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European Central Bank disputes DUP minister's Brexit claim

DUP communities minister Paul Givan. Picture by Mal McCann
DUP communities minister Paul Givan. Picture by Mal McCann DUP communities minister Paul Givan. Picture by Mal McCann

THE European Central Bank has disputed a DUP minister's claim that its investment in Northern Ireland would not be affected by the UK leaving the EU.

Communities minister Paul Givan said a Brexit vote would have "absolutely no detrimental impact" on European Investment Bank (EIB) funding.

He said: "The European Investment Bank invests hundreds of millions of pounds outside the European Union, and, therefore, there is absolutely no detrimental impact in the United Kingdom leaving the European Union and continuing to get support from the European Investment Bank."

However, in response the EIB has said future investment would be "at risk" if Britain and Northern Ireland left the European Union.

An EIB spokesman said: "Contracts for the £280 million housing investment announced last week with minister Givan will be honoured, however a Brexit vote can be expected to put the EIB's future engagement across the UK at risk."

The DUP is supporting a vote to leave the EU in the referendum on June 23.

Mr Givan was speaking at Stormont on Tuesday in response to questions from the SDLP's Gerry Mullan about a recent EIB £280m loan to fund social housing projects in Northern Ireland.

Mr Mullen said that supporters of the leave campaign have once again "got it wrong".

"It would be difficult for the minister to be more at odds with how the EIB views the situation," the East Derry MLA said.

"The long-term uncertainty the UK would experience in the event of leaving the EU would make long-term investments from the EIB highly unlikely."

In the last eight years the EIB has provided €43bn for long-term investment in the UK.

This is compared to €1bn in the European Free Trade Association countries of Norway, Switzerland, Iceland and Liechtenstein.