European Investment (Hansard, 23 November 1994)

§ Mr. Campbell-Savours
To ask the Chancellor of the Exchequer by what amount in pound sterling the facilities of the European Investment bank were increased under terms agreed at the Edinburgh Council.

§ Mr. Heathcoat-Amory
The Edinburgh European Council established a special temporary lending facility, within the European Investment bank, to support capital investment in infrastructure projects. This facility amounted initially to 5 billion ecu or £3,925 million, but was subsequently increased to 7 billion ecu, or £5,495 million by the Copenhagen European Council.
All figures converted at 18/11/94 £/ecu conversion rate (£1 =1.2738 ecu).

§ Mr. Campbell-Savours
To ask the Chancellor of the Exchequer what are the expenditure implications for the European Union's budget arising out of the activities of the European investment bank and European investment fund.

§ Mr. Heathcoat-Amory
The activities of both the European Investment bank and the European investment fund are financed in each case largely from the resources of the institution concerned and, to this extent, impose no direct costs on the budget of the European union. However:

(i) the European union has subscribed for 600 million ecu, £471 million, worth of shares in the European investment fund, for which 20 per cent. is to be paid in. This sum of 120 million ecu, £94 million will be charged to the EU budget.

(ii) the European union has provided guarantees to the European Investment bank in respect of lending programmes 155 which it undertakes in eastern Europe, Asia and Latin America, and in the Mediterranean countries. These guarantees stand on the budget as a contingent liability.

All figures converted at 18/11/94 £/ecu conversion rate (£1 =1.278 ecu).

§ Mr. Campbell-Savours
To ask the Chancellor of the Exchequer by what amount in pound sterling the establishment of the European investment fund following the Edinburgh Council is predicted to cost the budget of the European Union.

§ Mr. Heathcoat-Amory
The European Union has subscribed for 600 million ecu, or £471 million, worth of shares in the new European investment fund, of which only 20 per cent is to be paid in to the fund. This sum will be paid from the EU budget, in four equal annual tranches of 30 million ecu, or £23.5 million, over the years 1994 to 1998.All figures converted at 18 November 1994 £/ecu conversion rate (£1 = 1.2738 ecu).

§ Mr. Campbell-Savours
To ask the Chancellor of the Exchequer to what extent the £24 billion expenditure package referred to in the Prime Minister's statement of 14 December 1992,Official Report, column 36, is affected by European Union budgets.

§ Mr. Heathcoat-Amory
The package referred to by my right hon. Friend the Prime Minister is not affected by European Union budgets.

§ Mr. Spearing
To ask the Chancellor of the Exchequer if he will publish any variation or extension of the text of the presidential communique of the December 1992 European Council in Edinburgh in respect of the revised arrangements for financing the European Community as now contained in the draft Council decision 9298/93.

§ Mr Heathcoat-Amory
Draft Council decision 9298/93 was superseded by Council decision 94/728/EC, Euratom of 31 October 1994—the "own resources decision".
The arrangements for Community own resources established by the new own resources decision do not differ in any material respect from those agreed by the Edinburgh European Council.