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implications of the accession of other countries, and, in doing so, made an extremely telling and important point. Very often, Euro-bodies--the European investment bank is a large and eminent one--end up with empire aspirations that go beyond their original remit. Instead of financing organisations within the Community--the purpose for which they were originally established--they start becoming emulators of world banks. So it is that the European investment bank is financing enterprises in the Caribbean, south America and eastern Europe. There are good arguments for that, and I have tried to test some of them, but we need to keep our eye on the ball and ensure that the overwhelming majority of hard-pressed taxpayers' funds and liabilities are directed within the Community and not allowed to escape it. So there are implications for relations with nearby and potential acceding countries.

I have answered the question about domestic banks and the interest that they have taken. Only one in the United Kingdom has shown an interest so far, and that is Nikko Securities, but it is hoped that more interest will be forthcoming. The Government have certainly supported Sir Brian Unwin in making information available to the banks concerning the opportunities that exist.

The hon. Member for Newham, South rightly made a number of points about procedure. It is not novel but it is slightly unusual that we should be proposing the change by way of an order rather than primary legislation, and the hon. Gentleman is right to test the Government on that point. It was felt that the provision fell within section 1(3), and there are good precedents both in relation to changes to the European investment bank and to the de-accession of Greenland, so I am told.

Finally, the hon. Gentleman asked by what means the European investment fund statute would become known to the House. The statute has not been promulgated because the fund has not yet been set up. There is no requirement that the detail of the statute shall be published or promulgated. I agree that a strong case could be made for that, and I shall take careful note of what the hon. Gentleman has said, as will those Ministers who are involved in the European Community. There is a strong case for ensuring that the statute--that is to say, the detail of the constitution of the new fund--is made more widely available.

I hope that I have answered most of the queries raised in this interesting debate, and that the House will approve the order.

Mr. Andrew Smith : I am grateful to the Minister for his attempts to answer the bulk of the questions asked by hon. Members. I asked a question to which he did not respond. I asked whether the Commissions's proposal that an interim board of shareholders be established immediately had been implemented, and whether the board is meeting and taking decisions. I shall give way to the Minister if he is prepared to answer that, or perhaps he will write to me on the matter.

The Minister said that the European Community and member states had moved speedily on this matter. The hon. Gentleman and the Government may think it speedy, but Europe's unemployed could not possibly agree, and the quicker it is up and running and doing some good by generating investment funds, the better. We shall watch closely to see how quickly it is established and what good it does. We shall also keep a close watch on how it reports

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its work and how the Government report back to the House to ensure the accountability that hon. Members rightly expect.

Question put :--

The House divided : Ayes 187, Noes 3.

Division No. 7] [11.06 pm

AYES

Ainsworth, Peter (East Surrey)

Amess, David

Ancram, Michael

Arbuthnot, James

Arnold, Jacques (Gravesham)

Atkinson, Peter (Hexham)

Baker, Nicholas (Dorset North)

Baldry, Tony

Bates, Michael

Beresford, Sir Paul

Blackburn, Dr John G.

Boswell, Tim

Bowden, Andrew

Bowis, John

Brandreth, Gyles

Brazier, Julian

Bright, Graham

Brooke, Rt Hon Peter

Brown, M. (Brigg & Cl'thorpes)

Browning, Mrs. Angela

Burns, Simon

Burt, Alistair

Butcher, John

Carlisle, John (Luton North)

Carrington, Matthew

Carttiss, Michael

Chapman, Sydney

Clifton-Brown, Geoffrey

Colvin, Michael

Congdon, David

Conway, Derek

Coombs, Simon (Swindon)

Cope, Rt Hon Sir John

Couchman, James

Cran, James

Currie, Mrs Edwina (S D'by'ire)

Curry, David (Skipton & Ripon)

Davies, Quentin (Stamford)

Davis, David (Boothferry)

Day, Stephen

Douglas-Hamilton, Lord James

Dover, Den

Duncan, Alan

Duncan-Smith, Iain

Eggar, Tim

Elletson, Harold

Evans, David (Welwyn Hatfield)

Evans, Jonathan (Brecon)

Evans, Nigel (Ribble Valley)

Evans, Roger (Monmouth)

Faber, David

Fabricant, Michael

Forman, Nigel

Forsyth, Michael (Stirling)

Forth, Eric

Fox, Dr Liam (Woodspring)

Freeman, Rt Hon Roger

French, Douglas

Fry, Peter

Gale, Roger

Gallie, Phil

Garnier, Edward

Gillan, Cheryl

Goodson-Wickes, Dr Charles

Gorst, John

Grant, Sir A. (Cambs SW)

Greenway, Harry (Ealing N)

Griffiths, Peter (Portsmouth, N)

Grylls, Sir Michael

Gummer, Rt Hon John Selwyn

Hague, William

Hamilton, Rt Hon Archie (Epsom)

Hamilton, Neil (Tatton)

Hargreaves, Andrew

Heald, Oliver

Heathcoat-Amory, David

Hendry, Charles

Horam, John

Hordern, Rt Hon Sir Peter

Howard, Rt Hon Michael

Howell, Rt Hon David (G'dford)

Hughes Robert G. (Harrow W)

Hunt, Rt Hon David (Wirral W)

Hunter, Andrew

Jack, Michael

Jenkin, Bernard

Johnson Smith, Sir Geoffrey

Jones, Gwilym (Cardiff N)

Jones, Robert B. (W Hertfdshr)

Kellett-Bowman, Dame Elaine

Kennedy, Charles (Ross,C&S)

Key, Robert

Kirkhope, Timothy

Knapman, Roger

Knight, Mrs Angela (Erewash)

Knight, Greg (Derby N)

Knox, Sir David

Kynoch, George (Kincardine)

Lait, Mrs Jacqui

Lamont, Rt Hon Norman

Lang, Rt Hon Ian

Lawrence, Sir Ivan

Legg, Barry

Leigh, Edward

Lester, Jim (Broxtowe)

Lidington, David

Lightbown, David

Lloyd, Peter (Fareham)

Luff, Peter

Lyell, Rt Hon Sir Nicholas

MacKay, Andrew

Maclean, David

McLoughlin, Patrick

Maitland, Lady Olga

Malone, Gerald

Mans, Keith

Marland, Paul

Marshall, John (Hendon S)

Martin, David (Portsmouth S)

Merchant, Piers

Monro, Sir Hector

Montgomery, Sir Fergus

Nelson, Anthony

Neubert, Sir Michael

Nicholls, Patrick

Nicholson, Emma (Devon West)

Norris, Steve

Ottaway, Richard

Paice, James

Patten, Rt Hon John

Pattie, Rt Hon Sir Geoffrey

Pickles, Eric

Redwood, Rt Hon John

Rendel, David

Renton, Rt Hon Tim

Richards, Rod

Robathan, Andrew

Roberts, Rt Hon Sir Wyn

Robertson, Raymond (Ab'd'n S)

Robinson, Mark (Somerton)

Rowe, Andrew (Mid Kent)

Ryder, Rt Hon Richard

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