§ Mrs. Clwyd
To ask the Secretary of State for Foreign and Commonwealth Affairs what is the planned United Kingdom contribution to the European bank for reconstruction and development; and whether this will come from existing budgets.
§ Mrs. Chalker
Subject to parliamentary approval and the deposit of an instrument of ratification, it is envisaged that the United Kingdom will subscribe to 85,175 shares of the initial authorised capital stock of 1 million shares. The cost per share will be 10,000 ecu. Thirty per cent. of each shareholding would be for paid-in shares, with payment in five equal annual instalments; half of each instalment being paid in cash, and half in non-negotiable, non-interest-bearing promissory notes. On this basis, the current annual cost to the United Kingdom of taking up the full shareholding allocated would be about £19 million, depending on the sterling/ecu exchange rate at the time of payment. Provision of such sums for the years to 1993–94 will be discussed in this year's public expenditure survey.