BETA


2017/2190(INI) Annual report on the control of the financial activities of the EIB for 2016

Progress: Procedure completed

RoleCommitteeRapporteurShadows
Lead CONT VALLI Marco (icon: EFDD EFDD) NOVAKOV Andrey (icon: PPE PPE), PIRINSKI Georgi (icon: S&D S&D), FITTO Raffaele (icon: ECR ECR), ALI Nedzhmi (icon: ALDE ALDE), TARAND Indrek (icon: Verts/ALE Verts/ALE), KAPPEL Barbara (icon: ENF ENF)
Committee Opinion INTA LOONES Sander (icon: ECR ECR)
Lead committee dossier:
Legal Basis:
RoP 54

Events

2018/09/21
   EC - Commission response to text adopted in plenary
Documents
2018/05/03
   EP - Results of vote in Parliament
2018/05/03
   EP - Decision by Parliament
Details

The European Parliament adopted by 539 votes to 39, with 78 abstentions, a resolution on the annual report on the control of the financial activities of the European Investment Bank (EIB) for 2016.

Members noted that the EIB Group’s total financing of EUR 83.8 billion for 2016, mobilising EUR 280 billion of total investment that year. The EIB was invited to present a more comprehensive, detailed and harmonised annual activity report and to improve the presentation of information on approved investments.

Promoting financially sustainable activities : Parliament expressed its support for the EIB’s four public policy objectives and its two cross-cutting objectives - economic and social cohesion and the fight against climate change. Parliament expressed its support for the EIB’s four public policy goals and for the two horizontal objectives which cut across those goals, namely economic and social cohesion and climate action. It considered that approval of investment projects should be based on a sound, independent analysis assessing the financial sustainability and risks associated with the projects.

Members reiterated their concern with regard to defining a balanced strategy with a dynamic, fair and transparent geographical distribution of projects and investments among Member States, taking into account the special focus on the less developed countries and regions. 70 % of the EIB’s total lending for 2016 (EUR 46.8 billion) is concentrated in six Member States, which shows that not all Member States or regions are able to catch up and benefit equally from investment opportunities. In the case of large-scale infrastructure projects, the EIB shall finance as a priority those which have demonstrated real added value for the environment, the economy or the local population.

The United Kingdom subscribed 16.1 % of the EIB’s capital, accounting for EUR 3.5 billion of the paid-in capital and EUR 35.7 billion of the Bank’s callable capital. Members asked the EIB’s management to identify and swiftly inform Parliament of the impacts of Brexit on the EIB.

Additionality and added value : in 2016, the EIB’s portfolio of loans, guarantees and investments mobilised EUR 280 billion of total investment.

Members noted that EUR 67.7 billion of investment was related to EFSI approvals in 2016, which were dedicated primarily to smaller companies (31 %), the energy sector (22 %), and research, development and innovation (22 %). They regretted, however, that a large share of investments under the EFSI portfolio was earmarked for fossil fuel-related projects. They reiterated the need for an in-depth analysis and evaluation on the environmental impact of each project.

Parliament stressed that the EIB’s activity in the current period of sluggish recovery must be carefully directed towards high-quality projects ensuring strengthened additionality vis-à-vis other existing Union instruments and the EIB’s main operations. It called on the EIB to prove the added value of the EFSI as a financial instrument to stimulate private investment.

Achievement of the Union's general policy objectives : Parliament noted the EIB operations inside the EU in 2016, outlining the financing that it provided in four fundamental public policy areas, namely Innovation and Skills (19.6 % of EIB signatures in 2016 - EUR 13.1 billion), SMEs and midcaps finance (31.7 % - EUR 21.3 billion), infrastructure (27.1 % - EUR 18.1 billion), and environment (21.6 % - EUR 14.5 billion).

Members stressed the need to tailor investment programmes to small-scale projects in order to ensure the participation of SMEs . They considered that the EIB should contribute to bridging possible funding gaps for micro-enterprises, through an increased use of financial instruments and products such as microfinance facilities and guarantees.

The role of the EIB in helping to complete Europe’s digital network (e.g. fast broadband) and create a single digital market, including digital services was highlighted.

The EIB should pay particular attention to infrastructure projects in the most disadvantaged regions and promote the financing of projects in line with its climate action strategy and the Paris climate change agreement.

Responding to global challenges : Members recalled that 10 % of the EIB’s overall lending activity is dedicated to operations outside the Union and welcomed the fact that the overall amount offered by the EIB to project promoters outside the EU has gone up since 2015. They stressed, for this reason, the importance of the annual reporting by the EIB on its operations outside the Union with regard to compliance with the general principles guiding the external action of the Union.

The EIB is called on to develop a methodology, in cooperation with the EEAS and the Commission’s DG DEVCO, for measuring the impact of its lending operations outside the EU on EU development cooperation overall, specifically regarding Agenda 2030 and the impact on human rights.

The report underlined that the EIB will also make EUR 500 million available under the ACP Investment Facility to target public sector projects with a migration focus.

Enhancing the EIB’s corporate governance, business practices, transparency and accountability standards : Members are deeply concerned that the Bank's management has so far provided no response whatsoever to the specific provisions of Parliament’s resolution on the control of the financial activities of the EIB for 2015.

The resolution stressed the need to provide for more stringent rules on conflicts of interest and for clear, strict and transparent criteria to prevent any form of corruption.

The EIB is called on to:

swiftly apply the relevant EU legislation and standards on tax avoidance , tax havens and other related issues; take all appropriate measures, including suspension of payments and loan disbursements, with a view to protecting the EIB´s and the EU´s financial interests whenever OLAF or criminal investigations so require; ensure a high quality of information regarding ultimate beneficiaries and to effectively prevent transactions with financial intermediaries having adverse consequences with regard to transparency, fraud, corruption, organised crime and money laundering or harmful social and environmental repercussions; disclose OLAF’s report on its Volkswagen loan given that the ‘Dieselgate’ cases raised a number of questions over the fact that Volkswagen had received EIB loans through fraud and deception.

Documents
2018/05/03
   EP - End of procedure in Parliament
2018/05/02
   EP - Debate in Parliament
2018/04/06
   EP - Committee report tabled for plenary
Details

The Committee on Budgetary Control adopted the own-initiative report by Marco VALLI (EFDD, IT) on the annual report on the control of the financial activities of the EIB for 2016.

As a reminder, the EIB is the EU’s Bank. It is the largest multilateral bank and the biggest public lender in the world operating in international capital markets. It is treaty-bound to contribute to EU integration, economic and social cohesion and regional development, through dedicated investment instruments such as loans, equities, guarantees, risk-sharing facilities and advisory services.

Members noted that the EIB Group’s total financing of EUR 83.8 billion for 2016, mobilising EUR 280 billion of total investment that year. They took note of the set of EIB annual reports for 2016 presenting the various investing activities and their expected impacts. They reiterated their request that the EIB present a more comprehensive, detailed and harmonised annual activity report and significantly improve the presentation of the information.

The report reiterated Parliament’s concern with regard to defining a balanced strategy with a dynamic, fair and transparent geographical distribution of projects and investments among Member States, taking into account the special focus on the less developed countries and regions. 70 % of the EIB’s total lending for 2016 (EUR 46.8 billion) is concentrated in six Member States , which shows that not all Member States or regions are able to benefit equally from investment opportunities.

Brexit : it was noted that the United Kingdom subscribed 16.1 % of the EIB’s capital, accounting for EUR 3.5 billion of the paid-in capital and EUR 35.7 billion of the Bank’s callable capital. Members asked the EIB’s management to identify and swiftly inform Parliament of the impacts of Brexit on the EIB.

The EIB is also called on, given the most immediate challenge to it caused by the UK's decision to trigger Article 50 and recognising that the detailed terms of withdrawal cannot be pre-empted, to provide Parliament with a detailed breakdown of the projects and stage of implementation up to end 2017 , together with a preliminary assessment of the possible risks involved.

Breakdown of investments : Members noted that in 2016 the EIB’s portfolio of loans, guarantees and investments mobilised EUR 280 billion of total investment. EUR 67.7 billion of investment was related to EFSI approvals in 2016, which were dedicated primarily to smaller companies (31 %), the energy sector (22 %), and research, development and innovation (22 %). They regretted, however, that a large share of investments under the EFSI portfolio was earmarked for fossil fuel-related projects. They reiterated the need for an in-depth analysis and evaluation on the environmental impact of each project.

The report noted the EIB operations inside the EU in 2016, outlining the financing that it provided in four fundamental public policy areas, namely Innovation and Skills (19.6 % of EIB signatures in 2016 - EUR 13.1 billion), SMEs and midcaps finance (31.7 % - EUR 21.3 billion), infrastructure (27.1 % - EUR 18.1 billion), and environment (21.6 % - EUR 14.5 billion).

Members stressed the need to tailor investment programmes to small-scale projects in order to ensure the participation of SMEs . They considered that the EIB should contribute to bridging possible funding gaps for micro-enterprises, through an increased use of financial instruments and products such as microfinance facilities and guarantees.

The role of the EIB in helping to complete Europe’s digital network (e.g. fast broadband) and create a single digital market , including digital services was highlighted.

Responding to global challenges : Members recalled that 10 % of the EIB’s overall lending activity is dedicated to operations outside the Union and welcomed the fact that the overall amount offered by the EIB to project promoters outside the EU has gone up since 2015. They stressed, for this reason, the importance of the annual reporting by the EIB on its operations outside the Union with regard to compliance with the general principles guiding the external action of the Union.

The EIB is called on to develop a methodology, in cooperation with the EEAS and the Commission’s DG DEVCO, for measuring the impact of its lending operations outside the EU on EU development cooperation overall, specifically regarding Agenda 2030 and the impact on human rights.

The report underlined that the EIB will also make EUR 500 million available under the ACP Investment Facility to target public sector projects with a migration focus.

Enhancing the EIB’s corporate governance, business practices, transparency and accountability standards : Members are deeply concerned that the Bank's management has so far provided no response whatsoever to the specific provisions of Parliament’s resolution on the control of the financial activities of the EIB for 2015, and recalled the need to provide for more stringent rules on conflicts of interest and for clear, strict and transparent criteria to prevent any form of corruption. Members called on the EIB, in this regard, in order to better prevent conflicts of interest in its governing bodies and potential ‘ revolving door ’ issues, to take into consideration the Ombudsman’s recommendations and to revise its Code of Conduct as soon as possible.

The report also called on the EIB to:

swiftly apply the relevant EU legislation and standards on tax avoidance, tax havens and other related issues; take all appropriate measures, including suspension of payments and loan disbursements, with a view to protecting the EIB´s and the EU´s financial interests whenever OLAF or criminal investigations so require; ensure a high quality of information regarding ultimate beneficiaries and to effectively prevent transactions with financial intermediaries having adverse consequences with regard to transparency, fraud, corruption, organised crime and money laundering or harmful social and environmental repercussions; report on the state of play and status of the previous recommendations issued by Parliament in its annual resolutions, especially as regards the impact of its lending activities.

Documents
2018/03/26
   EP - Vote in committee
2018/02/21
   EP - Committee opinion
Documents
2018/02/07
   EP - Amendments tabled in committee
Documents
2018/01/17
   EP - Committee draft report
Documents
2017/11/30
   EP - VALLI Marco (EFDD) appointed as rapporteur in CONT
2017/10/11
   EP - LOONES Sander (ECR) appointed as rapporteur in INTA
2017/09/14
   EP - Committee referral announced in Parliament

Documents

Activities

Votes

A8-0139/2018 - Marco Valli - am 12 03/05/2018 11:43:06.000 #

2018/05/03 Outcome: -: 439, +: 84, 0: 30
?? LV MT LU EE CY EL DK HR SI SK FI IE CZ GB SE LT PT HU BG BE NL AT RO FR ES PL IT DE
Total
1
6
4
5
5
5
12
11
7
8
11
11
8
17
46
13
10
13
15
12
15
21
14
24
56
38
48
47
68
icon: ENF ENF
31

Belgium ENF

For (1)

1

Netherlands ENF

3
2

Germany ENF

For (1)

1
icon: EFDD EFDD
39

Czechia EFDD

For (1)

1

Sweden EFDD

2

Lithuania EFDD

Against (1)

1

Poland EFDD

1

Germany EFDD

For (1)

1
icon: NI NI
15

NI

Against (1)

1

Denmark NI

Against (1)

1

United Kingdom NI

Against (1)

3

Hungary NI

For (1)

Abstain (1)

2

France NI

For (1)

1

Germany NI

1
icon: S&D S&D
56

Latvia S&D

1

Malta S&D

Against (1)

1

Cyprus S&D

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1

Denmark S&D

2

Slovenia S&D

Abstain (1)

1

Slovakia S&D

Against (1)

Abstain (1)

2

Finland S&D

1

Czechia S&D

2

United Kingdom S&D

Abstain (1)

3

Lithuania S&D

1

Portugal S&D

Against (1)

2

Hungary S&D

2

Austria S&D

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1

Germany S&D

For (1)

5
icon: GUE/NGL GUE/NGL
41

Cyprus GUE/NGL

2

Denmark GUE/NGL

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1

Finland GUE/NGL

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1
4

Czechia GUE/NGL

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1

United Kingdom GUE/NGL

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1

Sweden GUE/NGL

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1

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3

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3

France GUE/NGL

3

Italy GUE/NGL

3
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2

Croatia ECR

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1

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3

Finland ECR

2

Czechia ECR

2

Lithuania ECR

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1

Bulgaria ECR

2

Belgium ECR

2

Netherlands ECR

2

Romania ECR

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1

Italy ECR

2
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52

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1

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1

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1

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6

Lithuania Verts/ALE

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1

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2

Belgium Verts/ALE

2

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2

Austria Verts/ALE

3

Italy Verts/ALE

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1
icon: ALDE ALDE
62

Latvia ALDE

1

Luxembourg ALDE

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1

Estonia ALDE

3

Denmark ALDE

3

Croatia ALDE

2

Slovenia ALDE

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1

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3

Ireland ALDE

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1

United Kingdom ALDE

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1

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1

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3

Austria ALDE

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1

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1
4
icon: PPE PPE
193

Latvia PPE

2

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3

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A8-0139/2018 - Marco Valli - am 13 03/05/2018 11:44:13.000 #

2018/05/03 Outcome: -: 319, 0: 131, +: 106
GB IT ?? AT EL LV CY IE HR DK NL LU EE MT LT SE SK FI BE SI FR CZ BG PT HU PL RO ES DE
Total
47
48
1
14
11
6
5
9
9
11
21
5
4
4
10
13
12
11
15
7
56
17
12
14
16
48
23
36
69
icon: EFDD EFDD
38

Lithuania EFDD

For (1)

1

Sweden EFDD

2

Czechia EFDD

For (1)

1

Poland EFDD

1

Germany EFDD

For (1)

1
icon: ENF ENF
31

Netherlands ENF

3

Belgium ENF

For (1)

1
2

Germany ENF

For (1)

1
icon: ECR ECR
59

Italy ECR

2

Latvia ECR

Against (1)

1

Cyprus ECR

Abstain (1)

1

Croatia ECR

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1

Denmark ECR

2

Netherlands ECR

2

Lithuania ECR

1

Slovakia ECR

For (1)

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3

Finland ECR

2

Belgium ECR

2

Czechia ECR

2

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2
icon: NI NI
15

United Kingdom NI

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3

NI

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1

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1

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1

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2

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1
icon: Verts/ALE Verts/ALE
51

United Kingdom Verts/ALE

6

Italy Verts/ALE

Abstain (1)

1

Austria Verts/ALE

3

Latvia Verts/ALE

1

Croatia Verts/ALE

Abstain (1)

1

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1

Netherlands Verts/ALE

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2

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1

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1

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1

Belgium Verts/ALE

2

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2
icon: S&D S&D
63

Austria S&D

1

Greece S&D

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1

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1

Cyprus S&D

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1

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1

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2

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1

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3

Finland S&D

1

France S&D

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4

Czechia S&D

2

Portugal S&D

Abstain (1)

3

Hungary S&D

2

Spain S&D

2
icon: GUE/NGL GUE/NGL
40

United Kingdom GUE/NGL

Abstain (1)

1

Italy GUE/NGL

3

Greece GUE/NGL

3

Cyprus GUE/NGL

2

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4

Denmark GUE/NGL

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1

Netherlands GUE/NGL

3

Sweden GUE/NGL

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1

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1

France GUE/NGL

3

Czechia GUE/NGL

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1

Portugal GUE/NGL

3
icon: ALDE ALDE
62

United Kingdom ALDE

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1

Austria ALDE

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1

Latvia ALDE

1

Ireland ALDE

Against (1)

1

Croatia ALDE

2

Denmark ALDE

3

Luxembourg ALDE

Against (1)

1

Estonia ALDE

3

Slovenia ALDE

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1

Bulgaria ALDE

3

Portugal ALDE

1

Romania ALDE

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1
4
icon: PPE PPE
195

United Kingdom PPE

Against (1)

1

Latvia PPE

2

Cyprus PPE

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1

Ireland PPE

3

Croatia PPE

3

Denmark PPE

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1

Luxembourg PPE

3

Estonia PPE

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1

A8-0139/2018 - Marco Valli - résolution 03/05/2018 11:45:27.000 #

2018/05/03 Outcome: +: 539, 0: 78, -: 39
DE IT FR ES GB RO PL BE AT BG HU CZ PT SE SK FI DK LT NL HR IE SI LU LV EE MT CY EL ??
Total
87
58
64
46
60
27
48
20
18
16
17
18
18
18
13
11
11
10
23
9
9
7
6
6
5
5
6
17
1
icon: PPE PPE
193

United Kingdom PPE

For (1)

1

Denmark PPE

For (1)

1

Luxembourg PPE

3

Latvia PPE

2

Estonia PPE

For (1)

1

Cyprus PPE

1
icon: S&D S&D
159
3

Czechia S&D

3

Denmark S&D

2

Netherlands S&D

3

Croatia S&D

2

Ireland S&D

For (1)

1

Slovenia S&D

For (1)

1

Luxembourg S&D

For (1)

1

Latvia S&D

1

Malta S&D

2

Cyprus S&D

2
icon: ALDE ALDE
62

United Kingdom ALDE

1

Romania ALDE

For (1)

1

Austria ALDE

For (1)

1

Bulgaria ALDE

3

Portugal ALDE

1

Croatia ALDE

2

Ireland ALDE

For (1)

1

Slovenia ALDE

For (1)

1

Luxembourg ALDE

For (1)

1

Latvia ALDE

1

Estonia ALDE

3
icon: Verts/ALE Verts/ALE
50

Italy Verts/ALE

For (1)

1

Belgium Verts/ALE

2

Austria Verts/ALE

3

Hungary Verts/ALE

2

Denmark Verts/ALE

For (1)

1

Lithuania Verts/ALE

For (1)

1

Netherlands Verts/ALE

2

Croatia Verts/ALE

For (1)

1

Luxembourg Verts/ALE

For (1)

1

Latvia Verts/ALE

1

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For (1)

1
icon: ECR ECR
62

Italy ECR

2

Romania ECR

For (1)

1

Bulgaria ECR

2

Czechia ECR

2
2

Denmark ECR

2

Netherlands ECR

2

Croatia ECR

For (1)

1

Latvia ECR

For (1)

1

Cyprus ECR

1

Greece ECR

Abstain (1)

1
icon: GUE/NGL GUE/NGL
42

Italy GUE/NGL

3

France GUE/NGL

Abstain (1)

3

United Kingdom GUE/NGL

1

Czechia GUE/NGL

Abstain (1)

1

Portugal GUE/NGL

3

Sweden GUE/NGL

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1

Finland GUE/NGL

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1

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1

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3

Ireland GUE/NGL

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4

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2
icon: EFDD EFDD
38

Germany EFDD

Abstain (1)

1

Poland EFDD

1

Czechia EFDD

Against (1)

1

Sweden EFDD

2

Lithuania EFDD

For (1)

1
icon: ENF ENF
31

Germany ENF

Against (1)

1

Poland ENF

2

Belgium ENF

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1

Netherlands ENF

3
icon: NI NI
17

Germany NI

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1

France NI

Abstain (1)

1

United Kingdom NI

For (1)

Against (1)

Abstain (1)

3

Hungary NI

For (1)

Abstain (1)

2

Denmark NI

1

NI

For (1)

1
AmendmentsDossier
101 2017/2190(INI)
2018/01/26 INTA 29 amendments...
source: 616.813
2018/02/07 CONT 72 amendments...
source: 618.090

History

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

committees/0/shadows/4
name
FLANAGAN Luke Ming
group
European United Left - Nordic Green Left
abbr
GUE/NGL
docs/0/docs/0/url
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events/0/type
Old
Committee referral announced in Parliament, 1st reading/single reading
New
Committee referral announced in Parliament
events/1/type
Old
Vote in committee, 1st reading/single reading
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Vote in committee
events/2
date
2018-04-06T00:00:00
type
Committee report tabled for plenary
body
EP
docs
url: https://www.europarl.europa.eu/doceo/document/A-8-2018-0139_EN.html title: A8-0139/2018
summary
events/2
date
2018-04-06T00:00:00
type
Committee report tabled for plenary, single reading
body
EP
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  • url: http://www.europarl.europa.eu/sides/getDoc.do?secondRef=TOC&language=EN&reference=20180502&type=CRE title: Debate in Parliament
events/5
date
2018-05-03T00:00:00
type
Decision by Parliament
body
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  • date: 2018-04-06T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&mode=XML&reference=A8-2018-0139&language=EN type: Committee report tabled for plenary, single reading title: A8-0139/2018 body: EP type: Committee report tabled for plenary, single reading
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docs
  • date: 2018-01-17T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=COMPARL&mode=XML&language=EN&reference=PE612.207 title: PE612.207 type: Committee draft report body: EP
  • date: 2018-02-07T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=COMPARL&mode=XML&language=EN&reference=PE618.090 title: PE618.090 type: Amendments tabled in committee body: EP
  • date: 2018-02-21T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=COMPARL&mode=XML&language=EN&reference=PE615.456&secondRef=02 title: PE615.456 committee: INTA type: Committee opinion body: EP
  • date: 2018-09-21T00:00:00 docs: url: /oeil/spdoc.do?i=30996&j=0&l=en title: SP(2018)482 type: Commission response to text adopted in plenary
events
  • date: 2017-09-14T00:00:00 type: Committee referral announced in Parliament, 1st reading/single reading body: EP
  • date: 2018-03-26T00:00:00 type: Vote in committee, 1st reading/single reading body: EP
  • date: 2018-04-06T00:00:00 type: Committee report tabled for plenary, single reading body: EP docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&mode=XML&reference=A8-2018-0139&language=EN title: A8-0139/2018 summary: The Committee on Budgetary Control adopted the own-initiative report by Marco VALLI (EFDD, IT) on the annual report on the control of the financial activities of the EIB for 2016. As a reminder, the EIB is the EU’s Bank. It is the largest multilateral bank and the biggest public lender in the world operating in international capital markets. It is treaty-bound to contribute to EU integration, economic and social cohesion and regional development, through dedicated investment instruments such as loans, equities, guarantees, risk-sharing facilities and advisory services. Members noted that the EIB Group’s total financing of EUR 83.8 billion for 2016, mobilising EUR 280 billion of total investment that year. They took note of the set of EIB annual reports for 2016 presenting the various investing activities and their expected impacts. They reiterated their request that the EIB present a more comprehensive, detailed and harmonised annual activity report and significantly improve the presentation of the information. The report reiterated Parliament’s concern with regard to defining a balanced strategy with a dynamic, fair and transparent geographical distribution of projects and investments among Member States, taking into account the special focus on the less developed countries and regions. 70 % of the EIB’s total lending for 2016 (EUR 46.8 billion) is concentrated in six Member States , which shows that not all Member States or regions are able to benefit equally from investment opportunities. Brexit : it was noted that the United Kingdom subscribed 16.1 % of the EIB’s capital, accounting for EUR 3.5 billion of the paid-in capital and EUR 35.7 billion of the Bank’s callable capital. Members asked the EIB’s management to identify and swiftly inform Parliament of the impacts of Brexit on the EIB. The EIB is also called on, given the most immediate challenge to it caused by the UK's decision to trigger Article 50 and recognising that the detailed terms of withdrawal cannot be pre-empted, to provide Parliament with a detailed breakdown of the projects and stage of implementation up to end 2017 , together with a preliminary assessment of the possible risks involved. Breakdown of investments : Members noted that in 2016 the EIB’s portfolio of loans, guarantees and investments mobilised EUR 280 billion of total investment. EUR 67.7 billion of investment was related to EFSI approvals in 2016, which were dedicated primarily to smaller companies (31 %), the energy sector (22 %), and research, development and innovation (22 %). They regretted, however, that a large share of investments under the EFSI portfolio was earmarked for fossil fuel-related projects. They reiterated the need for an in-depth analysis and evaluation on the environmental impact of each project. The report noted the EIB operations inside the EU in 2016, outlining the financing that it provided in four fundamental public policy areas, namely Innovation and Skills (19.6 % of EIB signatures in 2016 - EUR 13.1 billion), SMEs and midcaps finance (31.7 % - EUR 21.3 billion), infrastructure (27.1 % - EUR 18.1 billion), and environment (21.6 % - EUR 14.5 billion). Members stressed the need to tailor investment programmes to small-scale projects in order to ensure the participation of SMEs . They considered that the EIB should contribute to bridging possible funding gaps for micro-enterprises, through an increased use of financial instruments and products such as microfinance facilities and guarantees. The role of the EIB in helping to complete Europe’s digital network (e.g. fast broadband) and create a single digital market , including digital services was highlighted. Responding to global challenges : Members recalled that 10 % of the EIB’s overall lending activity is dedicated to operations outside the Union and welcomed the fact that the overall amount offered by the EIB to project promoters outside the EU has gone up since 2015. They stressed, for this reason, the importance of the annual reporting by the EIB on its operations outside the Union with regard to compliance with the general principles guiding the external action of the Union. The EIB is called on to develop a methodology, in cooperation with the EEAS and the Commission’s DG DEVCO, for measuring the impact of its lending operations outside the EU on EU development cooperation overall, specifically regarding Agenda 2030 and the impact on human rights. The report underlined that the EIB will also make EUR 500 million available under the ACP Investment Facility to target public sector projects with a migration focus. Enhancing the EIB’s corporate governance, business practices, transparency and accountability standards : Members are deeply concerned that the Bank's management has so far provided no response whatsoever to the specific provisions of Parliament’s resolution on the control of the financial activities of the EIB for 2015, and recalled the need to provide for more stringent rules on conflicts of interest and for clear, strict and transparent criteria to prevent any form of corruption. Members called on the EIB, in this regard, in order to better prevent conflicts of interest in its governing bodies and potential ‘ revolving door ’ issues, to take into consideration the Ombudsman’s recommendations and to revise its Code of Conduct as soon as possible. The report also called on the EIB to: swiftly apply the relevant EU legislation and standards on tax avoidance, tax havens and other related issues; take all appropriate measures, including suspension of payments and loan disbursements, with a view to protecting the EIB´s and the EU´s financial interests whenever OLAF or criminal investigations so require; ensure a high quality of information regarding ultimate beneficiaries and to effectively prevent transactions with financial intermediaries having adverse consequences with regard to transparency, fraud, corruption, organised crime and money laundering or harmful social and environmental repercussions; report on the state of play and status of the previous recommendations issued by Parliament in its annual resolutions, especially as regards the impact of its lending activities.
  • date: 2018-05-02T00:00:00 type: Debate in Parliament body: EP docs: url: http://www.europarl.europa.eu/sides/getDoc.do?secondRef=TOC&language=EN&reference=20180502&type=CRE title: Debate in Parliament
  • date: 2018-05-03T00:00:00 type: Results of vote in Parliament body: EP docs: url: https://oeil.secure.europarl.europa.eu/oeil/popups/sda.do?id=30996&l=en title: Results of vote in Parliament
  • date: 2018-05-03T00:00:00 type: Decision by Parliament, 1st reading/single reading body: EP docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P8-TA-2018-0198 title: T8-0198/2018 summary: The European Parliament adopted by 539 votes to 39, with 78 abstentions, a resolution on the annual report on the control of the financial activities of the European Investment Bank (EIB) for 2016. Members noted that the EIB Group’s total financing of EUR 83.8 billion for 2016, mobilising EUR 280 billion of total investment that year. The EIB was invited to present a more comprehensive, detailed and harmonised annual activity report and to improve the presentation of information on approved investments. Promoting financially sustainable activities : Parliament expressed its support for the EIB’s four public policy objectives and its two cross-cutting objectives - economic and social cohesion and the fight against climate change. Parliament expressed its support for the EIB’s four public policy goals and for the two horizontal objectives which cut across those goals, namely economic and social cohesion and climate action. It considered that approval of investment projects should be based on a sound, independent analysis assessing the financial sustainability and risks associated with the projects. Members reiterated their concern with regard to defining a balanced strategy with a dynamic, fair and transparent geographical distribution of projects and investments among Member States, taking into account the special focus on the less developed countries and regions. 70 % of the EIB’s total lending for 2016 (EUR 46.8 billion) is concentrated in six Member States, which shows that not all Member States or regions are able to catch up and benefit equally from investment opportunities. In the case of large-scale infrastructure projects, the EIB shall finance as a priority those which have demonstrated real added value for the environment, the economy or the local population. The United Kingdom subscribed 16.1 % of the EIB’s capital, accounting for EUR 3.5 billion of the paid-in capital and EUR 35.7 billion of the Bank’s callable capital. Members asked the EIB’s management to identify and swiftly inform Parliament of the impacts of Brexit on the EIB. Additionality and added value : in 2016, the EIB’s portfolio of loans, guarantees and investments mobilised EUR 280 billion of total investment. Members noted that EUR 67.7 billion of investment was related to EFSI approvals in 2016, which were dedicated primarily to smaller companies (31 %), the energy sector (22 %), and research, development and innovation (22 %). They regretted, however, that a large share of investments under the EFSI portfolio was earmarked for fossil fuel-related projects. They reiterated the need for an in-depth analysis and evaluation on the environmental impact of each project. Parliament stressed that the EIB’s activity in the current period of sluggish recovery must be carefully directed towards high-quality projects ensuring strengthened additionality vis-à-vis other existing Union instruments and the EIB’s main operations. It called on the EIB to prove the added value of the EFSI as a financial instrument to stimulate private investment. Achievement of the Union's general policy objectives : Parliament noted the EIB operations inside the EU in 2016, outlining the financing that it provided in four fundamental public policy areas, namely Innovation and Skills (19.6 % of EIB signatures in 2016 - EUR 13.1 billion), SMEs and midcaps finance (31.7 % - EUR 21.3 billion), infrastructure (27.1 % - EUR 18.1 billion), and environment (21.6 % - EUR 14.5 billion). Members stressed the need to tailor investment programmes to small-scale projects in order to ensure the participation of SMEs . They considered that the EIB should contribute to bridging possible funding gaps for micro-enterprises, through an increased use of financial instruments and products such as microfinance facilities and guarantees. The role of the EIB in helping to complete Europe’s digital network (e.g. fast broadband) and create a single digital market, including digital services was highlighted. The EIB should pay particular attention to infrastructure projects in the most disadvantaged regions and promote the financing of projects in line with its climate action strategy and the Paris climate change agreement. Responding to global challenges : Members recalled that 10 % of the EIB’s overall lending activity is dedicated to operations outside the Union and welcomed the fact that the overall amount offered by the EIB to project promoters outside the EU has gone up since 2015. They stressed, for this reason, the importance of the annual reporting by the EIB on its operations outside the Union with regard to compliance with the general principles guiding the external action of the Union. The EIB is called on to develop a methodology, in cooperation with the EEAS and the Commission’s DG DEVCO, for measuring the impact of its lending operations outside the EU on EU development cooperation overall, specifically regarding Agenda 2030 and the impact on human rights. The report underlined that the EIB will also make EUR 500 million available under the ACP Investment Facility to target public sector projects with a migration focus. Enhancing the EIB’s corporate governance, business practices, transparency and accountability standards : Members are deeply concerned that the Bank's management has so far provided no response whatsoever to the specific provisions of Parliament’s resolution on the control of the financial activities of the EIB for 2015. The resolution stressed the need to provide for more stringent rules on conflicts of interest and for clear, strict and transparent criteria to prevent any form of corruption. The EIB is called on to: swiftly apply the relevant EU legislation and standards on tax avoidance , tax havens and other related issues; take all appropriate measures, including suspension of payments and loan disbursements, with a view to protecting the EIB´s and the EU´s financial interests whenever OLAF or criminal investigations so require; ensure a high quality of information regarding ultimate beneficiaries and to effectively prevent transactions with financial intermediaries having adverse consequences with regard to transparency, fraud, corruption, organised crime and money laundering or harmful social and environmental repercussions; disclose OLAF’s report on its Volkswagen loan given that the ‘Dieselgate’ cases raised a number of questions over the fact that Volkswagen had received EIB loans through fraud and deception.
  • date: 2018-05-03T00:00:00 type: End of procedure in Parliament body: EP
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