The European Commission has said following the withdrawal from the European Union the United Kingdom should cease being a member of the European Investment Bank (EIB).
The comments come from the European Commission task force working on the preparation and conduct of the negotiations with the UK under Article 50 on matters relating to the UK leaving the European Investment Bank (EIB). The task force has published a paper “Essential Principles on the Financial Settlement,” detailing its positions on the financial implications of Brexit.
The document includes reference to the European Investment Bank and to the position developed in agreement with the EIB.
Through its subscribed capital (callable and paid-in), the United Kingdom committed to guarantee the financing made by the EIB while it was a Member State. Following the withdrawal, the EC said the United Kingdom should cease being a member of the EIB.
The EC said that as part of the financial settlement, the United Kingdom liability resulting from the guarantee for the financing made by the EIB while the United Kingdom was a Member State should be maintained and its level decreased in line with the amortisation of the EIB portfolio outstanding at the time of United Kingdom withdrawal, at the end of which the paid-in capital of the United Kingdom in the EIB should be reimbursed to the United Kingdom.
As part of the financial settlement, the paid-in capital of the United Kingdom in the European Central Bank (ECB should) be reimbursed to the Bank of England (BoE).
EIB investments in the UK economy came to €6.9 billion in 2016, making the country the 5th largest recipient of EIB loans last year. Infrastructure projects accounted for 47% of total investments, while environment claimed 36%. Innovation and support to smaller businesses in the UK claimed 14% and 3% respectively. Over the past five years (2012-2016) the EU bank has invested over €31.3 billion in the British economy.
The total investment of the EIB Group (the European Investment Bank and the European Investment Fund) in the UK in 2016 was €8.1 billion.
The EIB, which is part owned by the UK, has been a key source of investment for Uk water companies.
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