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 Full text 
Thursday, 29 March 2012 - Brussels OJ edition

European Investment Bank - annual report 2010 (debate)

  Iliana Ivanova, rapporteur. – Mr President, I wish to thank President Hoyer for his responsiveness and openness, and would also thank Commissioner Rehn and all my colleagues for this fruitful discussion. I also wish to thank everyone involved in the process of preparing this report, which I think is balanced and which acknowledges the EIB’s achievements in 2010 and highlights the red-flag points raised during our discussion.

Let me point briefly to some additional important elements in the report that have also been raised in our discussion today. Firstly, on financial instruments, I consider the cooperation between the EIB and the Commission in this field to be a good example of joint actions and I underline the positive outcome of existing instruments, such as the Risk Sharing Financing Facility. However, I believe it essential to develop a comprehensive global audit system which will contribute to ensuring the best control management of these instruments in view of their growing complexity.

Secondly, on project bonds, I fully share Commissioner Rehn’s position and welcome and support the EU 2020 bonds initiative. I welcome the agreement on the pilot phase of the project, which I believe is crucial in order to assess the effectiveness of the new system and to remedy any problems which may occur, in advance and as soon as possible.

Thirdly, on prudential regulatory supervision, I share the view that the EIB should be subject to the same prudential rules as other credit establishments in the Union. This will improve the prudential control on the quality of the Bank’s financial situation and will ensure that its results are accurately measured.

Last but not least, the question of climate change was mentioned in the debate. I welcome the EIB’s action on climate change and call on it to refrain from funding certain types of projects which have devastating environmental and social impacts. Furthermore, I call for full alignment of the Bank’s operations with the EU objectives for a swift transition to a low carbon economy.

I would like to thank again all my colleagues, and especially the shadow rapporteurs, who worked on this dossier. I hope the House will vote in favour of this report, which will contribute to improving even further the EIB’s activities in support of the EU’s objectives.

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