§ Mr. Albuasked the President of the Board of Trade if he will publish in the OFFICIAL REPORT the conditions of the 397W loan agreements with the Cunard Company for the building of the "Queen Elizabeth 2".
§ Mr. William RodgersInformation about the terms on which the Government have agreed to lend Cunard up to £24 million towards the cost of the "Queen Elizabeth 2" was given in Press notices issued by the company and by the Board of Trade on 19th September, 1967. The loan is in two parts. Up to £14 million can be drawn by Cunard Line Ltd., the company which is to own and operate the Cunard passenger ships. This part of the loan is repayable over 12 years and is secured on the assets of Cunard Line Ltd. The initial rate of interest is 4½ per cent. per annum, but it will be re-negotiated after three years from the date of delivery of the "Queen Elizabeth 2". The second part of the loan, up to £10 million, can be drawn by Cunard Steam-Ship Co. Ltd. This is repayable within five years and will carry interest at 4½ per cent. throughout.