Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-05-06-Speech-4-011"
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"en.20100506.3.4-011"2
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".
Ladies and gentlemen, in their opinion on the report, the Committee on Economic and Monetary Affairs stated that the European Investment Bank did well in crisis management in 2008.
What can be expected from an investment bank during a crisis? Mainly that it tries to compensate the decline in the lending activities of the commercial banks by creating liquidity. It can be stated that the EIB has been increasing the volume of loans with favourable interest terms continuously since 2008, and pledged to make available an additional annual amount of EUR 15 billion in extra funds for small and medium-sized enterprises in 2009 and 2010.
Why is this so important? Obviously because these are the largest creators of jobs, and at the moment, our greatest problems here in Europe are represented by employment issues. We have to create jobs.
The Bank also did well, in this very respect, in restructuring certain target areas. The bank turned towards small and medium-sized enterprises to a significant extent, and helped them find their footing as soon as possible. The Committee would recommend to President Maystadt three areas where the Bank’s operations could become more efficient or transparent.
The first is that the Bank should focus even more on the countries most severely affected by the crisis, thus further increasing the inner cohesion of the Union. The second is that the Bank should not only enter into partnership agreements with large commercial banks for the financing of small and medium-sized enterprises, but should also include regional banks and savings banks into the partnerships, as these financial institutions know the markets best. Finally, the third point is that we believe it would be essential that financial institutions included in the partnerships are obliged to transfer to financed SMEs at least 20% of the profits resulting from the complete 50% EIB financing, in other words, a larger percentage than required by the current contracts.
On the whole, we can say that the EIB did well, and still leads the way in providing appropriate responses to the crisis, but further joint efforts will be required to be able to move forward with the European Commission and European Investment Bank, particularly in terms of job creation."@en1
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