HC Deb 30 July 1974 vol 878 c153W
Mr. Burden

asked the Chancellor of the Exchequer when the Iranian loan is due for payment.

Mr. Dell

The line of credit is to be drawn upon in three tranches over the next three years. Each loan will have a life of approximately five years from the date of drawing.

Mr. Burden

asked the Chancellor of the Exchequer what is the precise current rate of interest payable on the £500 million loan from Iran; and what interest escalation has been agreed.

Mr. Dell

No drawing has yet been made. Very broadly, the terms of the first loan will be on a par with those in the market, with interest on a floating rate basis.

Mr. Burden

asked the Chancellor of the Exchequer if the Iranian loan carries any safeguard to that country to compensate for any fall in the value of the £ sterling when the loan is due for repayment.

Mr. Dell

Loans under the line of credit will be drawn and repaid in United States dollars.

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