HC Deb 22 July 1974 vol 877 c1032
19. Mr. Michael Latham

asked the Secretary of State for Energy what loans the European Community is making to the National Coal Board towards expenditure on powered roof supports.

Mr. Eadie

The board has been offered two ECSC loans to finance the purchase of powered roof supports. One is of 10 million dollars at 8¼ per cent. repayable in March 1979, and the other of 15 million dollars at 9¼ per cent. repayable in May 1982.

Mr. Latham

Will the Minister ensure that this helpful EEC loan, as the National Coal Board itself has described it, will not be renegotiated—unless it be, perhaps, to increase it?

Mr. Eadie

The question of the loan and any renegotiation are matters for Treasury approval. So far as I am aware, the Treasury is likely to give approval.

Mr. Lee

What on earth is wrong with our own credit facilities? Why must we use the EEC as a banker instead of using our own facilities?

Mr. Eadie

Apparently the financial terms are fairly satisfactory.