Network Rail

HC Deb 21 July 2004 vol 424 cc264-5W

Mr. Fallon

To ask the Secretary of State for Transport how, under his proposals of 15 July, the borrowing of Network Rail is guaranteed. [185425]

Mr. McNulty

[holding answer 20 July 2004]: Network Rail's borrowing benefits from support arrangements provided by the Strategic Rail Authority (SRA). As announced to the House by the Secretary of State for Transport on 15 July 2004, the SRA is to be closed. Its financial obligations, including those in support of Network Rail's borrowing, will be transferred to the Department for Transport, subject to the passage of the necessary legislation. In the meantime, the existing SRA support arrangements will continue.