• Britain will not join the Canada-led Defence, Security and Resilience Bank, according to a source, and instead the two countries will draft a cooperation framework with the UK’s Multilateral Defence Mechanism.
  • A second source says they could not agree on headquarters location, joint procurement, lending to members and new membership rules; Germany has also declined to join.
  • The bank aims to raise about €100bn; backers so far include Albania, Belgium, Greece, Latvia, Luxembourg, Romania, Turkey and Ukraine.