§ Dr. Naysmith
To ask the Secretary of State for Education and Employment if he will establish the revolving loan fund for university building refurbishment, equipment and collaborative projects recommended by the Dearing report; and if he will make a statement on what measures his Department plans to take to encourage support for the scheme among public and private research sponsors. 
§ Dr. Howells
It is for the Higher Education Funding Council for England to consider, in the light of other forms of finance and support schemes, whether or not to establish a revolving loan fund for university building refurbishment, equipment and collaborative projects, as recommended in the Dearing Report (recommendation 75). The Funding Council has already encouraged other research sponsors to support its joint research equipment initiative: this provides grants rather than loans.
The Government are currently considering, in the light of responses to consultation, the separate recommendation in the Dearing Report (recommendation 34) for a 156W revolving loan fund to support infrastructure in a limited number of top quality research departments.