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Ec (Finance)

Volume 82: debated on Wednesday 10 July 1985

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asked the Chancellor of the Exchequer (1) if he will list the total payments by the United Kingdom to European Economic Community funds from 1 January 1973 to 31 December 1984, showing the body to which the payments were made and including payments to the European. Investment Bank and the European Coal and Steel Community, and also showing the total amounts the United Kingdom has received from these bodies in the same period in (a) loans and (b) grants;(2) what sums have been paid by the United Kingdom to the European Economic Community in interest charges on sums on loan to the United Kingdom from the European Economic Community in each year or financial year since 1 January 1973 to the latest convenient date;(3) what sums have been repaid of the capital sums lent to the United Kingdom by the European Economic Community in each year from 1 January 1973 to the latest convenient date.

asked the Chancellor of the Exchequer for what purposes the sums paid by the United Kingdom to the EEC in respect of capital repayments of EEC loans to the United Kingdom are used.

The European Investment Bank, the European Atomic Energy Authority and the European Coal and Steel Community lend money in the United Kingdom and other member states. The European Commission (with the help of the EIB) also lends money under the new Community instrument. Capital repayments are used to service the original loans raised to finance this lending. Additional information on the Community's borrowing and lending operations is contained in the report on the "Borrowing and Lending Activities of the Community in 1984" (Doc. No. 6992/85), a copy of which has been deposited in the House.

asked the Chancellor of the Exchequer what are the total sums accumulated by the EEC from member states from 1 January 1973 to the latest convenient date which are either (a) on loan and (b) held by the EEC; and, of these sums, how much represents the capital payments from each state and how much interest charges paid on loans made in respect of loans.

At 31 December 1984, total borrowing outstanding of the European Communities was as follows: European Coal and Steel Community 7119 mecus; European Investment Bank 25007 mecus; European Atomic Energy Authority 1892 mecus; New Community Instrument 4432 mecus; EEC borrowing for balance of payments purposes 4932 mecus. Not all this borrowing was raised in member states. The bulk of the borrowing has been used for on-lending in the European Community. As at 31 December 1984, capital payments to the EIB by member states have totalled 1061 mecus. I regret the other information requested is not readily available.