraph 5

5. Recalls the high degree of urgency of clarifying the impact of Brexit on the EIB in order for the bank to continue to be able to perform its role; underlines in this respect the need to get asap legal certainty around ongoing projects co-financed by the EIB in the UK. Stresses at the same time the importance of getting clarity around the UK contribution in the EIB budget.

Amendment 54 #

Draft opinion
Paragraph 5

5. Recalls the high degree of urgency of clarifying the impact of Brexit on the EIB in order for the bank to continue to be able to perform its role; The UK subscribed 16.11% of the EIB’s capital, accounting for EUR 3.5bn of the paid-in capital and EUR 35.7bn of the Bank’s callable capital;

Amendment 55 #

Ashley FOX

Draft opinion
Paragraph 5

5. Recalls the high degree of urgency of clarifying the impact of Brexit on the EIB in order for the bank to continue to be able to perform its role; considers the possibility of allowing non-EU member states to become shareholders of the EIB;

Amendment 56 #

Draft opinion
Paragraph 5

5. Recalls the high degree of urgency of clarifying the impact of Brexit on the EIB in order for the bank to continue to be able to perform its role; suggests that Brexit provides an opportunity to reduce the EIB's capital and activities;

Amendment 57 #

Draft opinion
Paragraph 5

5. Recalls the high degree of urgency of clarifying the impact of Brexit on the EIB's current budget as well as the future UK economic participation in order for the bank to continue to be able to perform its role;

Amendment 58 #

Draft opinion
Paragraph 5

5. Recalls the high degree of urgency of clarifying the impact of Brexit on the EIB and its activities in order for the bank to continue to be able to perform its role;

Amendment 59 #

Draft opinion
Paragraph 5 a (new)

5a. Welcomes the EIB’s commitment to support the Union's commitments under the Paris Agreement; believes that the review of the EIB’s Energy policy foreseen for 2018 should result in an ambitious action plan to align its investments with the 1.5 degrees target that would significantly reduce risks and the impacts of climate change through the phasing-out of fossil fuel projects and the prioritisation of projects increasing the energy available through renewables and energy efficiency;

Amendment 6 #

Draft opinion
Paragraph 1

1. Acknowledges the EIB’s contribution to restoring investment activity in the EU after the economic and financial crises; stresses that the EIB’s activities during the current period of recovery and credit availability must be carefully directed towards produjects ~~and projects, thereby ensuring additionality~~especially in regions with a low level of investment capacity, thereby ensuring additionality and limiting geographical concentration;

Amendment 60 #

Draft opinion
Paragraph 5 b (new)

5b. Points out that the EIB has had very mixed results on climate action, even though it just met its 25% target overall; is concerned that in 16 EU Member States, EIB support for climate action did not reach even the level of 20% and that climate action investment in 2016 was predominantly located in the EU’s stronger economies with 70 per cent of EFSI support for renewable energy was concentrated in just one country – Belgium – while 80 per cent of energy efficiency investment through the EFSI was allocated to France, Finland and Germany;

Amendment 61 #

Draft opinion
Paragraph 5 c (new)

5c. Calls on the EIB to work with small market participants and community cooperatives to undertake bundling of small scale renewable energy projects to enable them to be eligible for EIB funding;

Amendment 62 #

Draft opinion
Paragraph 6

6. Calls on the Commission to monitor carefully the cost and efficiency associated with the high number of financially small mandates given to the EIB; takes the view that the administrative cost associated with such a number of mandates can undermine the EIB’s price competitiveness and thus render it less effective in performing its role;deleted

Amendment 63 #

Draft opinion
Paragraph 6

6. Calls on the Commission to monitor carefully the cost and efficiency associated with the high number of financially small mandates given to the EIB; takes the view that the administrative cost associated with such a number of mandates ~~can undermine the EIB’s price competitiveness and thus render it~~render the EIB even less effective in performing its role;

Amendment 64 #

Draft opinion
Paragraph 6

6. Calls on the Commission to monitor carefully the cost and efficiency associated with the ~~high number of financially small~~ mandates given to the EIB; takes the view that the administrative cost associated with ~~such a number of~~less effective mandates can undermine the EIB’s price competitiveness and thus render it less effective in performing its role;

Amendment 65 #

Cora van NIEUWENHUIZEN

Draft opinion
Paragraph 6 a (new)

6a. Stresses that the EIB should be more transparent about the projects and countries they finance outside the European Union, in particular in its annual report, and should ensure that all operations are in line with international tax transparency standards, in order to secure that financial activities do not benefit corrupt systems and individuals in third countries.

Amendment 66 #

Draft opinion
Paragraph 6 a (new)

6a. Reminds that the EIB should play a fundamental role in the implementation of the Europe 2020 Strategy through the Horizon 2020 instrument;

Amendment 67 #

Pervenche BERÈS

Draft opinion
Paragraph 7

7. Stresses the need for the EIB to prioritise external operations so that its activities especially focus on areas of high importance for the EU; highlights the great potential for EIB operations to improve the economic situation in Ukraine, which is facing great economic stress and instability due to the ongoing armed conflict in Eastern Ukraine, with the direct and indirect participation of Russian military and security services;deleted

Amendment 68 #

Draft opinion
Paragraph 7

Amendment 69 #

Draft opinion
Paragraph 7

Amendment 7 #

Draft opinion
Paragraph 1

1. Acknowledges the EIB’s contribution to restoring investment activity in the EU after the economic and financial crises; stresses that the EIB’s activities during the current period of recovery and credit availability in some countries and sectors must be carefully directed towards products and projects, thereby ensuring additionality, while addressing underlying investment gaps;

Amendment 70 #

Draft opinion
Paragraph 7

7. Stresses the need for the EIB to prioritise external operations so that its activities especially focus on geographical and sectoral areas of high importance for the EU; highlights the great potential for EIB operations to improve the economic situation in Ukraine, which is facing great economic stress and instability due to the ongoing armed conflict in Eastern Ukraine, with the direct and indirect participation of Russian military and security services;

Amendment 71 #

Neena GILL

Draft opinion
Paragraph 7

7. Stresses the need for the EIB to prioritise external operations so that its activities especially focus on areas of high importance for the EU; highlights in this respect the expansion of the EIB's External Lending Mandate (ELM) to step up activities in pre-accession countries, southern neighbourhood, Mediterranean region, Latin America and Asia. Highlights furthermore the great potential for EIB operations to improve the economic situation in Ukraine, which is facing great economic stress and instability due to the on-going armed conflict in Eastern Ukraine, with the direct and indirect participation of Russian military and security services;

Amendment 72 #

Draft opinion
Paragraph 7

Amendment 73 #

Draft opinion
Paragraph 7

7. Stresses the need for the EIB to prioritise external operations so that its activities especially focus on areas of high importance for the EU; highlights the great potential for EIB operations to improve the economic situation in ~~Ukraine, which is facing great economic stress and instability due to the ongoing armed conflict in~~specific EU neighbouring countries in Eastern Europe as well as in the Southern and Eastern UkMediterrainean, w~~ith the direct and indirect participation of Russian military and security services~~hich are facing great economic stress and instability;

Amendment 74 #

Draft opinion
Paragraph 7

Amendment 75 #

Draft opinion
Paragraph 7 a (new)

7a. Regrets that under the new Resilience Initiative the EIB will increase lending by EUR 6 billion to catalyse up to EUR 15 billion in additional investment for the Western Balkan and southern Mediterranean regions over the next four and a half years in addition to the EUR 7.5 billion lending already envisaged in the two regions;

Amendment 76 #

Jonás FERNÁNDEZ, Ramón JÁUREGUI ATONDO

Draft opinion
Paragraph 7 a (new)

7a. Welcomes the Council conclusions of October 10th 2017 on climate finance1a; highlights the importance of scaling up the availability of capital for green and sustainable investments; believes the EIB should make it a top priority; _________________ 1ahttp://www.consilium.europa.eu/press- releases-pdf/2017/10/47244665508_en.pdf

Amendment 77 #

Draft opinion
Paragraph 7 a (new)

7a. Calls for an increase in financial assistance for projects that have a positive impact on refugees and other migrants, and that are located in Member States that receive the largest flows of refugees and migrants;

Amendment 78 #

Draft opinion
Paragraph 7 b (new)

7b. Believes the EIB should support the timely implementation of the Paris Agreement along with the 2030 Agenda for Sustainable Development;

Amendment 79 #

Draft opinion
Paragraph 7 c (new)

7c. Welcomes the will of the EIB to adopt the highest standards in order to prevent tax fraud, tax evasion, tax avoidance, aggressive tax planning, money laundering and financing of terrorism1a; believes nevertheless that there is still room for improvement; calls in this regard the EIB to end cooperation with intermediaries, jurisdictions and countries that do not comply with OECD and EU standards; _________________ 1a http://www.eib.org/about/compliance/tax- good-governance/index.htm & http://www.eib.org/infocentre/publications /all/eib-group-anti-money-laundering- policy-and-combating-finance-of- terrorism-framework.htm

Amendment 8 #

Draft opinion
Paragraph 1 a (new)

1a. Welcomes that, according to the 28 September 2017 EIB Economics Departments brief, the cumulative investments approved by the EIB Group in 2015 and 2016 will add 2.3 % to the EU GDP by 2020 and will add 2.25 million jobs, which shows the substantial macroeconomic impact of the EIB;

Amendment 80 #

Draft opinion
Paragraph 7 d (new)

7d. Recalls that the EU list of non- cooperative jurisdictions in taxation matters will be release by the end of 2017; believes that as soon as a country appears on this list, the EIB should freeze its cooperation with it;

Amendment 81 #

Draft opinion
Paragraph 7 e (new)

7e. Highlights the EU list of high risk third countries in the field of money laundering; believes that as soon as a country appears on this list, the EIB should freeze its cooperation with it;

Amendment 82 #

Draft opinion
Paragraph 7 f (new)

7f. Calls on the EIB to take into account the local context when investing in third countries; recalls that investing in third countries cannot be based only on a profit maximisation approach but also aim at generating long-term private sector-led sustainable economic growth and reduce poverty through job creations and improved access to productive resources; believes that the choice of financial intermediaries should be stricter in this regard;

Amendment 83 #

Draft opinion
Paragraph 7 g (new)

7g. Is concerned by the lack of information that the EIB discloses on the beneficial ownership and the final money recipients, especially when the financing relies on private equity funds; underlines the issues it raises in terms of transparency and accountability for a publicly-backed institution; urges therefore the EIB to reinforce its due diligence procedure when working with financial intermediaries;

Amendment 84 #

Draft opinion
Paragraph 7 h (new)

7h. Notes that out of 120 cases reported to the Fraud Investigations Division of the Inspectorate General (IG/IN) in 2016, 53% were referred by EIB Group staff; welcomes the fact that the fraud reporting mechanism on the EIB’s website is now available in 30 languages1a; believes that the EIB should follow carefully the ongoing work on the protection of whistle-blowers at EU level and consequently further improve its reporting possibilities; _________________ 1a http://www.eib.org/attachments/general/re ports/ig_fraud_investigations_activity_rep ort_2016_en.pdf

Amendment 85 #

Draft opinion
Paragraph 8

8. Notes a wide variety of experiences with EFSI projects; calls for the exchange of best practices between the EIB and the Member States in order to increase the effectiveness of the Juncker plan by focusing less on achieving an arbitrary level of leverage and more on making a difference to EU citizens' lives through sustainable infrastructure and quality jobs;

Amendment 86 #

Draft opinion
Paragraph 8

8. Notes ~~a wide variety of experi~~the ineffectivences ~~with EFSI projects; calls for the exchange of best practices between the EIB and the Member States in order to increase the effectiveness of the Juncker plan~~s of the Juncker plan; demands an end of the EFSI;

Amendment 87 #

Draft opinion
Paragraph 8

8. ~~Notes a wide variety of experiences with EFSI projects; c~~Calls for the exchange of best practices between the EIB and the Member States in order to increase the effectiveness of the Juncker plan;

Amendment 88 #

Draft opinion
Paragraph 8

8. Notes a wide variety of experiences with EFSI projects; ~~calls for~~ supports and encourages the further exchange of best practices between the EIB and the Member States ~~in order to increase the effectiveness of the Juncker plan~~;

Amendment 89 #

Draft opinion
Paragraph 8 a (new)

8a. Acknowledges that access to finance is still a core barrier for the growth of the cultural creative industries (CCIs); stresses the urgent need for funding initiatives to strengthen such industries; emphasises the potential from the EIB and the EFSI to support the creative sector, mainly through the financing of SMEs; Calls on the EIB to address the lack of EFSI funding to CCIs by investigating possible interactions with Creative Europe;

Amendment 9 #

1b. Encourages the EIB further expand its macroeconomic analysis capability, including research regarding the macroeconomic impact of its activities, as well as its general analytical work and sectoral studies, and the range of empirical papers and publications, thereby becoming as well a "knowledge bank";

Amendment 90 #

Draft opinion
Paragraph 8 a (new)

8a. Suggests that the EIB facilitates the direct purchase of EIB bonds by EU citizens and residents, through the opening of an online sale system in its website, and/or through its commercialization by Member States NCBs, postal services and other suitable providers;

Amendment 91 #

Draft opinion
Paragraph 8 b (new)

8b. Notes that, even though most EU citizens are unaware, EIB bonds are the only example of Union debt issuances;

Amendment 92 #

Draft opinion
Paragraph 9

9. Recalls that if they are to contribute to the economic development of the EU as well as economic, social and territorial cohesion, risk transfer-based instruments cannot be risk free; stresses that the EIB and its shareholders must be fully aware of this.

Amendment 93 #

Draft opinion
Paragraph 9

9. Recalls that i~~f they are to contribute to the economic development of the EU, risk transfer-based instruments cannot be risk fr~~t is economically impossible for any asset to be risk free; is concerned that these risks are not fully accounted for on the asset side of the EIB's balance sheet; stresses that the EIB and its shareholders must be fully aware of this.

Amendment 94 #

Draft opinion
Paragraph 9 a (new)

9a. Welcomes the EIB group Strategy on Gender Equality and Women’s Economic Empowerment released in 2017; Believes that the Gender Perspective should be applied to all EIB Group financial operations; Calls for a Gender Action Plan to be implemented soon, to set ambitious targets and to be accompanied by concrete indicators;

Amendment 95 #

Draft opinion
Paragraph 9 a (new)

9a. Insists on the need to achieve the highest level of transparency and institutional accountability; calls on the EIB to present to the European Parliament the ongoing operations through regular meetings and giving access to information and financial documents;

Amendment 96 #

Draft opinion
Paragraph 9 a (new)

9a. Asks the EIB to promote gender equality and corporate social responsibility through its financing offers; believes that any company requiring an EU financing should first demonstrate that it has clear measures in place in this regard;

Amendment 97 #

Draft opinion
Paragraph 9 a (new)

9a. Calls for more comprehensive, frequent and proper parliamentary accountability of EIB, following the model of the ECB´s monetary dialogues;

Amendment 98 #

Draft opinion
Paragraph 9 b (new)

9b. Notes that some of the projects managed by the European Investment Bank involved Mossack Fonseca and that the European Commission blocked 18 projects in 2016, preventing €1billion to end up in tax havens; Calls on the Commission to make public an annual report on the use of EU funds as well as EIB and EBRD money transfers to offshore structures, including the number and nature of projects blocked, the reasons for blocking them and follow-up actions taken to ensure no EU funds directly or indirectly help tax avoidance and tax fraud;

Amendment 99 #

Draft opinion
Paragraph 9 b (new)

9b. Believes the communication of the EIB group, in cooperation with its relevant national partners, should be improved in order to raise the SMEs awareness of their financing possibilities and to better inform the citizens of the local and concrete projects financed by the EU;

source: 612.188

2017/10/27 REGI 76 amendments...

Amendment 1 #

Draft opinion
Paragraph 1

1. Underlines the EIB’s important role in the implementation of cohesion policy ~~through activities aimed at strengthening project preparation capacities, consultancy and analysis services and loan~~as mentioned in the Article 309 of the Treaty on the Functioning of the European Union in supporting projects for developing less developed regions and projects which have a cross fborder nat~~ional co-financing;~~ure by complementing the Structural Funds.

Amendment 10 #

Draft opinion
Paragraph 2

2. Calls on the EIB to present an additional special chapter in its annual report dedicated to EIB activities aimed at the implementation of cohesion policy including Interreg related activities by Member States, and to include detailed information on the use of loans and financial instruments in cohesion policy projects and programmes;

Amendment 11 #

Draft opinion
Paragraph 2

2. Calls on the EIB to present an additional special chapter in its annual report dedicated to EIB activities aimed at the implementation of cohesion policy by in the Member States, and to include detailed information on the use of loans in cohesion policy projects and programmes;

Amendment 12 #

Draft opinion
Paragraph 2

2. Calls on the EIB to present an additional special chapter in its annual report dedicated to EIB activities aimed at the implementation of cohesion policy byin Member States, and to include detailed information on the use of loans in cohesion policy projects and programmes;

Amendment 13 #

Draft opinion
Paragraph 2

2. Calls on the EIB to present an additional special chapter in its annual report dedicated to EIB activities aimed at the implementation of cohesion policy by Member States, and to include detailed information on the use of loans in cohesion policy projects and programmes; in order to compare with other financial instruments and grants; underlines in this context also the EIB’s responsibility to provide sufficient data available for the European Parliament, the Court of Auditors and others;

Amendment 14 #

Draft opinion
Paragraph 2

2. Calls on the EIB to present an additional special chapter in its annual report dedicated to EIB activities aimed at the implementation of cohesion policy by Member States, and to include detailed information on the use of loans in cohesion policy projects and programmes and their effective contribution to cohesion policy objectives, including the EU2020 Strategy and horizontal principles of gender equality, sustainable development and climate change mitigation and adaptation;

Amendment 15 #

Draft opinion
Paragraph 2

2. Calls on the EIB to present an additional special chapter in its annual report dedicated to EIB activities aimed at the implementation of cohesion policy by Member States, and to include detailed information on the use of loans in cohesion policy projects and programmes; calls on the creation of aggregate EU-level data, which could give an overview of co- financing to Cohesion Policy projects and investments provided by the EIB;

Amendment 16 #

Draft opinion
Paragraph 2

2. Calls on the EIB to present an additional special chapter in its annual report dedicated to EIB activities aimed at the implementation of cohesion policy by Member States, and to include detailed information on the use of loans in cohesion policy projects and programmes; underlines that in these economic and social circumstances many EU member- states are far behind in their target to meet the Europe 2020goals.

Amendment 17 #

Draft opinion
Paragraph 2

2. Calls on the EIB to present an additional special chapter in its annual report dedicated to EIB activities aimed at the implementation of cohesion policy by Member States, and to include detailed information on the use of loans in cohesion policy projects and programmes, with reference also to the concrete capacity to mobilise and attract private resources;

Amendment 18 #

Viorica DĂNCILĂ

Draft opinion
Paragraph 2

2. Calls on the EIB to present an additional special chapter in its annual report dedicated to EIB activities aimed at the implementation of cohesion policy by Member States, and to include detailed information on the use of loans in cohesion policy projects and programmes, including details on the geographical distribution of the support granted;

Amendment 19 #

Draft opinion
Paragraph 2 a (new)

2a. Highlights the importance of the EIB in complementary financing cohesion policy objectives as well as its advisory role through activities aimed at strengthening project preparation capacities, financial and technical advice for local and regional authorities and support in developing financial instruments. as well as loans for national co-financing of ESI Funds.

Amendment 2 #

Draft opinion
Paragraph 1

1. Underlines th~~e EIB’s important role in the implementation of cohesion policy through~~at the EIB is treaty- bound to contribute to economic and social cohesion and regional development through its primary lending activity by means of dedicated investment instruments, thus playing an important role supporting Member States and regions to implement their cohesion policy goals, including through advisory activities aimed at strengthening project preparation capacities, consultancy and analysis services and loans for national co- financing;

Amendment 20 #

Draft opinion
Paragraph 3

3. Emphasises that the EIB, as an institution through which the EU finances projects aimed at fulfilling EU policies, should contribute to economic, social and territorial cohesion; notices however that, according to the geographical breakdown of lending by country in which projects are located, five Member States received 54.11 % of the total loans granted in 2016 should contribute to economic, social and territorial cohesion within the European Union;

Amendment 21 #

Draft opinion
Paragraph 3

3. ~~Emphasis~~Underlines that the EIB, as an public financial institution through which the EU finances projects aimed at fulfilling EU policies and priorities, should contribute to economic, social and territorial cohesion~~; notices however~~ including regarding less developed regions; is concerned and regrets that, according to the geographical breakdown of lending by country in which projects are located, five Member States, the biggest EU economies, received 54.11 % of the total loans granted in 2016;

Amendment 22 #

Draft opinion
Paragraph 3

3. Emphasises that the EIB, as an institution ~~through which the EU~~which finances projects aimed at fulfilling EU policies, should contribute to economic, social and territorial cohesion; notices however that, according to the geographical breakdown of lending by country in which projects are located, five Member States received 54.11 % of the total loans granted in 2016;

Amendment 23 #

Draft opinion
Paragraph 3

3. Emphasises that the EIB, as an institution through which the EU finances projects aimed at fulfilling EU policies, should contribute to economic, social and territorial cohesion; underlines that decent job creation, positive cost-benefit analysis, additionality, growth acceleration, social cohesion, climate change and environmental protection should be the main selection criteria of the above mentioned projects; notices however that, according to the geographical breakdown of lending by country in which projects are located, five Member States received 54.11 % of the total loans granted in 2016;

Amendment 24 #

Draft opinion
Paragraph 3

3. Emphasises that the EIB, as an institution through which the EU finances projects aimed at fulfilling EU policies, should contribute to economic, social and territorial cohesion; notices however that, according to the geographical breakdown of lending by country in which projects are located, five Member States received 54.11 % of the total loans granted in 2016; urges the EIB and the Commission to examine the reasons of this uneven distribution as well as its effects on achieving cohesion policy objectives, and to report back to the European Parliament with their results before mid-2018;

Amendment 25 #

Daniel BUDA

Draft opinion
Paragraph 3

3. Emphasises that the EIB, as an institution through which the EU finances projects aimed at fulfilling EU policies, should contribute to economic, social and territorial cohesion; notices however that, according to the geographical breakdown of lending by country in which projects are located, five Member States received 54.11 % of the total loans granted in 2016; is concerned that investments through the European Fund for Strategic Investments are generally concentrated in certain more developed regions, and the lack of geographical distribution of investments is contributing to the growing development gap between regions;

Amendment 26 #

Draft opinion
Paragraph 3

3. Emphasises that the EIB, as an institution through which the EU finances projects aimed at fulfilling EU policies, should contribute to economic, social and territorial cohesion; notices however that, according to the geographical breakdown of lending by country in which projects are located, five Member States received 54.11 % of the total loans granted in 2016; Moreover, more efforts should be made by the EIB to cope with Article 309 of the Treaty on the Functioning of the European Union and strengthening its support for less developed regions.

Amendment 27 #

Draft opinion
Paragraph 3

3. Emphasises that the EIB, as an institution through which the EU finances projects aimed at fulfilling EU policies, should contribute to economic, social and territorial cohesion; notices however that, according to the geographical breakdown of lending by country in which projects are located, five Member States received 54.11 % of the total loans granted in 2016; emphasises the need for greater territorial distribution of allocated funds and calls for improved role of the EIB in financing of social entrepreneurship and start-ups;

Amendment 28 #

Draft opinion
Paragraph 3

3. Emphasises that the EIB, as an institution through which the EU finances projects aimed at fulfilling EU policies, should contribute to economic, social and territorial cohesion; notices however that, according to the geographical breakdown of lending by country in which projects are located, five Member States received 54.11 % of the total loans granted in 2016; points out, moreover, that over 10% of EIB financial support was lent to non-EU countries;

Amendment 29 #

Draft opinion
Paragraph 4

4. Highlights that the EIB’s role in cohesion policy is increasing, especially due to the increased use of financial instruments; ~~emphasises that the level of u~~calls for procedures to be simplified so that, while not dispensing with grants, they facilitate recourse tof financial instruments i~~s still very low and that Member States point to the complexity of the procedures as one of the reasons for that~~n the implementation of cohesion policy;

Amendment 3 #

Draft opinion
Paragraph 1

1. Underlines the ~~EIB’s important role~~potential of the EIB in the implementation of cohesion policy ~~through activities aimed at strengthening~~with regard to project preparation capacities, consultancy ~~and analysis~~ services and loans for national co- financing;

Amendment 30 #

Draft opinion
Paragraph 4

4. Highlights that the EIB’s role in cohesion policy is increasing, especially due to the increased use of financial instruments; emphasises th~~at the level of use of financial instruments is still very low and that Member States point to the complexity of the procedures as one of the reasons for that~~e importance of simplifying procedures to facilitate the take-up of financial instruments;

Amendment 31 #

Draft opinion
Paragraph 4

4. Highlights that the EIB’s role in cohesion policy is increasing, especially due to the increased use of financial instruments~~; emphasises that the level of use of financial instruments is still very low and that Member States point to the complexity of the procedures as one of the reasons for that~~ and that Member States point to the complexity of the procedures, as laid down in the Financial Regulation and Common Provisions Regulation (CPR), as one of the reasons for that; however underlines that grants, being an effective form of support in manifold areas of public intervention, must be maintained as the main tool of Cohesion Policy, especially for smaller beneficiaries and financial instruments should be used as an additional tool only for those sectors where they have demonstrated they are more appropriate than grants for achieving CP objectives and where they bring value for money, limited to activities, which may generate profit such as promotion of start-ups, specific support for SMEs and other market-oriented measures; points out that the role of the EIB should be reconsidered with regard to financial instruments under CP and the European Fund for Strategic Investments (EFSI);

Amendment 32 #

Draft opinion
Paragraph 4

4. Highlights that the EIB’s role in cohesion policy is increasing~~, especially~~ due to the increased use of financial instruments; ~~emphasises that the level of use of financial instrum~~however, their accessibility for final recipients is still very low and ~~that~~ Member States point to the complexity of the procedures as one of the reasons for that;

Amendment 33 #

Draft opinion
Paragraph 4

4. Highlights that the EIB’s role in cohesion policy is increasing, especially due to the increased use of financial instruments; emphasises that the level of use of financial instruments, which should be concentrated in those sectors in which they have proven to have produced greater results and higher added value compared to grants, is still very low and that Member States point to the complexity of the procedures as one of the reasons for that;

Amendment 34 #

Draft opinion
Paragraph 4

4. Highlights that the EIB’s role in cohesion policy is increasing, especially due to the increased use of combining financial instruments with grants; emphasises that the level of use of financial instruments is still very low and that Member States point to the complexity of the procedures as one of the reasons for that; Therefore, the combination of financial instruments with grants should take place only when a financial instrument alone cannot achieve its objectives.

Amendment 35 #

Marc JOULAUD

Draft opinion
Paragraph 4

Amendment 36 #

Draft opinion
Paragraph 4

4. Highlights that the EIB’s role in cohesion policy is increasing, especially due to the increased use of financial instruments; considers that this requires stronger involvement of the European Parliament, especially its Committee for Regional Development, in scrutinising the EIB's activities; emphasises that the level of use of financial instruments is still very low and that Member States point to the complexity of the procedures as one of the reasons for that; welcomes in that regard the set-up of the fi-compass platform as a one-stop shop for advisory services on financial instruments under cohesion policy;

Amendment 37 #

Draft opinion
Paragraph 4

4. Highlights that the EIB’s role in cohesion policy is increasing, especially due to the increased use of financial instruments; emphasises that the level of use of financial instruments is still very low and that Member States point to the complexity of the procedures as one of the reasons for that; welcomes the fact that provision of advisory support and technical assistance on FIs has been implemented through the fi-compass initiative; calls on simplification of the procedures regarding the use of FIs; urges the Commission and the EIB to address the capacity issue through various platforms, which can contribute to capacity building of financial intermediaries in Member States;

Amendment 38 #

Draft opinion
Paragraph 4

4. Highlights that the EIB’s role in cohesion policy is increasing, especially due to the increased use of financial instruments; emphasises that the level of use of financial instruments is still very low and that Member States point to the complexity of the procedures as one of the reasons for that; calls therefore for further technical assistance for the project applicants and for simplification of the existing procedures; supports the review of the existing financial deadlines in order to facilitate the achievement of before mentioned targets as soon as possible;

Amendment 39 #

Daniel BUDA

Draft opinion
Paragraph 4

4. Highlights that the EIB’s role in cohesion policy is increasing, especially due to the increased use of financial instruments; emphasises that the level of use of financial instruments is still very low and that Member States point to the complexity of the procedures as one of the reasons for that; calls on the EIB and Member States to identify ways of simplifying the procedures that hinder access to financing, and to ensure that information on financial instruments reaches beneficiaries;

Amendment 4 #

Draft opinion
Paragraph 1

1. Underlines the EIB’s important ~~role~~complementary role and the need for synergies in the implementation of cohesion policy through activities aimed at strengthening project preparation capacities, consultancy and analysis services and loans for national co- financing;

Amendment 40 #

Draft opinion
Paragraph 4 a (new)

4a. Underlines the need for management cost and fees to be set in accordance with the CPR and based on a comprehensive assessment of EIB’s performance as fund manager of FIs with ESIF participation measured not only in terms of the successful disbursement of the initial endowment or the amount of private capital raised, but also on the basis of the actual returns on investments, following the recommendation in the ECA SR 19/20161a; _________________ 1a European Court of Auditors Special Report 19/2016 Implementing the EU budget through financial instruments — lessons to be learnt from the2007-2013 programme period

Amendment 41 #

Draft opinion
Paragraph 4 a (new)

4a. Notes with concern the drive towards using financial instruments with a high risk profile; notes in particular the EIB's so-called special activities, which are high-risk and are supposed to be even encouraged in 2017 with a view to the reorganisation of procedures relating to quasi-equity investment operations and new instruments;

Amendment 42 #

Draft opinion
Paragraph 4 a (new)

4a. Stresses that increasing the proportion of financial instruments in cohesion policy must on no account replace the current grant system; takes the view that each Member State must be able to set the proportion between financial instruments and grants, since there is no universal formula that is favourable to all;

Amendment 43 #

Draft opinion
Paragraph 4 a (new)

4a. Underlines that the use of financial instruments should remain at the discretion of managing authorities; opposes therefore any binding target for the use of financial instruments in the future cohesion policy as the need for and form of financial instruments largely depends on the sector and the market to be financed;

Amendment 44 #

Draft opinion
Paragraph 4 b (new)

4b. Considers that, as the European Union's bank, the EIB should step up its efforts to ensure that financial intermediaries it engages with do not make use of or engage in tax avoidance structures, in particular aggressive tax planning schemes or practices not complying with tax good governance criteria as set out in EU legislation including Commission recommendations and communications; the EIB should also make sure that financial intermediaries are not involved in corruption, money laundering, organised crime or terrorism;

Amendment 45 #

Draft opinion
Paragraph 4 b (new)

4b. Underlines that the increased use of financial instruments in cohesion policy requires stronger involvement of the European Parliament in scrutinising the EIB’s activities in order to allow for better assessing the implications and consequences of the EIB’s role;

Amendment 46 #

Draft opinion
Paragraph 4 b (new)

4b. Stresses the importance of an appropriate level of information and visibility regarding financial instruments in the Member States, so as to enable maximum use to be made of the opportunities offered by them;

Amendment 47 #

Draft opinion
Paragraph 4 c (new)

4c. Recalls that ESI Funds and the EFSI are of a complementary nature, since the first ones aim at reducing economic, social and territorial inequalities while the latter one has been designed to overcome the current investment gap in the EU;

Amendment 48 #

Draft opinion
Paragraph 4 d (new)

4d. Is concerned by the proposal to facilitate the combination of ESI Funds with the EFSI by way of derogating to applicable requirements for financial instruments under the current Common Provisions Regulation; opposes the idea to allow ESI Funds to take a subordinated position to the EFSI;

Amendment 49 #

Draft opinion
Paragraph 5

5. ~~Welcomes the fact~~Notes that, in 2016, more than 50 % of the total approved loans were invested in the transport, energy, industry and water and waste management sectors~~, which indicates thematic concentration; underlines that~~; underlines that to reduce regional disparities within the European Union, projects supporting the revitalisation of rural and outlying areas, and other less populated, less accessible and underdeveloped areas, should have priority ~~in all sectors~~;

Amendment 5 #

Draft opinion
Paragraph 1

1. Underlines the EIB’s important role in the implementation of cohesion policy through activities aimed at strengthening project preparation capacities, consultancy and analysis services and loans for national co-financing; calls on the Commission and the EIB to cooperate better and coordinate their efforts to ensure a better understanding with all stakeholders on the financing of projects, the exchange of best practices, the promotion of financial instruments;

Amendment 50 #

Draft opinion
Paragraph 5

5. ~~Welcomes the fact~~Notes that, in 2016, more than 50 % of the total approved loans were invested in the transport, energy, industry, services, agriculture and water and waste management sectors~~, which indicates thematic concentr~~; regrets the lack of financial support, amounting to little more than 8% of the total, for sectors such as health and education; underlines that projects supporting the revitalisation of rural and other less populated, less accessible and underdeveloped areas should have priority in all sectors;

Amendment 51 #

Draft opinion
Paragraph 5

5. Welcomes the fact that, in 2016, more than 50 % of the total approved loans were invested in the transport, energy, industry and water and waste management sectors~~, which indicates thematic concentration~~; underlines that projects supporting the revitalisation of rural and other less populated, less accessible and underdeveloped areas should have priority ~~in all sector~~, with the aim of reducing disparities between regions;

Amendment 52 #

Draft opinion
Paragraph 5

5. Welcomes the fact that, in 2016, more than 50 % of the total approved loans were invested in the transport, energy, industry and water and waste management sectors, which indicates thematic concentration; calls for additional support for the Pure Energy Innovations, scientific researches and development of the Smart Specialization Strategy: underlines that projects supporting the re vitalisation of rural and other less populated, less accessible and underdeveloped areas should have priority in all sectors;

Amendment 53 #

Draft opinion
Paragraph 5

5. Welcomes the fact that, in 2016, more than 50 % of the total approved loans were invested in the transport, energy, industry and water and waste management sectors, which indicates an appropriate thematic concentration; underlines that projects supporting the revitalisation of rural and other less populated, less accessible and underdeveloped areas should have ~~priority in all sectors~~more focus in all sectors while the principle that every region has to profit from Cohesion policy continues; notes the role the EIB plays in supporting the objectives of the Urban Agenda;

Amendment 54 #

Marc JOULAUD

Draft opinion
Paragraph 5

Amendment 55 #

Draft opinion
Paragraph 5

5. Welcomes the fact that, in 2016, more than 50 % of the total approved loans were invested in the transport, energy, industry and water and waste management sectors, which indicates thematic concentration; is concerned, however, by the low levels of investments in social infrastructure and the social economy and is of the opinion that rebalancing of the Bank's financing priorities is required; underlines that projects supporting the revitalisation of rural and other less populated, less accessible, deindustrialized and underdeveloped areas should have priority in all sectors;

Amendment 56 #

Draft opinion
Paragraph 5

5. Welcomes the fact that, in 2016, more than 50 % of the total approved loans were invested in the transport, energy, industry and water and waste management sectors, which indicates thematic concentration; underlines that priority should be given in all sectors to projects supporting the revitalisation of rural a~~nd other~~reas and less populated, regions, in addition to less accessible and underdeveloped areas ~~should have priority in all sector~~, including internal ones;

Amendment 57 #

Daniel BUDA

Draft opinion
Paragraph 5

5. Welcomes the fact that, in 2016, more than 50 % of the total approved loans were invested in the transport, energy, industry and water and waste management sectors, which indicates thematic concentration; notes that more than 25% of current investments through EFSI, totalling EUR 30 billion, target the energy and environment sectors; underlines that projects supporting the revitalisation of rural and other less populated, less accessible and underdeveloped areas should have priority in all sectors;

Amendment 58 #

Viorica DĂNCILĂ

Draft opinion
Paragraph 5

5. Welcomes the fact that, in 2016, more than 50 % of the total approved loans were invested in the transport, energy, industry and water and waste management sectors, which indicates thematic concentration; underlines that projects supporting the revitalisation of rural and other less populated, less accessible and underdeveloped areas should have priority in all sectors, including cross-border projects focusing on the shared needs and circumstances of the communities concerned; stresses that such projects must help to prevent depopulation in these areas while also encouraging other people to settle there;

Amendment 59 #

Draft opinion
Paragraph 5

5. Welcomes the fact that, in 2016, more than 50 % of the total approved loans were invested in the transport, energy, industry and water and waste management sectors, which indicates thematic concentration; underlines that projects supporting the revitalisation of rural and other less populated, less accessible and underdeveloped areas should have priority in all sectors; with a special provision to member-states which suffer from long- term unemployment, investment gap and regional imbalances;

Amendment 6 #

Draft opinion
Paragraph 1

1. Underlines the EIB’s important role in the implementation of cohesion policy through activities aimed at strengthening project preparation capacities, consultancy and analysis services and loans for national co-financing; calls for this activity to be further promoted and disseminated in all European regions, including those which do not benefit from the Cohesion Fund;

Amendment 60 #

Draft opinion
Paragraph 5

5. Welcomes the fact that, in 2016, more than 50 % of the total approved loans were invested in the transport, energy, industry and water and waste management sectors, which indicates thematic concentration; underlines that projects supporting the revitalisation of rural and other less populated, less accessible and underdeveloped areas should have priority in all sectors; highlights the important role of the EIB plays in supporting the objectives of the URBAN Agenda for the EU with EU 21 bn of urban financing in 2016;

Amendment 61 #

Draft opinion
Paragraph 5 a (new)

5a. Asks the EIB to adopt the OECD Rio climate markers used for tracking and monitoring climate expenditures from the ESI Funds in order to better take into the EIB activities related to cohesion policy in the assessment of the role of ESI Funds in tackling climate change;

Amendment 62 #

Draft opinion
Paragraph 5 a (new)

5a. Calls on the EIB to encourage the use of instruments that can contribute to urban regeneration, including those aimed at making buildings more energy- efficient, earthquake-proof and structurally sound;

Amendment 63 #

Draft opinion
Paragraph 5 a (new)

5a. In 2016, urban financing has amounted to around 21 bn EUR. However, EIB should better link its financing with the Urban Agenda and Cohesion Policy objectives and have a real complementary role at urban level.

Amendment 64 #

Marc JOULAUD

Draft opinion
Paragraph 5 a (new)

5a. Emphasises the importance of the complementary role of national banks and institutions in promoting the implementation of financial instruments tailored to meet local needs;

Amendment 65 #

Draft opinion
Paragraph 6

Amendment 66 #

Draft opinion
Paragraph 6

6. Regrets the lack of communication and data available on the role of the EIB at each stage of the implementation cycle of cohesion policy and the limited understanding of the ways in which EIB lending activities contribute to cohesion policy.

Amendment 67 #

Draft opinion
Paragraph 6

6. Regrets the lack of data available on the role of the EIB at each stage of the implementation cycle of cohesion policy and the limited understanding of the ways ~~in which~~and information on where EIB lending activities contribute to cohesion policy objectives.

Amendment 68 #

Viorica DĂNCILĂ

Draft opinion
Paragraph 6

6. Regrets the lack of data available on the role of the EIB at each stage of the implementation cycle of cohesion policy and the limited understanding of the ways in which EIB lending activities contribute to cohesion policy, and stresses the need for better information for beneficiaries at local and regional level on the role of the EIB, in order to improve the level of use of the EIB loans available in regions that have accessed these instruments to a lesser extent.

Amendment 69 #

Draft opinion
Paragraph 6

6. Regrets the lack of data available on the role of the EIB at each stage of the implementation cycle of cohesion policy and the limited understanding of the ways in which EIB lending activities contribute to cohesion policy, including the real added value of its activities compared to more traditional forms of support such as grants.

Amendment 7 #

Draft opinion
Paragraph 1 a (new)

1a. Is concerned that the increasing role of the EIB and financial instruments in cohesion policy might undermine its performance-based and result-oriented approach since, as a bank, the role of the EIB is primarily to absorb funds, leverage additional investments and ensure adequate return-on-investment;

Amendment 70 #

Draft opinion
Paragraph 6

6. Regrets the lack of data available on the role of the EIB at each stage of the implementation cycle of cohesion policy and the limited understanding of the ways in which EIB lending activities contribute to cohesion policy; underlines the need for greater transparency on the role of EIB and impact of allocated funds as well as increased projects visibility.

Amendment 71 #

Draft opinion
Paragraph 6

6. Regrets the lack of data available on the role of the EIB at each stage of the implementation cycle of cohesion policy and the limited understanding of the ways in which EIB lending activities contribute to cohesion policy.; points out that the EIB already tries to address these issues and calls for these efforts to be strengthened;

Amendment 72 #

Draft opinion
Paragraph 6 a (new)

6a. Regrets that despite the EU's pledge to phasing out fossil fuel subsidies by 2020 as part of the EU2020 Strategy, the EIB alone has provided for 5.3 billion euros for fossil fuel projects in twelve Member States over the 2014-2016 period; believes that the EIB should take ambitious measures, in the context of the review of its energy policy foreseen for 2018, to phase-out fossil fuel projects and prioritise energy efficiency projects within its portfolio;

Amendment 73 #

Draft opinion
Paragraph 6 a (new)

6a. Deplores the support given to activities that have a heavy impact and are still linked to fossil fuels, such as gas, the Milazzo refinery and ArcelorMittal steel plants; condemns the support given to the Mose project in Venice, which is costing billions and is having problems relating to malfunctioning and delivery delays, with investigations under way for bribes and corruption; regrets also the will to support a costly and harmful construction project such as the TAP;

Amendment 74 #

Draft opinion
Paragraph 6 a (new)

6a. Notes that the finance of SMEs has limited results to the real economy; therefore, calls the EIB to increase its capital with a special targeting to innovative SMEs and local and regional infrastructure projects.

Amendment 75 #

Draft opinion
Paragraph 6 b (new)

6b. Welcomes the commitment of the EIB to support the implementation of the Paris Agreement, including by increasing its climate action lending activities above its 25% target; regrets however that those investments are almost exclusively concentrated in more developed regions; calls on the EIB to double its efforts so that transition and less developed regions can also benefit from the potentials of renewable energy, energy efficiency and circular economy in terms of job creation and sustainable development;

Amendment 76 #

Draft opinion
Paragraph 6 b (new)

6b. Notes the high and widespread number of funding instruments for SMEs, but highlights the lack of specific data concerning the costs and management of those products, not to mention the final figures effectively used by beneficiaries.

Amendment 8 #

Draft opinion
Paragraph 2

2. Calls on the EIB to present an additional special chapters in its annual report dedicated to ~~EIB activities aimed at~~the effect from EIB activities on reducing divergences between Member States as well as on the Bank’s activities aimed at supporting the implementation of cohesion policy by Member States, and to include detailed information on the use of loans in cohesion policy projects and programmes;

Amendment 9 #

Draft opinion
Paragraph 2

2. ~~Calls on the EIB~~Regrets the lack of data available on the role of the EIB at each stage of the implementation cycle of cohesion policy and the limited understanding of the ways in which EIB lending activities contribute to cohesion policy; urges the EIB, therefore, to present an additional special chapter in its annual report dedicated to EIB activities aimed at the implementation of cohesion policy by Member States, and to include detailed information on the use of loans in cohesion policy projects and programmes;

source: 612.287

2017/11/06 BUDG 121 amendments...

Amendment 1 #

Motion for a resolution
Citation 1 a (new)

– having regard to the 2016 Activity Report of the European Investment Bank,

Amendment 10 #

Motion for a resolution
Recital B

B. whereas the EIB Group financial activities include both lending own resources and fulfilling the various mandates granted to it with the support of the EU budget and third parties such as EU Member States;

Amendment 100 #

Motion for a resolution
Paragraph 26 b (new)

26b. Recommends that the new European Public Prosecutor’s Office (EPPO) examine the possibility of covering EIB operations in the EU Member States concerned as part of its activities;

Amendment 101 #

Motion for a resolution
Paragraph 28

28. Believes that the EIB Group’s financial instruments should serve projects chosen on the basis of their own merits, their potential to generate added value for the EU as a whole, and effective additionality, especially in areas where markets fail to finance and support projects, finding the right balance between a potentially higher risk profile and the fundamental need to maintain its high credit standing;

Amendment 102 #

Motion for a resolution
Paragraph 29

29. Warns, in this respect, that market- driven instruments risk shifting the focus of the EU budget from EU public common goods and e~~xpect~~ncourages the EIB Group to reinforce its reporting to the Commission on the quality as opposed to the quantity of its financing in the context of financial instruments;

Amendment 103 #

Motion for a resolution
Paragraph 29

29. Warns, in this respect, that market- driven instruments risk shifting the focus of the EU budget from EU public common goods and expects the EIB Group to reinforce its reporting to the Commission on the quality as opposed to the quantity of its financing in the context of the financial instruments;

Amendment 104 #

Motion for a resolution
Paragraph 29

Amendment 105 #

Motion for a resolution
Paragraph 29 a (new)

29a. Notes that in order to make full use of the additional risk bearing capacity, the EIB group has developed 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;

Amendment 106 #

Motion for a resolution
Paragraph 30

30. Calls on the EIB Group to further develop its risk culture in order to improve its effectiveness and the complementarity and synergies between its interventions and various EU policies, in particular by supporting innovative companies, infrastructure projects and SMEs that are taking risks or evolving in economically disadvantaged regions or regions that lack stability, in line with the recurrent and longstanding objective of easier access to financing for SMEs, but without compromising the principles of sound management or jeopardizing the EIB’s high credit standing;

Amendment 107 #

Motion for a resolution
Paragraph 30 a (new)

30a. Notes the significant increase in indirect financing operations for small and medium-sized enterprises (SMEs); notes with concern the highly opaque character of such operations and the fact that they are carried out through speculative investment funds geared towards maximum short-term profit, which is entirely at odds with the objective of supporting the real economy and SMEs; recalls that SMEs are the backbone of Europe’s economy, that they provide 85 % of all new jobs, and that more effective, direct, and transparent funding mechanisms should therefore be identified;

Amendment 108 #

Motion for a resolution
Paragraph 30 a (new)

30a. Notes with concern the highly opaque character of the indirect financing operations for small and medium-sized enterprises (SMEs) and the fact that they are carried out through speculative investment funds geared towards maximum short-term profit, which is entirely at odds with the objective of supporting the real economy and SMEs; recalls that SMEs are the backbone of Europe’s economy, that they provide 85 % of all new jobs, and that more effective, direct, and transparent funding mechanisms should therefore be identified;

Amendment 109 #

Motion for a resolution
Paragraph 30 a (new)

30a. Notes that the support of the EIB group to SMEs and midcaps amounted to record EUR 33.6 billion and supported the creation of 4.4 million jobs in 2016; highlights the importance of continuous EIB Group support towards SMEs and midcaps by enhancing their access to finance; emphasises that SMEs are the backbone of the European economy and should remain the principal target of the EIB Group lending activities by further reinforcing financing instruments for SMEs and midcaps;

Amendment 11 #

Motion for a resolution
Recital D

D. whereas the EIB maintained a solid ~~profitability~~financial standing in 2016 in accordance with the forecast for that year, with a net annual surplus of EUR 2.8 billion;

Amendment 110 #

Motion for a resolution
Paragraph 30 a (new)

30a. Calls on the EIB to draw up a strategy for remedying the fact that SMEs, when they are based in a country in which the economic and banking context is unfavourable, have difficulties in gaining access to project financing;

Amendment 111 #

Motion for a resolution
Paragraph 30 a (new)

30a. Calls on the EIB group to further rely on financially sound intermediaries, such as NPBIs, for the instruction of certain types of projects, which would not endanger its high credit standing;

Amendment 112 #

Motion for a resolution
Paragraph 30 b (new)

30b. Considers that many EIB group governance rules are designed to safeguard its high credit standing, but that very few information is available on how close the EIB group is from a lower rating;

Amendment 113 #

Motion for a resolution
Paragraph 31

31. Underlines that the ~~pricing of~~due diligence of investment projects financed by the EIB Group products should be based on both factors related to financial return and factors related not to financial return, but instead to the achievement of other kinds of objectives, such as the contribution of the project to upward economic convergence and cohesion in the EU, or to the achievement of the Europe 2020 targets or the 2030 SDGs; considers that the EIB Group should explain these non-financial criteria to institutional and private investors (for example, pension funds and insurance companies) in an appropriate manner, thus promoting an increased focus on socio- economic and environmental impact across the financial sector;

Amendment 114 #

Motion for a resolution
Paragraph 31

31. Underlines that the ~~pricing of~~due diligence of investment projects financed by the EIB Group ~~products~~ should be based on both factors related to financial return and factors related not to financial return, but instead to the achievement of other kinds of objectives, such as the contribution of the project to upward economic convergence and cohesion in the EU, or to the achievement of the Europe 2020 targets or the 2030 SDGs; considers that the EIB Group should explain these non-financial criteria to institutional and private investors (for example, pension funds and insurance companies) in an appropriate manner, thus promoting an increased focus on socio- economic and environmental impact across the financial sector;

Amendment 115 #

Motion for a resolution
Paragraph 31

31. Underlines that the ~~pricing of~~due diligence of investment projects financed by the EIB Group products should be based on both factors related to financial return and other factor~~s related not to financial return, but instead to the achievement of other kinds of objective~~s, such as the contribution of the project to upward economic convergence and cohesion in the EU, or to the achievement of the Europe 2020 targets or the 2030 SDGs; considers that the EIB Group should explain these ~~non-financial~~ criteria to institutional and private investors (for example, pension funds and insurance companies) in an appropriate manner, thus promoting an increased focus on socio- economic and environmental impact across the financial sector;

Amendment 116 #

Motion for a resolution
Paragraph 32

32. Believes that in cases where stressed financial market conditions would prevent the realisation of a viable project or where it is necessary to facilitate the establishment of investment platforms or the funding of projects in sectors or areas experiencing a significant market failure or suboptimal investment situation, the EIB Group should implement and document changes, notably t~~o the remuneration of the EU guarantee to the EIB, in order to contribute to a reduction in the cost of fina~~hrough recourse to Member States or agencinges th~~e operation borne by the beneficiary of EIB Group financing through financial instruments, so as to facilitate project implementation~~at may grant aid towards the payment of interest; believes that similar efforts should be undertaken where necessary to ensure that financial instruments support small projects, and that where the use of local or regional intermediaries enables a reduction in the cost of financial instrument financing to small projects, this form of deployment should also be considered;

Amendment 117 #

Motion for a resolution
Paragraph 32 a (new)

32a. 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 118 #

Motion for a resolution
Paragraph 32 b (new)

32b. Expresses concern with regard to the EIB’s possible funding of the Trans- Adriatic Pipeline project, which does not comply – to a varying extent in the transit countries Albania, Greece and Italy – with the minimum environmental and social standards laid down by the Equator Principles; regrets that the EBRD has already allocated EUR 500 million in funding and takes the view that the project is not appropriate for investment by the EIB and neither should it be considered for funding by any bank that aspires to making socially and environmentally responsible investments;

Amendment 119 #

Motion for a resolution
Paragraph 33 a (new)

33a. Calls on the EIB, taking into account the insufficient project generation capacity in the public and private sectors and the lower borrowing capacity in some Member States, and with a view to reducing the investment shortfall in the EU, to consider an approach whereby contributions made on a one-off basis to EIB-funded projects by Member States, whether by a Member State as such or by national promotional banks classified in the general government sector or acting on behalf of a Member State, would qualify as one-off measures within the meaning of Article 5 of Council Regulation (EC) No 1466/971 a and Article 3 of Council Regulation (EC) No 14971 b; __________________ 1a Council Regulation (EC) No 1466/97 of 7 July 1997 on the strengthening of the surveillance of budgetary positions and the surveillance and coordination of economic policies. 1b Council Regulation (EC) No 1467/97 of 7 July 1997 on speeding up and clarifying the implementation of the excessive deficit procedure.

Amendment 12 #

Motion for a resolution
Recital D

D. whereas the EIB maintained a solid ~~profitability~~financial standing in 2016 in accordance with the forecast for that year, with a net annual surplus of EUR 2.8 billion;

Amendment 120 #

Motion for a resolution
Paragraph 34 a (new)

34a. Underlines that the EFSI is failing to ensure the quality, additionality, economic and social benefits and sustainability of the projects financed; deplores the fact that the list of projects chosen to receive funding under the EFSI includes infrastructure installations with dubious additionality, regrets that in many cases the EIB has failed to take action on reports from local authorities, stakeholder communities and civil society groups; calls on the EIB to withdraw funding wherever there is any suspicion of infringements; takes the view that EFSI-funded loans should be additional to ordinary EIB investment;

Amendment 121 #

Motion for a resolution
Paragraph 37

37. Expects the ~~EIB Group to continue to work with national promotional banks and institutions~~Commission, the EIB Group and national, regional and local authorities to continue to work with national promotional banks and institutions to strengthen their cooperation to create more synergies between the ESI Funds and EIB financing instruments and loans as well as to reduce administrative burden, simplify procedures, increase administrative capacity, boost territorial development and cohesion and improve the understanding of ESI Funds and EIB financing, in the spirit of complementarity, since they have a sound knowledge of their respective territories and the ability to implement tailor-made financial instruments locally;

Amendment 13 #

Motion for a resolution
Recital D

D. whereas the EIB maintained a solid ~~profitability in 2016~~ financial standing accord~~ance with~~ing to the forecast for ~~that year~~2016, with a net annual surplus of EUR 2.8 billion;

Amendment 14 #

Motion for a resolution
Recital E

E. whereas the EIB should continue to strengthen its efforts to expand its loan activities effectively by providing technical assistance and advisory support, especially in regions with low investment capacity, in order to address regional discrepancies, while reducing administrative burdens for applicants;

Amendment 15 #

Motion for a resolution
Recital E

E. whereas the EIB should continue to strengthen its efforts to expand its loan activities effectively by providing technical advisory, especially in regions with low levels of investment ~~capacity~~, while reducing administrative burdens for applicants;

Amendment 16 #

Motion for a resolution
Recital E

E. whereas the EIB should continue to strengthen its ~~efforts to expand its~~ loan activities effectively by providing technical advice, especially in regions with low investment ~~capacity, while reducing administrative burdens for applicants~~levels, while increasing the efficiency of its scrutiny mechanism;

Amendment 17 #

Motion for a resolution
Recital F

F. whereas the EIB, as the institution responsible for the management of the European Fund for Strategic Investments (EFSI), should maintain the pursuit of a high-quality, geographically balanced asset portfolio, with long-term economic benefits that generate quality jobs, by selecting projects of proven financial viability and economic and social utility, on the basis of an appropriate independent ex-ante assessment, and should make this its main priority across the whole EU territory;

Amendment 18 #

Motion for a resolution
Recital F

F. whereas the EIB~~, as the institution responsible for the management of the European Fund for Strategic Investments (EFSI),~~ should maintain the pursuit of a high-quality, geographically balanced asset portfolio, with long-term economic benefits that generate quality jobs, and should make this its main priority across the whole EU territory;

Amendment 19 #

Motion for a resolution
Recital F a (new)

Fa. whereas the European Investment Fund (EIF) 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 thus leading to further European integration and economic, social and territorial cohesion;

Amendment 2 #

Motion for a resolution
Citation 1 b (new)

– having regard to the 2016 Financial Report and the 2016 Statistical Report of the European Investment Bank,

Amendment 20 #

Motion for a resolution
Recital G

G. whereas safeguards against fraud, including tax fraud and money laundering, and risks of financing terrorism are contained in the EIB Group contractual provisions included in the contracts signed by the EIB group and its counterparties; whereas the EIB Group ~~should~~ requires that its counterparties comply with all applicable legislation; whereas additional contractual provisions addressing specific transparency and integrity issues ~~should b~~are imposed by the EIB Group on the basis of due diligence results;

Amendment 21 #

Motion for a resolution
Recital I

I. whereas the EIB Group should maintain a high credit standing as a fundamental asset of its business model and a high-quality, solid asset portfolio with sound investment projects under the EFSI, by selecting projects of proven financial viability and economic and social utility, on the basis of an appropriate independent ex-ante assessment, and all financial instruments in its portfolio;

Amendment 22 #

Motion for a resolution
Paragraph 1

1. Stresses that the current crisis ~~has~~and the continuing austerity policy have significantly weakened economic growth in the EU and that one of the main contributing factors is the decline in investment in the EU; underlines that the fall in public and private investment has reached alarming levels in the countries most affected by the crisis, as evidenced by Eurostat’s findings; expresses concern about macroeconomic imbalances and unemployment rates that remain significant in some Member States;

Amendment 23 #

Motion for a resolution
Paragraph 1

1. Stresses that the ~~current~~economic crisis has significantly weakened economic growth in the EU and that one of the main ~~contributing factor~~fallouts is the decline in investment in the EU; underlines that the fall in public and private investment has reached alarming levels in the countries most affected by the crisis, as evidenced by Eurostat’s findings; expresses concern about macroeconomic imbalances and unemployment rates that remain significant in some Member States;

Amendment 24 #

Motion for a resolution
Paragraph 1

1. Stresses that the current crisis has significantly weakened economic growth in the EU and that one of the main contributing factors is the decline in investment in the EU; underlines that the fall in ~~public and private~~ investment has reached ~~alarming~~worrisome levels in the countries most affected by the crisis, as evidenced by Eurostat’s findings; expresses concern about macroeconomic imbalances and unemployment rates that remain significant in some Member States;

Amendment 25 #

Motion for a resolution
Paragraph 3

3. Welcomes the EIB Group’s willingness to enhance EU competitiveness, provide real support for growth and job creation, and contribute to solving current political challenges within and outside the EU, by pursuing its overarching public policy goals relating to innovation, SMEs and midcap finance, infrastructure, the environment, economic and social cohesion, and the climate; recalls that these objectives also necessitate the provision of public goods; insists that, in order to achieve the Europe 2020 strategy objectives successfully, all EIB Group activities should not only be economically sustainable, but also contribute to a smarter, greener and more inclusive EU; 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 26 #

Nicola CAPUTO

Motion for a resolution
Paragraph 3

3. Welcomes the EIB Group’s willingness to enhance EU competitiveness, provide real support for growth and job creation, and contribute to solving current political challenges within and outside the EU, by pursuing its overarching public policy goals relating to innovation, SMEs and midcap finance, infrastructure, the environment, economic and social cohesion, and the climate; recalls that these objectives also necessitate the provision of public goods; insists that, in order to achieve the Europe 2020 strategy objectives successfully, all EIB Group activities should not only be economically sustainable, but also contribute to a smarter, greener and more inclusive EU; calls on the EIB in this regard to work with small market participants and community cooperatives to undertake bundling of small-scale renewable energy projects to enable them to be eligible for EIB funding;

Amendment 27 #

Motion for a resolution
Paragraph 3

3. Welcomes the EIB Group’s willingness to enhance EU competitiveness, provide real support for growth and job creation, and contribute to solving current political challenges within and outside the EU, by pursuing its overarching public policy goals relating to innovation, SMEs and midcap finance, infrastructure, the environment, economic and social cohesion, and the climate; recalls that these objectives also necessitate the provision of public goods; insists that, in order to achieve the Europe 2020 strategy objectives successfully, all EIB Group activities should not only be economically sustainable, but also contribute to a smarter, greener and more inclusive EU; emphasises the need for coherence between the instruments necessary to reach these objectives;

Amendment 28 #

Motion for a resolution
Paragraph 3

3. Welcomes the EIB Group’s willingness to enhance EU competitiveness, provide real support for growth and job creation, and contribute to solving ~~current political~~socio-economic challenges within and outside the EU, by pursuing its overarching public policy goals relating to innovation, SMEs and midcap finance, infrastructure, the environment, economic and social cohesion, and the climate; recalls that these objectives also necessitate the provision of public goods; insists that, in order to achieve the Europe 2020 strategy objectives successfully, all EIB Group activities should not only be economically sustainable, but also contribute to a smarter, greener and more inclusive EU;

Amendment 29 #

Motion for a resolution
Paragraph 3 a (new)

3a. Welcomes in this regard the EC work strand of combining different financing sources, including EFSI, centrally managed EU level financial instruments, ESI Funds programme resources, Member States resources as well as National Promotional Institutions resources, so that more risky projects and projects with limited access to finance could be serviced to the benefit of SMEs;

Amendment 3 #

Motion for a resolution
Citation 1 c (new)

– having regard to the September 2016 Evaluation of the Functioning of the European Fund for Strategic Investments (EFSI) of the European Investment Bank,

Amendment 30 #

Motion for a resolution
Paragraph 4

4. Welcomes the fact that the EIB has affirmed its commitment to supporting the fulfilment of the Paris Agreement; believes that the review of the EIB’s energy policy foreseen for 2018 will be an opportunity for the bank to reconsider the support it gives to the fossil fuels sector; urges the bank, in this context, to publish the concrete action plans deriving from its 2015 Climate Strategy and to align its portfolio with the global average temperature increase target of less than 2°C, through the phasing-out of fossil fuel projects and the prioritisation of energy efficiency projects;

Amendment 31 #

Motion for a resolution
Paragraph 4

4. Welcomes the fact that the EIB has affirmed its commitment to supporting the fulfilment of the Paris Agreement; notes with concern that in the period 2014-2016 the EIB funded fossil energy projects amounting to a total of EUR 5.3 billion in EU countries, namely two petroleum projects, one carbon project and 27 gas- related projects, in addition to EUR 976 million through the external guarantee to fund six non-EU projects, one of which concerned carbon and five fossil gas projects; believes that the review of the EIB’s energy policy foreseen for 2018 will be an opportunity for the bank to reconsider the support it gives to the fossil fuels sector; urges the bank, in this context, to publish the concrete action plans deriving from its 2015 Climate Strategy and to align its portfolio with the global average temperature increase target of less than 2°C, through the phasing-out of fossil fuel projects and the prioritisation of energy efficiency projects;

Amendment 32 #

Motion for a resolution
Paragraph 4

4. Welcomes the fact that the EIB has affirmed its commitment to supporting the fulfilment of the Paris Agreement; ~~believes that the review of the EIB’s energy policy foreseen for 2018 will be an opportunity for the bank to reconsider the support it gives to the fossil fuels sector;~~ urges the bank, in this context, to publish the concrete action plans deriving from its 2015 Climate Strategy and to align its portfolio with the global average temperature increase target of less than 2°C~~, through the phasing-out of fossil fuel projects and the prioritisation of energy efficiency projects~~;

Amendment 33 #

Motion for a resolution
Paragraph 4

4. Welcomes the fact that the EIB has affirmed its commitment to supporting the fulfilment of the Paris Agreement; believes that the review of the EIB’s energy ~~policy~~lending criteria foreseen for 2018 will be an opportunity for the bank to ~~reconsider~~take stock of the support it gives to the fossil fuels sector and it publish the relevant, related comprehensive data ; urges the bank, in this context, to publish the concrete action plans deriving from its 2015 Climate Strategy and to align its portfolio with the global average temperature increase target of ~~less than 2°C, through th~~1,5% in line with the COP 21 agreement, through the swift and complete phasing-out of fossil fuel projects and the prioritisation of energy efficiency and renewable projects;

Amendment 34 #

Motion for a resolution
Paragraph 4 a (new)

4a. 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 35 #

Motion for a resolution
Paragraph 4 a (new)

4a. Points out that the EIB has had very mixed results on climate action, even though it just met its 25% target overall; is concerned that in 16 EU Member States, EIB support for climate action did not reach even the level of 20% and that climate action investment in 2016 was predominantly located in the EU’s stronger economies with 70 per cent of EFSI support for renewable energy was concentrated in just one country – Belgium – while 80 per cent of energy efficiency investment through the EFSI was allocated to France, Finland and Germany;

Amendment 36 #

Motion for a resolution
Paragraph 5

5. ~~Welcom~~Notes the fact that the EIB has responded to the crisis by expanding its activities significantly, including in the countries worst affected; calls on the EIB to further support EU countries in order to contribute to their economic recovery;

Amendment 37 #

Motion for a resolution
Paragraph 5 a (new)

5a. Calls in this respect to enhance the EIB’s external mandate in order to respond to the current challenges, which the EU is facing; is particularly concerned by the lack of progress in the legislative procedure aiming at revising the external lending mandate due to Council’s rigidity; is convinced that the revised level proposed by the Commission will not allow to maintain the current level of financing, thus endangering the activities of the EIB in various areas, especially in the Eastern Neighbourhood; urges therefore the Council to accept the Parliament’s proposal, increasing the ceilings of the ELM to the optimal level which would allow the EIB to continue lending at the current level;

Amendment 38 #

Nicola CAPUTO

Motion for a resolution
Paragraph 5 a (new)

5a. Recalls the high degree of urgency of clarifying the impact of Brexit on the EIB in order for the bank to continue to be able to perform its role; believes that, while the UK, in terms of investment, should be treated as any other Member State prior to its formal departure from the Union, the EIB is right to condition investment on assurances that investment eligibility criteria, notably on environmental standards, will be met for the full duration of such investments;

Amendment 39 #

Motion for a resolution
Paragraph 5 b (new)

5b. Stresses the importance of the EIB’s financing activities in the Eastern and Southern Neighbourhood; asks the EIB to increase its lending mandate towards the Eastern Neighbourhood in order to support those countries that are implementing difficult economic and democratic reforms on their path towards the EU; recalls that the main financing activities should also aim at addressing both urgent needs and longer term challenges such as rebuilding infrastructure, ensuring adequate housing and emergency response infrastructure as well as combating youth unemployment;

Amendment 4 #

Motion for a resolution
Citation 17 a (new)

– having regard to the 2030 Agenda for Sustainable Development and the Sustainable Development Goals of the United Nations,

Amendment 40 #

Motion for a resolution
Paragraph 6

6. Considers that the EIB, as the ‘EU bank’ incorporated and governed by the Treaties and the relevant Protocol annexed thereto, must live up to this unique status, which brings with it unique rights and responsibilities; observes that the EIB plays a key role in implementing an ever greater number of financial instruments leveraging EU budgetary funds; recalls, however, that the funding of projects of public interest is 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 41 #

Motion for a resolution
Paragraph 7

7. Notes that the value of the EIB loans signed is forecast to rise once again in 2019 (to EUR 76 billion, following a fall from EUR 77 billion in 2014 to EUR 73 billion in 2016); points out that the current context should encourage the bank to adopt more ambitious objectives and to increase the loans signed by the EIB; rRecalls that the EIB should play a fundamental role in the implementation of the Europe 2020 strategy through ~~the Horizon 2020 instrument~~instruments such as Horizon 2020 and the Connecting Europe Facility;

Amendment 42 #

Motion for a resolution
Paragraph 7

7. Notes that according to the Corporate Operational Plan 2017-2019 the value of the EIB loans signed is forecast to rise once again in 2019 (to EUR 76 billion, following a fall from EUR 77 billion in 2014 to EUR 73 billion in 2016); points out that the current context should encourage the bank to adopt more ambitious objectives and to increase the loans signed by the EIB; recalls that the EIB should play a fundamental role in the implementation of the Europe 2020 strategy through ~~the Horizon 2020 instrument~~instruments such as for example Horizon 2020 and Connected Europe Facility;

Amendment 43 #

Motion for a resolution
Paragraph 7

7. Notes that, according to the Corporate Operational Plan 2017-2019 , the value of the EIB loans signed is forecast to rise once again in 2019 (to EUR 76 billion, following a fall from EUR 77 billion in 2014 to EUR 73 billion in 2016); points out that the current context should encourage the bank to adopt more ambitious objectives and to increase the loans signed by the EIB; recalls that the EIB should play a fundamental role in the implementation of the Europe 2020 strategy through ~~the Horizon 2020 instrument~~instruments such as Horizon 2020 and the Connecting Europe Facility;

Amendment 44 #

Motion for a resolution
Paragraph 7

7. Notes that the value of the EIB loans signed is forecast to rise once again in 2019 (to EUR 76 billion, following a fall from EUR 77 billion in 2014 to EUR 73 billion in 2016); points out that the current context should encourage the bank to adopt more ambitious objectives and to increase the loans signed by the EIB; recalls that the EIB should play a fundamental role in the implementation of the Europe 2020 strategy through ~~the Horizon 2020 instrument~~instruments such as Horizon 2020 and Connecting Europe Facility;

Amendment 45 #

Motion for a resolution
Paragraph 8

8. Welcomes the EIB’s commitment to tackling the ~~phenomenon of forced displacement and~~root causes of migration and taking action in countries particularly affected by the refugee and migration crisis, including by strengthening humanitarian action and providing support for economic growth, the construction of ~~infrastructure and job creation~~and investment needs in urban, health, educational and social infrastructure, stimulating economic activities for job creation and promoting cross-border cooperation between Member States and third countries; expects the EIB Group, to this end, to step up its efforts in coordinating its Economic Resilience Initiative and the External Lending Mandate currently under revision with the establishment of the EFSD mid-2017;

Amendment 46 #

Motion for a resolution
Paragraph 8

8. Welcomes the EIB’s commitment to tackling the ~~phenomenon of forced displacement and~~root causes of migration and taking action in countries particularly affected by the migration crisis, including by ~~strengthen~~complementing humanitarian action ~~and~~, by providing support for economic growth, the construction of infrastructure and job creation and by tackling the root causes of migration; expects the EIB Group, to this end, to step up its efforts in coordinating its Economic Resilience Initiative and the External Lending Mandate currently under revision with the establishment of the EFSD mid-2017;

Amendment 47 #

Motion for a resolution
Paragraph 8

8. Welcomes the EIB’s commitment to tackling the phenomenon of forced displacement and migration and taking action in countries particularly affected by the migration crisis, including by strengthening humanitarian action and providing support for economic ~~growth~~development, the construction of modern and sustainable infrastructure and job creation; expects the EIB Group, to this end, to step up its efforts in coordinating its Economic Resilience Initiative and the External Lending Mandate currently under revision with the establishment of the EFSD mid-2017;

Amendment 48 #

Motion for a resolution
Paragraph 8

8. ~~Welcomes~~Takes note of the EIB’s commitment to tackling the phenomenon of forced displacement and migration and taking action in countries particularly affected by the migration crisis, including by strengthening humanitarian action and providing support for economic growth, the construction of infrastructure and job creation; expects the EIB Group, to this end, to step up its efforts in coordinating its Economic Resilience Initiative and the External Lending Mandate currently under revision with the establishment of the EFSD mid-2017;

Amendment 49 #

Motion for a resolution
Paragraph 8

8. Welcomes the EIB’s commitment to tackling the ~~phenomenon of forced displacement and~~root causes of migration and taking action in countries particularly affected by the migration crisis, including by ~~strengthen~~complementing humanitarian action and providing support for economic growth, the construction of infrastructure and job creation; expects the EIB Group, to this end, to step up its efforts in coordinating its Economic Resilience Initiative and the External Lending Mandate currently under revision with the establishment of the EFSD mid-2017;

Amendment 5 #

Motion for a resolution
Recital A

A. whereas the EIB is considered to be the ‘~~financial arm of the EU~~Bank of the European Union’ and the key institution in sustaining public and private investments within ~~the EU, while also playing an important role outside the EU through its external lending activities~~as well as outside the EU;

Amendment 50 #

Motion for a resolution
Paragraph 9 a (new)

9a. Points out with concern that Turkey is the primary beneficiary of non- EU EIB funding, and that the EIB itself is the primary external funding institution in Turkey; 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 51 #

Motion for a resolution
Paragraph 10

10. Welcomes the EIB Group Strategy on Gender Equality and Women’s Economic Empowerment published in 2017; believes that a gender perspective should be applied to all EIB Group financial operations; expects a Gender Action Plan, setting ambitious targets and accompanied by concrete indicators, to be implemented soon;deleted

Amendment 52 #

Motion for a resolution
Paragraph 11

11. Expects a rapid agreement to be reached on the prolongation of EFSI action, and that the revised fund will enable the problems identified in the previous version, namely in relation to additionality, geographic balance and advisory hub activities, to be overcome; stresses the importance of avoiding geographical imbalances in the EIB’s lending activity so as to ensure a broader geographical and sectorial allocation without compromising the high quality of projects; calls on the EIB to further strengthen their work with national promotional banks to improve outreach, further develop advisory activity and technical assistance to address the issue of geographical balance in the long-term;

Amendment 53 #

Motion for a resolution
Paragraph 11

11. Expects a rapid agreement to be reached on the prolongation ~~of EFSI action, and that the revised fund~~and adjustment of the European Fund for Strategic Investments, and that the revised fund and the enhanced European Investment Advisory Hub will enable the problems identified in the ~~previous version~~current scheme, namely in relation to additionality, geographic balance and advisory hub activities, to be overcome;

Amendment 54 #

Motion for a resolution
Paragraph 11

11. ~~Expects a rapid agreement to be reached on the prolongation of EFSI action, and that the revised fund will enable~~Regrets the prolongation of EFSI action, also in the light of the problems identified in the previous version, namely in relation to additionality, geographic balance and advisory hub activities~~, to be overcome~~;

Amendment 55 #

Motion for a resolution
Paragraph 11

Amendment 56 #

Motion for a resolution
Paragraph 11

11. Expects ~~a rapid agreement to be reached on the prolongation of EFSI action, and that the revised fund~~that the revised EFSI regulatory framework will enable the problems identified in the previous version, namely in relation to additionality, geographic balance and advisory hub activities, to be overcome;

Amendment 57 #

Motion for a resolution
Paragraph 11

11. Expects ~~a rapid agreement to be reached on the prolongation of EFSI action, and that the revised fund will enable~~EFSI action to be abandoned, given the problems hitherto identified ~~in the previous version~~, namely in relation to additionality, geographic balance, the quality of the projects financed, the economic, social and environmental utility, sustainability and advisory hub activities~~, to be overcome~~;

Amendment 58 #

Motion for a resolution
Paragraph 12 a (new)

12a. Deplores the involvement of the EIB in large-scale infrastructure projects 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 financially or socially controversial, as demonstrated by a thorough ex-ante assessment and an adequate cost-benefit analysis;

Amendment 59 #

Motion for a resolution
Paragraph 13 a (new)

13a. 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 6 #

Motion for a resolution
Recital A

A. whereas the EIB is considered to be the ‘financial arm of the EU’ and the ~~key~~ institution inwhich sustain~~ing~~s public and private investments within the EU, while also playing an important role outside the EU through its external lending activities;

Amendment 60 #

Motion for a resolution
Paragraph 13 a (new)

13a. Points out the importance of ensuring the efficient and responsible management of resources, with the objective of safeguarding the bank’s financing capacity for the coming years;

Amendment 61 #

Motion for a resolution
Paragraph 14

14. Recalls that the EIB’s NCJ Policy needs to be ambitious; notes that relying on the common EU list of third country jurisdictions that fail to comply with tax good governance standards, which is expected to be endorsed by the Council of the EU by the end of 2017 and which will prevail over other lead organisations’ lists in the case of conflict, is a positive but insufficient step, and calls for country-by- country reporting without exemptions to be made a key part of the EIB’s corporate social responsibility strategy, ~~before the EU adopts its legislation in the field;~~the EIB should comply with relevant standards and applicable legislation on the prevention of money laundering, and the fight against terrorism, tax fraud and tax evasion. The EIB should not make use of or engage in tax avoidance structures, in particular aggressive tax planning schemes or practices not complying with tax good governance criteria, as set out in the legal acts of the Union, Council conclusions, Commission communications or any formal notice by the Commission. The EIB should not maintain business relations with entities incorporated or established in jurisdictions that do not co-operate with the Union in relation to the application of the internationally agreed tax standards on transparency and exchange of information. The EIB should, following a consultation with the Commission and stakeholders, revise and update its policy on non-cooperative jurisdictions at the latest following the adoption of the Union list of non-cooperative jurisdictions. Every year thereafter, the Commission should submit a report to the European Parliament and to the Council on the implementation of that policy.

Amendment 62 #

Motion for a resolution
Paragraph 14

14. Recalls that the EIB’s NCJ Policy needs to be ambitious; ~~notes that relying on the common~~welcomes the adoption by the EIB of an interim approach with regard to the NCJ Policy and tax sensitive jurisdictions, and notes that the EIB Group NCJ Policy will be revised following the adoption of the EU list of third country jurisdictions that fail to comply with tax good governance standards, which is expected to be endorsed by the Council of the EU by the end of 2017 and which will prevail over other lead organisations’ lists in the case of conflict, is a positive but insufficient step~~, and calls for~~; welcomes the inclusion of countr~~y-by- country report~~actual safeguards requiring wit~~hout exemptions to be made a key part of the EIB’s corporate social responsibility strategy, before the EU adopts its legislation in the field~~s counterparties to comply with applicable legislation currently in force, including but not limited to, in relation to country-by- country reporting;

Amendment 63 #

Motion for a resolution
Paragraph 14

14. Recalls that the EIB’s N~~CJ Policy needs to be ambitious; notes that relying on~~on- cooperative jurisdictions (NCJs) Policy needs to be ambitious; welcomes the adoption by the EIB of an interim approach with regard to the NCJ Policy and tax sensitive jurisdictions and notes that the EIB Group NCJ policy will be revised following the adoption of the common EU list of third country jurisdictions that fail to comply with tax good governance standards, which is expected to be endorsed by the Council of the EU by the end of 2017 and which will prevail over other lead organisations’ lists in the case of conflict~~, is a positive but insufficient step, and calls for~~. Welcomes the inclusion of countr~~y-by- country report~~actual safeguards requiring wit~~hout exemptions to be made a key part of the EIB’s corporate social responsibility strategy, be~~s counterparties to comply with applicable legislation currently in force ~~the EU adopts its legislation in the field~~including but not limited to country- by-country reporting;

Amendment 64 #

Motion for a resolution
Paragraph 14

Amendment 65 #

Motion for a resolution
Paragraph 14

Amendment 66 #

Motion for a resolution
Paragraph 14 a (new)

14a. Points out that the lengthy corruption investigations concerning the scandal of the MOSE system concluded on 14 September 2017 with a judgment from the Court of Venice which sentenced two leading figures who were directly involved in the scandal to four years’ imprisonment and the confiscation of EUR 9 575 000; regrets that between 2011 and 2013 the EIB disbursed three loans, for a value of EUR 1.2 billion, for the implementation of the MOSE project, the last of which was granted after the national authorities had opened investigations for corruption; calls on the EIB to ensure that its zero-tolerance policy towards fraud is implemented as strictly as possible and to withdraw all its funding from the MOSE project and the projects linked to it through the system of companies and beneficiaries involved in the implementation of projects in the Veneto Region, and in particular the stretch of the A4 motorway known as Passante di Mestre, with regard to which investigations are still under way for tax fraud, corruption and organised crime infiltration, and the third lane of the A4 motorway in the section between Venice and Trieste; urges the EIB to conduct appropriate internal investigations concerning the selection of beneficiaries and the disbursement and management of its funds, and to publish the results;

Amendment 67 #

Motion for a resolution
Paragraph 14 a (new)

14a. Notes that projects managed by the European Investment Bank involved Mossack Fonseca and that the European Commission blocked 18 projects in 2016, preventing €1billion to end up in or transit through non cooperative jurisdictions; Calls on the Commission to publish an annual public report on the use of EU funds as well as EIB and EBRD money transfers to offshore structures, including the number and nature of projects blocked, explanatory comments on the rationale for blocking projects and follow-up actions taken to ensure no EU funds directly or indirectly help tax avoidance and tax fraud;

Amendment 68 #

Motion for a resolution
Paragraph 15

15. ~~Asks the EIB to take greater~~Welcomes the fact that the EIB takes into account of the tax impact in countries where investment is made and of how this investment contributes to development and reducing inequality; asks the EIB to study how this exercise can be improved;

Amendment 69 #

Motion for a resolution
Paragraph 15

Amendment 7 #

Motion for a resolution
Recital B

Amendment 70 #

Motion for a resolution
Paragraph 15

15. Asks the EIB to take greater account of the tax impact in countries where investment is made and of how this investment contributes to economic development and ~~reducing inequality~~job creation;

Amendment 71 #

Motion for a resolution
Paragraph 16

16. Considers that using criteria for selecting financial intermediaries and being in possession of up-to-date information on beneficial ownership of companies, including trusts, foundations and tax havens, are best practices to be permanently followed; invites the EIB Group to further reinforce its contractual conditions by integrating a clause on or reference to good governance in order to mitigate risks to integrity and reputation; 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;

Amendment 72 #

Motion for a resolution
Paragraph 16

16. Considers that using criteria for selecting financial intermediaries and being in possession of up-to-date information on beneficial ownership of companies, including trusts, foundations and tax havens, are best practices to be permanently followed; welcomes the fact that the EIB identifies during the due diligence process the beneficial owners of such companies; invites the EIB Group to further reinforce its contractual conditions by integrating a clause on or reference to good governance in order to mitigate risks to integrity and reputation;

Amendment 73 #

Motion for a resolution
Paragraph 16

16. Considers that using criteria for selecting financial intermediaries and being in possession of up-to-date information on beneficial ownership of companies, including trusts, foundations and tax havens, are best practices to be permanently followed; notes the fact that the EIB identifies during the due diligence process the beneficial owners of such companies; invites the EIB Group to further reinforce its contractual conditions by integrating a clause on or reference to good governance in order to mitigate risks to integrity and reputation;

Amendment 74 #

Motion for a resolution
Paragraph 17

17. ~~Welcom~~Notes the EIB's efforts to carry out due diligence on EIB Group counterparties and operations, including on-going monitoring activities and controls, so as to ensure that the EIB does not unwittingly facilitate corruption, fraud, collusion, coercion, money laundering, tax fraud, harmful tax practices, or the financing of terrorism, notably through the publication of regular activity reports by the Office of the Chief Compliance Officer (OCCO) and its close cooperation with the EIB Inspectorate General; 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 on a country-by-country basis, 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 75 #

Motion for a resolution
Paragraph 17

17. Welcomes the EIB's efforts to carry out due diligence on EIB Group counterparties and operations, including on-going monitoring activities and controls, so as to ensure that the EIB does not unwittingly facilitate corruption, fraud, collusion, coercion, money laundering, tax fraud, harmful tax practices, or the financing of terrorism, notably through the publication of regular activity reports by the Office of the Chief Compliance Officer (OCCO) and its close cooperation with the EIB Inspectorate General; calls on the EIB to align itself with the new rapid alert and exclusion system planned by the Commission;

Amendment 76 #

Motion for a resolution
Paragraph 18

18. Welcomes the EIB Group’s cooperation and exchanges with the different Commission services on the measures contained in the anti-tax avoidance package, with a view to clarifying the scope and key elements of the legislative package, the EIB Group’s role and involvement, and its engagement in dialogue with civil society organisations (CSOs) on these issues, at the level of both the EIB Group’s Board of Directors and the EIB’s services, such as the OCCO; calls on the EIB to better integrate tax avoidance as part of its due diligence checks;

Amendment 77 #

Motion for a resolution
Paragraph 18 a (new)

18a. Reiterates that the EIB shall revise its Policy on preventing and deterring prohibited conduct in EIB activities, which should set in stone the necessity for the EIB to stop financing and/or approving further loan disbursements to projects under ongoing national or OLAF investigation for corruption and fraud. In this regard, asks for further clarity about the status of the EIB’s and OLAF’s investigation into EIB loans to Volkswagen;

Amendment 78 #

Motion for a resolution
Paragraph 19 a (new)

19a. Recalls that transparency in the implementation of EU policies not only leads to strengthening the EIB group’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 group to align itself with the new rapid alert and exclusion system planned by the Commission;

Amendment 79 #

Motion for a resolution
Paragraph 20

20. ~~Welcomes the fact~~Regrets that the EIB ~~Group~~’s transparency policy is based on a presumption of disclosure and that everyone can access EIB Group documents and information; recalls its recommendation for the publication on the EIB Group website of non- confidential documents, such as Corporate Operational Plans for previous years, interinstitutional agreements and memorandums, and urges the EIB Group not to stop there, but to continue raising the bar and constantly looking for ways to improvestill has some serious shortcomings compared to other international institutions; calls on the EIB to publish a breakdown of statistical data on its website for each project financed within and outside the EU, including, in particular, lending operations carried out through financial intermediaries, and to make the results of ex-post and ex-ante impact assessments of each project fully accessible, including a detailed explanation of the indicators and selection and assessment 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 8 #

Motion for a resolution
Recital B

Amendment 80 #

Motion for a resolution
Paragraph 20

20. Welcomes the fact that the EIB Group’s transparency policy is based on a presumption of disclosure and that everyone can access EIB Group documents and information; recalls its recommendation for the publication on the EIB Group website of non-confidential documents, such as ~~Corporate Operational Plans for previous years,~~ interinstitutional agreements and memorandums, and urges the EIB Group not to stop there, but to continue raising the bar and constantly looking for ways to improve;

Amendment 81 #

Motion for a resolution
Paragraph 20

20. Welcomes the fact that the EIB Group’s transparency policy is based on a presumption of disclosure and that everyone can access EIB Group documents and information; recalls its recommendation for the publication on the EIB Group website of non-confidential documents, such as Corporate Operational Plans for previous years, interinstitutional agreements and memorandums, and urges the EIB Group not to stop there, but to continue ~~raising the bar and constantly~~ looking for ways to improve;

Amendment 82 #

Motion for a resolution
Paragraph 20 a (new)

20a. Suggests that the EIB group should follow the example set by the International Finance Corporation (IFC) of the World Bank group and start disclosing information about the high-risk sub-projects it finances via commercial banks (the main intermediaries/financial vehicles used by the EIB group to fund SMEs);

Amendment 83 #

Motion for a resolution
Paragraph 20 b (new)

20b. Welcomes the disclosure upon request of all EIB group held project documents; asks the EIB group to define guidelines for non-sensitive and basics information that could be disclosed in relation with demands related to proactive project level disclosure;

Amendment 84 #

Motion for a resolution
Paragraph 21

21. Calls for the EIB Group’s disclosure policy to ensure an increasingly high level of transparency as regards the principles governing its pricing policy and governance bodies; welcomes, in this regard, the disclosure of the minutes of the meetings of the EIB Group’s Board of Directors of January 2017, the public register of documents, and the publication of project data via the International Aid Transparency Initiative4 ; calls for the publication of the minutes of management committee meetings; __________________ 4 European Parliament resolution of 28 April 2016 on the European Investment Bank (EIB) – Annual Report 2014.

Amendment 85 #

Motion for a resolution
Paragraph 21 a (new)

21a. Calls on the EIB to ensure public access to documents concerning the results of internal inquests, 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 86 #

Motion for a resolution
Paragraph 21 a (new)

21a. Calls on the EIB to publish Results Measurement Sheets for individual projects outside the EU and Three Pillars Assessment Sheets for projects in the EU in order to strengthen the Bank’s transparency at project level;

Amendment 87 #

Motion for a resolution
Paragraph 21 b (new)

21b. Reiterates the recommendations of paragraphs 71 and 74 of resolution (2016/2098(INI)) concerning high risk sub-projects supported via commercial banks, and on contracts and sub- contracts, deplores the lack of action of the EIB in this regard;

Amendment 88 #

Motion for a resolution
Paragraph 22

22. Urges the EIB Group to adopt the whistleblowing policy review that has already been announced, which is to update the previous policy dating from 2009; to reinforce the independence, legitimacy, accessibility, predictability, equitability and transparency of its Complaints Mechanism, including by involving Directors and enhancing protection of complainants; believes that such measures are clearly in the interest of the bank, the stakeholders and the EU institutions;

Amendment 89 #

Motion for a resolution
Paragraph 22

22. ~~Urg~~Notes the ~~EIB Group to adopt the whistleblowing policy review that has already been announced, which is to update the previous policy dating from 2009~~ongoing revision of the EIB Group´s whistleblowing policy;

Amendment 9 #

Motion for a resolution
Recital B

Amendment 90 #

Motion for a resolution
Paragraph 22

Amendment 91 #

Motion for a resolution
Paragraph 22

22. ~~Urges~~Welcomes that the EIB Group ~~to adopt the whistleblowing policy review that has already been announced~~has started the revision of its Whistleblowing Policy, which is to update the previous policy dating from 2009; urges the EIB to finalise its revision within due time;

Amendment 92 #

Motion for a resolution
Paragraph 22 a (new)

22a. 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 93 #

Motion for a resolution
Paragraph 23

23. Calls for the revision of the ~~EIB~~ Complaints Mechanism, through the strengthening, first and foremost, of its independence and governance, to be used as an opportunity to reinforce its legitimacy, accessibility, predictability, equitability and transparency, by lifting current restrictions on accessibility; believes that an independent complaints mechanism is in the interests of the EIB, the stakeholders and the EU institutions;

Amendment 94 #

Motion for a resolution
Paragraph 24

24. Calls on the EIB Group to put a continuous emphasis on performance scrutiny via performance assessments and proven impact; encourages it to continue to refine its monitoring indicators, more specifically its indicators of additionality, with a view to assessing impact as early as possible in the project generation phase and providing the Board with sufficient information on the impact envisaged, in particular with regard to the contribution of projects to EU policies, for example their effect on employment (during both implementation and operation); urges the EIB to reinforce the ex-ante and ex-post assessment of the impact of its projects outside the EU, including by developing indicators to measure the social, economic and environmental effects of its own financing operations, in order to ensure that projects generate real added value for sustainable economic, social and environmental development inclusive for local communities; points out, furthermore, that the performance of EIB Group financing cannot be assessed on the basis of an appraisal of its financial impact alone, and calls, therefore, for the right balance to be maintained between the operational targets defined in terms of business volume and the non-financial EIB Group staff objectives; urges, for instance, that the performance assessments indicate what specific objectives within the framework of the sustainable development goals (SDGs) are targeted by the project and to what extent it has contributed to fulfilling them;

Amendment 95 #

Motion for a resolution
Paragraph 24

24. Calls on the EIB Group to put a continuous emphasis on performance scrutiny via performance assessments and proven impact; encourages it to continue to refine its monitoring indicators, more specifically its indicators of additionality, with a view to assessing impact as early as possible in the project generation phase and providing the Board with sufficient information on the impact envisaged, in particular with regard to the contribution of projects to EU policies, for example their effect on economic indicators, such as growth or employment (during both implementation and operation); points out, furthermore, that the performance of EIB Group financing cannot be assessed on the basis of an appraisal of its financial impact alone, and calls, therefore, for the right balance to be maintained between the operational targets defined in terms of business volume and the non-financial EIB Group staff objectives; urges, for instance, that the performance assessments indicate what specific objectives within the framework of the sustainable development goals (SDGs) are targeted by the project and to what extent it has contributed to fulfilling them;

Amendment 96 #

Motion for a resolution
Paragraph 24

24. Calls on the EIB Group to put a continuous emphasis on performance scrutiny via performance assessments and proven impact; encourages it to continue to refine its monitoring indicators, more specifically its indicators of additionality, with a view to assessing impact as early as possible in the project generation phase and providing the Board with sufficient information on the impact envisaged, in particular with regard to the contribution of projects to EU policies, for example their effect on employment (during both implementation and operation); points out, furthermore, that the performance of EIB Group financing cannot be assessed on the basis of an appraisal of its financial impact alone, and calls, therefore, for the right balance to be maintained between the operational targets defined in terms of business volume and the non-financial EIB Group staff objectives; urges, for instance, that the performance assessments indicate what specific objectives within the framework of the sustainable development goals (SDGs) are targeted by the project and to what extent it has contributed to fulfilling them; considers it vital that people living in the vicinity of the infrastructure-related projects funded should be actively involved in assessing them;

Amendment 97 #

Motion for a resolution
Paragraph 26 a (new)

26a. Notes that in many EIB’s countries of operations, human rights, in particular freedom of expression, assembly, and association are under attack, from violent crackdowns on protests and criminalization of speech, to arbitrary arrests and detention of human rights defenders, as well as restrictions on civil society organizations. Calls on the EIB to adopt a Human Rights Action Plan to implement the objectives of the EU Strategic Framework on Human Rights and Democracy, the EU Action Plan for Human Rights and Democracy and the UN Guiding Principles on Business and Human Rights in order to prevent negative impacts of EIB projects on human rights, to ensure its projects contribute to the enhancement and realisation of human rights, and to provide remedies in case of human rights violations;

Amendment 98 #

Motion for a resolution
Paragraph 26 a (new)

26a. Welcomes the publication of its ReM+ framework methodology, but believes that the assessed results themselves should be disclosed for any operation and for the environmental and social impact assessments at the level of projects or subprojects, following up the good practice of the disclosure of the scoreboard of indicators;

Amendment 99 #