Report from the Commission to the European Parliament, the Council and the European Court of Auditors on the management of the Guarantee Fund of the European Fund for Strategic Investments in 2015

The legal basis for this report is Regulation (EU) 2015/1017 of the European Parliament and of the Council of 25 June 2015 on the European Fund for Strategic Investments, the European Investment Advisory Hub and the European Investment Project Portal and amending Regulations (EU) No 1291/2013 and (EU) No 1316/2013 — the "EFSI Regulation". The agreement on the management of the EFSI and on the granting of the EU guarantee was signed by the European Commission and the European Investment Bank (EIB) on 22 July 2015.

Article 16(6) of the EFSI Regulation provides that the Commission shall, by 31 May of each year, submit to the European Parliament, to the Council and to the European Court of Auditors an annual report on the management of the EFSI Guarantee Fund (EFSIGF) in the previous calendar year, including an assessment of the adequacy of the target amount and the level of the EFSIGF and of the need for its replenishment.

This annual report shall contain the presentation of the financial position of the EFSIGF at the end of the previous calendar year, the financial flows during the previous calendar year as well as the significant transactions and any relevant information on the financial accounts. The report shall also include information about the financial management, the performance and the risk of the EFSIGF at the end of the previous calendar year.

The EFSI Regulation also provides, in Article 16(2), that the EIB, in cooperation with the European Investment Fund (EIF) where appropriate, shall submit a separate annual report to the European Parliament and to the Council on EIB financing and investment operations covered by the Regulation, which shall be made public. To date, the EIB has not yet adopted the annual report for 2015.