EUU, Alm.del - 2011-12 - Bilag 500: Brev om kapitalforøgelse af Den Europæiske Investeringsbank (EIB)

Action by the European Investment Bank (EIB) and the European Commission canboost investment to support growth, jobs and innovation across Europe. A fullypaid-in increase of EUR 10 billion in the capital of the EIB could support up toEUR 60 billion of additional financing over the next three to four years. This wouldunlock up to three times this amount from the other providers of finance tosupport a total of up to EUR 180 billion for investments. EIB additional lendingwould play a countercyclical role and it would be provided in all and only in theMember States. It would target regions and sectors where financial constraints arethe most severe and where investment could be unlocked rapidly. This additionallending could be complemented by a blending of EIB loans with EU funds in orderto maximise the growth and employment impact of the additional EIB activity.ContextAt the European Council meeting of 30 January 2012, Heads of States and Governmentsrequested a number of urgent measures to be implemented by June to support jobcreation and growth in the EU. Among these measures, the Council requested theCommission and the EIB to consider possible options to enhance EIB action to supportgrowth and to make appropriate recommendations, including possibilities for the EUbudget to leverage EIB financing capacity.Restoring growth and competitiveness leading to job creation requires boostinginvestment while public budgets are under severe constraints and access to finance isimpaired for both firms and public authorities. While structural reform is an integralelement of the growth strategy of the EU, support for economically sound investment inthe sectors/regions most affected by financial difficulties and in areas identified by theEurope 2020 Strategy would provide short-term and long-term benefits.How best to enhance EIB action?The Commission and the EIB considered various options to enhance support to EIBinvestment in growth. Three major conclusions emerge from this analysis:1. A capital increase with an actual cash payment by existing shareholders is themost natural and effective route to reinforce the capital position of the EIB andits lending capacity. This is the only way to provide an immediate andsignificant boost to EIB lending.2. In the current budgetary period running to end-2013, existing joint risk sharingfinancial instruments between the Commission and the EIB to support SMEs,resource efficiency, infrastructure –including the project bond pilot initiative-1

and innovation should be reinforced. This would increase the risk bearingcapacity of the EIB, enabling the Bank to provide finance to high value-addedprojects across all Member States. In parallel, contributions from MemberStates’ programmes co-financed by Structural Funds to joint financialinstruments could leverage EIB lending. This would be important for growthand employment in countries in difficulties or under macroeconomicadjustment programmes.3. In the 2014-2020 Multiannual Financial Framework (MFF), wider jointinitiatives between the EU budget and the EIB (and other providers of longterm finance) should be developed to support innovative financial instrumentsaimed at catalysing private investment. This would allow the EU budget andthe EIB to unlock further financial resources in support of investment in the EUand to increase the leverage effect of EU budgetary resources.What could the EIB deliver?A capital increase of the EIB, with a EUR 10 billion paid-in contribution from itsshareholders, would allow the EIB to expand lending by up to EUR 60 billion over thenext 3-4 years in support of investment in all Member States including support for lessdeveloped regions in line with Article 309 of the Treaty. To achieve such a strong drivefor investment in growth and job creation, the EIB will set up a “Growth and EmploymentFacility” targeting:1. Innovation and skills: Acceleration of investment in R&D and innovation, with afocus on key enabling technologies and technological deployment as well ason the modernisation of education and vocational training systems;2. Access to finance: Support for SMEs and mid-cap companies, the sector mostexposed to the reduced financing of the European banking sector.3. Resource efficiency: more resource-efficient and climate-proof solutionsnotably in the fields of energy and resource efficiency and renewable energy;4. Strategic infrastructure: Acceleration of the deployment of broadbandinfrastructure necessary for high-speed Internet access and support to keystrategic infrastructures in transport and energy;ConclusionBased on the above, the Commission and the EIB propose that the European Council--Recommends to increase the capital of the EIB and that a payment of EUR 10 billionby its shareholders towards the capital increase should be made;Requests that the EIB Board of Governors decides the modalities for the capitalincrease in a timely manner so as to ensure that it comes into force no later than31 December 2012;Agrees to expand existing joint EC-EIB financial instruments, including risk-sharingschemes, that allow synergies between the EU budget and EIB in support ofinnovation, SMEs, resource efficiency and infrastructure;Agrees that additional ways to enhance the ability of the EU budget and EIBresources to catalyse the mobilisation of finance from the capital market and otherfinancial institutions should be developed further in the 2014-2020 MFF.