March 2018

France, Germany, Italy, Spain & the United Kingdom: 'Internationalisation of European SMEs – Taking Stock and Moving Ahead' PDF

December 2016

France, Germany, Italy, Spain & the United Kingdom: 'Building Momentum in Venture Capital across Europe' (PDF)

Centre for Economic Policy Research 

Restarting European Long Term Investment Finance (RELTIF)An Assonime-CEPR research project sponsored by Emittenti TitoliPDF

An Assonime-CEPR research project sponsored by Emittenti Titoli (PDF)

Basel August 2014

Bank for International Settlements (BIS) Monetary & Economic Department

BIS Working Paper No 454: Understanding the challenges for infrastructure finance by Torsten Ehlers (PDF)

Policy brief No 4 July 2014

A New Architecture for Public Investment in Europe (PDF) 

Brussels 06 June 2018

Multinational Financial Framework Post-2020: InvestEU

For the next long-term EU budget 2021-2027, the Commission proposes to create the InvestEU Programme, bringing EU budget financing in the form of loans and guarantees under one roof.

InvestEU will bring together the multitude of financial programmes currently available and expand the successful model of the Investment Plan for Europe, the Juncker Plan. With InvestEU, the Commission will further boost job creation, investment and innovation.

EU Budget: InvestEU Programme to support jobs, growth and innovation in EuropePDF

For more information and the full list of documents (InvestEU Programme - questions and answers; InvestEU policy package; Factsheet: What is InvestEU?; Factsheet: InvestEU - what will it finance?; Proposal for a Regulation establishing the InvestEU Programme & EU budget for the future)  provided by the European Commission on this topic, please consult: European Commission Press Release Database

Brussels 04 August 2017

Country factsheets - Investment Plan state of play 

Brussels 13 July 2017

‘Financing a Sustainable European Economy’ Interim Report by the High-Level Expert Group on Sustainable Finance Secretariat provided by the European Commission PDF & Executive Summary PDF

Strasbourg 07 June 2016

Strasbourg, 7.6.2016 COM(2016) 385 final Communication from the Commission to the European Parliament, the European Council, the Council and the European Investment Bank on establishing a new Partnership Framework with third countries under the European Agenda on Migration PDF

Brussels 01 June 2016

COM(2016) 359 final PDF Europe investing again : Taking stock of the Investment Plan for Europe and next step

Communication from the Commission to the European Parliament, the European Council, the Council, the European Economic & Social Committee and the Committee of the Regions

Brussels, 01 October 2015

The Investment Plan for Europe -European Fund for Strategic Investments (EFSI) Workshop (PPT)

Brussels, 30 September 2015

COM(2015) 468 final PDF

Communication from the Commission to the European Parliament, the Council, the Eurtopean Economic and Social Committee and the Committee of the Regions -Action Plan on Building a Capital Markets Union

Brussels 29 April 2015

Regulation (EU) 2015/760 of the European Parliament and of the Council of 29 April on European long-term investment fundsPDF

Brussels 18 February 2015

Green Paper Building a Capital Markets Union COM (2015) 63 finalPDF

Brussels 13 February 2015

European Long-Term Investment Funds -Frequently Asked QuestionsPDF Press release MEMO-15-4423

Brussels/Luxembourg 09 December 2014

Investment Offensive for Europe: EU Task Force identifies 2,000 potential projects worth €1.3 trillionPDF Press release IP-14-2480

Special Task Force (Member States, Commission, EIB) Report on Investment in the EUPDF

Brussels 26 November 2014

COM (2014) 903 final Communication 'An Investment Plan for Europe'PDF

EC Investment Plan Q&APDF& EC Factsheets: 1 (PDF) 2 (PDF) 3 (PDF) 4 (PDF) 5 (PDF)

Strasbourg 15 July 2014

A New Start for Europe: My Agenda for Jobs, Growth, Fairness and Democratic Change -Political Guidelines for the next European CommissionPDF (PDF) by Jean-Claude Juncker candidate for president of the European Commission

Brussels 15 May 2014

Commission Staff Working Document SWD 2014 158 final: Economic Review of the Financial Regulation AgendaPDF  accompanying the below document 'a reformed financial sector for Europe'

Brussels 15 May 2014

COM (2014) 279 final Communication from the Commission to the European Parliament, the Council, the European Economic & Social Committee and the Committee of the Regions: a reformed financial sector for EuropePDF

Brussels 27 March 2014

COM (2014) 168 final Communication from the Council to the European Parliament and the Commission on Long-Term financing of the European economyPDF

Brussels October 2013

Governance reform -Philippe Maystadt's report: Should IFRS standards be more 'European'PDF

Paris 19-20 November 2015

OECD/Euromoney Conference on Long-term Investment Financing 2015 CONFERENCE REPORT (PDF)

Paris November 2015

G20/OECD report on G20 Investment Strategies (PDF)

Paris September 2015

Summary of the G20/OECD/Singapore Ministry of Finance High-Level Roundtable on Institutional Investors & Long-Term Investment -OECD report to G20 Finance Ministers & Central Bank Governors (PDF)

Paris September 2015

OECD report on effective approaches to facilitate the implementation of the G20/OECD High-Level Principles on Long-Term Investment financing by Institutional Investors (PDF)

Paris September 2015

Mapping of Instruments and Incentives for Infrastructure Financing: A Taxonomy (PDF)

Paris September 2015

Addressing Data Gaps in Long-Term Investment: An Agenda for Research (PDF)

Paris September 2015 

The WB Group and the OECD Project Checklist for PPPs

Paris August 2015

G20/OECD draft report on G20 Investment Strategies (PDF)

Paris August 2015

The WB Group and the OECD Project checklist for PPPs (PDF)

Paris August 2015

WBG/IMF/OECD Report: Capital Market Instruments to Mobilise Institutional Investors to Infrastructure & SME financing in Emerging Market Economies (PDF)

Paris May 2014

OECD Institutional Investors & Long-Term Investment Project report (PDF)

Amsterdam 07 April 2014

OECD/APG/RiskLab workshop by Han van der Hoorn (PDF)

Amsterdam 07 April 2014

OECD/APG/RiskLab workshop final: Long-Term Pension Investment Strategies under Risk-based Regulation (PDF)

Amsterdam 07 April 2014

OECD/RiskLab/APG workshop by Barthold Kuipers -Pension Fund Regulation & Long-Term Investment (PDF)

Amsterdam 07 April 2014

OECD Workshop by Con Keating -Discussion of Boon, Briere & Rigot: Does Regulation Matter? Riskiness and Procyclality of Pension Asset Allocation (PDF)

April 2014

OECD -Pooling of Institutional Investors capital -selected case studies in unlisted equity infrastructure (PDF)

Paris September 2013

G20/OECD High-Level principles of Long-Term Investment financing by Institutional Investors (PDF)

December 2013

OECD -Institutional Investors & Long-Term Investment Project Update (PDF)

06 June 2018

European Parliament Resolution of 29 May 2018 on sustainable finance (2018/2007(INI)) (PDF)

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03 September 2014

The Committee on Economic and Monetary Affairs (ECON) voted last Wednesday Sept. 3 in favour of a draft amendment (6726) introduced by Renato Soru (S&D/IT) to add a budget line in Section III – Commission (01 04 77) with the following Heading:

Pilot Project – Strengthening cooperation and synergies between National Promotional Banks in order to support long-term financing of the real economy.

The remarks to this Heading read as follows:

National (and regional) Promotional Banks (NPB), together with the EIB and the EIF, are considered important actors to finance long-term projects at the European level. As a follow up of the Green Paper, the Communication of 27 March 2014 on Long-Term Financing of the European economy has confirmed that during the consultation "calls were being made for more joint EU-national or multinational initiatives to promote cooperation and synergies between the EU budget and the EIB/EIF, Multilateral Development Banks(MDBs) and NPBs". In the same Communication, the Commission committed to "encourage and monitor the cooperation of NPBs, as requested by the June 2013 European Council and to report to the December 2014 Council".

In this context, it is important to enable the Commission to develop a pilot project to create, through a visible support from the EU budget, a structured network of national and regional promotional banks based in the Member States, in order to enhance their cooperation and to achieve the objective of long-term financing to the real economy and thus supporting long term growth, well-being and employment in Europe. This cooperation would give impulse to the exchange of best practices and help to develop innovative systems to channel private capital towards SMEs and towards projects of public interests, such as investments in material and immaterial infrastructures, particularly in the Regions affected most severely by recession and unemployment.

To this end, the project should include the following activities:

-promote the exchange of information and best practices among participants and between participants and European Institutions, through meetings, seminars and publications;
-initiate research programmes and hold conferences for the participants;
-develop initiatives to promote the concept of long-term investment with the economic and financial sector;
-promote the elimination of obstacles and the development of incentives to favour long-term investing.

As for the Legal Basis the following text was introduced:

Pilot project within the meaning of Article 54(2) of Regulation (EU, Euratom) No 966/2012 of the European Parliament and of the Council of 25 October 2012 on the financial rules applicable to the general budget of the Union and repealing Council Regulation (EC, Euratom) No 1605/2002 (OJ L 298, 26.10.2012).

Enabling the EC to develop a pilot project to create, thorough a visible support from the EU budget, a structured network of national and regional promotional banks, in order to enhance their cooperation and to achieve the long-term growth, well-being and full employment in Europe. This cooperation would improve the exchange of best practices and help to develop innovative systems to channel investments towards SMEs and projects of public interests, such as material and immaterial infrastructures, particularly in the Regions affected most severely by recession and unemployment.

FYI: this draft amendment for an additional budget line was introduced to the draft ECON opinion by Nils Torvalds (ALDE/FI) to the BUDG report of Eider Gardiazabal (S&D/ES) and Monika Hohlmeier (PPE/DE) on the General Budget of the European Union for the financial year 2015 (all sections)

Committee / Commission ECON Meeting of / Réunion du 03/09/2014 Budgetary amendments (2015 Procedure) Amendements budgétaires (Procédure 2015) Rapporteur: Nils Torvalds (PDF)

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09 April 2014

Amendment 001 001 Report A7-0211/2014: on the proposal for a regulation of the European Parliament and of the Council on European Long-Term Investment Funds (PDF) 

Brussels 31 May 2017

Proposal for a Regulation of the European Parliament and of the Council amending Regulation (EU) No 575/2013 as regards the transitional period for mitigating the impact of the introduction of IFRS 9 on own funds and the large exposures treatment of certain public sector exposures denominated in non-domestic currencies of Member States

Interinstitutional file 2016/0360 COD (PDF)

Brussels 05 June 2015

Interinstitutional file 2015/0009 COD (Word)(PDF)

Brussels 03 February 2015

Council's Budget Committee: questions on EFSI budgetary matters and Commission Services replies -DAB1 2015 (PDF)

Brussels 28 January 2015 -Interinstitutional file 2015/009

Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on the European Fund for Strategic Investments and amending Regulations (EU) No 1291/2013 and (EU) No 1316/2013

Explanatory documents (non-papers) prepared by the European Commission/EIB on different aspects of the EFSI proposal

Commission/EIB Services Non-Paper on mapping of joint COM/EIB Advisory Programmes

DS 1069/15 (PDF)

Commission Services Non-Paper on private sector participation in the European Fund for Strategic Investments

DS 1070/15 (PDF)

Commission Services Non-Paper on risk calibration of the EU guarantee under EFSI

DS 1071/15 (PDF)

Commission Services Non-Paper on the relationship between ESIF and EFSI

DS 1072/15 (PDF)

Commission Services Non-Paper on remuneration and cost coverage under the proposed EFSI Regulation Numerical Example - Waterfall

DS 1073/15 (PDF)

Brussels 22 January 2015 -Interinsitutional file 2015/009

Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on the European Fund for Strategic Investments and amending Regulations (EU) No 1291/2013 and (EU) No 1316/2013

Commission Services Non-Paper on EIB and EFSI governance and competencies 

DS 1051/15 (PDF)

Commission Services Non-Paper on Remuneration and cost coverage under the proposed EFSI Regulation 

DS 1052/15 (PDF)

Commission Services Non-paper on Investment platforms 

DS 1053/15 (PDF)

Commission Services Non-Paper on the Role of National Promotional Banks in the Commission Proposal for an EFSI Regulation 

DS 1054/15 (PDF)

Commission Services Non-Paper on European Investment Advisory Hub 

DS 1055/15 (PDF)

Commission Services Non-Paper on Project Pipeline 

DS 1056/15 (PDF)

Commission Services Non-Paper on EFSI Project Cycle 

DS 1057/15 (PDF)

Luxembourg 14 October 2014

Council conclusions on measures in support of investment in Europe -Economic and Financial Affairs Council meeting (PDF)

Brussels 27 June 2014

In annex to their Conclusions, the European Council attached the "Strategic agenda for the Union in times of changes" in which one can read the following extract:

"invest and prepare our economies for the future: by addressing overdue investment needs in
transport, energy and telecom infrastructure as well as in energy efficiency, innovation and
research, skills, education and innovation; by making full use of EU structural funds; by
mobilising the right mix of private and public funding and facilitating long-term investments; by
using and developing financial instruments, such as those of the European Investment Bank, in
particular for long-term projects; by providing the right regulatory framework for long-term
investments"

EUCO 79/14 European Council 26/27 June 2014 Conclusions (PDF)

Brussels 25 June 2014

Council agrees position on proposal to boost long-term investment in EU economy (PDF)

Brussels 13 June 2014

ELTIF presidency compromise proposal: Council of the EU Interinstitutional file 2013/0214 (COD) 10989/14 (PDF)

Brussels 01 December 2015

EFRAG letter to the European Commission explaining how EFRAG has reached its conclusion that IFRS 9 Financial Instruments is not contrary to the true and fair principle sent to Mr. Oliver Guersent Director General, Financial Stability, Financial Services and Capital Markets Union (PDF)

Brussels 15 September 2015

EFRAG Endorsement Advice on IFRS 9 Financial Instruments sent to Mr. Oliver Guersent Director General, Financial Stability, Financial Services and Capital Markets Union (PDF)

Brussels 30 July 2015

EFRAG has published a feedback statement on input received during the individual insurance specialist user outreach on the potential deferral IFRS 9 effective date for insurers (PDF)

Brussels 04 September 2014

EFRAG feedback statement on The Role of the Business Model in Financial Statements Research Paper (PDF)

Brussels 24 July 2014

EFRAG updated the EFRAG Endorsement Status Report (PDF) since the IASB issued IFRS 9 Financial Instruments on 24 July 2014

Brussels December 2013

EFRAG Research Paper: The role of the business model in financial statements (PDF) 

Contact

European Long-Term Investors a.i.s.b.l.
Rue Montoyer 51
B - 1000 Brussels
Belgium
secretariat@eltia.eu