Decision 2021/8
OJ L 003 07.01.2021, p. 0001

00059/2020/LEX

Results of vote in Parliament

The European Parliament adopted by 652 votes to 30, with 13 abstentions, a legislative resolution on the proposal for a decision of the European Parliament and of the Council authorising the Commission to vote in favour of the capital increase of the European Investment Fund.

Parliament adopted its position at first reading under the ordinary legislative procedure by taking over the proposal for a decision to authorise the Commission to vote on behalf of the Union at the general meeting of the European Investment Fund (EIF) in favour of the proposed increased of EUR 2 870 000 000 in the authorised capital of the Fund.

The proposal responds to the need for an immediate increase in the EIF's authorised capital in view of the expected impact of the COVID-19 crisis and with a view to contributing to the EU and the Fund's response to the crisis through the implementation of the InvestEU programme , which is part of the multiannual financial framework for the period 2021-2027, and by strengthening the Fund’s role in the management of national and regional programmes.

T9-0346/2020

A9-0253/2020

A9-0253/2020

PE661.865

PURPOSE: to authorise the Commission to vote in favour of the capital increase of the European Investment Fund.

PROPOSED ACT: Decision of the European Parliament and of the Council.

ROLE OF THE EUROPEAN PARLIAMENT: the European Parliament decides in accordance with the ordinary legislative procedure and on an equal footing with the Council.

BACKGROUND: the EU, represented by the Commission, is a shareholder in the European Investment Fund (EIF) since the establishment of the EIF. It currently holds 29.7 % of the shares. The majority of the shares (58.9 %) are owned by the European Investment Bank. The rest (11.4 %) are owned by other financial institutions.

According to Article 5(2) of the Statutes of the European Investment Fund the authorised capital of the Fund may be increased by decision of the General Meeting acting with a majority of 85 % of the votes cast.

Considering the expected impact of the COVID-19 crisis and with a view to contributing to the Union and EIF response to the crisis through the implementation of the expected InvestEU Programme as part of the Multiannual Financial Framework for 2021-2027, the Board of Directors of the EIF decided to propose a capital increase to the General Meeting, where the Commission, representing the Union as a shareholder of the EIF, has to be in a position to vote on the increase.

The EIF has calculated an immediate need for an increase in the authorised capital by EUR 2 870 000 000, which corresponds to a cash injection of EUR 1 250 000 000.

To effectively respond to the COVID-19 crisis, the capital increase should be put in place as soon as possible.

CONTENT: the proposal aims to enable the Commission, which represents the Union at the General Assembly, to vote in favour of the proposed increase in the EIF's capital of EUR 2 870 000 000.

Additional capital would enable the EIF to play its role as a key partner in the implementation of the future InvestEU programme. It would therefore contribute to improving the Union's competitiveness, socio-economic convergence and cohesion, while supporting recovery from the economic crisis caused by the coronavirus, in particular as regards support for innovative SMEs.

In particular, the capital increase would:

- contribute, in the areas of innovation and digitisation, to the efficient use of resources in line with the circular economy objectives, to the sustainability and inclusiveness of the Union's economic growth and to the resilience and integration of the Union capital markets;

- further develop the EIF’s role in the management of national and regional programmes, thereby contributing to the EU's strategic objectives of improving access to finance for SMEs, encouraging regional development and supporting the objectives of the Capital Market Union.

The proposal has no budgetary implications, as the vote at the General Meeting on the capital increase of the EIF does not oblige the Union to subscribe shares. Budgetary implications will only result from the InvestEU Regulation providing the legal basis for the participation of the EU in the capital increase.

COM(2020)0774
EUR-Lex