Annexes to COM(2016)597 - Extension of the duration of the European Fund for Strategic Investments and the introduction of technical enhancements for that Fund and the European Investment Advisory Hub

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dossier COM(2016)597 - Extension of the duration of the European Fund for Strategic Investments and the introduction of technical enhancements for ...
document COM(2016)597 EN
date December 13, 2017
ANNEX

Annex II to Regulation (EU) 2015/1017 is amended as follows:

(1)Section 2 is amended as follows:

(a)in point (b), the following paragraphs are added:

‘EFSI support to motorways shall be limited to private and/or public investment as concerns:

—transport in cohesion countries, in less developed regions or in cross-border transport projects,

—upgrading, maintaining or improving road safety, development of intelligent transport systems’ (ITS) devices or guaranteeing the integrity and standards of existing motorways on the trans-European transport network, in particular safe parking areas, alternative clean fuels stations and electric charging systems,

—contributing to the completion of the trans-European transport network by 2030.

EFSI support shall also be explicitly possible for maintaining and upgrading existing transport infrastructure.’;

(b)in point (c), the second sentence is replaced by the following:

‘In this context, it is expected that the EIB will provide financing under the EFSI with a view to reach an overall target of at least EUR 500 000 000 000 of public or private investment, including financing mobilised through the EIF under EFSI operations relating to the instruments referred to in Article 10(2)(b), national promotional banks or institutions and through increased access to financing for entities having up to 3 000 employees.’;

(2)In Section 3, the following point is added:

‘(d)the presence of one or more of the following features would typically lead to the classification of operations as EIB special activities:

—subordination in relation to other lenders, including national promotional banks or institutions and private lenders,

—participation in risk-sharing instruments where the position taken exposes the EIB to high-risk levels,

—exposure to specific risks, such as country-, sector- or region-specific risks, particularly those experienced in less developed regions and transition regions, and/or risks associated with innovation, in particular in growth-, sustainability- and productivity-enhancing unproven technologies,

—equity type characteristics, such as performance-linked payments, or

—other identifiable aspects leading to higher risk exposure as per the credit risk guidelines of the EIB such as counterparty risk, limited security and recourse only to project assets for repayment.’;

(3)In Section 5, the following sentence is added:

‘The scoreboard shall be made public as soon as an operation under the EU guarantee is signed, with the exclusion of commercially sensitive information.’;

(4)Section 6 is amended as follows:

(a)point (b) is amended as follows:

(i)in the first indent, the first and second sentences are replaced by the following:

‘For debt-type operations, the EIB or the EIF shall carry out its standard risk assessment, involving the computation of the probability of default and the recovery rate. Based on these parameters, the EIB or the EIF shall quantify the risk for each operation.’;

(ii)in the second indent, the first sentence is replaced by the following:

‘Each debt-type operation shall receive a risk classification (the “Transaction Loan Grading”) as per the EIB’s or the EIF’s system of loan gradings.’;

(iii)in the third indent, the first sentence is replaced by the following:

‘Projects shall be economically and technically viable and the EIB’s financing shall be structured in line with sound banking principles and comply with the high-level risk management principles set by the EIB or the EIF in its internal guidelines.’;

(iv)the fourth indent is replaced by the following:

‘Debt-type products shall be priced in line with Article 4(2)(a)(iv).’;

(b)point (c) is amended as follows:

(i)in the first indent, the second sentence is replaced by the following:

‘The determination whether an operation bears equity-type risks or not, irrespective of its legal form and nomenclature, shall be based on the EIB’s or the EIF’s standard assessment.’;

(ii)in the second indent, the first sentence is replaced by the following:

‘The EIB’s equity-type operations shall be carried out in accordance with the EIB’s or the EIF’s internal rules and procedures.’;

(iii)the third indent is replaced by the following:

‘Equity-type investments shall be priced in line with Article 4(2)(a)(iv).’;

(5)In point (c) of Section 7, the word ‘initial’ is deleted;

(6)Section 8 is amended as follows:

(a)in the second sentence of the first subparagraph, the word ‘initial’ is deleted;

(b)in the first sentence of the first subparagraph of point (a), the word ‘initial’ is deleted;

(c)in the first sentence of point (b), the word ‘initial’ is deleted.


Statement by the Commission on the EUR 225 million increase of the Connecting Europe Facility programme

As a result of the political agreement between the European Parliament and the Council on the financing of EFSI 2.0 an amount of EUR 275 million will be redeployed from CEF financial instruments, which represents a reduction of EUR 225 million in comparison with the Commission proposal.

The Commission confirms that the financial programming will be revised to reflect the corresponding EUR 225 million increase of the CEF programme.

In the framework of the annual budgetary procedures for the years 2019-2020 the Commission will make the appropriate proposals to ensure an optimal allocation of this amount within the CEF programme.