§ Mr. Teddy TaylorTo ask the Secretary of State for Northern Ireland if he has yet received approval from the EEC of the proposed management buy-out in co-operation with Mr. Olsen of Messrs. Harland and Wolff; and if he will make a statement.
§ Mr. Viggers[holding answer 4 May 1989]: Formal EC approval has not yet been sought for the sale of Harland and Wolff plc to the management buy-out team, backed by Mr. Olsen. Officials of the Department of Economic Development have had discussions with EC officials and a formal notification seeking EC approval will be made in due course.
§ Mr. Teddy TaylorTo ask the Secretary of State for Northern Ireland if he intends to offer performance 507W guarantees on behalf of Her Majesty's Government in respect of any of the three tankers to be built at Messrs. Harland and Wolff; and if he will make a statement.
§ Mr. Viggers[holding answer 4 May 1989]: As my right hon. Friend, the Secretary of State, announced on 22 March, to enable the new Harland and Wolff to raise performance guarantees necessary for the financing of its operations in the early years, the Olsen companies have agreed to make a recourse commitment for use by the new company to support pre-delivery financing. The Government will match this.