Declaration by the High Representative on behalf of the European Union on the alignment of certain countries concerning restrictive measures in view of Turkey’s unauthorised drilling activities in the Eastern Mediterranean
On 6 November 2020, the Council adopted Decision (CFSP) 2020/1657[1] concerning restrictive measures in view of Turkey’s unauthorised drilling activities in the Eastern Mediterranean.
The Council Decision extends the existing restrictive measures for a further twelve months, until 12 November 2021.
The Candidate Countries the Republic of North Macedonia, Montenegro, Serbia and Albania[2], and the EFTA country Iceland, member of the European Economic Area, as well as Armenia align themselves with this Council Decision.
They will ensure that their national policies conform to this Council Decision.
The European Union takes note of this commitment and welcomes it.
[1] Published on 9.11.2020 in the Official Journal of the European Union no. L 372 I, p.16.
[2] The Republic of North Macedonia, Montenegro, Serbia and Albania continue to be part of the Stabilisation and Association Process.
Protocol for updating the Evidence database of the Best Practice Portal
EMCDDA,Lisbon,December 2020
Summary
The Evidence database is a core component of the EMCDDA’s Best Practice Portal. The portal is a resource for professionals, policymakers and researchers in the drugs field and provides information on the available evidence on drug-related prevention, treatment and harm reduction, focusing on the European context. The evidence is compiled following an explicit methodological process which is described in this document.
Steven Maijoor speaks at the third roundtable on euro risk-free rates
The focus of the event was the fallbacks for EURIBOR, where working group on euro risk-free rates members will guide the audience through the recently launched public consultations on EURIBOR fallback trigger events and €STR-based EURIBOR fallback rates.
ESMA is seeking experts in financial innovation for its consultative group
The European Securities and Markets Authority (ESMA), the EU securities markets regulator, is looking for new candidates for the Consultative Working Group (CWG) of the Financial Innovation Standing Committee (FISC).
ESMA has established the CWG to benefit from the expertise of stakeholders who are involved in the topics related to financial innovation under ESMA’s remit (securities markets, market infrastructures, institutional and retail investors) and with a view to support ESMA’s objectives of investor protection, market integrity and financial stability. FISC looks to this group to provide expert advice regarding ESMA’s work on Financial Innovation.
Interested stakeholders can apply by 31 January 2021, by submitting the application form and their CV.
Poland: The Polish Development Fund issued bonds worth PLN 500 million for the EIB
The Polish Development Fund (Polski Fundusz Rozwoju – PFR) issued debt securities with a nominal value of PLN 500 million, which have been fully subscribed by the European Investment Bank (EIB). The purpose of the issue is to finance the government’s PFR Financial Shield programme for micro, small and medium-sized enterprises affected by the coronavirus pandemic.
The bonds bear interest at 1.4 percent per year, and their maturity date is December 2027. If the relevant conditions are met, PFR may applythe Funding Advantage, which will lower the interest rate. The issued bonds are secured with a guarantee of the State Treasury.
As part of the Financial Shield activities, the PFR has already sold – in May and June – 62 billion worth of bonds in nominal value. The transaction was proceeded through the market, with the aim to finance the PFR Financial Shield programme, offering support to enterprises affected by the COVID-19 pandemic. Aid in the form of partially non-returnable subsidies under the programme has been received by almost 347 thousand companies employing over 3.2 million employees. This has allowed them to maintain liquidity and financial stability, as well as preserve jobs.
“The participation of the EIB in the financing of the Financial Shield for SMEs is a new chapter and the strengthening of our institutional cooperation. We hope that in the coming years it will be possible to implement many new joint investment projects”, said Paweł Borys, president of PFR.
“This is the first issue of PFR bonds addressed to foreign markets. The issue is on favourable conditions to the PFR. The participation of the EIB in supporting PFR programmes also means that the European institution recognises our efforts and opens the way to future cooperation between the two institutions.”, said Bartłomiej Pawlak, vice president of PFR, responsible for financing the Shield programmes.
“This is the first and, at the same time, a very important transaction which the European Investment Bank is signing with the Polish Development Fund. It allows us to support the Polish economy in difficult times caused by the COVID-19 pandemic. We are pleased that our institution can facilitate PFR access to international capital markets. This transaction is another example of fruitful cooperation between national and European institutions”, said Prof.Teresa Czerwińska, Vice President of the European Investment Bank.
Financial Shield 2.0 is a programme aimed at providing financial aid to companies from around 40 industries that had to limit or suspend their activities due to the epidemiological situation related to COVID-19. The total value of aid under Financial Shield 2.0 will amount to PLN 35 billion, of which PLN 10 billion will go to microenterprises and SMEs. This aid will be offered in a quick, simple and secure way by means of an online form submitted via electronic banking in the IT system prepared by the PFR and banks. 18 of the largest Polish commercial banks and the majority of cooperative banks that had participated in the PFR 1.0 Financial Shield programme in April 2020 have confirmed participation in the programmem which is expected to start in January 2021, upon notification of the European Commission.
The Polish Development Fund is a group of financial and advisory institutions for entrepreneurs, local governments and private individuals, investing in sustainable social and economic development of the country. Our priorities are: infrastructure investments, innovations, development of entrepreneurship, export and foreign expansion of Polish enterprises, support for local governments, implementation of the Employee Capital Plan programme, and supporting foreign investments.
