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National promotional banks and the investment plan for Europe
SUMMARY OF:
SUMMARY
WHAT DOES THIS COMMUNICATION DO?
It explains the role of the national promotional banks (NPBs) and investment platforms in supporting the EU’s investment plan for Europe (IPE). The IPE aims to kick-start growth in the European economy.
KEY POINTS
The IPE is a package of measures to unlock public and private investment in the EU economy. The key funding instrument for this investment is the new European Fund for Strategic Investment (EFSI), which is made up of contributions from public and private sectors. Contributions to the EFSI from EU countries are mainly through the NPBs.
NPBs are defined as legal bodies carrying out financial activities which are given a mandate by an EU country to undertake development or promotional activities. NPBs can take different forms and individual EU countries can decide on whether an NPB should be established, as well as on its shape and form.
The communication does the following.
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It provides clarity and guiding principles on how to set up a new NPB, such as key elements to include in an NPB’s statutes.
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It gives guidance on compatibility with EU state aid rules. Since NPBs are mainly financed by the state, they should focus primarily on remedying market failures to avoid having a competitive advantage over private market participants.
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It sets out how NPBs from different EU countries can join forces and work with the European Investment Bank (EIB) to set up investment platforms. These platforms pool funds and facilitate co-investment, particularly by private investors, in specific regions or sectors (e.g. infrastructure or energy efficiency).
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It explains how NPB funding could synergise with EIB and other EU funds, for example by expanding the role of NPBs in the implementation of centrally managed EU programmes and of EFSI.
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BACKGROUND
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Investment plan (European Commission)
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Investment plan for Europe (European Investment Bank)
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ACT
Communication from the Commission to the European Parliament and the Council — Working together for jobs and growth: the role of national promotional banks (NPBs) in supporting the investment plan for Europe (COM(2015) 361 final, 22.7.2015)
RELATED ACTS
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 European Fund for Strategic Investments (OJ L 169, 1.7.2015, pp. 1-38)
last update 10.11.2015