I want to get on with the debate. I have already given way to my hon. Friend the Member for Wolverhampton, South-West (Mr. Budgen) and I want to continue, because we have only one and a half hours to debate the subject. I do not want to cut the time available for Back Benchers.

It would be helpful if I set out the Government's view on the proposal for a Council decision on Community ratification of the articles.

As I mentioned earlier, it was the Strasbourg Council of 8 and 9 December last year which set in train the detailed negotiations which led to the articles of agreement. It is thus very much an initiative of the Heads of Government of the Twelve. This is acknowledged in the majority shareholding specified in the articles for the member states of the Community, the Community itself and the European investment bank.

The board of governors of the EIB has already authorised its membership as it is entitled to do under the EIB statute. If approved, the proposed Council decision will authorise Community membership of the EBRD. As is usual in these cases, we think that the Community should ratify only when all member states have done so. The draft decision is presently before the European Parliament, and we expect it to come to the Council in the autumn. It will require unanimous approval by the Council of Ministers.

Under the proposal, the Commission would have the right to appoint the Community's own governor and director, and would represent the Community within the EBRD, alongside member states and other shareholders, including the European Investment Bank. The Community and EIB will each hold 3 per cent. of voting power.

The House will want to know the financial implications. The Community's capital subscription will be for 300 million ecu—about £225 million, of which the paid-in element will be 90 million ecu—about £65 million. Our share of the EC capital subscription—based on our current share of the EC budget—will be approximately £45 million, of which £15 million would be paid in.

I hope that the House will agree that it is important that the Community becomes a member of the new institution quickly, so giving it a voice in the new institution. The Community and its 12 members can take much of the credit for the bank's existence and future.

It is possible that the draft Council decision may come to the Council in the autumn while the House is still in recess. The United Kingdom may thus be asked to give agreement in the Council before Parliament reassembles in October. As host nation and a leading member of the new bank, the United Kingdom would not want to delay unduly its entry into force. I hope, therefore, that the House will agree, after tonight's full debate, when hon. Members have had the opportunity recommended by the Scrutiny Committee to examine the matter in detail, that we should proceed.