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EU Grants and Loans

Volume 486: debated on Tuesday 13 January 2009

To ask the Chancellor of the Exchequer what estimate he has made of the (a) monetary value and (b) quantity of loans funded from the European Investment Bank made to UK companies in (i) November 2008 and (ii) December 2008; and what estimate he has made of the value and quantity of such loans in (A) January 2009 and (B) February 2009. (246765)

The European Investment Bank (EIB) publishes data and status information on individual loans on its public website (www.eib.org). The status of a loan can fall into one of three stages: (1) under appraisal; (2) approved by the Board of Directors of the EIB; and (3) signed by borrower and the EIB.

Based on information that is available in the public domain:

in November 2008, the EIB signed five finance contracts with UK companies, totalling €689,570,509; and

in December 2008, the EIB signed six finance contracts with UK companies, totalling €1,292,257,485.

Looking forward, based again on information that is currently publicly available:

there are 11 EIB loan applications by UK companies, totalling £1,929 million, approved by the EIB's Board of Directors and now awaiting final signature; and

there are a further eight EIB loan applications by UK companies, totalling approximately £1,810 million, currently under appraisal.

The exact timing of the approval and signature stages is subject to the conclusion of confidential negotiations between the EIB and borrower.