Can I thank Eluned Morgan for a very important supplementary question there? She’s quite right that the European Investment Bank is wholly owned by its shareholders and all its shareholders are the 28 European Union member states. The United Kingdom has a 16 per cent shareholding in the EIB and is, therefore, one of the four main shareholders in the bank. And in leaving the European Union, we will have to leave that direct membership of the EIB as well.

Now, Eluned Morgan is right to say that the EIB is able to lend to countries outside the European Union, but EIB lending outside the EU is governed by a series of EU mandates in support of development and co-operation policies in partner countries. In other words, every time it has a relationship with another country, that has to be specifically mandated by those countries that are the shareholding members of the EIB. So, we will have to put pressure on to negotiate exactly that sort of relationship in order to allow us in Wales to go on benefitting from the funds that the EIB has provided in the past, and are pivotal to some of the plans that we have for the future.