Press Briefing on the European Court of Auditors’ Special Report No.1/2009 on ‘Banking measures in the Mediterranean area in the context of the MEDA programme and previous protocols’, by Dr Igors Ludboržs, Member of the Court, in Brussels on 18 March 2009

The Court's report examines banking measures under the MEDA programmes and the previous protocols to determine whether:
* the ongoing projects were adequately monitored by the Commission and the European Investment Bank (EIB) and
* projects had achieved their objectives.

The banking measures cover three types, which are managed by the EIB under a mandate from the Commission: Technical Assistance, Interest rate subsidies for environmental loans granted by the EIB from its own resources, and Risk Capital Operations. The legality and regularity aspects of this audit were included in the Court’s Annual Report on the financial year 2006.

The report makes a series of recommendations aimed at setting up a tailor-made evaluation and monitoring programme for banking measures (covering, among other things, the environmental aspects and safeguarding the Community’s financial interests). The Court emphasizes the need for better coordination of the assistance work undertaken by the Community, the EIB and the other international/local partners.