§ Mr. Martenasked the Chancellor of the Exchequer what are the terms of the European Community loans to (i) the British Steel Corporation of £7 million for the Port Talbot blast furnace, (ii) GKN of £20 million for the Cardiff steel mill and (iii) the Post Office of £17.5 million for the telecommunications network in Wales.
§ Mr. Joel BarnettFollowing is the information:
- (1) The Commission of the European Communities have announced their approval of a loan of £7 million to the British Steel Corporation to help finance a blast furnace at Port Talbot but the detailed terms and timing of the loan have yet to be agreed.
- (2) The details of loans to the private sector are arranged directly with the Community. The terms vary according to circumstances and are regarded as being confidential between the parties.
- (3) The loan of £17.5 million from the European Investment Bank to the Post Office, announced on 30th September 1975, is for 10 years at a rate of 9½ per cent.