European Parliament : Amendments 001-006 - Guarantee Fund for external actions - A8-0132/2017(001-006) - Committee on Budgets

31.1.2018

AMENDMENTS 001-006 by the Committee on Budgets

Report

Eider Gardiazabal Rubial Guarantee Fund for external actionsA8-0132/ 001-006

A8-0132/2017

Proposal for a regulation (COM(2016)0582 - C8-0374/2016 - 2016/0274(COD))

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Amendment 1

Proposal for a regulation Recital 2

Text proposed by the Commission

Amendment

(2) The Guarantee Fund is endowed by one annual payment from the general budget of the Union, by interest on Guarantee Fund resources invested and by amounts recovered from defaulting debtors.

Amendment 2

Proposal for a regulation Recital 4

Text proposed by the Commission

(2) The Guarantee Fund is endowed by one annual payment from the general budget of the Union, by interest on Guarantee Fund resources invested and by amounts recovered from defaulting debtors. The annual payment should not be to the detriment of existing activities under heading 4.

Amendment

(4) The amount of the Guarantee Fund in surplus exceeding 10% of the Union's total outstanding capital liabilities should be paid back to the general budget of the Union in order to better protect the budget

(4) The amount of the Guarantee Fund in surplus exceeding 10% of the Union's total outstanding capital liabilities should be paid back to the general budget of the Union in order to better protect the budget

against potential additional risk of default of the EIB financing operations addressing root causes of migration.

Amendment 3

Proposal for a regulation Recital 5

Text proposed by the Commission

against potential additional risk of default of the EIB financing operations addressing the migratory pressures stemming from poverty, inequality, demographic growth, lack of employment and economic opportunities, climate change and the long term consequences of forced displacement.

Amendment

(5) The financial management of the Guarantee Fund should be transferred from the EIB to the Commission, which has an established practice of managing similar investments. By taking over the asset management of the Guarantee Fund, the Commission should be able to streamline and consolidate its asset management activities, building on existing structures and a good track record.

Amendment 4

Proposal for a regulation Article 1 - paragraph 1 - point 3

Regulation (EC, Euratom) No 480/2009

Article 7

(5) The financial management of the Guarantee Fund should be transferred from the EIB to the Commission, which has an established practice of managing similar investments and should be carried out under the highest standards of transparency and democratic accountability. By taking over the asset management of the Guarantee Fund, the Commission should be able to further streamline and consolidate its asset management activities, building on existing structures and further strengthening its track record. The transfer of management should lead to cost savings for the general budget of the Union and should enable the Commission to provide to the European Parliament better and more accurate information about the management and situation of the Guarantee Fund.

Text proposed by the Commission

Amendment

The Commission shall ensure the financial management of the Fund. The Commission shall manage and invest the resources of the Guarantee Fund in accordance with the principle of sound financial management and shall follow appropriate prudential rules.'

Amendment 5

Proposal for a regulation Article 1 - paragraph 1 - point 4

Regulation (EC, Euratom) No 480/2009

Article 8 - paragraph 1

Text proposed by the Commission

The Commission shall ensure the financial management of the Fund in accordance with this Regulation and with the internal rules and procedures of the Fund. In addition, the Commission shall manage and invest the resources of the Guarantee Fund in accordance with the principle of sound financial management and shall follow appropriate prudential rules, while taking into account the principles guiding the Union's external action. The Commission shall explain to the European Parliament how the management of the Fund is integrated into its broader development strategy.

Amendment

By 31 March of each year, the Commission shall submit to the European Parliament, to the Council and to the Court of Auditors, in the context of the financial statements of the Commission, the required information on the situation of the Guarantee Fund.

Amendment 6

Proposal for a regulation Article 1 - paragraph 1 - point 4

Regulation (EC, Euratom) No 480/2009

Article 8 - paragraph 2

Text proposed by the Commission

By 31 March of each year, the Commission shall submit to the European Parliament, to the Council and to the Court of Auditors, in the context of the financial statements of the Commission, all required information on the situation of the Guarantee Fund.

Amendment

In addition, it shall, by 31 May of each year, submit to the European Parliament, to the Council and to the Court of Auditors an annual report on the management of the

In addition, it shall, by 31 May of each year, submit to the European Parliament, to the Council and to the Court of Auditors an annual report on the management of the

Guarantee Fund in the previous calendar year. The annual report shall contain the presentation of the financial position of the Guarantee Fund at the end of the previous calendar year, the financial flows during the previous calendar year as well as the significant transactions and any relevant information on the financial accounts. The report shall also include information about the financial management and performance and the risk of the Guarantee Fund at the end of the previous calendar year.'

Guarantee Fund in the previous calendar year and an assessment of the adequacy of the 9 % target amount and of the 10 % threshold referred to in Article 3, and of the asset management of the Guarantee Fund by the Commission. That annual report shall contain the presentation of the financial position and functioning of the Guarantee Fund at the end of the previous calendar year, the financial flows during the previous calendar year as well as the significant transactions and any relevant information on the financial accounts, such as detailed information on the outstanding capital of guaranteed loans or the Guarantee Fund's assets in difficult market environments, as well as conclusions and lessons learned. The report shall also include information about the financial management and performance and the risk of the Guarantee Fund at the end of the previous calendar year.'