EU bank chief could recall VW loans

The European Investment Bank (EIB) could recall loans it gave to Volkswagen, that the EIB gave loans to the German carmaker for things like the development of low emissions engines, its president Werner Hoyer told a German newspaper.

He said they could be recalled in the wake of VW's emissions cheating.

He also said he was "very disappointed" by Volkswagen, adding the EIB's relationship with the carmaker would be damaged by the scandal.

Volkswagen admitted that about 11 million of its vehicles had been fitted with a "defeat device" - a piece of software that duped tests into showing that VW engines emitted fewer emissions than they really did.