The Court of Justice of the European Communities ruled today on the action lodged by the European Commission on 12 January 2000 challenging the position taken by the Bank in relation to the European Anti-Fraud Office (OLAF), the EU's specialised body in combating fraud and corruption.

The ruling now provides the Bank with a legal framework for continuing its full cooperation with OLAF, an external and independent body. Accordingly, the Bank will be taking steps to adapt its internal rules and procedures to this new legal framework in order to ensure optimal cooperation with OLAF in the fight against fraud and corruption. This will be done in close coordination with OLAF.

The EIB (European Investment Bank) is owned by the EU Member States. Set up in 1958, its mission is to contribute to the EU's policy objectives by financing sound capital investment. Though a not-for-profit organisation, it is self-financing, raising its funds by borrowing on capital markets.

EIB's key operational objectives are to finance: regional development and economic and social cohesion of the EU, including integration of Candidate countries; knowledge and R&D intensive industries; environmental protection and improvement; improved international competitiveness of industry; SMEs; trans-European networks in transport, telecom and energy; human capital: education and health. EIB also supports the EU's development and co-operation policies in Partner Countries outside the EU by providing finance under mandate from the European Union or its Member States.