Below is the text of the written answers relating to Prime Minister’s Question Time from 7th February 1994.
European Investment Fund
Mr. Spearing : To ask the Prime Minister, pursuant to his oral answer of 1 February, Official Report, column 734, concerning the accountability of the managers of the European investment fund, for what period funds at their disposal have been part of the annual budget of the European Community; what are the names of those who have the duty of appointing the managers of the fund and who appoints them and what are the names, experience, current employment and other relevant interests of the managers already appointed and the number of vacancies.
The Prime Minister : The proposed European investment fund cannot be established until the necessary treaty amendment has been ratified by all the European Community’s member states. Only then can managers for the fund be appointed. Meanwhile, the situation will remain as follows :
(a) No funds are at the disposal of the managers of the fund. The funding referred to in my answer of 1 February is the provision taken by the European Community for its planned subscription to the share capital of the fund. This subscription will be paid over four years. The Community’s 1994 Budget contains provision for the first tranche and was adopted on 16 December 1993.
(b) The draft statute of the fund places the ultimate responsibility for appointing the managers of the fund with the fund’s general meeting. This meeting would comprise representatives of the fund’s shareholders : the European investment bank, the European Community and financial institutions from member states. The EIB and the EC would hold the majority of the share capital, and their representatives at the meeting would be accountable to the EIB’s board of governors, and the ECOFIN Council, respectively. (c) The draft statute envisages that day-to-day management would be in the hands of a financial committee. This would have three members, one of whom would be a representative of the EIB, one a representative of the EC, and one a representative of the financial institutions. No nomination to this committee can be made until the fund is established.
Mr. Alfred Morris : To ask the Prime Minister what recent representations he has received from the National Children’s Home in regard to child nutrition; what reply he is sending; what action he is taking; and if he will make a statement.
The Prime Minister : I have received a letter from the N.C.H. Action for Children. A reply will be sent in due course.
Mr. Rooney : To ask the Prime Minister how many paper shredding machines there are (a) in 10 Downing Street and (b) in the Cabinet Office.
The Prime Minister : There are five paper shredding machines in 10 Downing Street, and five in the Cabinet Office.