§ Mr. Hooleyasked the Secretary of State for Industry if he will give details of the scheme worked out by his Department and the European Coal and Steel Community and the Co-operative Bank for loans to steel workers made redundant by the reduction of steel-making capacity in the United Kingdom.
§ Mr. MacGregorI signed with the Co-operative Bank an exchange risk agreement which will assist it to make European Coal and Steel Community loans available at cheaper rates of interest to small firms creating employment in coal and steel closure areas. The exchange risk agreement will protect borrowers against adverse exchange rate movements. The total facility is for £1146W million and the maximum size of any one loan is limited to £50,000. The scheme is aimed specifically A small firms and will be operated under simplified appraisal procedures. It should provide a valuable incentive to stimulate investment in these areas.