With the leave of the House Mr. Deputy Speaker, I shall reply.

It would be impossible in two minutes to reply to all the points made in the debate. However, I shall write to those hon. Members whose questions I cannot answer in the time available.

I welcome the political commitment shown by the hon. Member for Cynon Valley (Mrs. Clwyd) to the establishment of the bank. It is right that we should show our commitment to the democratic processes that are now occurring in central and eastern Europe.

The decisions that have been reached are a considerable improvement on the original proposals that came before the European Council at Strasbourg last December.

When a Government have vested in them—as the Governments of member states have by the Acts that have been passed—the responsibility to discuss matters of this nature at Heads of Government level, it must be true that no work could proceed if every detail were brought back at every stage. My right hon. Friend the Prime Minister has reported to the House at every stage on what is going on and had my hon. Friend the Member for Wolverhampton, South-West (Mr. Budgen) had a major objection, I should have known about it then. But my hon. Friend did not express his views. He waited until tonight's debate to come forward with them.

I have a good deal of sympathy with much of what the hon. Member for Newham, South (Mr. Spearing) said. Of course, it would always be better if we had more time to make decisions such as these. But we are not alone in reaching decisions. What we have to do is to ensure that the Council machinery is properly and thoroughly used. The debate has explored a number of the issues. We have made our position very clear and I hope that we shall be able to satisfy the needs of scrutiny—as the hon. Member for Newham, South knows full well I intend to do.

We can work through the process but only under the laws that we have been given. Moreover, all the negotiations on the establishment of the European Bank for Reconstruction and Development have been undertaken according to what was decided at the heads of Government meetings. The resulting banks, about which hon. Members are concerned—