§ Mr. Burdenasked the Chancellor of the Exchequer when the Iranian loan is due for payment.
§ Mr. DellThe 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. Burdenasked 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. DellNo 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. Burdenasked 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.