Changes between two versions
What changed between the plenary report and the adopted text
From · plenary report· 15 Oct 2024
on the proposal for a regulation of the European Parliament and of the Council establishing the Ukraine Loan Cooperation Mechanism and providing exceptional macro-financial assistance to Ukraine
To · adopted text· 22 Oct 2024
Establishing the Ukraine Loan Cooperation Mechanism and providing exceptional macro-financial assistance to Ukraine
These two texts have too little in common to compare paragraph by paragraph: they are different documents rather than versions of one (for example one group’s motion and the joint text that was adopted).
+7 added · −68 removed · 3 changed paragraphs, packaging included.
Part 2 of 4: EXPLANATORY STATEMENT
Change 1
Removed:EXPLANATORY STATEMENT
Added:P10_TC1-COD(2024)0234
Removed:The ongoing war of aggression by Russia has significantly increased Ukraine’s financial needs. To address these challenges, both the European Union (EU) and the international community are being called upon to provide additional funding.
Added:Position of the European Parliament adopted at first reading on 22 October 2024 with a view to the adoption of Regulation (EU) 2024/… of the European Parliament and of the Council establishing the Ukraine Loan Cooperation Mechanism and providing exceptional macro-financial assistance to Ukraine
Removed:In response, the European Commission has put forward a legislative proposal aligned with a G7 initiative. This proposal aims to utilize the extraordinary revenues from immobilized Russian assets to cover Ukraine's urgent financial needs. Specifically, the proposal seeks to establish the Ukraine Loan Cooperation Mechanism (ULCM), which will enable Ukraine to service and repay loans of up to €45 billion. These loans will be repaid using the windfall profits generated from frozen Russian assets. The EU’s proposed macro-financial assistance (MFA) includes an amount of up to €35 billion, intended to support Ukraine's immediate financing needs. This assistance will be delivered in a predictable, long-term, and timely manner.
Added:(As an agreement was reached between Parliament and Council, Parliament's position corresponds to the final legislative act, Regulation (EU) 2024/2773.)
Removed:A key feature of this MFA is that Ukraine will not be required to repay the loan directly. Instead, repayments will be covered by windfall profits generated from interest accrued on immobilized Russian assets. Additionally, the terms of this loan will align with the conditions under the Ukraine Facility.
Removed:The rapporteur emphasizes the importance of a swift procedure in order for the EU to adopt this proposal by the end of October 2024 to ensure that the MFA loan can be released by the end of 2024.