The 16% shareholding Britain has in the European Investment Bank (EIB) may not be repaid until 2054, a representative of the EIB has said.

In an interview with the BBC, Alexander Stubb, vice president of the European Investment Bank (EIB) said that the cash, which stands at least €3.5bn, may only be released after 2054.

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A House of Lords report put the total possible figure at €10.1bn taking into account reserves and profits.

Stubb told the BBC: “Everyone on both sides of the negotiating table agree that we have to pay back the 3.5bn euro, basically in cash, and that will happen over a long period, up until 2054, because that’s when the loans are amortised.”

In June, the UK government said it would guarantee £48bn (€54.8bn) of funds promised to UK business and infrastructure from the European Investment Bank (EIB).

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