European Bank for Reconstruction and Development

HC Deb 26 July 1993 vol 229 cc534-5W

Mr. Cox

To ask the Secretary of State for Foreign and Commonwealth Affairs what opinions have been expressed by the Government to senior officials of the European bank for reconstruction and development on the bank's financial problems.

Mr. Lennox-Boyd

In discussion with the EBRD senior officials and fellow members, we have consistently emphasised that the bank—like any other public sector organization—has a duty to use the tax payer's resources as cost effectively as possible. We have welcomed the findings of the recently published report of the bank's audit committee, which makes a number of proposals to strengthen financial procedures and controls. The bank's financial position remains strong—it made a small operating profit in 1992.