§ Mr. Teddy TaylorTo ask the Chancellor of the Exchequer when he was consulted by the European investment bank in his capacity as Chancellor and as a director of the bank over the decision to lend £1,000,000,000 and £300,000,000 to the channel tunnel project; and what advice he offered to the bank on behalf of the United Kingdom Government on each loan decision.
§ Mr. Maude[holding answer 17 October 1990]: The statute of the European investment bank (EIB) requires the EIB to seek an opinion on each loan proposal from the member states in whose territory the project will be carried out. The opinion represents the view of the Government concerned in their capacity as a shareholder in the EIB.
The United Kingdom Government were duly asked for an opinion on the loans of £1 billion and £300 million to the channel tunnel project. These requests were made on 18 December 1986 and 3 May 1990 respectively. The EIB was informed by the Treasury that the Government had
no objection to the project's being assessed according to the EIB's normal criteria".