Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-04-07-Speech-4-039-000"
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"en.20110407.3.4-039-000"2
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"Mr President, several honourable Members referred to the issue of proper regulatory supervision. I would like to assure them that the Commission is giving careful consideration to the question of EIB regulatory supervision. Indeed, there is a need for an appropriate supervision framework to ensure that the EIB’s excellent credit standing can be preserved at all times. However, the supranational nature of the EIB and the EIB statutory provisions, which form part of the Treaty, should be taken properly into account.
The EIB has recently taken concrete steps to address the situation, in particular, through the enforcement of its audit committee, which has significant banking supervisory experience. In addition to this, since the EIB has been granted refinancing from the ECB, it complies also with the necessary reporting requirements vis-à-vis the ECB.
On the other hand, we believe that the European banking authority and the ECB cannot ensure the regulatory supervision of the EIB but, of course, we will not rule out the possibility for the EIB to fund other types of arrangements based on a voluntary approach by the EIB with other bodies.
As regards cooperation and the role of the Commission in cooperation with the EIB, here, I would like to underline that the Commission already has a significant role in the governance of the EIB in that it delivers an opinion on all EIB loans, on own resources, and has representatives sitting on the board of directors of the EIB. I can assure you that cooperation between the Commission and the EIB is exemplary and excellent.
As regards the supervision of the external EU programmes and the related discharge procedures, apart from the EIB activities under the aegis of the European Development Fund, meaning mostly the ACP investment facility, which are carried out under the specific EDF financial regulation, we are not aware of any other EU budget activity carried out in combination with EIB resources which are not subject to the usual discharge procedure.
In response to Mrs Hübner, of course we fully agree with the calls to maximise the potential of the EIB by opening new leverages for increasing the potential to offer credits and help SMEs, especially at this time of post-financial crisis and pressure on credits. Therefore, we are also looking for innovative approaches on how to do this. I would just like to remind the House that the EU Financial Regulation has recently been modified to recognise explicitly this call for innovative instruments. We are already using it, especially in the programmes that are oriented towards financing research and innovation. I am sure that with the experience gathered from this project, the innovative financing tools can be used in other areas as well."@en1
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