§ Mr. AllenTo ask the Chancellor of the Exchequer at what interest rate and for what amount the loan was given by the European Investment Bank in respect of the Channel tunnel; and when it will be fully paid back.
§ Mr. RyderThe European Investment Bank approved a loan of £1 billion in 1987 in respect of the Channel tunnel. The loan will primarily be at fixed interest rates and for a range of maturities of up to 25 years. The terms will reflect prevailing market conditions. Because the loan will be drawn down through a series of finance contracts phased over seven years, and not all the loan has been drawn yet, it is impossible to say at this stage when the loan will be fully paid back.
§ Mr. AllenTo ask the Chancellor of the Exchequer if the Government have underwritten or offered guarantees on the European Investment Bank's loans to the Channel tunnel promoters.
§ Mr. AllenTo ask the Chancellor of the Exchequer if he will name the United Kingdom representative directors on the European Investment Bank board and the number of meetings each has attended in each of the years they have been directors.
§ Mr. RyderThe United Kingdom has three full-time representative directors on the European Investment Bank board—Mr. H. P. Evans from Her Majesty's Treasury, Miss E. Llewellyn-Smith from the Department of Trade and Industry and Mr. A. J. O. Ritchie from the Union Discount Co. plc. The number of meetings each has attended in each of the years they have been directors is:
161W
Years Attendance Mr. H. P. Evans 1989 2 meetings Appointed in October 1989 1990 1 meeting Miss E. Llewellyn-Smith 1987 4 meetings
Years Attendance Appointed in May 1987 1988 9 meetings 1989 8 meetings 1990 2 meetings Mr. A. J. Ritchie 1986 1 meeting Appointed October 1986 1987 7 meetings 1988 9 meetings 1989 7 meetings 1990 2 meetings
§ Mr. AllenTo ask the Chancellor of the Exchequer what loans or guarantees were given to United Kingdom projects by the European Investment Bank since 1979, with the amount in each case.
§ Mr. RyderThe total amount of loans given by the European Investment Bank to United Kingdom projects in each year since 1979 is as follows:
£ million 1979 553.3 1980 417.3 1981 139.5 1982 273.8 1983 410.7 1984 547.0 1985 660.1 1986 873.8 1987 801.3 1988 790.2 1989 1,084.3 The European Investment Bank only rarely guarantees loans within the Community. As a general rule the guarantees on the bank's loans are provided by member states' Governments, public authorities or first-class financial institutions.