HC Deb 15 February 1978 vol 944 c229W
Mr. Hardy

asked the Secretary of State for Northern Ireland what Government assistance is being provided to meet the liabilities of Fonnom Limited, a sub-diary of the former Northern Ireland Finance Corporation, which is now vested in the Northern Ireland Development Agency.

Mr. Concannon

When the Northern Ireland Finance Corporation bought over Ben Sherman Limited and its subsidiaries it had to undertake to give certain guarantees to the owners of premises occupied by these companies under lease. However, the Corporation was wound up before the guarantees were given, with the result that its successor, the Northern Ireland Development Agency, inherited the undertakings given by the Corporation but, unfortunately, had no statutory power to honour them and pay any sums due as a result. Accordingly, it has been necessary to provide funds to the Agency on an extra-statutory basis to enable it to pay the sums due which will, initially, amount to approximately £200,000.

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