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Treasury urged to stop European Bank's 'extraordinary' slide towards secrecy

11 September 2014: Campaigners are urging the UK Treasury and Chancellor of the Exchequer George Osborne to help halt a dangerous slide towards secrecy at a giant bank of which the UK is an owner.

The already secretive European Investment Bank is proposing to make it far harder for European citizens to find out what it is up to, despite the fact it is a ‘public’ bank owned by EU countries.

The UK Treasury has two seats on the Bank’s board of directors, which also includes officials from all EU member states, while Mr Osborne sits on the Bank’s Board of Governors, along with other EU finance ministers.

Now Christian Aid, Publish What You Fund and ActionAid are urging the Treasury officials to speak out against the plans at the Bank’s next board meeting in Luxembourg on Tuesday 16 September.

'The Bank’s planned lurch towards secrecy is extraordinary,' said Joseph Stead, Senior Economic Justice Adviser at Christian Aid.

‘At a time when the rest of the world has recognised that companies behave better when the public can find out what they’re doing, the Bank is proposing to conceal more than ever.

'Even more shocking is that this is being proposed by a bank that is effectively owned by us, the people of Europe. The European Parliament has made numerous calls on the EIB to act more transparently but its response is to move in the opposite direction.'

Rachel Rank, Director of Publish What You Fund, added: 'We urge George Osborne and the Treasury to ensure the UK uses next week’s board meeting to demand that the EIB revisits these restrictive plans and instead pursues openness about its affairs. We hope the public interest will prevail and the UK will take the lead on this.'

Barry Johnston, Head of Advocacy at ActionAid, said: 'Last year at the G8, the government set out proposals for “a new agenda of transparency and accountability in developing countries”. The Chancellor must now fight to ensure this agenda is protected against these shocking backwards steps being proposed in Europe.'

The European Investment Bank last year lent EUR€ 71.7 billion to projects within and outside Europe; around 10 per cent of its funding goes to more than 150 countries outside the European Union, including in eastern Europe and the former Soviet Union as well as the Middle East, Asia and Africa. Bank-financed projects include motorways, pipelines and power stations.

According to the 2013 Aid Transparency Index, the Bank is already lagging behind other multilateral organisations in terms of transparency.

The Index rated it as ‘poor’ – one rung above the worst rating of ‘very poor’, as part of an assessment and ranking of 67 donor organisations.

The 2014 Index will be published next month and the EIB’s performance is not expected to improve.

This summer, the Bank launched a public consultation on proposals to change its ‘transparency’ policy in ways which would allow it to hide even more information than at present.

A Counter Balance briefing lists the most worrying changes: http://www.counter-balance.org/wp-content/uploads/2014/07/Policy-note_EIB-transparency-policy_Counter-Balance.pdf

The Bank has invited comments on its proposals by 26 September 2014.


For more information please contact Rachel Baird on 0207 523 2446 or rbaird@christian-aid.org. 24 hour press duty phone – 07850 242950  

Notes to editors:

1. Christian Aid works in some of the world's poorest communities in around 50 countries at any one time. We act where there is great need, regardless of religion, helping people to live a full life, free from poverty. We provide urgent, practical and effective assistance in tackling the root causes of poverty as well as its effects.

2. Christian Aid’s core belief is that the world can and must be changed so that poverty is ended:  this is what we stand for. Everything we do is about ending poverty and injustice: swiftly, effectively, sustainably. Our strategy document Partnership for Change explains how we set about this task.

3. Christian Aid is a member of the ACT Alliance, a global coalition of more than 130 churches and church-related organisations that work together in humanitarian assistance, advocacy and development.  Further details at http://actalliance.org

4. Follow Christian Aid's newswire on Twitter: http://twitter.com/caid_newswire

5. For more information about the work of Christian Aid visit http://www.christianaid.org.uk


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