BETA

Awaiting committee decision



2018/2758(DEA) EU guarantee to the European Investment Bank against losses under financing operations supporting investment projects outside the Union: Iran
RoleCommitteeRapporteurShadows
Lead BUDG ARTHUIS Jean (ALDE)
Lead committee dossier: BUDG/8/13552
Legal Basis RoP 105-p4

Activites

  • 2018/07/04 Decision by Parliament, 1st reading/single reading
  • 2018/06/13 Committee referral announced in Parliament, 1st reading/single reading
  • 2018/06/06 Initial period for examining delegated act 2 month(s)
  • 2018/06/06 Non-legislative basic document published

Documents

History

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

activities/4
date
2018-08-14T00:00:00
body
EP/CSL
type
Delegated act not objected by Parliament
procedure/stage_reached
Old
Awaiting committee decision
New
Awaiting Council decision on delegated act
activities/3/text
  • The European Parliament rejected, by 93 votes to 573 with 11 abstentions, a motion for a resolution tabled by the EFDD group, which objected to the Commission Delegated Decision of 6 June 2018 amending Annex III to Decision No 466/2014/EU of the European Parliament and of the Council granting an EU guarantee to the European Investment Bank against losses under financing operations supporting investment projects outside the Union, as regards Iran

    In support of their objection, Members behind the motion for a resolution argued that the entry into force of the delegated decision would expose the European Union to a significant financial risk, particularly as Iran is currently listed among the high-risk third countries with strategic Anti-Money Laundering and Combating the Financing of Terrorism (AML-CFT) deficiencies.

    Members emphasised that Iran remains a significant state sponsor of terrorism, is a Prohibited Jurisdiction on the EIB’s list of Non-Compliant Jurisdictions, that granting the EIB the ability to lend to Iran in breach of US sanctions is likely to undermine investor confidence in the EIB, that lending to Iran would make it more difficult for the EIB to raise money on the international financial markets and restrict the ability of the EIB to use the US dollar payments system.

    Accordingly, Members concerned believed it was likely that the EIB would default on its financial obligations to pay investors and creditors in foreign currency, which would in turn trigger the general default provisions contained in other EIB financing arrangements.

    They considered that approval of the delegated decision at this time is likely to lead to a political and diplomatic backlash from the United States. The EIB and the European Union could be subject to retaliatory action by the US authorities.

    The motion for a resolution stressed Iran’s human rights violations, and its consistent violations of its international obligations regarding its nuclear deterrent and its aggressive foreign policy that undermines the peace and security of the Middle East.

    Members in question felt that the EU should at least wait and see what the political and practical outcome of the US sanctions being reintroduced will be, before taking any further decisions on this issue. They considered that it would be imprudent to grant the EU guarantee for EIB lending in Iran without carrying out a comprehensive risk assessment on potential consequences for the EIB’s borrowing and lending within its statutory mission.

procedure/legal_basis/0
Old
Rules of Procedure EP 105-p3
New
Rules of Procedure EP 105-p4
activities/3
date
2018-07-04T00:00:00
body
EP
type
Decision by Parliament, 1st reading/single reading
procedure/stage_reached
Old
Awaiting Parliament 1st reading / single reading / budget 1st stage
New
Awaiting committee decision
activities/3
date
2018-07-04T00:00:00
body
EP
type
Vote in plenary scheduled
procedure/legal_basis
  • Rules of Procedure EP 105-p3
procedure/stage_reached
Old
Awaiting committee decision
New
Awaiting Parliament 1st reading / single reading / budget 1st stage
activities
  • date: 2018-06-06T00:00:00 body: EP/CSL type: Initial period for examining delegated act 2 month(s)
  • date: 2018-06-06T00:00:00 docs: url: http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/actes_delegues/2018/03730/COM_ADL(2018)03730_EN.pdf type: Non-legislative basic document published title: C(2018)03730 type: Non-legislative basic document published body: EC commission:
  • date: 2018-06-13T00:00:00 body: EP type: Committee referral announced in Parliament, 1st reading/single reading committees: body: EP responsible: True committee: BUDG date: 2018-06-22T00:00:00 committee_full: Budgets rapporteur: group: ALDE name: ARTHUIS Jean
  • date: 2018-07-04T00:00:00 body: EP type: Vote in plenary scheduled
committees
  • body: EP responsible: True committee: BUDG date: 2018-06-22T00:00:00 committee_full: Budgets rapporteur: group: ALDE name: ARTHUIS Jean
links
other
    procedure
    dossier_of_the_committee
    BUDG/8/13552
    reference
    2018/2758(DEA)
    title
    EU guarantee to the European Investment Bank against losses under financing operations supporting investment projects outside the Union: Iran
    geographical_area
    Iran
    stage_reached
    Awaiting committee decision
    summary
    Supplementing
    subtype
    Examination of delegated act
    type
    DEA - Delegated acts procedure
    subject
    6.30.04 Loans to third-countries, Guarantee Fund