Question to the HM Treasury:

To ask the Chancellor of the Exchequer, pursuant to the Answer of 28 November 2018 to Question 196880 on the European Investment Bank (EIB), what steps his Department is taking to (a) control, (b) manage and (c) oversee (i) risks and (ii) liabilities arising from EIB activities and the exposure of the UK to those risks after the UK leaves the EU.

The Withdrawal Agreement (WA) set the framework for the management, control and oversight of the UK’s EIB risk and ongoing liabilities. As part of the WA the UK secured the return of its €3.5bn capital in the EIB. The UK will maintain its contingent liability for financial operations approved before the WA enters into force to ensure existing projects face no disruption. This commitment will decrease as the back book of loans runs down and only in very exceptional circumstances would the EIB call upon the UK to contribute further amounts to the Bank; to date, the EIB has never called on Member States in this way. If this guarantee were called upon, any support would be provided on equal terms with Member States.

As set out in the WA the EIB is obligated to send the UK annual details of the UK’s remaining exposure and the limit on the UK’s liabilities to the EIB in addition to details of any material changes that could impact the UK’s liabilities.