Mr. Andrew McDowell:

The EU, excuse me. When we lend outside of the EU it requires a decision of our board of governors, which is the Finance Ministers from each member state, to give the bank a mandate to lend outside of the EU. All of this is hypothetical, but at present the statutes state a shareholder of the EIB must be an EU member state. We take it as a given that once the UK ceases being an EU member state, unless the treaties are changed it will no longer be a shareholder of the EIB. In these circumstances our board of governors would have to agree to give the bank a new mandate to lend into the United Kingdom.