Annexes to COM(2018)439 - InvestEU Programme - Main contents
Please note
This page contains a limited version of this dossier in the EU Monitor.
| dossier | COM(2018)439 - InvestEU Programme. |
|---|---|
| document | COM(2018)439  |
| date | June 6, 2018 |
Since the implementing partner as a rule bears part of the risk, the interest of the Union and the implementing partner are accordingly aligned which mitigates the risk to the budget. They are also financial institutions with appropriate rules and procedures in place which will be controlled through the pillar assessment in accordance with the [Financial Regulation].
A specific governance structure will be put in place to assess the relevant financial risks of the operations (project team) or grant the use of the EU guarantee (Investment Committee).
The Commission will receive annual audited financial statements covering the operations from the implementing partners.
2.2.3.Estimation and justification of the cost-effectiveness of the controls (ratio of "control costs ÷ value of the related funds managed"), and assessment of the expected levels of risk of error (at payment & at closure)
NA
The EU is guaranteeing operations carried out by entrusted entities under their rules and procedures, including their internal control framework. Costs for the EU budget would only arise in relation to particular requirements imposed by the EU on top of the entrusted entities' internal control framework, which cannot be quantified yet
2.3.Measures to prevent fraud and irregularities
Specify existing or envisaged prevention and protection measures, e.g. from the Anti-Fraud Strategy.
The selected implementing partners will have undergone the pillar assessment foreseen in [Article 154] of the [Financial Regulation], which ensures solid quality of internal control and independent external audit systems. In addition, they will have to meet the requirements of [Title X] of the [Financial Regulation]. Being financial institutions the implementing partners will have internal control frameworks in place. Since InvestEU Fund consists of repayable support, the due diligence and monitoring and controlling by the implementing partners will be relied on, unless weaknesses are identified in those. Moreover, Article 24 of the proposed Regulation foresees that audits on the use of the Union funding carried out by persons or entities, including by others than those mandated by the Union institutions or bodies, shall form the basis of the overall assurance pursuant to [Article 127] of the [Financial Regulation].
3. ESTIMATED FINANCIAL IMPACT OF THE PROPOSAL/INITIATIVE
3.1.Heading of the multiannual financial framework and new expenditure budget line(s) proposed
| Heading of multiannual financial framework | Budget line | Type of expenditure | Contribution | |||
| Diff./Non-diff. 32 | from EFTA countries 33 | from candidate countries 34 | from third countries | within the meaning of Article [21(2)(b)] of the Financial Regulation | ||
| 1 | 02.02.01 InvestEU Guarantee | Diff. | Y | Y | Y | N |
| 02.02.02 Provisioning of the InvestEU Guarantee | Diff. | Y | Y | Y | N | |
| 02.02.03 InvestEU Advisory Hub and InvestEU Portal and accompanying measures | Diff. | Y | Y | Y | N | |
| 02.01 InvestEU administrative support | Non-diff. | Y | Y | Y | N |
3.2.Estimated impact on expenditure
3.2.1.Summary of estimated impact on expenditure 35
EUR million (to three decimal places)
| Heading of multiannual financial framework | 1 | 'Single Market, Innovation & Digital' |
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | Post 2027 | TOTAL | ||
| 02.02.01 InvestEU Guarantee | Commitments | pm | pm | pm | pm | pm | pm | pm | pm | |
| Payments | ||||||||||
| 02.02.02 Provisioning of the InvestEU Guarantee | Commitments | 1 906,742 | 1 945,387 | 1 984,325 | 2 026,571 | 2 071,143 | 2 114,056 | 2 151,776 | 14 200,000 | |
| Payments | 1 402,505 | 1 574,122 | 1 673,829 | 1 805,244 | 1 921,368 | 1 994,694 | 2 040,875 | 1 787,362 | 14 200,000 | |
| 02.02.03 InvestEU Advisory Hub, InvestEU Portal and accompanying measures 36 | Commitments | 72,658 | 73,658 | 76,158 | 76,158 | 73,658 | 73,658 | 73,158 | 519,106 | |
| Payments | 30,058 | 58,458 | 74,658 | 76,658 | 76,158 | 73,658 | 72,658 | 56,800 | 519,106 | |
| 02.01 InvestEU administrative support | Commitments = Payments | 0,842 | 0,842 | 0,842 | 0,842 | 0,842 | 0,842 | 0,842 | 5,894 | |
| TOTAL appropriations for the envelope of the programme | Commitments | 1 980,242 | 2 019,887 | 2 061,325 | 2 103,571 | 2 145,643 | 2 188,556 | 2 225,776 | 14 725,000 | |
| Payments | 1 433,405 | 1 633,422 | 1 749,329 | 1 882,744 | 1 998,368 | 2 069,194 | 2 114,375 | 1,844.162 | 14 725,000 |
Heading of multiannual financial framework | 7 | ‘Administrative expenditure’ |
EUR million (to three decimal places)
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | Post 2027 | TOTAL | ||
| Human resources | 3,432 | 3,432 | 3,432 | 3,432 | 3,432 | 3,432 | 3,432 | 24,024 | ||
| Other administrative expenditure | 2,150 | 2,150 | 2,150 | 2,150 | 2,150 | 2,150 | 2,150 | 15,050 | ||
| TOTAL appropriations under HEADING 7 of the multiannual financial framework | (Total commitments = Total payments) | 5,582 | 5,582 | 5,582 | 5,582 | 5,582 | 5,582 | 5,582 | 39,074 |
EUR million (to three decimal places)
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | Post 2027 | TOTAL | |||
| TOTAL appropriations across HEADINGS of the multiannual financial framework | Commitments | 1 985,824 | 2 025,469 | 2 066,907 | 2 109,153 | 2 151,225 | 2 194,138 | 2 231,358 | 14 764,074 | ||
| Payments | 1 438,987 | 1 639,004 | 1 754,911 | 1 888,326 | 2 003,950 | 2 074,776 | 2 119,957 | 1 844,162 | 14 764,074 |
3.2.2.Summary of estimated impact on appropriations of an administrative nature
–◻ The proposal/initiative does not require the use of appropriations of an administrative nature
–X The proposal/initiative requires the use of appropriations of an administrative nature, as explained below:
EUR million (to three decimal places)
| Years | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | TOTAL |
| HEADING 7 of the multiannual financial framework | ||||||||
| Human resources | 3,432 | 3,432 | 3,432 | 3,432 | 3,432 | 3,432 | 3,432 | 24,024 |
| Other administrative expenditure | 1,900 | 1,900 | 1,900 | 1,900 | 1,900 | 1,900 | 1,900 | 13,300 |
| Subtotal HEADING 7 of the multiannual financial framework | 5,332 | 5,332 | 5,332 | 5,332 | 5,332 | 5,332 | 5,332 | 37,324 |
| Outside HEADING 7 37 of the multiannual financial framework | ||||||||
| Human resources | ||||||||
| Other expenditure of an administrative nature | 0,842 | 0,842 | 0,842 | 0,842 | 0,842 | 0,842 | 0,842 | 5,894 |
| Subtotal outside HEADING 7 of the multiannual financial framework |
| TOTAL | 6,174 | 6,174 | 6,174 | 6,174 | 6,174 | 6,174 | 6,174 | 43,218 |
The appropriations required for human resources and other expenditure of an administrative nature will be met by appropriations from the DG that are already assigned to management of the action and/or have been redeployed within the DG, together if necessary with any additional allocation which may be granted to the managing DG under the annual allocation procedure and in the light of budgetary constraints.
3.2.2.1.Estimated requirements of human resources
–◻ The proposal/initiative does not require the use of human resources.
–X The proposal/initiative requires the use of human resources, as explained below:
Estimate to be expressed in full time equivalent units
| Years | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | |
| • Establishment plan posts (officials and temporary staff) | ||||||||
| Headquarters and Commission’s Representation Offices | 24 | 24 | 24 | 24 | 24 | 24 | 24 | |
| Delegations | ||||||||
| Research | ||||||||
| • External staff (in Full Time Equivalent unit: FTE) - AC, AL, END, INT and JED 38 Heading 7 | ||||||||
| Financed from HEADING 7 of the multiannual financial framework | - at Headquarters | |||||||
| - in Delegations | ||||||||
| Financed from the envelope of the programme 39 | - at Headquarters | |||||||
| - in Delegations | ||||||||
| Research | ||||||||
| Other: seconded experts from and fully paid by implementing partners | ||||||||
| TOTAL | 24 | 24 | 24 | 24 | 24 | 24 | 24 |
The human resources required will be met by staff from the DG who are already assigned to management of the action and/or have been redeployed within the DG, together if necessary with any additional allocation which may be granted to the managing DG under the annual allocation procedure and in the light of budgetary constraints.
Description of tasks to be carried out:
| Officials and temporary staff | Risk managers (4) to assess the risk profile of the portfolios of operations in order to continuosly monitor it and to make sure that the provisioning corresponds to the underlying riks. Staff (20) for the secretariat of the InvestEU Fund. The secretariat will take care of - receipt of the proposals from the implementing partners; - distribution for assesment of the proposals for the project team and to the Iinvestment Committee; - liaising with the implementing partners; - liaising with the Advisory Board and the Investment Committee; - preparing the meetings between the Commission directorates-general involved in the implementation of the InvestEU and coordinating internally the preparation of investment guidelines, design of financial products and other horizontal matters; - assisting the risk managers in preparation of the risk profile monitoring; - conducting the preparation and negotiations of the guarantee agreements with implementing partners; - monitoring the implementation; - preparing reports; - managing the InvestEU Advisory Hub. |
| External staff |
3.2.3.Third-party contributions
The proposal/initiative:
–◻ does not provide for co-financing by third parties
–X provides for the co-financing by third parties estimated below:
Appropriations in EUR million (to three decimal places)
| Years | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | TOTAL |
| Third countries | pm | pm | pm | pm | pm | pm | pm | pm |
| TOTAL appropriations co-financed | pm | pm | pm | pm | pm | pm | pm | pm |
3.3.Estimated impact on revenue
–◻ The proposal/initiative has no financial impact on revenue.
–X The proposal/initiative has the following financial impact:
–◻ on own resources
–X on other revenue
please indicate, if the revenue is assigned to expenditure lines X
EUR million (to three decimal places)
| Budget revenue line: | Impact of the proposal/initiative 40 | ||||||
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | |
| 6 4 1 (Contributions from financial instruments — Assigned revenue) | 250,000 | 100,000 | 100,000 | 250,000 | 100,000 | 100,000 | 100,000 |
| TOTAL | 250,000 | 100,000 | 100,000 | 250,000 | 100,000 | 100,000 | 100,000 |
According to Article 28(1) of the proposal, revenues, repayments and recoveries will be assigned to the following expenditure budget line:
02.02.02 Provisioning of the InvestEU Fund + 02.02.03
Other remarks (e.g. method/formula used for calculating the impact on revenue or any other information).
Assigned revenues from InvestEU will firstly be allocated to cover fees
(1) http://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:52016SC0297&from=EN
(2) https://www.eca.europa.eu/Lists/News/NEWS1611_11/OP16_02_EN.pdf
(3) http://www.eib.org/infocentre/publications/all/evaluation-of-the-functioning-of-the-efsi.htm
(4) https://ec.europa.eu/commission/publications/independent-evaluation-investment-plan_en
(5) http://ec.europa.eu/transparency/regdoc/rep/1/2016/EN/COM-2016-764-F1-EN-MAIN.PDF
(6) https://www.eca.europa.eu/en/Pages/DocItem.aspx?did=44174
(7) This was a subpart of the OPC on Investment, research and innovation, SMEs and single market.https://ec.europa.eu/info/consultations/public-consultation-eu-funds-area-investment-research-innovation-smes-and-single-market_en
(8) OJ L 169, 1.7.2015, p. 1.
(9) COM(2018)321 final.
(10) Interinstitutional Agreement between the European Parliament, the Council of the European Union and the European Commission on Better Law-Making of 13 April 2016 (OJ L 123, 12.5.2016, p. 1).
(11) OJ C […], […], p. […].
(12) OJ C […], […], p. […].
(13) COM(2018)97 final.
(14) COM(2018)353.
(15) Directive (EU) 2016/2284 of the European Parliament and of the Council of 14 December 2016 on the reduction of national emissions of certain atmospheric pollutants, amending Directive 2003/35/EC and repealing Directive 2001/81/EC (OJ L 344, 17.12.2016, p. 1).
(16)
COM(2017) 206.
(17)
COM(2017) 250.
(18) Published as European Economy Discussion Paper 074 in January 2018.
(19) Reference to be updated: OJ C 373, 20.12.2013, p. 1. The agreement is available at: http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv:OJ.C_.2013.373.01.0001.01.ENG&toc=OJ:C:2013:373:TOC
(20) Interinstitutional Agreement between the European Parliament, the Council of the European Union and the European Commission on Better Law-Making of 13 April 2016 (OJ L 123, 12.5.2016, p. 1).
(21) Regulation (EU, Euratom) No 883/2013 of the European Parliament and of the Council of 11 September 2013 concerning investigations conducted by the European Anti-Fraud Office (OLAF) and repealing Regulation (EC) No 1073/1999 of the European Parliament and of the Council and Council Regulation (Euratom) No 1074/1999 (OJ L248, 18.9.2013, p. 1).
(22) Council Regulation (EC, Euratom) No 2988/95 of 18 December 1995 on the protection of the European Communities financial interests (OJ L 312, 23.12.95, p.1).
(23) Council Regulation (Euratom, EC) No 2185/96 of 11 November 1996 concerning on-the-spot checks and inspections carried out by the Commission in order to protect the European Communities' financial interests against fraud and other irregularities (OJ L 292,15.11.96, p.2).
(24) Council Regulation (EU) 2017/1939 of 12 October 2017 implementing enhanced cooperation on the establishment of the European Public Prosecutor’s Office (‘the EPPO’) (OJ L 283, 31.10.2017, p.1)
(25) Directive (EU) 2017/1371 of the European Parliament and of the Council of 5 July 2017 on the fight against fraud to the Union's financial interests by means of criminal law (OJ L 198, 28.7.2017, p. 29).
(26) 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).
(27) As referred to in Article 58(2)(a) or (b) of the Financial Regulation.
(28) Details of management modes and references to the Financial Regulation may be found on the BudgWeb site: https://myintracomm.ec.europa.eu/budgweb/EN/man/budgmanag/Pages/budgmanag.aspx
(29) Diff. = Differentiated appropriations / Non-diff. = Non-differentiated appropriations.
(30) EFTA: European Free Trade Association.
(31) Candidate countries and, where applicable, potential candidates from the Western Balkans.
(32) Totals may not tally due to rounding.
(33) Technical and/or administrative assistance and expenditure in support of the implementation of EU programmes and/or actions (former ‘BA’ lines), indirect research, direct research.
(34) Technical and/or administrative assistance and expenditure in support of the implementation of EU programmes and/or actions (former ‘BA’ lines), indirect research, direct research.
(35) AC= Contract Staff; AL = Local Staff; END = Seconded National Expert; INT = agency staff; JPD= Junior Professionals in Delegations.
(36) Sub-ceiling for external staff covered by operational appropriations (former ‘BA’ lines).
(37) As regards traditional own resources (customs duties, sugar levies), the amounts indicated must be net amounts, i.e. gross amounts after deduction of 20 % for collection costs.