HC Deb 27 April 1978 vol 948 cc650-1W
Mr. Marten

asked the Secretary of State for Energy if he will set out the terms of the recent EEC loan of £31 million to the National Coal Board.

Mr. Eadie

The EEC recently announced that it had approved 14 NCB projects for which Community loans might be offered. Of a total of £31 million that is expected to be made available the National Coal Board has to date drawn £10.6 million (US $20 million) on following terms: Rate of interest: 9.05 per cent. per annum. Period: Nine years. Repayments: Four instalments of US $5 million in each of the years 1984 to 1987. Use of funds: Improvements at 14 colliery locations.

The loans are covered by Treasury guarantee against exchange loss.