§ Mr. PageTo ask the Secretary of State for Trade and Industry if he will list for the five years prior to privatisation the loss or profit of Girobank; and if he will list any grants or loans made over the same period.
§ Mr. RedwoodGirobank was sold by the Post Office to the Alliance and Leicester building society on 2 July 1990. Profit, and loans made to it, in the five years before this were as follows:
£ million Year to end March 1986 1987 1988 1989 1990 Operating profit 19.4 23.1 23.5 21.6 30.2 Subordinated loan capital from the PO 19.0 19.0 29.0 39.0 39.0 Source: Girobank PLC Report and Accounts 1989–90.
Operating profit is on an historical cost basis before tax and before interest payable on subordinated loan capital.