§ Mr. Cousins
To ask the Secretary of State for Education and Employment what were the costs of(a) fees, (b) expenses and (c) other items paid to N. M. Rothschild and Lovell White Durrant in the course of the sale of the first tranche of student loan debt; and if he will make a statement on the nature of the financial agreements to facilitate the sale of the second tranche of debt. 
§ Dr. Howells
Contractual arrangements, including fees paid and expenses reimbursed, in respect of advice received from N. M. Rothschild and Sons and Lovell White Durrant during the first student loan debt sale are a matter of commercial confidence.
Rothschilds have been appointed to advise us during the second debt sale following a competitive tendering process carried out under EC directives. Lovell White Durrant's appointment as commercial legal advisers was renewed on the basis of their experience and expertise developed during the first debt sale. The financial arrangements and other terms and conditions under which both advisers have been appointed are again a matter of commercial confidence.