The European Investment Bank's commitment to combat fraud is emphasised in a formal decision by the EIB's Management Committee on co-operation with the European Union's newly formed Anti-Fraud Office (OLAF). The framework for this co-operation encompasses investigation of the suspicion of fraud in the management of the EU's budgetary funds by the EIB, and, if appropriate to call on the expertise of Anti-Fraud Office in the case of enquiries into operations carried out by the Bank on its own resources.

In particular, where the EIB carries out certain operations under EU Mandates, involving the expenditure of Community budget funds and the European Development Fund, the EIB's Management Committee has decided to establish a co-operative framework with the Anti-Fraud Office. Under this the Bank will inform the Anti-Fraud Office of any suspicions of fraud involving the Bank's staff or governing bodies, keep the Office advised on its investigations and any action it takes, and take into account observations of the Anti-Fraud Office. The framework also covers assistance to the Anti-Fraud Office in its own inquiries.

The Bank's control procedures include an Internal Audit, as well as normal internal banking controls, reporting procedures and codes of conduct. The Bank's Audit Committee, with its members usually drawn from national audit organisations, is an independent statutory body appointed by and reporting to the EIB's Board of Governors. The Audit Committee is assisted in its work by an international external auditor (Ernst and Young). The Board of Governors consists of the EU finance ministers, and represents the EIB's Member State shareholders.