This week the European Investment Bank came out with a revised policy on offshore financial centres (tax havens). This is primarily in response to the G20’s interest in tax evasion, but the new policy followed closely on the publication of the Eurodad/Counter-Balance study released in June. The Bank’s release trumpets that the new policy “confirms its leadership role in preventing its corporate clients using offshore finance centres to evade taxes”. It is true that the EIB is ahead of some other international financial institutions in this respect, but its policy is by no means adequate.