§ Mr. Hooleyasked the Lord Privy Seal whether the interest accruing on the 10 million Australian dollars ex gratia payment to the Banaban people will be made available to them; and if he will make a statement on the full terms of this financial settlement.
§ Mr. BlakerThe terms of the 10 million Australian dollars ex-gratia offer were contained in the statement by the then Secretary of State on 27 May 1977
The money would be used to establish a fund which will be preserved for the benefit of the Banaban community as a whole, the annual income being paid to the Rabi Council of Leaders for development and community purposes. … The payment would be final and would be made on condition that in the outstanding legal actions no appeal would be made in the case against the Crown, and the early resolution of the cases against the BPC would be sought, and that no further claims would be made arising out of past events.The amount of interest payable is at present under consideration.