§ Mr. Woofasked the Secretary of State for Industry what amount of loan has been made by the European Coal and Steel Community to the British Steel Corporation since January 1972; and what is the rate of interest repayment.
§ Mr. Les HuckfieldSince 1st January 1973, the date of our accession to the88W European Communities, the European Coal and Steel Community has approved 16 loans to the British Steel Corporation amounting to £396.55 million. The rates of interest vary from 8.4 per cent. to 10 per cent depending on the rates available at the time to the European Commission, which raises finance in international money markets. Parts of some of the loans benefit from a 3 per cent. reduction in the rate of interest for the first five years.
§ Mr. Woofasked the Secretary of State for Industry what is the total amount of loan from the European Investment Bank to the British Steel Corporation since 1972; and what is the rate of interest repayment.
§ Mr. Les HuckfieldSince 1st January 1973 the European Investment Bank has approved five loans to the British Steel Corporation amounting to £66.9 million. These are long-term loans of varying periods up to 18 years. The rates of interest have varied between 8½ per cent. and 10½ per cent.