Communication from the Commission to the European Parliament and the Council on identity of the asset manager for the common provisioning fund in accordance with Article 212 of Financial Regulation 2018/1046
1. This communication presents the conclusions of an independent evaluation
to determine whether the management of the new Common Provisioning Fund’s (CPF) assets should be carried out by the Commission, the European Investment Bank (EIB) or a combination of the two.
2. The CPF is a proposal for the 2021–2027 Multi-annual Financial Framework (MFF), under which provisioning for budgetary guarantees, financial assistance and financial instruments will be held in one fund (the CPF) in order to deliver efficiency gains and allow more dynamic management of assets. In the current MFF, provisioning for budgetary guarantees is held in several separate funds which correspond to the guarantee they provision.
3. Article 212 of Regulation (EU, Euratom) 2018/1046 (“the Financial Regulation” or “FR”) established the CPF and provided for the independent evaluation.
4. The independent evaluator found that the governance process and technical infrastructure for asset management in both the Commission and EIB are “fit for purpose”.
5. However, when evaluating historical performance, the independent evaluator found that Commission-managed portfolios have produced higher returns than EIB-managed portfolios at a lower cost to the EU budget. It also found the Commission was more accountable and transparent to the European Parliament, the European Council, and the European Court of Auditors.