§ Sir Teddy Taylor
To ask the Chancellor of the Exchequer (1) how much the United Kingdom has agreed 875W to pay towards the establishment costs of the European central bank and what is the value of this sum in pounds sterling; and what legal requirement there was for the United Kingdom to make this contribution under the provisions on monetary union in the treaty of Maastricht;
(2) if he will make a statement about the basic purpose of the proposed European central bank;
(3) under what legislative provision he intends to make a payment towards the establishment costs of the European central bank; and if the decision will be subject to the approval of the Houses of Parliament.
§ Mr. Nelson
The UK has made no contribution towards the establishment of a European central bank. Nor would any contribution by any member state be made unless there were a decision to move to stage 3 of EMU as set out article 1091(1) of the EC treaty.
The objectives and tasks of a European system of central banks—comprising the ECB and the member states' national central banks—and the arrangements for subscribing capital, are set out in articles 2 and 6, and 28 to 29, of the protocol on the statute of the ESCB and of the ECB, annexed to the EC treaty.