Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-10-23-Speech-2-454-750"
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"en.20121023.45.2-454-750"2
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"The approval of this amending budget (No 4/2012) aims to ensure budget cover for provisions allowing the creation of a ‘risk-sharing instrument’, based on authorising the transfer of capital from the Structural and Cohesion Funds, from the Member States to the European Commission, that is to say the transfer of part of the financial appropriations made available to countries in difficulty, which will therefore reduce the remaining overall appropriations. The majority in Parliament support the concentration of capital in the European Investment Bank (EIB) to cover expected and unexpected losses resulting from loans and guarantees. This risk sharing is established between the EIB and other national or international, public or private financial institutions, which will grant loans to project sponsors and banks in order to provide private cofinancing to projects implemented using contributions from the Structural Funds and the Cohesion Fund. Other methods exist and could have been used to overcome the existing limitations of private investment. These methods would not have resulted in a reduction, in practice, in the overall financial envelope of these countries, but would rather have boosted it. Accordingly, as we indicated previously during the debate on this instrument, this represents yet another
exercise in European ‘solidarity’."@en1
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