§ Mr. George Cunninghamasked the Secretary of State for Foreign and Commonwealth Affairs how much of the outstanding advances from the Exchequer to the Commonwealth Development Corportion is at interest rates in excess of the rate for new borrowing by the Corporation.
§ Mr. WoodThe amount arrived at by comparing interest rates for corresponding maturity bands is about £19,389,000
§ Mr. George Cunninghamasked the Secretary of State for Foreign and Commonwealth Affairs what the total volume of Exchequer advances to the Commonwealth Development Corporation was in 1971 and 1971–72; how much was provided under the interest waiver arrangement; and what the weighted average interest rate on Commonwealth Development Corporation borrowing is over a full year.
§ Mr. WoodExchequer advances in 1971 and 1971–72 were £15,150,000 and £14 million respectively. Of these advances 61 per cent. and 49 per cent. respectively were provided with a seven-year waiver of interest so as to reduce 261W the overall effective interest rate to 6½ per cent. As stated in paragraph 15 of the Corporation's last report, the average interest charged in 1971 on the total active Exchequer advances was 6 per cent.