§ Mr. TredinnickTo ask the Secretary of State for Foreign and Commonwealth Affairs when he expects the European Bank for Reconstruction and Development to open; what discussions he has had concerning the bank recently; and if he will make a statement.
§ Mrs. ChalkerThe European Bank for Reconstruction and Development will be able to start operations when so authorised by the inaugural meeting of its board of governors. This will be held when the bank's articles of agreement have been ratified by members with two thirds of the total voting power, to include at least two borrowing members. The ratification process is likely to be concluded by next spring.
I opened the second conference of prospective members of the European Bank for Reconstruction and Development at Lancaster house today which will review progress in developing a sound operational framework for the new bank. I am confident that the bank will soon be able to play its part in fostering private enterprise and economic development in central and eastern European countries committed to democratic principles and market economics.