§ Mr. Gryllsasked the Secretary of State for Industry how much public money has been committed altogether by the Government to Govan Shipbuilders Limited (a) by means of equity participation and (b) by means of loans; and if he will publish the conditions under which these loans were made and the date for their repayment.
§ Mr. Les HuckfieldThe Government own the whole of the share capital of Govan Shipbuilders Ltd. which consists of 10 million £1 shares. Loans to date total £23,250,000 in cash terms and my right hon. Friend has undertaken to provide the company with up to £5,247,000–1976 survey prices—in further loans. The conditions and repayment terms attached to the loans are set out in Note 7 to the balance sheet of the company's 1975 accounts, a copy of which was placed in the Library of the House on 16th June. In addition, my right hon. Friend has undertaken that losses which the company may incur during the period of support by Her Majesty's Government will be met by means of non-repayable grants, which to date have totalled £12,572,185. Continued support for the company is subject to the general conditions which my right hon. Friend set out in his Written Answer of 7th August 1975.