THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION,
Having regard to the Treaty on the Functioning of the European Union, and in particular Article 177 thereof,
Having regard to the proposal from the European Commission,
After transmission of the draft legislative act to the national parliaments,
After consulting the European Economic and Social Committee,
After consulting the Committee of the Regions,
Acting in accordance with the ordinary legislative procedure,
Whereas:
(1)
Greece has been affected by the consequences of the financial crisis in a unique manner. The crisis has led to persistently negative gross domestic product growth rates in Greece over a number of years, which, in turn, has caused serious liquidity shortages and a lack of public funds available for the public investment needed to foster a sustainable recovery. This has created an exceptional situation which needs to be addressed with specific measures.
(2)
It is vital that the lack of liquidity and of public funds in Greece do not hinder investment under programmes supported by the European Regional Development Fund, the European Social Fund and the Cohesion Fund (the ‘Funds’) and by the European Maritime and Fisheries Fund (EMFF).
(3)
In order to ensure that Greece has sufficient financial means to start the implementation of 2014-2020 programmes supported by the Funds and the EMFF in 2015 and 2016, it is appropriate to increase the level of the initial pre-financing paid to its operational programmes under the Investment for growth and jobs goal and to programmes supported by the EMFF through the payment of an additional initial pre-financing amount in those years.
(4)
To ensure that the additional initial pre-financing amount is effectively used and reaches beneficiaries of the Funds and the EMFF as soon as possible so that they can make planned investments and be promptly reimbursed following the submission of their payment applications, the additional initial pre-financing amount should be repaid to the Commission if it is not followed by an adequate level of payment applications submitted to the Commission within a certain deadline.
(5)
In order to improve the effective use of available funding for the financing of operations under operational programmes for the Convergence and Regional competitiveness and employment objectives supported by the Funds which were adopted for the 2007-2013 period in Greece, the maximum co-financing rates should be increased and the ceiling for payments to programmes at the end of the programming period raised. To ensure that the resources thus made available are effectively used for the financing of investments on the ground, a reporting mechanism should be provided for.
(6)
Given the urgency of the support needed, this Regulation should enter into force on the day following that of its publication in the Official Journal of the European Union.
(7)
Regulation (EU) No 1303/2013 of the European Parliament and of the Council should therefore be amended,
HAVE ADOPTED THIS REGULATION: