BETA


2020/2245(INI) Control of the financial activities of the European Investment Bank - annual report 2019

Progress: Procedure completed

RoleCommitteeRapporteurShadows
Lead CONT EICKHOUT Bas (icon: Verts/ALE Verts/ALE) WINZIG Angelika (icon: EPP EPP), CREȚU Corina (icon: S&D S&D), MITUȚA Alin (icon: Renew Renew), FLANAGAN Luke Ming (icon: GUE/NGL GUE/NGL)
Committee Opinion DEVE
Lead committee dossier:
Legal Basis:
RoP 54

Events

2021/11/08
   EC - Commission response to text adopted in plenary
Documents
2021/07/07
   EP - Decision by Parliament
Details

The European Parliament adopted by 542 votes to 82, with 68 abstentions, a resolution on control of the financial activities of the European Investment Bank - annual report.

Main track record of EIB funding activities 2019

Members noted that in 2019, the Bank’s lending signatures amounted to EUR 63.3 billion (of which EUR 61.9 billion under the Bank’s own resources) and were significantly above 2018 volumes (EUR 55.6 billion, of which EUR 54.3 billion under the Bank’s own resources).

The EIB generated healthy financial results, recording an annual net surplus of EUR 2.4 billion in 2019 and met its annual target for cohesion lending of at least 30 % of all new operations in the EU, pre-accession and European Free Trade Association (EFTA) countries.

The EIB is invited to:

- make full use of its anti-tax avoidance toolbox for risk-sensitive projects in the course of its tax due diligence and to use relocation requirements when necessary;

- update its policy in light of the 5th Anti-Money Laundering Directive, which entered into force in January 2020, and to cooperate with the relevant authorities to ensure adequate sanctions for breach of law and stringent standards on financial intermediaries;

- report about the number and scope of the decisions on suspension/interruption of payments and/or retrieval of loans or requests for anticipated reimbursement of loans as a consequence of prohibited conduct;

- increase funding to address the technological transition, support the development of skills adapted to labour market needs, further promote investment in digital skills, digital infrastructure and capacity building in the context of the digital transition;

- provide funding for long-term research and innovation and for SMEs, support the social economy and strengthen social and territorial cohesion, in particular by closing current investment gaps in public housing and infrastructure;

- promote a better and more balanced geographical distribution of EFSI funding and fill the gaps that prevent certain regions or Member States from fully benefiting from its financial instruments.

The EIB's role in financing the European Green Deal

Parliament recalled that in November 2019, the EIB's Board of Directors decided to increase the EIB Group's level of commitment to climate and environment with the aim of transforming the EIB into a ‘ European climate bank ’ and pledged to progressively increase the share of its financing dedicated to climate action and environmental sustainability to 50% of its operations by 2025 and to align all its financing activities with the goals of the Paris Agreement from the end of 2020.

According to the EIB sustainability report, absolute emissions from the EIB portfolio were estimated at 3.9 million tonnes of CO2 equivalent per year in 2019, up from 2.2 million tonnes of CO2 equivalent per year in 2018. Members called on the EIB to step up its efforts to reduce absolute emissions and to systematically disclose greenhouse gas (GHG) footprint calculations for all projects that are subject to carbon foot printing, in order to increase transparency.

Parliament welcomed the energy lending policy adopted by the EIB's Board of Directors in November 2019 and in particular the decision to end the financing of fossil fuel projects. It also welcomed the EIB's environmental, climate and social guidelines for the development of hydropower.

The resolution stressed the importance of aligning the EIB's transport lending policy and transport portfolio with the climate bank's roadmap, in particular the decarbonisation of the transport sector by 2050. It also welcomed the EIB's leading role in the green bond market in 2019 by issuing EUR 4.1 billion in Climate Awareness Bonds (CABs) and Sustainability Awareness Bonds (SABs).

EIB operations outside the EU

Parliament reiterated that the EIB’s external operations are expected to contribute to EU policy objectives, fostering developing countries’ sustainable economic, social and environmental development, particularly in the most disadvantaged among them, as well as compliance with objectives approved by the Union.

It recognised poverty eradication, domestic resource mobilisation and human rights as core topics within the EU development finance architecture and stressed that stakeholder engagement is the cornerstone of sustainable and inclusive development.

EIB governance, transparency and accountability

Parliament reiterated the importance of ethics, integrity, transparency, communication and accountability of the EIB Group in all its operations and policies.

Members expressed concern about the lack of transparency of the EIB’s operations through financial intermediaries such as commercial banks and investment funds. They stressed the need to assess the economic and social impact of intermediated loans by making information about ultimate beneficiaries available.

The EIB is invited to publish on its website details of the beneficial ownership of its clients, in order to enhance the visibility of its operations and to help prevent corruption and conflicts of interest.

Follow-up to recommendations

Members called on the EIB to continue reporting on the previous recommendations issued by Parliament in its annual resolutions, in particular as regards: (a) the impact (economic, environmental and social) of its investment strategy and the results achieved in contributing to the balanced and steady development of the internal market in the interest of the EU; (b) the actions adopted to enhance the prevention of conflicts of interest; (c) the measures to strengthen transparency on integrity due diligence of clients, in order to prevent tax avoidance, fraud and corruption.

Documents
2021/07/06
   EP - Results of vote in Parliament
2021/07/05
   EP - Debate in Parliament
2021/06/24
   EP - Committee report tabled for plenary, single reading
Documents
2021/06/24
   EP - Committee report tabled for plenary
Documents
2021/06/14
   EP - Vote in committee
2021/05/28
   EP - Amendments tabled in committee
Documents
2021/05/05
   EP - Committee draft report
Documents
2021/01/13
   EP - EICKHOUT Bas (Verts/ALE) appointed as rapporteur in CONT
2020/11/26
   EP - Committee referral announced in Parliament

Documents

Votes

Contrôle des activités financières de la Banque européenne d'investissement - rapport annuel 2019 - Control of the financial activities of the European Investment Bank - annual report 2019 - Kontrolle der Finanztätigkeit der Europäischen Investitionsbank – Jahresbericht 2019 - A9-0215/2021 - Bas Eickhout - Am 1 #

2021/07/06 Outcome: -: 408, +: 252, 0: 35
PL HU BG EL AT HR LV LT SI CZ SK RO MT CY LU IE EE NL PT SE FI BE IT DK ES DE FR
Total
50
21
17
20
19
12
8
10
8
21
14
32
6
6
6
13
7
29
21
20
14
20
75
14
59
95
78
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A9-0215/2021 - Bas Eickhout - Am 2 #

2021/07/06 Outcome: -: 450, +: 171, 0: 74
PL LT SI BG HR EL MT CY LU LV RO IE EE AT HU FI PT SK SE CZ DK NL BE ES DE IT FR
Total
50
10
8
17
12
20
6
6
6
8
32
13
7
19
21
14
21
14
20
21
14
29
20
59
95
75
78
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Germany ECR

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1
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A9-0215/2021 - Bas Eickhout - Am 3 #

2021/07/06 Outcome: -: 347, +: 319, 0: 29
PL IT CZ BG HU EL RO MT CY DE AT SI HR LT SK LU PT IE LV EE BE FI SE NL DK FR ES
Total
50
75
21
17
21
20
32
6
6
95
19
8
12
10
14
6
21
13
8
7
20
14
20
29
14
78
59
icon: PPE PPE
174

Hungary PPE

1

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Czechia ID

2
3

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2

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Bulgaria ECR

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1

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A9-0215/2021 - Bas Eickhout - Am 4S #

2021/07/06 Outcome: -: 377, +: 281, 0: 37
PL IT CZ HU EL BG LT HR LV RO SI AT CY LU IE EE MT PT SK BE FI NL DK SE DE ES FR
Total
50
75
21
21
20
17
10
12
8
32
8
19
6
6
13
7
6
21
14
20
14
29
14
20
95
59
78
icon: PPE PPE
174

Hungary PPE

1

Latvia PPE

2
2

Luxembourg PPE

2

Estonia PPE

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1

Malta PPE

2

Belgium PPE

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3

Finland PPE

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3

Denmark PPE

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1
icon: ECR ECR
63

Greece ECR

1

Bulgaria ECR

2

Lithuania ECR

1

Croatia ECR

1

Latvia ECR

2

Romania ECR

1

Slovakia ECR

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1

Netherlands ECR

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4
3

Germany ECR

1
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70

Czechia ID

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2

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3

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A9-0215/2021 - Bas Eickhout - Am 9 #

2021/07/06 Outcome: -: 387, 0: 157, +: 146
PL HU IT LV LT CY HR EE LU SI MT CZ SK AT BE BG IE FI DK NL EL PT SE RO FR ES DE
Total
50
21
75
8
10
6
12
7
6
8
4
21
14
19
20
17
13
14
14
29
17
21
20
32
78
59
95
icon: ID ID
70

Estonia ID

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1

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2
3

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2

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1

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1
icon: ECR ECR
63

Latvia ECR

2

Lithuania ECR

1

Croatia ECR

1

Slovakia ECR

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1

Bulgaria ECR

2

Greece ECR

Abstain (1)

1
3

Romania ECR

1

Germany ECR

1
icon: NI NI
35

Lithuania NI

1

Croatia NI

2

Slovakia NI

2

Netherlands NI

1

Greece NI

For (1)

1

Germany NI

2
icon: PPE PPE
172

Hungary PPE

Abstain (1)

1

Latvia PPE

2

Cyprus PPE

2

Estonia PPE

Abstain (1)

1

Luxembourg PPE

2

Slovenia PPE

4

Belgium PPE

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3

Finland PPE

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3

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1
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Cyprus The Left

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98

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2

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3

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Latvia S&D

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A9-0215/2021 - Bas Eickhout - Am 5 #

2021/07/06 Outcome: -: 418, +: 258, 0: 19
PL IT HU BG EL HR LV LT SI RO MT CY LU IE EE SK AT PT CZ NL FI BE DK SE ES DE FR
Total
50
75
21
17
20
12
8
10
8
32
6
6
6
13
7
14
19
21
21
29
14
20
14
20
59
95
78
icon: PPE PPE
174

Hungary PPE

1

Latvia PPE

2

Malta PPE

2
2

Luxembourg PPE

2

Estonia PPE

For (1)

1

Finland PPE

For (1)

3

Belgium PPE

Against (1)

Abstain (1)

3

Denmark PPE

For (1)

1
icon: ECR ECR
63

Bulgaria ECR

2

Greece ECR

1

Croatia ECR

1

Latvia ECR

2

Lithuania ECR

1

Romania ECR

1

Slovakia ECR

Abstain (1)

1

Germany ECR

1
icon: NI NI
37

Greece NI

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3

Croatia NI

2

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1

Slovakia NI

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2

Netherlands NI

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1

Germany NI

2
icon: ID ID
70