§ Mr. Skeetasked the Chancellor of the Exchequer how much of the recent Iranian loan has been allocated to the National Water Council; what other public bodies, State corporations and local authorities have drawn on the loan facilities; and what are the amounts allocated.
§ Mr. Gordon Wilsonasked the Chancellor of the Exchequer what proportion of the Iranian Government line of credit has so far been taken up; and, if so, to whom it has been allocated.
§ Mr. DellThe National Water Council has signed an agreement to borrow $400 million. No other borrowing under the Iranian line of credit has been arranged.
§ Mr. Skeetasked the Chancellor of the Exchequer what rate of interest is payable by Great Britain on the $1,200 million loan obtained from the Iranian Government.
§ Mr. DellThe interest rate payable on drawings under the facility will be related to market rates on a floating rate basis.
§ Mr. Gordon Wilsonasked the Chancellor of the Exchequer for what period the Iranian Government line of credit for $1,200 million will subsist; and at what rate interest will be charged on the sums drawn.
§ Mr. DellEach loan under the facility will have a life of about five years, the loans being drawn over a period of three years from July 1974. The interest rate will be related to market rates on a floating rate basis.
§ Mr. Gordon Wilsonasked the Chancellor of the Exchequer what is the rate of interest payable to the British Government by organisations permitted to draw upon the Iranian Government line of credit.
§ Mr. DellBorrowings under the facility are negotiated directly between public authorities in the United Kingdom and 191W the Iranian authorities. Her Majesty's Government are not an intermediary.