HC Deb 30 April 1975 vol 891 cc612-4

Queen's Recommendation having been signified—

Resolved, That, for the purposes of any Act of the present Session to establish the British National Oil Corporation (hereafter in this resolution referred to as `the Act'), it is expedient to authorize—

  1. (1) the payment out of the National Loans Fund of sums required to enable the Secretary of State to make loans to the Corporation and the payment out of the Consolidated Fund of sums required to fulfil guarantees given by the Treasury in respect of loans to the Corporation where all the loans are in accordance with provisions of the Act providing that (apart from loans 613 between wholly-owned subsidiaries of the Corporation and between the Corporation and such subsidiaries) the aggregate of the amounts outstanding at any time in respect of the principal sums borrowed by the Corporation or such subsidiaries and the sums of which the repayment is guaranteed by the Corporation or such sudsidiaries shall not exceed £900 million;
  2. (2) the payment out of moneys provided by Parliament of—
    1. (a) any sums payable out of such moneys under provisions of the Act authorising the Secretary of State to make, or guarantee the repayment of, loans to oil companies in order to facilitate or maintain the development of the United Kingdom's petroleum resources up to amounts outstanding at any time of £50 million in the case of the principal of 614 loans by the Secretary of State and £600 million in the case of repayments of principal guaranteed or made and not recovered by him;
    2. (b) any sums payable out of such moneys under provisions of the Act authorising the Secretary of State to make payments of up to £350 million to the Bank of England;
    3. (c) any administrative expenses of the Secretary of State or a government department which are attributable to the Act and any sums payable out of such moneys under provisions of the Act relating to costs of inquiries;
  3. (3) the payment into the Consolidated Fund or the National Loans Fund of any sums falling to be paid into that Fund by virtue of the Act—[Mr. Varley.]