§ Mr. Tim Smithasked the Secretary of State for Trade (1) when he expects the annual report and accounts of the Air Travel Reserve Fund Agency for the year ended 31st March 1977 to be laid before the House;
(2) how the £13 million Air Travel Reserve Fund is invested; and what is the average annual rate of return on the investment.
(3) what is the maximum contingent liability of the Air Travel Reserve Fund.
§ Mr. MeacherI expect to receive the Agency's annual report and accounts shortly. Investment details of the Air 489W Travel Reserve Fund will be found in the accounts. As the fund has been built up over a period it is not meaningful to give an average annual rate of return on the investment. I cannot give any estimate of maximum contingent liability.