| Author (Corporate) | European Commission |
|---|---|
| Series Title | COM |
| Series Details | (2015) 361 final (22.7.15) |
| Publication Date | 22/07/2015 |
| Content Type | Policy-making, Report |
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On 26 November 2014, the Commission launched its Investment Plan for Europe, a coordinated and comprehensive effort to mobilise at least €315 billion in additional public and private investment into the real economy in three years. While implementation of the plan relies mainly on the Commission and EIB working together as strategic partners, an effective involvement of National Promotional Banks (NPBs) is necessary to enhance its impact on investment, growth and employment due to their particular expertise and their knowledge of the local context, business and investor communities as well as national policies and strategies. Member States that do not yet have an NPB may consider setting one up. In addition, investment platforms can play a key role in pooling the resources of the EIB, NPBs and private investors. This communication gives guidance and provides clarity on how best to set up such banks and platforms. To date, eight NPBs (from Bulgaria, France, Germany, Italy, Luxembourg, Poland, Slovakia and Spain) have committed to provide co-financing to projects and investment platforms, for a total financing volume of up to €34 billion. NPBs play an important role in catalysing long-term finance. In recent years, they have stepped up their activities, aiming to counterbalance the necessary deleveraging process in the commercial banking sector. They also play an important role in implementing EU financial instruments beyond the scope of the Investment Plan. A number of Member States that did not have an NPB before have decided to establish one, while others are considering setting up a new NPB. During the consultation on the Green Paper on long-term financing of the European economy, calls were made for better exploiting the synergies between the EU budget, the European Investment Bank (EIB) Group and NPBs in policy areas such as climate change, environment, innovation and social and human capital development. Given the urgent need to boost investment and the limited fiscal space available on average in Europe, an optimal use of public resources is needed more than ever. A smarter use of public resources, in order to crowd-in private actors, is at the heart of the Investment Plan for Europe. Enhanced cooperation between NPBs on the one hand and the Commission and the EIB Group on the other is therefore a key condition for the success of the Plan. This is also clearly reflected in the regulation on the European Fund for Strategic Investments (EFSI), which establishes the legal basis for the first strand of the Investment Plan. Against this backdrop, the present Communication provides guidance to Member States intending to set up a new NPB, building on best practices. In addition, it sets out a number of key principles for the collaboration of NPBs with the EIB Group and the Commission as well as amongst each other in the context of the Investment Plan, in particular through investment platforms. It also clarifies the way contributions from NPBs to investment platforms should be accounted for, and the procedure regarding the State aid component of the co-financing. |
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| Source Link | http://eur-lex.europa.eu/collection/eu-law/pre-acts.html |
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| Countries / Regions | Europe |
