invisible hands film

It's a little known fact that the European Investment Bank (EIB) is the biggest public bank in the world. With annual loans of more than EUR 40 billion a year, the EIB lends more than any other multilateral bank but receives far less scrutiny. A new film from Foundation Zora, supported by CEE Bankwatch Network and Friends of the Earth International, reveals the EIB as a powerful yet very non-transparent institution with a significant impact on people's life.

• EUR 200 million loan for the 'upgrading' of Slovak Railways, accompanied by controversial loan conditions insisted on by the EIB, which has led to significant increases in fares, substantial staff lay-offs and the termination of a number of regional lines
• a EUR 390 million loan to the British Airport Authority for the construction of Heathrow Terminal 5 which will not only add to the environmental problems faced by Londoners but also sees the EIB supporting a large corporation and violating its own statute by financing a project where funds could easily have been made available from other sources.

• Featuring interviews with people from affected local communities in the Slovak Republic and the UK though not from the EIB, whose staff declined the opportunity to give their side of the story, the film's findings will surprise those who expect exemplary institutional practice from major European public bodies like the EIB.

'Invisible Hands' provides a great introductory snapshot of how the EIB goes about its business, mostly out of the public spotlight and often to the detriment of people all across Europe. Most alarming of all is that there is enough controversial evidence about the EIB to make a feature length epic, although input from the bank's publicity shy staff would be difficult to guarantee. A fully transparent EIB is definitely in the best interests of European citizens and taxpayers.

To obtain a free copy of this 30 minute film contact: main@bankwatch.org