The dark side of EIB funds: How the EU’s bank supports non-transparent investment funds based in tax havens
Counter Balance has launched a report that critically analyses a little-known part of the European Investment Bank (EIB)’s operations: its use of private equity funds.
The report presents a number of statistics and facts about recent investment funds financed by the EIB during the period 2011-2015.
The main findings are that:
– The EIB supports private equity funds incorporated in tax havens and problematic jurisdictions;
– There is a systematic lack of transparency involved in these types of operations, both from the EIB and the investment fund’s side;
– Cases of conflicts of interests and revolving doors are frequent since several fund managers previously worked for the EIB or other international financial institutions.