Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-04-07-Speech-4-332-000"
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"en.20110407.18.4-332-000"2
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"The European Investment Bank (EIB) currently plays an irreplaceable role in providing finance in the EU and elsewhere. The submitted report takes a positive view of the fact that the EIB acted correctly in supporting SMEs in the EU during the crisis. It is true that the bank formally committed EUR 30 billion over a four-year period to supporting SMEs. However, the problem is that not all of the money even reached the SMEs. In specific terms, only about half of the funds committed reached SMEs in the V4 region in the first period. The EIB gave banks an inexplicably long period of two years to distribute the funds, and also failed to stipulate any sanctions against banks in the event that this deadline was not met. The banks of Central Europe, hard hit by the crisis, were only too pleased to ‘hold on to’ these funds. What was billed as support for SMEs therefore became, in reality, support for the Central European branches of foreign banks. There is reason enough to think that this was not by accident, but by design.
To conclude briefly – the EIB is also having problems in the area of development. It needs to take on more employees specialised in development. The EIB is currently under-staffed, despite its impact on so-called developing countries. I also agree with the rapporteur that the EIB must make strict changes to its funding via intermediaries, as this may end up in tax havens."@en1
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