This article looks at the dual identity of the European Investment Bank (EIB) and the problems caused by its special legal status. Whereas its role as an intergovernmental bank grants it a substantial degree of independence, its role as a Community institution requires the EIB to be fully committed to serving the objectives of the European Union. This dual identity lies at the heart of the debate on the remit of the European Anti-Fraud Office (OLAF) regarding its monitoring of the bank's financial activities.