Regulation (EU) 2025/2005 of the European Parliament and of the Council of 16 December 2025 amending Regulations (EU) 2015/1017, (EU) 2021/523, (EU) 2021/695 and (EU) 2021/1153 as regards increasing the efficiency of the EU guarantee under Regulation (EU) 2021/523 and simplifying reporting requirements

‘1 The EU guarantee for the purposes of the EU compartment referred to in Article 9(1), point (a), shall be EUR 29052310073 in current prices. It shall be provisioned at the rate of 40 %. The amount referred to in Article 35(3), first subparagraph, point (a), shall be also taken into account for contributing to the provisioning resulting from that provisioning rate. An additional amount of the EU guarantee may be provided for the purposes of the Member State compartment referred to in Article 9(1), point (b), of this Regulation, subject to the allocation by Member States, pursuant to Article 14 of Regulation (EU) 2021/1060 of the European Parliament and of the Council (the “Common Provisions Regulation for 2021-2027”) and Article 81 of the CAP Strategic Plans Regulation, of the corresponding amounts.

‘3 The financial envelope for the implementation of the measures provided for in Chapters VI and VII shall be EUR 470000000 in current prices.’

‘1 The EU guarantee and the InvestEU financial instrument shall be implemented in indirect management with the bodies referred to in Article 62(1), points (c)(ii), (c)(iii), (c)(v) and (c)(vi), of Regulation (EU, Euratom) 2024/2509. Other forms of Union funding under this Regulation shall be implemented in direct or indirect management in accordance with Regulation (EU, Euratom) 2024/2509, including grants implemented in accordance with Title VIII of Regulation (EU, Euratom) 2024/2509 and blending operations implemented in accordance with this Article as smoothly as possible, in a manner that ensures efficient and coherent support for Union policies.’

‘1 Support from the EU guarantee under this Regulation, Union support provided through the financial instruments established by the programmes in the programming period 2014-2020 and Union support from the EU guarantee established by Regulation (EU) 2015/1017 may be combined to support financial products or portfolios implemented or to be implemented by the EIB or the EIF under this Regulation.’

‘4 Support from the EU guarantee under this Regulation, Union support provided through the guarantee under the financial instruments established by the programmes in the programming period 2014-2020 and released from the operations approved under those instruments, and Union support provided through the EU guarantee established by Regulation (EU) 2015/1017 and released from operations approved under that EU guarantee may be combined to support financial products or portfolios containing financing and investment operations eligible under this Regulation, implemented or to be implemented by the EIB or the EIF under this Regulation.’

‘5 By way of derogation from Article 212(3), second subparagraph, of Regulation (EU, Euratom) 2024/2509, the released guarantee supported by the Union budget under the financial instruments established by the programmes in the programming period 2014-2020 may be used for covering financing and investment operations eligible under this Regulation for the purposes of the combination referred to in paragraph 4 of this Article.

6 By way of derogation from Article 216(4), point (a), of Regulation (EU, Euratom) 2024/2509, it shall be possible not to take into account the provisioning corresponding to the released guarantee under the Union support from the EU guarantee established by Regulation (EU) 2015/1017 for the purposes of the operation referred to in Article 216(4), point (a), of Regulation (EU, Euratom) 2024/2509 and that provisioning may be used for covering financing and investment operations eligible under this Regulation for the purposes of the combination referred to in paragraph 4 of this Article.

7 The release of the guarantee supported by the Union budget under the financial instruments established by the programmes in the programming period 2014-2020, the transfer of corresponding assets from fiduciary accounts to the common provisioning fund referred to in Article 215 of Regulation (EU, Euratom) 2024/2509 and the release of the guarantee under the Union support from the EU guarantee established by Regulation (EU) 2015/1017 referred to in paragraph 4 of this Article shall take place by an amendment of the relevant agreements between the Commission and the EIB or the EIF. The conditions of the use of the released guarantees referred to in the first subparagraph of this paragraph, to cover financing and investment operations eligible under this Regulation, and where relevant, the transfer of corresponding assets from fiduciary accounts to the common provisioning fund referred to in Article 215 of Regulation (EU, Euratom) 2024/2509, shall be set out in the guarantee agreement referred to in Article 17 of this Regulation. The terms and conditions of the financial products referred to in paragraphs 1 and 4 of this Article and of the portfolios concerned, including the respective pro rata shares of losses, revenues, repayments and recoveries or the respective non pro rata shares in accordance with paragraph 3, second subparagraph, of this Article, shall be set out in the guarantee agreement referred to in Article 17.’

1 A Member State may contribute amounts from the funds under shared management to the Member State compartment of the InvestEU Fund in view of deploying them through the InvestEU financial instrument. Member States may also provide additional amounts for the purposes of the InvestEU financial instrument. Such amounts shall constitute an external assigned revenue in accordance with the second sentence of Article 21(5) of Regulation (EU, Euratom) 2024/2509. Amounts allocated by a Member State on a voluntary basis pursuant to the first and second subparagraph shall be used for supporting financing and investment operations in the Member State concerned. Those amounts shall be used to contribute to the achievement of the policy objectives specified in the Partnership Agreement referred to in Article 11(1), point (a), of the Common Provisions Regulation for 2021-2027, in the programmes or in the CAP Strategic Plan which contribute to the InvestEU Programme, in order to implement relevant measures set out in the recovery and resilience plan established under Regulation (EU) 2021/241 or, in other cases, for the purposes laid down in the contribution agreement, depending on the origin of the amount contributed.

2 Contribution to the InvestEU financial instrument shall be subject to the conclusion of a contribution agreement between a Member State and the Commission, which in the case of contributions from funds under shared management shall be concluded in accordance with Article 10(2), fourth subparagraph. Two or more Member States may conclude a joint contribution agreement with the Commission.

3 The contribution agreement shall at least contain the amount of the contribution by the Member State and the currency of the financing and investment operations, provisions on the Union remuneration for the InvestEU financial instrument, the elements set out in Article 10(3), points (b) to (e) and (g), and the treatment of resources generated by or attributable to the amounts contributed to the InvestEU financial instrument.

4 The contribution agreements shall be implemented through guarantee agreements concluded in accordance with Article 10(4), first subparagraph. Where no guarantee agreement has been concluded within 12 months from the conclusion of the contribution agreement, the contribution agreement shall be terminated or prolonged by mutual agreement. Where the amount of a contribution agreement has not been fully committed under one or more guarantee agreements within 12 months from the conclusion of the contribution agreement, that amount shall be amended accordingly. The unused amount of a contribution from funds under shared management delivered through the InvestEU Programme shall be re-used in accordance with the Regulation establishing the fund concerned. The unused amount of a contribution by a Member State under paragraph 1, second subparagraph, of this Article shall be paid back to the Member State. Where a guarantee agreement has not been duly implemented within the period specified in Article 14(6) of the Common Provisions Regulation for 2021-2027 or Article 81(6) of the CAP Strategic Plans Regulation, or, in the case of a guarantee agreement related to amounts provided in accordance with paragraph 1, second subparagraph, of this Article, in the relevant contribution agreement, the contribution agreement shall be amended. The unused amounts allocated by Member States pursuant to the provisions on the use of the funds under shared management delivered through the InvestEU Programme shall be re-used in accordance with the Regulation establishing the fund concerned. The unused amount of an InvestEU financial instrument attributable to the contribution by a Member State under paragraph 1, second subparagraph, of this Article shall be paid back to the Member State. Resources generated by or attributable to the amounts contributed to the InvestEU financial instrument pursuant to the provisions on the use of the funds under shared management delivered through the InvestEU Programme shall be re-used in accordance with the Regulation establishing the fund concerned. The resources generated by or attributable to the amounts contributed to the InvestEU financial instrument under paragraph 1, second subparagraph, of this Article shall be paid back to the Member State.

5 Support under the InvestEU financial instrument may be granted for financing and investment operations covered by this Regulation for an investment period ending on 31 December 2027. Contracts implementing the InvestEU financial instrument between the implementing partner and the final recipient or the financial intermediary or other entity referred to in Article 16(1), point (a), shall be signed by 31 December 2028.’

1 The granting of the EU guarantee and the provision of support from the InvestEU financial instrument shall be subject to the entry into force of the guarantee agreement with the relevant implementing partner.

2 Financing and investment operations shall be covered by the EU guarantee or be supported through the InvestEU financial instrument only where they fulfil the criteria laid down in this Regulation and, as relevant, in the relevant investment guidelines, and where the Investment Committee has concluded that those operations fulfil the requirements for benefiting from the EU guarantee or the InvestEU financial instrument. The implementing partners shall remain responsible for ensuring that the financing and investment operations comply with this Regulation and the relevant investment guidelines.

3 No administrative costs or fees related to the implementation of financing and investment operations under the EU guarantee or the InvestEU financial instrument shall be due to the implementing partner by the Commission unless the nature of the policy objectives targeted by the financial product to be implemented and the affordability for the targeted final recipients or the type of financing provided allow the implementing partner to duly justify to the Commission the need for an exception. The coverage of such costs by the Union budget shall be limited to the amount strictly required to implement the relevant financing and investment operations, and shall be provided only to the extent to which the costs are not covered by revenues received by the implementing partners from the financing and investment operations concerned. The fee arrangements shall be laid down in the guarantee agreement and shall comply with Article 17(4) of this Regulation and with Article 212(2), point (g), of Regulation (EU, Euratom) 2024/2509. Notwithstanding the first subparagraph, implementing partners are entitled to appropriate fees in relation to the management of fiduciary accounts relating to the InvestEU financial instrument.

4 In addition, the implementing partner may use the EU guarantee or the InvestEU financial instrument to meet the relevant share of any recovery costs in accordance with Article 17(4), unless those costs have been deducted from recovery proceeds.’

‘1 The EIB, in cooperation with the EIF where appropriate, shall submit once a year a report to the Commission on EIB financing and investment operations covered by this Regulation. The report shall include an assessment of compliance with the requirements on the use of the EU guarantee and with the key performance indicators referred to in Article 4(2), point (f)(iv). The report shall also include statistical, financial and accounting data on each EIB financing and investment operation and on an aggregated basis.’

‘3 The guarantee supported by the Union budget and provided by the EIB through the InnovFin Debt Facility established under Regulations (EU) No 1290/2013 and (EU) No 1291/2013 may be granted to cover financing and investment operations eligible under Regulation (EU) 2021/523 of the European Parliament and of the Council for the purposes of combinations as referred to in Article 7 of Regulation (EU) 2021/523 and may cover losses of the financial product containing the financing and investment operations and covered by the combined support.

‘5 The guarantee supported by the Union budget and provided by the EIB through the CEF Debt Instrument established under Regulation (EU) No 1316/2013 may be granted to cover financing and investment operations eligible under Regulation (EU) 2021/523 for the purposes of combinations as referred to in Article 7 of Regulation (EU) 2021/523 and may cover losses in relation to the financing and investment operations covered by the combined support.’.

This Regulation shall enter into force on the day following that of its publication in the Official Journal of the European Union.