Examples of using Managed instruments in English and their translations into Slovak
{-}
-
Colloquial
-
Official
-
Medicine
-
Financial
-
Ecclesiastic
-
Official/political
-
Computer
-
Programming
For centrally managed instruments, the Commission negotiated fees in two stages.
The total financial allocation is expected to reachat least €2 billion, with Commission managed instruments amounting to €1.8 billion.
For the six centrally managed instruments covered in this report, we observed different practices.
Increase flexibility to adjust programme objectives and resources in the light of changing circumstances andalso in terms of voluntary contributions to EU-level directly managed instruments.
The EU contribution available for the two centrally managed instruments is not allocated by Member State, region or sector.
Since the entry into force of the new financial regulation on 1 January 2013, carrying out an ex ante evaluationis also mandatory for all new centrally managed instruments(see Annex V).
For centrally managed instruments the relevant legal bases foresee mid-term reviews or evaluations.
The Commission notes that‘lessons learnt' and‘major socio-economic changes' are alreadytaken into account in the systematic mid-term reviews of the 2014-2020 centrally managed instruments.
They also manage most of the centrally managed instruments for which the fund manager is designated in the legislative proposal.
Moreover, a regular review of the ex ante assessment in cases of changes in the economic or market environment is provided for as an option in the CPR,but not for the centrally managed instruments.
The Commission notes that a comparison with centrally managed instruments will only be possible at closure of the ERDF and ESF instruments. .
For centrally managed instruments, and in particular for equity financial instruments, attracting private-sector investments as contributors has proven to be difficult, as illustrated by the case studies in Box 12.
As a result,the leverage ratios reported by the Commission for centrally managed instruments are not comparable between themselves, and also not comparable with those for shared management instruments. .
For centrally managed instruments, the Commission has already written to the EIB and the EIF to stress the importance of the Commission's anti-tax avoidance measures encouraging the further promotion of best practice by EIB/ EIF in this field.
Conclusions and recommendations 78 Recommendation 1 As regards the ex ante assessments for financial instruments:(a)the Commission's ex ante assessment for centrally managed instruments should systematically include an analysis of the‘lessons learnt' to date.
For some of the centrally managed instruments, the possible extent of risk sharing between the Commission and its partners has also been addressed in the legislation.
We therefore reviewed the way in which the Commission defines and monitors this leverage effect for both shared andcentrally managed instruments and assessed whether the instruments were successful in attracting additional private capital.
Introduction 22 18 For the centrally managed instruments, the EU's overall contribution allocated to 2007-2013instruments in all budgetary areas was about 5.5 billion euro20, spread over 21 financial instruments21.
Reply of the Commission 106 Common Commission reply to paragraph 78 and Box 10 The Commissionbelieves that the risk allocation under the examined centrally managed instruments is justified in particular to help overcoming the reluctance of the private sector to invest in certain areas.
Inconsistent measurement of leverage for centrally managed instruments 68 For centrally managed financial instruments, our analysis shows that the Commission uses various ways to calculate the leverage effect for different instruments, as illustrated in Table 553.
Based on the most recent data reported by Member States to the Commission, we have analysed the level ofactual management costs and fees for both shared management and centrally managed instruments during the 2007-2013 programme period and examined whether they were sufficiently linked to the fund manager's performance.
For centrally managed instruments, leverage has been defined in the financial regulation since 2013 as the amount of finance to eligible final recipients divided by the amount of the Union contribution.'51 50 European Commission, Directorate-General for Regional and Urban Policy,‘Common audit framework', July 2011(Part 2), p.
We have therefore sought to determine for both shared management andcentrally managed instruments the extent to which additional private financing has been effectively mobilised by public contributions to the instruments. .
For centrally managed instruments, in June 2015, the Commission refined the methodology for leverage calculation for the 2014-2020 financial instruments in order to comply, in a consistent and harmonised way, with the applicable requirements on the leverage effect in the financial regulation and the rules of application.
Case study- Difficulties of attracting private-sector investors in publicly funded equity instruments- Marguerite Fund andEEEF Examples of limited private co-financing for two centrally managed instruments are provided below69. ο In addition to the Commisson, the Marguerite Fund has eight sponsors, all of them publicly controlled banks.
Moreover, the fee level was significantly higher than for centrally managed instruments or private-sector investment funds when compared to the financial support actually provided to final recipients.
(49)In order to optimise synergies between the Funds and directly managed instruments, the provision of support for operations that have already received a Seal of Excellence certification should be facilitated.
Despite Commission assuming higher risks,only limited private contributions to the capital of centrally managed instruments 77 As a general practice, for centrally managed instruments, the governing legislation approved by the European Parliament and the Council includes only general terms in relation to the risk sharing and/or preferential treatment.
In keeping with the principles of subsidiarity and proportionality,calls for regional governments to be involved in managing instruments such as the European Social Fund and the funds to support the application of the Youth Guarantee, as it is often at regional level that active employment policies, including social innovation and equality policies, are implemented;