§ Mr. Denzil Davies
To ask the Chancellor of the Exchequer, pursuant to his answer of 6 February,Official Report, columns 63–64, about the European Monetary Institute, what period of time is intended to be covered by the institute's budgeted expenditure for which the total capital requirement is 615.6 million ecu.
§ Mr. Nelson
The capital resources will be used to generate an income necessary to cover the expenditure of the European Monetary Institute until its liquidation, in accordance with article 1091 of the EC treaty. The Council of the EMI intends to review the size of the resources three years after the establishment of the EMI, at the end of 1996.