§ Mr. Gordon Prentice
To ask the Secretary of State for Transport for what purpose the loans of(a) £75 million on 5 March 1993, reference 2343E, (b) £100 million on 19 March 1993, reference 2344E, (c) £75 million on 25 March 1993, reference 2345E, (d) £100 million on 2 April 1993, reference 2346E, (e) £75 million on 19 April 1993, reference 2347E, (f) £75 million on 30 April 1993, reference 2348E, (g) £50 million on 2 July 1993, reference 2349E, (h) £50 million on 8 January 1993, reference 2342E and (i) £100 million on 29 May 1992, reference 2336E were made to the British Railways Board and then transferred to Railtrack; and for what reasons they are now to be written off under the Railways Act 1993 (Extinguishment of Loans) (Railtrack plc) Order 1996. 
§ Mr. Watts
The loans listed were made for the purposes of section 19(2) of the Transport Act 1962 and transferred by a transfer scheme made for the purposes of section 85(3) of the Railways Act 1993. Liability for the loans was extinguished so that, in the private sector, Railtrack will have a capital structure—debt and equity—appropriate to give the best overall value to the Government and the taxpayer, and to enable Railtrack to finance the programme of expenditure outlined in its network management statement.
§ Mr. Prentice
To ask the Secretary of State for Transport what value of loans was incurred by the British Railways Board and transferred to Railtrack and written off by the Railways Act 1993 (Extinguishment of Relevant Loans) (Railtrack plc) Order 1996; what value of Government stock Railtrack has been or will be obliged to buy to offset these loans; and if he will make a statement. 
§ Mr. Watts
The sum of the liabilities extinguished by the Railways Act 1993 (Extinguishment of Relevant Loans) (Railtrack plc) Order 1996 is £1,229,418,952.18. The loans in question were all made to the British Railways Board and transferred to Railtrack. On 29 March 1996, Railtrack issued three debentures to Her Majesty's Government acknowledging indebtedness in the principal amount of £589 million.