European Investment Bank

HC Deb 02 November 1999 vol 337 cc166-7W

Mr. John M. Taylor

To ask the Chancellor of the Exchequer if the European Investment Bank is subject to the scrutiny of the European Union's Court of Auditors; and if he will make a statement. [96036]

Miss Melanie Johnson

As an autonomous institution, the EIB is not accountable to the Court of Auditors in respect of its own resources. Under its Statute the Bank is accountable to its own governing bodies, including an independent Audit Committee which reports directly to the Board of Governors (comprised of Finance Ministers of the member states). The Bank's accounts are submitted to internal and external auditors.

In respect of activities which the EIB carries out using Community Budgetary resources, the Bank is subject to the Court of Auditors in accordance with Article 248 of the EC Treaty.