§ Sir Bernard Braineasked the Lord Privy Seal whether a sum of interest amounting to $A1.5 million which was offered to the Banabans in December 1978 additional to the ex gratia capital sum of $A10 million will be paid to the Rabi council of leaders.
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§ Mr. BlakerI shall have discussions with Banaban representatives on 24 July, which will no doubt cover the question of interest. No fixed sum of interest has been offered.
§ Sir Bernard Braineasked the Lord Privy Seal how much interest will be earned by the $A10 million offered ex gratia to the Banabans by the former Government on 27 May 1977, from 1 January 1979 to 31 March 1979, inclusive and from 1 April 1979 to 30 June 1979, inclusive.
§ Mr. BlakerThe $A10 million is presently held by the British Phosphate Commissioners as part of their funds. Information on the exact amounts of interest attributable to the sum for the periods in question is not readily available to the Government.
§ Sir Bernard Braineasked the Lord Privy Seal whether he has agreed with the Governments of Australia and New Zealand that the compound interest which the $A10 million, offered ex gratia to the Banabans by the former Government, will have earned between May 1977 and the date upon which the capital sum is transferred will be paid to the Banabans in full.
§ Mr. BlakerNo.
§ Sir Bernard Braineasked the Lord Privy Seal whether the United Kingdom Government's share of the sum of $A10 million which was offered to the Banabans by the previous Administration in May 1977 in exchange for an undertaking by the Banabans not to appeal in their action against the United Kingdom Government amounts to $A3,150,000—that the Australia and New Zealand Governments between them will provide the balance of $A6,850,000.
§ Mr. BlakerThe $A10 million would come from funds held by the British Phosphate Commission on behalf of the three partner Governments.