September 6, 2018 / 8:26 AM / 2 months ago

Poland threatens to block post-Brexit capital increase for EIB: FT

FILE PHOTO: The logo of the European Investment Bank is pictured in the city of Luxembourg, Luxembourg, March 25, 2017. Reuters/Eric Vidal

(Reuters) - Poland is threatening to block a post-Brexit capital plan for the European Investment Bank, the European Union’s not-for-profit lender, unless it can secure a bigger role at the lender, the Financial Times reported on Thursday.

Poland wants a larger stake in the EIB, which is owned by the EU’s 28 governments, as part of a push for greater influence in important EU institutions, the FT reported, citing officials familiar with the matter.

The push from Warsaw comes as the EIB prepares for the departure of the United Kingdom, its joint-biggest shareholder.

Poland has said it would scupper a deal to replace paid-in capital unless it can increase its own relative shareholding, the FT reported.

It has also argued that its plan is in the best interest of the EIB because fresh money will replace the UK capital, rather than having to draw on the lender’s reserve, the report said.

Neither the EIB nor Poland’s finance ministry immediately responded to Reuters’ requests for comment.

Reporting by Mekhla Raina in Bengaluru; Editing by Sai Sachin Ravikumar

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