Brussels, 20/03/2001 (Agence Europe) - The Commission has decided to cease funding the Institute for Euro-Latin America Relations, Irela, and henceforth to address university networks in a random manner to undertake studies into EU/Latin America relations. Founded in 1983 with Community funding, the institute located in Madrid was to develop ties between the two continents. Audits having demonstrated in 1997 poor financial management by the Institute, the Commission had decided to suspend funding, but, pressed by the Council, had set up a working party to try to find alternatives. In a note presented to the College Tuesday morning and the EP's Committee on Budgetary Control, Tuesday evening, Commissioners Chris Patten and Michaele Schreyer observed that "the situation of Irela" has worsened to such an extent that the Commission is obliged to ask for the recovery of its funds and ask the Spanish courts to act in consequence". However, "it is not very likely" that the Commission will be able to recover the 4 million euro due to it, "the institute's accounts having been seized by the Spanish judicial authorities".