BETA

Awaiting Council decision on delegated act



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

  • 2018/08/14 Delegated act not objected by Parliament
  • 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
  • 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 body: EC commission: type: Non-legislative basic document published
  • 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: Decision by Parliament, 1st reading/single reading
  • date: 2018-08-14T00:00:00 body: EP/CSL type: Delegated act not objected by Parliament
committees/0
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BUDG
date
2018-06-22T00:00:00
rapporteur
name: ARTHUIS Jean group: Alliance of Liberals and Democrats for Europe abbr: ALDE
committees/0
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2018-06-22T00:00:00
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docs
  • 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 title: C(2018)03730 type: Non-legislative basic document body: EC
  • date: 2018-06-28T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=MOTION&reference=B8-2018-0313&language=EN title: B8-0313/2018 type: Motion for a resolution objecting delegated act body: EP
events
  • date: 2018-06-06T00:00:00 type: Non-legislative basic document published body: EC docs: url: http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/actes_delegues/2018/03730/COM_ADL(2018)03730_EN.pdf title: C(2018)03730
  • date: 2018-06-06T00:00:00 type: Initial period for examining delegated act 2 month(s) body: EP/CSL
  • date: 2018-06-13T00:00:00 type: Committee referral announced in Parliament, 1st reading/single reading body: EP
  • date: 2018-07-04T00:00:00 type: Results of vote in Parliament body: EP docs: url: https://oeil.secure.europarl.europa.eu/oeil/popups/sda.do?id=31380&l=en title: Results of vote in Parliament
  • date: 2018-07-04T00:00:00 type: Decision by Parliament, 1st reading/single reading body: EP summary: 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.
  • date: 2018-08-14T00:00:00 type: Delegated act not objected by Parliament body: EP
links
other
    procedure/dossier_of_the_committee
    Old
    BUDG/8/13552
    New
    • BUDG/8/13552
    procedure/legal_basis/0
    Rules of Procedure EP 111-p03
    procedure/legal_basis/0
    Rules of Procedure EP 105-p4
    procedure/subject
    Old
    • 6.30.04 Loans to third-countries, Guarantee Fund
    New
    6.30.04
    Loans to third-countries, Guarantee Fund
    procedure/summary
    • Supplementing
    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
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    EP
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    • Rules of Procedure EP 105-p3
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    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