§ Mr. Kenneth Clarkeasked the Secretary of State for Industry what is the total amount of interest on Government loans to the Meriden Co-operative deferred so far; what the total sums of deferred interest payable by the co-operative on 30th June 1979 will be; what the amount of interest payments planned to he resumed after that date will be; and whether the Government have any proposals to waive or vary the repayment of interest by the co-operative.
§ Mr. Les HuckfieldThe total amount of interest deferred so far is £835,911. The amount of interest due on 30th June 1979, unless alternative arrangements are agreed, will be £1,255,911, of which £1,047,637 will represent deferred interest. Thereafter, interest will continue to be payable at the rate of 10 per cent. per annum on the amount of loan outstanding, currently £4.2 million. Proposals from the co-operative for waiving or varying interest payments, if any are received, will be considered on their merits.