§ Mr. Andrew SmithTo ask the Chancellor of the Exchequer what representations the Government have received from Eurotunnel in relation to its debt; what requests were contained in those representations; and what response he has made. [10980]
§ Mr. Waldegrave[holding answer 22 January 1996]: The Government have received representations from Eurotunnel on a number of issues, including the company's current financial difficulties.
It has been made clear to the company that any financial restructuring of Eurotunnel is a matter for the company to resolve in discussion with its bankers, and without Government intervention. From the start, it was always envisaged that the channel tunnel would be an entirely private sector project and that the concessionaries would have no recourse to Government funds or guarantees of a commercial nature. That remains the position.