HC Deb 02 December 1965 vol 721 c1653

Resolution reported, That, for the purposes of any Act of the present Session to make provision with respect to borrowing by, and loans by the Minister of Power to, the National Coal Board, it is expedient to authorise

  1. (a) such increases in the sums which by or under any enactment are to be or may be issued out of the Consolidated Fund, raised by borrowing, or paid into the Exchequer, as may result from any provisions of the said Act with respect to—
    1. (i) the lending by that Minister to that Board of any sums which that Board may require to borrow; or
    2. (ii) the guarantee by the Treasury of the repayment of, and the payment of any interest on, sums borrowed temporarily by that Board otherwise than from that Minister,
    subject to the limitation that the aggregate amount outstanding in respect of the principal of all sums borrowed or deemed to be borrowed by that Board under the said Act shall not at any time exceed £750,000,000;
  2. (b) the remission of any obligation of that Board to make in respect of any period beginning on or after 28th March, 1965 payments under section 28(1) of the Coal Industry Nationalisation Act 1946 in respect of the amount in excess of £545,085,482 of the aggregate of the sums outstanding at that date in respect of-
    1. (i) such expenses and liabilities as are referred to in paragraph (a) of the said section 28(1); and
    2. (ii) any advances made to that Board by that Minister under section 26 or 27 of that Act;
  3. (c) the payment into the Exchequer of any sums required by the said Act of the present Session to be so paid;
  4. (d) the payment out of moneys provided by Parliament of such grants not exceeding in the aggregate £30,000,000 by that Minister to that Board towards any increase of that Board's expenditure for any of the five years ending with 27th March, 1971 as it appears to that Minister will assist in accelerating the redeployment of the manpower resources of the Board and the elimination of uneconomic colliery capacity.

Resolution agreed to.