HC Deb 22 May 1996 vol 278 cc265-6W
Mr. Mike O'Brien

To ask the President of the Board of Trade what have been the implications of recent changes in exchange rates upon the amounts Her Majesty's Government may receive from regional development funds and social funds from the European Union. [30166]

Mr. Eggar

Governments do not apply for grants from these funds; the Commission, following criteria laid down in Council regulations, makes a number of block allocations for each member state.

These allocations, like the whole of the EC budget, from which they are drawn, are denominated in ecu. Changes in exchange rates therefore affect the value in national currencies of the structural funds grants received by all member states.