Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-07-04-Speech-3-471-000"
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"en.20120704.28.3-471-000"2
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"Mr President, honourable Members, I should like to thank you for the broad consensus and support you gave to this initiative and also to our Bank which will play an important role in the implementation of this initiative.
It is going to be a very ambitious project and the work is going to start now. We have to deal with this with diligence and resolve at the same time, and we have to be ready to subject the outcome of all this to an objective test and to scrutiny and evaluation. I can assure you that the Bank is going to be ready to participate in this critical and honest review of what has been achieved within a relatively short period of time.
We do not want to discredit this new instrument; we want it to be a success. That means that we have to play with open cards and with very precise and clear criteria that will be the benchmark for the evaluation of success of this instrument.
One of the advantages of the European Investment Bank is that it is not only a Bank with lots of highly-qualified capital market personnel, but it is also a Bank which can do its work on the basis of deep knowledge and expertise in engineering and science.
This is what is needed here in many cases, because if we want to be loyal to our principles it is necessary to test the submitted projects critically in view of technology and technical viability and also from the financial point of view. This is what the EIB is going to guarantee in this process. Then we will come back and report to you.
Mr Turmes is, of course, right to say that the financing of energy production is not possible at the moment under the project bond guarantee. This is something that I, too, regret to a certain extent. In this case, we need to talk about whether, in future, the programming of resources from the Structural Funds and other EU funds can be reorganised to make it more straightforward so that we can act more quickly. In many of the activities that we are currently carrying out in Greece, for example, it would be good if we were able to act more quickly. However, that is a matter that Parliament, the Council and the Commission need to get to grips with together in collaboration with the bank. In any case, the bank will continue to remain very active in the area of wind energy in the North Sea and the Baltic Sea and in many other places – in this regard we will not allow ourselves to be outdone by anyone.
I have one last point concerning risk, ladies and gentlemen.
Mr President, under the project bonds initiative, the EIB will guarantee only up to 20% of the senior debt. We will not remove the risk from equity. The private sector that has equity will pay a market premium for credit enhancement. This is, therefore, very important, because credit enhancement is not a 100% guarantee for the private sector.
Private-sector risk remains the best means of ensuring that the projects selected are economically and financially sound. So EIB due diligence and independent decision-taking is going to be a key part of the success story of the project bond initiative."@en1
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