The Programme Monitoring Committee met on 16th June and was told that the decommitment position was healthy (even without the changes to the regulations). The EPE ERDF Secretariat were concerned that there had been little progress with some projects and it was hoped these would either withdraw or move forward more quickly. There was concern over the exchange rate. This was at 0.67 at the beginning of the programme, reaching 0.91 last December. Since the Programme is agreed in Euros, this meant a lot more pounds to spend on the projects. In the last couple of months it has dropped (to 0.85) which means that the EPE ERDF Secretariat wish to be more prudent in committing money to projects. The proposals for encouraging new bids was agreed. A paper on AA4-2 (links to worst-off areas) was withdrawn, but in the discussion it was agreed that the Merseyside Partners would progress this, working with the EPE ERDF Secretariat. It was noted that JESSICA was progressing, with a deadline of 18th June for the two remaining bidders (one for Merseyside, one for the rest of the North West) - a decision from the European Investment Bank was expected in July. The next PMC is on 29th September.