HC Deb 08 April 1976 vol 909 c314W
Mr. Marten

asked the Chancellor of the Exchequer what are the terms of the European Community loans to (i) the British Steel Corporation of £7 million for the Port Talbot blast furnace, (ii) GKN of £20 million for the Cardiff steel mill and (iii) the Post Office of £17.5 million for the telecommunications network in Wales.

Mr. Joel Barnett

Following is the information:

  1. (1) The Commission of the European Communities have announced their approval of a loan of £7 million to the British Steel Corporation to help finance a blast furnace at Port Talbot but the detailed terms and timing of the loan have yet to be agreed.
  2. (2) The details of loans to the private sector are arranged directly with the Community. The terms vary according to circumstances and are regarded as being confidential between the parties.
  3. (3) The loan of £17.5 million from the European Investment Bank to the Post Office, announced on 30th September 1975, is for 10 years at a rate of 9½ per cent.

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