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41. Which financial mechanisms will ensure that more than €60 billion of financial capacity will be
available to the ESFI based on an initial input of €21bn? What do you mean by "risk bearing
capacity "? .................................................................................................................... ................. 18
42. The EFSI is supposed to be a trust fund within the EIB group. Can the Commission provide
further details as to the future legal status of the EFSI? In particular, how would the EIB be
concretely involved and work within the EFSI?............................................................................. 18
43. How will the Commission ensure a full involvement of the European Parliament in the definition
and implementation of the Investment Plan? .............................................................................. 18
44. By providing the first-loss guarantee, might the Fund not be saddled with some loss making
projects for decades? Will the EFSI enable financing of projects that would be too risky for the
EIB?........................................................................................................................... ..................... 18
45. Where does the €5 billion EIB guarantee come from? The capital increase of 2013? Money
raised in the markets? Other resources? ...................................................................................... 19
46. How can it be then that the EFSI doesn't crowd out other investment projects of the EIB? ....... 19
47. Does the same principle apply to the €8 billion guarantee from the EU budget?........................ 19
48. Why do loans, equity and guarantees have a greater leverage effect than grants? .................... 19
49. Is it a mere coincidence that the same amount from the EIB €5 billion is also the same amount
allocated as risk capital for SME (or is EIB-money earmarked for this purpose)? ........................ 20
50. There is too little capital, too little cash, only financial engineering (as with the past €120 billion
plan).......................................................................................................................... ..................... 20
51. Money will not go to relatively safe projects that would have been financed anyway. Isn't the
Investment Plan crowding out private investors?......................................................................... 20
52. The 1:15 multiplier is considered by the Commission as "a prudent average, based on historical
experience from EU programmes and the EIB". What is the concrete experience you are
referring to?.................................................................................................................. ................. 21
53. What is the concrete data available? Is this historical experience relevant to the current
situation with squeezed national budgets? .................................................................................. 21
54. What kind of financial vehicles will the EFSI's activities rely on to attract private/public investors
in the financing of a project? Debt and Risk enhancement vehicles? Project-bonds? Equity
instruments? Other types of financial instruments? .................................................................... 21
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available to the ESFI based on an initial input of €21bn? What do you mean by "risk bearing
capacity "? .................................................................................................................... ................. 18
42. The EFSI is supposed to be a trust fund within the EIB group. Can the Commission provide
further details as to the future legal status of the EFSI? In particular, how would the EIB be
concretely involved and work within the EFSI?............................................................................. 18
43. How will the Commission ensure a full involvement of the European Parliament in the definition
and implementation of the Investment Plan? .............................................................................. 18
44. By providing the first-loss guarantee, might the Fund not be saddled with some loss making
projects for decades? Will the EFSI enable financing of projects that would be too risky for the
EIB?........................................................................................................................... ..................... 18
45. Where does the €5 billion EIB guarantee come from? The capital increase of 2013? Money
raised in the markets? Other resources? ...................................................................................... 19
46. How can it be then that the EFSI doesn't crowd out other investment projects of the EIB? ....... 19
47. Does the same principle apply to the €8 billion guarantee from the EU budget?........................ 19
48. Why do loans, equity and guarantees have a greater leverage effect than grants? .................... 19
49. Is it a mere coincidence that the same amount from the EIB €5 billion is also the same amount
allocated as risk capital for SME (or is EIB-money earmarked for this purpose)? ........................ 20
50. There is too little capital, too little cash, only financial engineering (as with the past €120 billion
plan).......................................................................................................................... ..................... 20
51. Money will not go to relatively safe projects that would have been financed anyway. Isn't the
Investment Plan crowding out private investors?......................................................................... 20
52. The 1:15 multiplier is considered by the Commission as "a prudent average, based on historical
experience from EU programmes and the EIB". What is the concrete experience you are
referring to?.................................................................................................................. ................. 21
53. What is the concrete data available? Is this historical experience relevant to the current
situation with squeezed national budgets? .................................................................................. 21
54. What kind of financial vehicles will the EFSI's activities rely on to attract private/public investors
in the financing of a project? Debt and Risk enhancement vehicles? Project-bonds? Equity
instruments? Other types of financial instruments? .................................................................... 21
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