§ Mr. Foxasked 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.
§ Sir Geoffrey HoweAt its meeting on 15 June 1981, the board of governors of the European Investment Bank decided to increase the capital of the Bank from 7,200 million ecus to 14,400 million ecus. The board of governors also decided that member States shall pay in 7.5 per cent. of the amount of this increase in eight equal half-yearly instalments, the first instalment falling due on 30 April 1984. In the case of the United Kingdom the payments will amount to about 29.5 million ecus, or about £16 million at the current rate of exchange in each of the financial years 1984–85, 1985–86, 1986–87 and 1987–88. Payments will be charged to the Consolidated Fund.