Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-02-17-Speech-4-043-000"
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"en.20110217.4.4-043-000"2
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"Mr President, I would just like to make some brief comments.
First, I would like to underline the importance of following the timetable. The trialogue between the institutions will start on the basis of the report that will probably be adopted today. The common aim is to have the decision adopted before the summer in order to pre-empt any risks of non-decision by October 2011, which would lead to the suspension of EIB external activities after that date. So I would underline that this is an extremely important issue.
I can also say that the EIB has been active in many countries which have become very important. The Egyptian portfolio is one of the largest in the EIB. From the start of its activities, the Bank has provided financing of more than EUR 4.3 billion, mostly to the private sector.
I would also like to clarify that the Bank and the budget are two different things. The Bank is operating with shareholders’ money, in this case capital paid in by the Member States. The Bank must be responsible for ensuring that all money lent is paid back. It is part of banks’ culture that they are evaluated by ratings. It has already been mentioned twice here that the EIB has the highest rating. These ratings must not deteriorate. That is very important. The professionalism of the Bank must ensure that this rating, which is also a symbol of European finances, is maintained.
Regarding how the EIB is controlled, there is a board. The Commission and all Member States are members of the board. The EIB can be investigated by OLAF and, of course, the Court of Auditors gives its opinion about the EIB. So there are democratic mechanisms and the Bank must operate within this framework. The EU guarantee only covers sovereign and political risks and it has never created a loss for the EU budget since its creation in 1960.
The EIB is a solid institution. Of course there is a large variety of choice in decision-making – whom to lend to and how to lend – and so these political guidelines discussed here today, and your opinions, are highly valued. They will definitely be taken into account."@en1
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