Changes from plenary report to adopted text

RemovedMOTION FOR A EUROPEAN PARLIAMENT RESOLUTION

AddedP10_TA(2025)0076

Changedon the controlControl of the financial activities of the European Investment Bank – annual report 2023

Removed(2024/2052(INI))

AddedCommittee on Budgetary Control

AddedPE769.944

AddedEuropean Parliament resolution of 6 May 2025 on the control of the financial activities of the European Investment Bank – annual report 2023 (2024/2052(INI))

The European Parliament,

Changed– having regard to the European Investment Bank Group (‘EIB Group’) 2023 activity report of 1 February 2024 entitled ‘A Blueprint for Sustainable Living’, and to the EIB Group document of 2 February 2023 entitled ‘EIB Group Operational Plan 2023-2025’,– having regard to the European Investment Bank (‘EIB’, ‘the Bank’) Investment Report 2023/2024 entitled ‘Transforming for competitiveness’, published on 7 February 2024,2023-2025’,

Added– having regard to the European Investment Bank (‘EIB’, ‘the Bank’) Investment Report 2023/2024 entitled ‘Transforming for competitiveness’, published on 7 February 2024,

▸9 unchanged paragraphs

– having regard to the EIB document of 8 May 2023 entitled ‘Mid-term review of the EIB Energy Lending Policy’,

– having regard to the EIB Group report on the implementation of the EIB Group Transparency Policy in 2023, published on 1 July 2024,

– having regard to the EIB Group document of 27 November 2023 entitled ‘The EIB Group PATH Framework – Version 1.2 of November 2023 – Supporting counterparties on their pathways to align with the Paris Agreement’,

– having regard to the EIB Group and EIB documents of 21 June 2024 entitled ‘EIB Group 2024-2027 Strategic Roadmap’ and of 29 November 2023 entitled ‘EIB Global Strategic Roadmap’,

– having regard to the EIB Group Sustainability Report 2023, published on 25 July 2024,

– having regard to the EIB information note of 6 February 2023 entitled ‘The European Investment Bank’s approach to human rights’,

– having regard to the EIB Group Complaints Mechanism Report 2023, published on 10 June 2024,

– having regard to the EIB Group document of 14 October 2024 entitled ‘Diversity, Equity and Inclusion at the EIB Group’,

– having regard to the EIB publication of 23 September 2024 entitled ‘EIB Audit Committee Annual Reports for the year 2023’,

Changed– having regard to the EIB Group report of 15 July 2024 entitled ‘EIB Group activities in EU cohesion regions 2023’,– having regard to the EIB report of 19 October 2023 entitled ‘EIB Investment Survey 2023 – European Union overview’,2023’,

Added– having regard to the EIB report of 19 October 2023 entitled ‘EIB Investment Survey 2023 – European Union overview’,

▸22 unchanged paragraphs

– having regard to the EIB Group report of 26 June 2024 entitled ‘EIB Group support for EU businesses: Evidence of impact in addressing market failures’,

– having regard to the joint communication from the Commission and the High Representative of the Union for Foreign Affairs and Security Policy of 5 March 2024 entitled ‘A new European Defence Industrial Strategy: Achieving EU readiness through a responsive and resilient European Defence Industry’ (JOIN(2024)0010),

– having regard to European Court of Auditors Special Report 22/2024 entitled ‘Double funding from the EU budget’,

– having regard to the EIB Group report of 29 December 2023 entitled ‘European Investment Bank Group Risk Management Disclosure Report – June 2023’,

– having regard to the joint communication of 19 March 2025 from the Commission and the High Representative of the Union for Foreign Affairs and Security Policy entitled ‘Joint White Paper for European Defence Readiness 2030’ (JOIN(2025)0120),

– having regard to Rule 55 of its Rules of Procedure,

– having regard to the report of the Committee on Budgetary Control (A10-0068/2025),

A. whereas the EIB Group includes the EIB and the European Investment Fund (EIF); whereas the EIB stands as the world’s largest multilateral development bank; whereas the EIB is treaty-bound to contribute to EU integration; whereas the EIB’s key priorities include providing funding for projects to foster European integration and social cohesion; whereas the EIF acts as a dedicated body for supporting the European Union’s policy objectives in the areas of entrepreneurship, job creation and economic cohesion;

B. whereas, as a bank owned by the EU Member States, the EIB is governed by a Board of Governors, a Board of Directors and a Management Committee, and it maintains robust internal mechanisms for accountability, governance and audit; whereas the EIF is owned by the EIB (60 %), the EU (30 %) and financial institutions (10 %) from the Member States, the UK and Türkiye, and is managed by the General Meeting of EIF shareholders, the Board of Directors and the Chief Executive, with independent internal mechanisms for accountability, governance and audit, some of which are shared at the Group level;

C. whereas both the EIB and the EIF operate within a competitive market but are held to high standards of transparency and stakeholder engagement as EU bodies;

D. whereas the EIB Group promotes EU policies both within and outside the EU and collaborates closely with other EU and national institutions, aligning its financing with the EU’s political priorities; whereas the EIB Group outlined eight strategic priorities in its Strategic Roadmap for 2024-2027: climate action, digital transformation, defence, cohesion, agriculture, social infrastructure, external financing and promoting the Capital Markets Union;

E. whereas the EIB is also tasked with securing resources through borrowing activities, which are crucial for implementing the EU’s policies;

F. whereas the European Council’s strategic agenda for 2024-2029 envisages an enhanced role for the EIB Group as a driver of EU defence and security, and emphasises the need to boost EU competitiveness and improve citizens’ economic and social well-being through significant collective investment efforts, leveraging both public and private funding;

G. whereas the Draghi report on the future of European competitiveness proposed numerous ways to expand the EIB’s role in financing EU policies and to enable the EIB to assume more risk;

H. whereas the EIB Group’s core mission is to bolster Europe’s potential for job creation and economic growth; whereas its investments should tackle inequalities by improving access to jobs, training opportunities, housing and education in order to address poverty and unemployment; whereas it is crucial to overcome barriers to financing for small and medium-sized enterprises (SMEs) and mid-caps; whereas public lending and guarantee schemes serve as vital countercyclical policy tools, especially during economic downturns, and help mitigate structural market failures;

I. whereas the EIB is a cornerstone of the European financial architecture for development and the largest multilateral lender in the EU’s neighbouring regions, including the Eastern Neighbourhood countries, the Western Balkans, the Middle East, and North Africa; whereas the EIB is expected to help close the gap in productive investment between Europe and its main competitors by increasing investment in innovation, communication technology and intellectual property;

J. whereas the success of the EU’s policy objectives and their effective implementation increasingly depend on the EIB Group; whereas the depth and quality of Parliament’s oversight of the EIB’s financial operations should therefore be in line with the intensity of EIB-Commission cooperation, which has become very significant;

K. whereas the EIB’s business model requires the highest standards of integrity, accountability and transparency, and robust measures must be implemented and regularly updated to combat financial fraud, corruption, money laundering, terrorism, organised crime and both tax evasion and avoidance; whereas the EIB Group has a control framework aimed at preventing and mitigating sanctions risks;

L. whereas the EIB Group adheres to the Basel Committee on Banking Supervision’s definition of compliance risk, with the aim of preventing the risk of legal or regulatory sanctions, material financial loss, or damage to reputation; whereas the Bank takes appropriate measures to mitigate such risks by ensuring strict compliance with legal and regulatory frameworks, both at EU and international level;

Financial operations and performance

1. Acknowledges that the EIB has operated effectively and efficiently in a landscape marked by significant global challenges, including geopolitical tensions, climate change impacts and other factors influencing the global economy; suggests exploring both the EIB’s effectiveness and efficiency through thoughtful analysis, particularly focusing on the impact on competitiveness and growth;

2. Recognises that EIB financing is becoming increasingly crucial in the context of high interest rates and constrained public finances; expects the EIB, in the context of a challenging economic outlook and increased global competition, to address constraints to EU competitiveness, such as volatile energy prices, skills shortages in key sectors and insufficient investments in innovation and new technologies;

Change 1

Changed3. Notes that the EIB Group achieved strong consolidated results amounting to EUR 2.2722,272 billion in 2023 under the International Financial Reporting Standards (IFRS), compared to EUR 2.3272,327 billion in 2022, reflecting a year-on-year decrease of 2.42,4 %; calls for a detailed analysis of the factors contributing to this decrease, especially since the period was marked by steady economic growth; observes that EIB reserves reached over EUR 56 billion in 2023, up from EUR 53.953,9 billion in 2022 and EUR 36 billion in 2014;

Change 2

Changed4. Notes that the EIB’s total liquidity ratio remained well within internal limits to the end of 2023 and that the EIB’s Common Equity Tier 1 (CET1) ratio stood at 33.133,1 % in 2023, significantly higher than the average ratio of significant institutions supervised by the European Central Bank (ECB) at that time; emphasises that maintaining the EIB’s AAA rating with a ‘stable’ outlook is crucial for securing favourable market financing at preferential rates and should be preserved; underlines that the EIB’s high credit standing is key to its successful business model;

5. Calls on the EIB to maintain its strong capital position and consistently high profits, but notes that the Bank has potential to absorb potential fluctuations in returns without compromising shareholder capital or its credit rating, has the capacity to take on more risk in strategic investments and is well-equipped to invest more in higher-risk innovative projects where private capital remains hesitant;

Change 3

Removed6. Highlights that the EIB’s total disbursements reached EUR 54.4 billion in 2023, with EUR 53.4 billion from its own resources, compared to EUR 54.3 billion (EUR 53.3 billion from its own resources) in 2022; observes that the EIF’s disbursements on private equity investments amounted to EUR 139.7 million in 2023, compared to EUR 113.7 million in 2022; notes that, according to an economic model developed jointly by the EIB’s Economics Department and the Commission’s Joint Research Centre, the EIB Group’s overall investment within the EU in 2023 is expected to create around 1 460 000 new jobs in the EU-27 by 2027 and boost the EU’s GDP by 1.03 percentage points; calls on the EIB Group to ensure a more balanced geographical distribution of investments to maximise their impact across all EU regions, promoting cohesive and inclusive growth throughout the Union, with particular attention to under-represented and less developed areas;

Added6. Calls on the EIB to improve its institutional transparency by publishing more detailed minutes of its Board of Directors’ meetings, including voting records and project-specific justifications, while respecting legitimate confidentiality where strictly necessary;

Added7. Highlights that the EIB’s total disbursements reached EUR 54,4 billion in 2023, with EUR 53,4 billion from its own resources, compared to EUR 54,3 billion (EUR 53,3 billion from its own resources) in 2022; observes that the EIF’s disbursements on private equity investments amounted to EUR 139,7 million in 2023, compared to EUR 113,7 million in 2022; notes that, according to an economic model developed jointly by the EIB’s Economics Department and the Commission’s Joint Research Centre, the EIB Group’s overall investment within the EU in 2023 is expected to create around 1 460 000 new jobs in the EU-27 by 2027 and boost the EU’s GDP by 1.03 percentage points; calls on the EIB Group to ensure a more balanced geographical distribution of investments to maximise their impact across all EU regions, promoting cohesive and inclusive growth throughout the Union, with particular attention to under-represented and less developed areas;

8. Recalls that the EIB’s Statute mandates geographical balance among its staff and that the selection of staff members must be based on merit, while also considering fair representation of nationals from all Member States; encourages the Bank to continuously monitor geographical balance among its staff and to adjust the recruitment process accordingly, if needed;

Change 4

Changed8. Welcomes the fact9. thatNotes the EIB Group upholdsGroup’s acommitment rigorousto policyrigorously againstcombating tax fraud, tax evasion, tax avoidance, money laundering and terrorism financing; calls for further strengthening of the transparency of final beneficiaries, monitoring mechanisms, and access to public information to ensure full accountability;

Change 5

Added10. Stresses that the EIB, as an EU body, should fully align its transparency practices with the standards set in Regulation (EC) No 1049/2001 on public access to documents; calls on the Bank to ensure proactive disclosure of documents relating to projects financed and decisions taken, with only limited and justified exceptions; reiterates the importance of real public access as a cornerstone of institutional accountability;

InvestEU, the simplification of the multiannual financial framework, and the Recovery and Resilience Facility

11. Welcomes the adoption, on 13 December 2023, of the EIB Group Operational Plan 2024-2026, which outlines the priorities and activities for implementing the EIB Group’s strategy over the next three years; calls for adjustments to new market conditions, including simplification and a reduction of bureaucracy to remove barriers to financing for SMEs, which must be significantly increased; acknowledges that increasing higher-risk activities and mandates is crucial for providing effective support to high value-added and innovative sectors;

Change 6

Changed10.12. Recalls that the EIB Group has been allocated 75 % (EUR 19.619,6 billion) of the EU budgetary guarantee under the InvestEU Regulation; highlights that, in 2023 alone, the EIB approved 30 operations under InvestEU totalling EUR 9.19,1 billion; believes that in order to stay competitive, significant investments are needed, primarily from the private sector; believes that focusing on innovative projects, start-ups and scale-ups would enhance European competitiveness and growth; notes that this requires mobilising private investments; calls, therefore, on the EIB to play a more significant role in strategic de-risking through guarantees, thereby encouraging private capital investment;

Change 7

Added13. Calls on the EIB Group to systematically disclose, where feasible and in compliance with data protection obligations, the final beneficiaries of its financing operations, particularly for projects supported under EU budgetary guarantees and mandates, to ensure public trust and oversight;

14. Stresses that, within the current 2021-2027 multiannual financial framework, the EIB manages 87 mandates from the Commission, increasing to about 130 if those relating to shared management and assigned by local governments and the Member States are included, and notes that the EIB produces no fewer than 457 reports a year for these; points out that de-bureaucratisation and simplification are deemed necessary to enable better use of resources;

Change 8

Changed12.15. Emphasises that the EIB is managing six Recovery and Resilience Facility (RRF) mandates in four Member States, signed in 2021 (Greece and Italy), 2022 (Romania) and 2024 (Spain), totalling EUR 8.78,7 billion; acknowledges that the adoption of ‘financing not linked to costs’ instruments, which have significantly expanded with the RRF, inherently raises the risk of errors and double funding; expresses its concern about the transparency, auditing and monitoring of the implementation of the RRF; calls on the EIB to cooperate with Member States to address government capacity constraints and the lack of technical skills so as to ensure that RRF resources are managed as effectively as possible, in alignment with national structures and complying with all RRF reporting requirements, especially in the implementation of investment projects and reforms; urges the Commission and the EIB, in its advisory role, to refrain from proposing new financing mechanisms based on the RRF model without taking corrective measures, including in the upcoming post-2027 multiannual financial framework; stresses that, while the EIB seeks simplification, it must not compromise the soundness of EU resource management or the ability to maintain oversight and accountability, as mandated by the Treaties;

Change 9

Added16. Calls for an independent, comprehensive audit of all risk-sharing instruments managed by the EIB Group, including those linked to the RRF, to ensure the highest standards of transparency, accountability and avoidance of double funding risks;

Energy security