Legal provisions of COM(2014)66 - Participation of the EU in the capital increase of the European Investment Fund

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dossier COM(2014)66 - Participation of the EU in the capital increase of the European Investment Fund.
document COM(2014)66 EN
date May 15, 2014

Contents

Article 1

This Decision aims to increase the European Investment Fund (the ‘Fund’) support of actions which complement Member States' actions in favour of enterprises, particularly small and medium-sized enterprises.

Article 2

In addition to its current shareholding in the Fund, the Union shall subscribe for up to 450 shares each of a nominal value of EUR 1 million in the Fund. The subscription of shares and the annual payments shall be carried out in accordance with the terms and conditions that shall be approved by the General Meeting of the Fund.

Article 3

The Union shall purchase the new shares in the Fund over a four-year period starting in 2014. During the 2014-2017 period, a total amount of up to EUR 178 million shall be available within the general budget of the Union to cover the cost of the subscription, making use of appropriations already programmed within Heading 1a of the Multiannual Financial Framework for the period 2014-2020 in order to leave unchanged the total expenditure allocated. The budgetary commitment may be broken down into annual instalments over four years in accordance with Article 85(4) of Regulation (EU, Euratom) No 966/2012 of the European Parliament and of the Council (5).

Article 4

The Commission shall monitor how the objective set out in Article 1 has been achieved and present two reports to the European Parliament and to the Council, an interim report by 31 December 2016 and a final report by 31 December 2018.

Article 5

This Decision shall enter into force on the day following that of its publication in the Official Journal of the European Union.