§ Mr. Horamasked the Chancellor of the Exchequer what steps have been taken to increase the capital of the European Investment Bank; and if he will make a statement.
§ Mr. HealeyAt its meeting on 10th July 1975, the Board of Governors of the European Investment Bank decided to increase the capital of the Bank from 2,025 million units of account to 3,543.75 million units of account. The Board of Governors also decided that 10 per cent. of the increase in subscribed capital shall be paid up by Member States in proportion to their contribution to subscribed capital. Payment will be made in eight 351W equal half-yearly instalments, the first of which will fall due on 30th April 1976. In the case of the United Kingdom the payments, amounting to about £4.85 million in each of the financial years 1976–77, 1977–78, 1978–79 and 1979–80, will be charged to the Consolidated Fund.