§ Mr. Ridleyasked the Chancellor of the Exchequer if he will set out the terms and rates of interest of the $2,500 million loan arranged by the clearing banks announced in the Budget speech.
§ Mr. DellThis loan is for a period of 10 years. Repayments will be effected by four equal annual instalments at the end of years 7, 8, 9 and 10. The loan is on a floating interest rate basis for periods of three, six or 12 months with the option exercisable by Her Majesty's Government. The margins payable to the lenders over and above the relevant London interbank rates for Eurodollars are:
Years 1 and 2 ⅜Per cent. Years 3, 4 and 5 ½per cent. Years 6 and 7 ⅝ per cent. Years, 8, 9 and 10 ¾ per cent.