EIB will fund Metronet

The European Investment Bank (EIB), which lent £600m to collapsed tube public private partnership firm Metronet, has insisted it is ready to provide further funding to the company's successor. Last week, Metronet went into administration after bankers refused to plug its £2bn funding gap. Administrators Ernst & Young are still talking to creditors, including the EIB. An EIB spokeswoman said: "We are ready to work with parties who support the project."