§ Mr. MorganTo ask the Chancellor of the Exchequer when he(a) last attended and (b) next expects to attend a meeting of the board of directors of the European investment bank.
§ Mr. Kenneth ClarkeI am a member of the bank's board of governors, not of the board of directors. Consequently, I have never attended, nor do I expect in the future to attend, any meetings of the board of directors.
§ Mr. MorganTo ask the Chancellor of the Exchequer what is the current level of the United Kingdom's Government shareholding in the European investment bank; what proportion it constitutes of the total shareholding; what changes in its level there have been in the past(a) 10, (b) five and (c) one year; and what proposals there are to amend it in either direction.
§ Mr. Kenneth ClarkeThe total subscribed share capital of the European investment bank is currently set at 57,600,000,000 ecus—£43,530,834,341*. Of this, the United Kingdom holds 11,017,450,000 ecus— £8,326,367,896*—or approximately 19.1 per cent. of the total.
The bank's capital was fixed at its present amount on 1 January 1991, when it was doubled from its then level of 28,800 mecu. The previous increase in capital, which was the only other change during the past 10 years, occurred on 1 January 1986. At that time the capital was raised from 14,400 mecu to 28,800 mecu.
There are at present no proposals to either decrease or increase the capital of the bank.
*Figures converted at 30 November 1993 £/ecu conversion rate (£1=1.3232 ecu).
§ Mr. MorganTo ask the Chancellor of the Exchequer if he will now resign from the board of directors of the European investment bank.
§ Mr. Kenneth ClarkeSince I am not, nor have I ever been, a member of the bank's board of directors, there can be no question of my resigning from this body. I have no intention of resigning my position on the bank's board of governors.