Delay in European Investment Bank funding for Portuguese SMEs

3.6.2013

Question for written answer E-006285-13
to the Commission
Rule 117
Carlos Coelho (PPE) , José Manuel Fernandes (PPE)

At a time when the lack of credit for Portuguese companies is one of the main factors compromising their economic activity and for the rise in unemployment in Portugal, the European Investment Bank (EIB) President, Werner Hoyer, has publicly stated that a EUR 1 billion credit facility agreed with Portugal last year may not be released as Commission approval has still not been forthcoming.

According to the EIB President, providing this credit facility to Portuguese small and medium-sized enterprises (SMEs) has been delayed due to competition concerns, but he has suggested these obstacles could be overcome in extraordinary circumstances if there is a ‘sense of urgency’ and ‘good will’ on the part of the Commission.

Commissioner Almunia, has countered that this credit facility has been delayed as the EIB will not provide new loans until the bank’s more demanding requirements are respected for existing credit (the guarantees provided by the Portuguese Government might not be respecting the EU rules relating to state aid).

1. Can the Commission clarify why the credit facility has been blocked?

2. Do the Treaties provide for a rapid response mechanism that would allow this credit facility to be unblocked instantaneously under ‘extraordinary circumstances’ — even ‘with possible distortions to internal market competition’ — if there is a ‘sense of urgency’ and ‘good will’, as the EIB President, Werner Hover, has stated?

3. When does the Commission expect this situation to be resolved so that Portugal is able to access the aforementioned credit facility?

OJ C 48 E, 20/02/2014