Local view for "http://purl.org/linkedpolitics/eu/plenary/2003-06-02-Speech-1-151"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2003-06-02"^^xsd:date2
dcterms:Is Part Of	lp_eu:Macro-financial assistance to third countries2
dcterms:Language	"fi"^^xsd:language2
lpv:document identification number	"en.20030602.10.1-151"2
lpv:hasSubsequent	lp_eu:2003-06-02-Speech-1-1522
lpv:speaker	lp:Esko Seppänen2
lpv:spokenAs	member; Committee on Industry, External Trade, Research and Energy (2002-01-17--2004-07-19)3 substitute; Delegation to the EU-Estonia Joint Parliamentary Committee (2002-02-07--2004-04-30)3 unknown; Vasemmistoliitto (1999-07-20--2004-07-19)3 member; Delegation to the European Economic Area Joint Parliamentary Committee (EEA) (2002-02-07--2004-07-19)3 member_of_the_bureau; EUL/NGL (1999-10-13--2004-07-19)3 substitute; BUDG (2002-01-17--2004-07-19)3 member; Delegation to the EU-Russia Parliamentary Cooperation Committee (2002-02-07--2004-07-19)3
lpv:translated text	"Mr President, we on the Committee on Budgets have been drawing people’s attention to how the use of the Guarantee Fund mechanism is a very cheap way for the EU to provide external financial assistance. The guarantees allow countries in difficulties to acquire credit on the international markets more cheaply than they would at normal market rates. As the guarantee has meant that the EU has not suffered any losses owing to defaults in recent years, it shows the criteria for assistance have been working. The forms of financial assistance provided under the Guarantee Fund have in recent years been macro-financial assistance and blanket loan guarantees given to the European Investment Bank. A ceiling is set for their use, the Guarantee Fund ceiling, which is provided for in the financial perspective. The Committee on Budgets has been surprised to note that the Commission and the EIB did not take full advantage of the potential of the Guarantee Fund last year. The resources used were wasted and poor countries were not helped. The use of this aid instrument could be added to the guarantee clauses with small technical amendments that will not in practice cause any problems for the Union’s budget. All the institutions are prepared to reduce the provisioning rate of credit from the present level of 9% to 8%. That way we could lower the amount that has to be covered by a corresponding Guarantee Fund transfer for each credit transaction. We could likewise reduce the blanket guarantee given for EIB loans from 65% to 50% of the amount of the loan. This measure would have the same impact on the use of the Guarantee Fund as reducing the provisioning rate. These changes would mean there would be more to distribute out of the same allocation of funds defined in terms of its ceiling. The Commission should promptly propose such measures."@en1

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