Withdrawal Agreement European Investment Bank

The European Council invites the Commission, the High Representative of the Union for Foreign Affairs and Security Policy and the Member States to continue work to prepare for the consequences of the WITHDRAWAL of the United Kingdom at all levels, taking into account all possible outcomes. But all this will stop with Brexit. The Withdrawal Agreement clearly states: “After the withdrawal, UK projects will not be eligible for new EIB operations reserved for Member States.” Indeed, the EIB`s Statute limits it to financing operations in the Member States, with the exception of a small minority of loans in third countries (mainly developing countries) under special provisions adopted unanimously. Theoretically, amendments to the EIB`s Treaty and/or Statute could be made if there was goodwill after the withdrawal to allow the UK to continue to benefit from EIB financing. But it would also require unanimity, and given the UK`s increasingly aggressive approach to negotiation – not to mention its threat to breach international law by ignoring key provisions of the withdrawal treaty – it is highly unlikely that such goodwill will be available. At the same time, the fact that the UK does not receive a fair share of the profits we finance will also be overlooked in its initial investment in the EIB. The UK initially invested £3.5 billion to finance growth across the EU. Now that we are leaving the EU completely, we expect this money to be returned and adjusted for inflation, which is expected to be estimated at over £37 billion. However, the EU only returns the UK`s “initial share” of £3.5 billion. Member States share legislative competence with the European Union in many policy areas and their national and regional authorities are responsible for the implementation and application of the Union acquis. Adaptations of national rules and guidelines for stakeholders and significant investments in personnel and infrastructure (.

B e.g. for customs, sanitary and phytosanitary controls at borders, the competent authorities responsible for certain procedures, etc.) are necessary. Regional authorities, in particular those with legislative powers, but also local authorities should be involved in the preparations. It is disastrous that the EIB and its subsidiary, the European Investment Fund (EIF), which has provided more than a third of the UK`s venture capital, have already significantly reduced their liabilities to the UK (the EIB to less than EUR 1 billion in 2018) in anticipation of the final breach. And although there has been talk of setting up a new investment bank in the UK, little seems to have been done so far to replace EIB financing. It is important to emphasise that it is not legally necessary to amend or delete all references to the UK or its institutions and actors in existing EU legislation. .