Sittings · Document

DRAFT REPORT (COM(2025)0084 – C100036/2025 – 2025/0040(COD)) 2025-04-25

On the proposal for a regulation of the European Parliament and of the Council on the proposal for a regulation of the European Parliament and of the Council amending Regulations (EU) 2015/1017, (EU) 2021/523, (EU) 2021/695 and (EU) 2021/1153 as regards increasing the efficiency of the EU guarantee under Regulation (EU) 2021/523 and simplifying reporting requirements

Committee on Budgets Committee on Economic and Monetary Affairs · Rapporteur: Aura Salla, Irene Tinagli

DRAFT EUROPEAN PARLIAMENT LEGISLATIVE RESOLUTION

on the proposal for a regulation of the European Parliament and of the Council on the proposal for a regulation of the European Parliament and of the Council amending Regulations (EU) 2015/1017, (EU) 2021/523, (EU) 2021/695 and (EU) 2021/1153 as regards increasing the efficiency of the EU guarantee under Regulation (EU) 2021/523 and simplifying reporting requirements

(COM(2025)0084 – C100036/2025 – 2025/0040(COD))

(Ordinary legislative procedure: first reading)

The European Parliament,

– having regard to the Commission proposal to the European Parliament and the Council (COM(2025)0084),

– having regard to Article 294(2), Article 172 and Article 173, Article 175, third paragraph, Article 182(1), Article 188, second paragraph, Article 183 and Article 194 of the Treaty on the Functioning of the European Union, pursuant to which the Commission submitted the proposal to Parliament (C100036/2025),

– having regard to Article 294(3) of the Treaty on the Functioning of the European Union,

– having regard to the opinion of the European Economic and Social Committee of,

– having regard to the opinion of the Committee of the Regions of,

– having regard to Rule 60 of its Rules of Procedure,

– having regard to the joint deliberations of the Committee on Budgets and the Committee on Economic and Monetary Affairs under Rule 59 of the Rules of Procedure,

– having regard to the opinions of the Committee on Industry, Research and Energy and the Committee on Transport and Tourism,

– having regard to the report of the Committee on Budgets and the Committee on Economic and Monetary Affairs (A100000/2025),

1. Adopts its position at first reading hereinafter set out;

2. Calls on the Commission to refer the matter to Parliament again if it replaces, substantially amends or intends to substantially amend its proposal;

3. Instructs its President to forward its position to the Council, the Commission and the national parliaments.

Amendment 1

Proposal for a regulation

Recital 2 a (new)

Text proposed by the Commission	Amendment
	(2a) Europe is experiencing a housing crisis which consists in two market failures: a shortage of affordable and social housing, and a failure to bridge the energy efficiency gap. According to analysis conducted by the EIB Group, an estimated annual investment of EUR 300 to 400 billion is needed for construction and renovation only. In that regard, the Commission will present a first-ever European Affordable Housing Plan and is partnering with the EIB Group, national promotional banks and international financial institutions to develop a European investment platform for affordable and sustainable housing. Increasing the amount available under the social investment and skills policy window would allow greater support from InvestEU for that key priority.

Or. en

Amendment 2

Proposal for a regulation

Recital 2 b (new)

Text proposed by the Commission	Amendment
	(2b) In the light of Russia’s war of aggression against Ukraine, increased national and European spending is required to enhance European defence capabilities and to support the European Defence Technological and Industrial Base (EDTIB). Most recently, the Commission has presented the Readiness 2030 plan to significantly step up Europe’s spending on security and defence. InvestEU enables financing and investment operations to develop the Union defence industry and military mobility, including financial support to small and medium-sized enterprises (SMEs) and mid-caps. Increasing the amount available under the relevant windows would allow greater support from InvestEU for this key priority.

Or. en

Amendment 3

Proposal for a regulation

Recital 2 c (new)

Text proposed by the Commission	Amendment
	(2c) In 2024, the Commission launched, together with the European Investment Fund, an export credit guarantee facility under InvestEU with a view to encouraging Union SMEs to strengthen economic ties with Ukraine and revitalise trade, thereby contributing to Ukraine’s economic recovery and improving the competitiveness of SMEs. It would be important that as many European export credit agencies as possible participate in this facility.

Or. en

Amendment 4

Proposal for a regulation

Recital 5

Text proposed by the Commission	Amendment
(5) With the EUR 2.5 billion increase of the EU guarantee underpinned by the additional reflows of EUR 1 billion, and the efficiency measures implemented by combining the capacities of the legacy instruments with the InvestEU Fund, it is expected that around EUR 50 billion in additional investment could be mobilised. The financial contribution of the EIB Group should be proportionally adjusted to the share of the increased EU guarantee allocated to them.	(5) With the EUR 4.75 billion increase of the EU guarantee underpinned by additional reflows of EUR 1.9 billion, and the efficiency measures implemented by combining the capacities of the legacy instruments with the InvestEU Fund, it is expected that around EUR 72.5 billion in additional investment could be mobilised. The financial contribution of the EIB Group should be proportionally adjusted to the share of the increased EU guarantee allocated to them.

Or. en

Amendment 5

Proposal for a regulation

Recital 5 a (new)

Text proposed by the Commission	Amendment
	(5a) InvestEU advisory services play an important role in the development of a pipeline of projects. Those advisory services are particularly useful in new and complex areas, such as affordable social housing and defence. It would therefore be appropriate to use EUR 100 million in reflows to increase the amount made available for such services.

Or. en

Amendment 6

Proposal for a regulation

Recital 5 b (new)

Text proposed by the Commission	Amendment
	(5b) The Commission estimates the amount of provisioning required to cover future life-time losses from the operations guaranteed under InvestEU with a 95% confidence level of the value at risk. Taking into account InvestEU’s positive experience to date, it would be appropriate for the Commission to assess whether to reduce that level to 90%, which would be in line with risk-related methodologies in Union external policies and would create room to approve more operations.

Or. en

Amendment 7

Proposal for a regulation

Recital 6 a (new)

Text proposed by the Commission	Amendment
	(6a) It is possible to combine amounts allocated to the Member State compartment with resources under the EU compartment in a layered structure to achieve a better risk coverage, in particular with a first loss tranche covered by national resources. Member States should further explore that possibility to mobilise more investments in strategic areas. To ensure coherence with the objectives of the InvestEU Programme, such combinations should respect the principles of EU value-added, fair competition, and the integrity of the internal market, and should support cross-border cooperation where relevant.

Or. en

Amendment 8

Proposal for a regulation

Recital 7

Text proposed by the Commission	Amendment
(7) In line with an overall objective of simplification so as to alleviate the administrative burden for final recipients, financial intermediaries and implementing partners, reporting requirements, including those relating to key performance and monitoring indicators, should be reduced, where appropriate, in particular those that affect small businesses and small-size operations. The application of the definition of an SME should be adjusted to remove complexities to the extent possible. Specific attention should be paid to social economy enterprises and micro finance institutions.	(7) In line with an overall objective of simplification so as to alleviate the administrative burden for final recipients, financial intermediaries and implementing partners, reporting requirements, including those relating to key performance and monitoring indicators, should be reduced, where appropriate, in particular those that affect small businesses and small-size operations. Without prejudice to the definition of an SME for the purposes of other Union acts and any future programmes and funds, the application of the definition of an SME for the purposes of the InvestEU Programme should be adjusted to remove complexities to the extent possible, taking account of the possibility for implementing partners to request information on the ownership structure of SMEs for the purpose of calculating the headcount. Specific attention should be paid to social economy enterprises and micro finance institutions.

Or. en

Amendment 9

Proposal for a regulation

Recital 7 a (new)

Text proposed by the Commission	Amendment
	(7a) This Regulation should be complemented by further non-legislative measures to be undertaken by the Commission, aimed at simplification, such as reducing the frequency of progress reports to be submitted by implementing partners. These efforts should not compromise the effectiveness of auditing and monitoring mechanisms necessary to ensure alignment with the Union’s policy objectives.

Or. en

Amendment 10

Proposal for a regulation

Recital 7 b (new)

Text proposed by the Commission	Amendment
	(7b) It is important that State aid procedures applicable to InvestEU-supported operations be proportionate, predictable, and streamlined. In that context, it is also important that the Commission explore all available means to simplify and accelerate State aid assessments. This could include making greater use of the principle of market conformity. Furthermore, it is necessary that, where appropriate, the Commission provide timely guidance and further clarify and simplify the application of State aid rules to national financial instruments.

Or. en

Amendment 11

Proposal for a regulation

Recital 10 a (new)

Text proposed by the Commission	Amendment
	(10a) On 18 April 2019, the Commission declared that ‘without prejudice to the prerogatives of the Council in the implementation of the Stability and Growth Pact (SGP), one-off contributions by Member States, either by a Member State or by national promotional banks classified in the general government sector or acting on behalf of a Member State, into thematic or multi-country investment platforms should in principle qualify as one-off measures within the meaning of Articles 5(1) and 9(1) of Council Regulation (EC) No 1466/97 (13) and Article 3(4) of Council Regulation (EC) No 1467/97 (14). In addition, without prejudice to the prerogatives of the Council in the implementation of the SGP, the Commission will consider to what extent the same treatment as for the EFSI in the context of the Commission communication on flexibility can be applied to the InvestEU Programme as the successor instrument to the EFSI with regard to one-off contributions provided by Member States in cash to finance an additional amount of the EU guarantee for the purposes of the Member State compartment’. Since then, the economic governance framework has changed. In light of this, the Commission should consider the treatment of those one-off measures.

Or. en

Amendment 12

Proposal for a regulation

Article 1 – paragraph 1 – point 2 – point e

Regulation (EU) 2021/523

Article 2 – paragraph 1 – point 21

Text proposed by the Commission	Amendment
(21) ‘small and medium-sized enterprise’ (‘SME’) means (a) in case of financial products not conferring advantage in State aid terms, an enterprise which, according to its last annual or consolidated accounts, employs an average number of employees during the financial year of less than 250, or (b) in case of other types of financial products, a micro, small or medium-sized enterprise within the meaning of the Annex to Commission Recommendation 2003/361/EC7 or as otherwise defined in the guarantee agreement;;	(21) ‘small and medium-sized enterprise’ (‘SME’) means (a) in case of financial products not conferring advantage in State aid terms, an enterprise which, according to its last annual or consolidated accounts, employs an average number of employees during the financial year of less than 250 and which has an annual turnover not exceeding EUR 50 million, or (b) in case of other types of financial products, a micro, small or medium-sized enterprise within the meaning of the Annex to Commission Recommendation 2003/361/EC7 or as otherwise defined in the guarantee agreement;
_________________	_________________
7 Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).	7 Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (OJ L 124, 20.5.2003, p. 36).

Or. en

Amendment 13

Proposal for a regulation

Article 1 – paragraph 1 – point 3 – point a – point i

Regulation (EU) 2021/523

Article 4 – paragraph 1 – subparagraph 1

Text proposed by the Commission	Amendment
The EU guarantee for the purposes of the EU compartment referred to in point (a) of Article 9(1) shall be EUR 28 652 310 073 in current prices.	The EU guarantee for the purposes of the EU compartment referred to in point (a) of Article 9(1) shall be EUR 30 902 310 073 in current prices.

Or. en

Amendment 14

Proposal for a regulation

Article 1 – paragraph 1 – point 3 – point b

Regulation (EU) 2021/523

Article 4 – paragraph 2 – subparagraph 2

Text proposed by the Commission	Amendment
An amount of EUR 13 827 310 073 in current prices of the amount referred to in the first subparagraph of paragraph 1 of this Article shall be allocated for the objectives referred to in Article 3(2).	An amount of EUR 16 077 310 073 in current prices of the amount referred to in the first subparagraph of paragraph 1 of this Article shall be allocated for the objectives referred to in Article 3(2).

Or. en

Amendment 15

Proposal for a regulation

Article 1 – paragraph 1 – point 3 – point b a (new)

Regulation (EU) 2021/523

Article 4 – paragraph 3

Present text	Amendment
	(ba) paragraph 3 is replaced by the following:
3. The financial envelope for the implementation of the measures provided in Chapters VI and VII shall be EUR 430 000 000 in current prices.	‘3. The financial envelope for the implementation of the measures provided in Chapters VI and VII shall be EUR 530 000 000 in current prices.’

Or. en

Amendment 16

Proposal for a regulation

Article 1 – paragraph 1 – point 11

Regulation (EU) 2021/523

Article 13 – paragraph 4 – sentences 1 and 2

Text proposed by the Commission	Amendment
75 % of the EU guarantee under the EU compartment as referred to in the first subparagraph of Article 4(1), amounting to EUR 21 489 232 555, shall be granted to the EIB Group. The EIB Group shall provide an aggregate financial contribution amounting to EUR 5 372 308 139.	75 % of the EU guarantee under the EU compartment as referred to in the first subparagraph of Article 4(1), amounting to EUR 23 176 732 555, shall be granted to the EIB Group. The EIB Group shall provide an aggregate financial contribution amounting to EUR 5 794 183 139.

Or. en

Amendment 17

Proposal for a regulation

Article 1 – paragraph 1 – point 13 – point b a (new)

Regulation (EU) 2021/523

Article 17 – paragraph 5 a (new)

Text proposed by the Commission	Amendment
	(ba) the following paragraph is added:
	‘5a. The Commission shall, upon request, provide to the European Parliament and the Council the names of the implementing partners party to the guarantee agreements and the main content of those agreements, having due regard to the legitimate interest of undertakings in the protection of their business secrets.’

Or. en

Amendment 18

Proposal for a regulation

Article 1 – paragraph 1 – point 20 – point a

Regulation (EU) 2021/523

Article 28 – paragraph 2 – subparagraph 1 a (new)

Text proposed by the Commission	Amendment
Implementing partners shall be exempt from reporting on key performance and monitoring indicators laid down in Annex III, except those in points 1, 2, 5.2, 6.3 and 7.2, as far as financing or investments operations benefiting final recipients receiving financing or investment supported by the EU guarantee or by the InvestEU financial instrument from an implementing partner or a financial intermediary not exceeding EUR 100 000 are concerned.;	Implementing partners shall be exempt from reporting on key performance and monitoring indicators laid down in Annex III, except those in points 1, 2, 3.1, 3.2, 3.3, 5.2, 6.3 and 7.2, as far as financing or investments operations benefiting final recipients receiving financing or investment supported by the EU guarantee or by the InvestEU financial instrument from an implementing partner or a financial intermediary not exceeding EUR 300 000 are concerned;

Or. en

Amendment 19

Proposal for a regulation

Article 1 – paragraph 1 – point 21 – point b

Regulation (EU) 2021/523

Article 35 – paragraphs 1 and 2

Text proposed by the Commission	Amendment
(b) in paragraph 2, the following second subparagraph is added:	(b) paragraphs 1 and 2 are replaced by the following:
	‘1. By way of derogation from the first and fourth subparagraphs of Article 209(3) of the Financial Regulation, any revenues, repayments and recoveries from financial instruments established by programmes referred to in Annex IV to this Regulation may be used for the provisioning of the EU guarantee or the implementation of the measures provided for in Chapters VI and VII under this Regulation, taking into account the relevant provisions concerning the budget laid down in the Public Sector Loan Facility Regulation for 2021-2027.
	2. By way of derogation from point (a) of Article 213(4) of the Financial Regulation, any surplus of provisions for the EU guarantee established by Regulation (EU) 2015/1017 may be used for the provisioning of the EU guarantee or the implementation of the measures provided for in Chapters VI and VII under this Regulation, taking into account the relevant provisions concerning the budget laid down in the Public Sector Loan Facility Regulation for 2021-2027.
‘By way of derogation from Article 214(4)(d) of the Financial Regulation, any revenues from the EU guarantee established by Regulation (EU) 2015/1017 received in 2027 may be used for the provisioning of the EU guarantee under this Regulation.’;	By way of derogation from Article 214(4)(d) of the Financial Regulation, any revenues from the EU guarantee established by Regulation (EU) 2015/1017 received in 2027 may be used for the provisioning of the EU guarantee or the implementation of the measures provided for in Chapters VI and VII under this Regulation.’;

Or. en

Amendment 20

Proposal for a regulation

Article 1 – paragraph 1 – point 22

Regulation (EU) 2021/523

Annex I – point a

Text proposed by the Commission	Amendment
(a) up to EUR 10 832 884 564 for objectives referred to in point (a) of Article 3(2);	(a) up to EUR 11 683 566 069 for objectives referred to in point (a) of Article 3(2);

Or. en

Amendment 21

Proposal for a regulation

Article 1 – paragraph 1 – point 22

Regulation (EU) 2021/523

Annex I – point b

Text proposed by the Commission	Amendment
(b) up to EUR 7 204 245 489 for objectives referred to in point (b) of Article 3(2);	(b) up to EUR 7 769 978 315 for objectives referred to in point (b) of Article 3(2);

Or. en

Amendment 22

Proposal for a regulation

Article 1 – paragraph 1 – point 22

Regulation (EU) 2021/523

Annex I – point c

Text proposed by the Commission	Amendment
(c) up to EUR 7 566 973 583 for objectives referred to in point (c) of Article 3(2);	(c) up to EUR 8 161 190 612 for objectives referred to in point (c) of Article 3(2);

Or. en

Amendment 23

Proposal for a regulation

Article 1 – paragraph 1 – point 22

Regulation (EU) 2021/523

Annex I – point d

Text proposed by the Commission	Amendment
(d) up to EUR 3 048 206 437 for objectives referred to in point (d) of Article 3(2).;	(d) up to EUR 3 287 575 077 for objectives referred to in point (d) of Article 3(2);

Or. en