The UK has £9 billion invested in the European Investment Bank.
Correct. This is the value of the UK’s shares in the EIB, based on its finances in 2016.
“We’ve got about £9 billion invested in the European Investment Bank, we have contributed for decades to this organisation.”
Suzanne Evans, 1 June 2017
This is right. As with all other members of the EU the UK is a shareholder in the European Investment Bank (EIB). It is the bank of the EU and works closely with the other EU governing bodies, investing in projects across Europe and around the world.
Along with Germany, France and Italy, the UK is one of the largest shareholders in the EIB with shares of 16%.
Earlier this year a committee of Lords said that “it is likely that the UK would claim its called up capital in the event that it ceased to be a shareholder of the EIB”, that was around €3.5 billion in 2016. But it said that “a more useful measure” would be be the UK’s share of the bank’s equity, reserves and profits for that year (known as the bank’s ‘own funds’.)
The EIB’s rules state that its members must also be member states of the EU. For the UK to remain a member of the EIB after Brexit the rules would have to be changed—something that all the remaining members states would have to agree on.
As well as the UK having shares in the EIB, the bank also invests in projects in the UK. This investment totalled more than €29 billion between 2011 and 2015, followed by another €6.9 billion in 2016. Whether or not the EIB would continue to lend money to projects in the UK is likely to be discussed during Brexit negotiations. It would be possible for this to happen, but it would need the unanimous agreement of finance ministers in all the remaining EU countries.
This factcheck is part of a roundup of BBC Question Time. Read the roundup.
The integrity of our elections is in danger, and we need your help
You’re probably here looking for facts. Thank you for that trust. But with the EU parliament elections on the way and more elections a possibility, we need to act now to make sure our elections are protected, before it’s too late.
Could you help protect our elections by becoming a Full Fact donor?
Misinformation isn’t new, but advancements in technology mean it can spread at an unprecedented scale. Our dangerously outdated election laws have not kept up with the digital age, putting our next elections at risk of abuse.
Currently, it’s possible for a candidate to run a thousand different political ads to win the same seat, promising something different to each group it targets. At the same time, there’s no law requiring those who publish online campaigns to disclose who they are or how they are funded. The opportunity for bad actors to manipulate election results is left wide open.
You may already know about our work to make public debate online more honest and transparent. Every day, we call out the most harmful misinformation on social media platforms when and where we see it. But right now, we’re urging the government to overhaul our election laws to make sure political campaigning is held to the same level of scrutiny online as it is offline.
This work all depends on the generosity of hundreds of people who all believe that for democracy to work, we need transparency. Our monthly donors help strengthen our voice, and show our politicians that this really matters. Would you consider joining them?
Become a donor today to make sure our elections are protected.