§ Rev. Ian Paisleyasked the Secretary of State for Northern Ireland what are the conditions and terms of repayment of all loans which Northern Ireland has received from the Common Market.
§ Mr. Pendry,pursuant to his reply [Official Report, 26 March 1979; Vol. 965, c. 78], gave the following information:
Four direct loans have been made in respect of Northern Ireland from the European Investment Bank and details are set out below:
- 1. In 1974 a loan of £2.5 million was made to Short Bros. and Harland Ltd. for the development of the SD 3–30 aircraft repayable over five years at 10½ per cent. per annum. The Department of Commerce guaranteed repayment.
243 - 2. In 1977 a loan of £18.5 million was made to the Post Office repayable over 10 years at 8⅞ per cent.
- 3. In 1979 a loan of £15 million was made to the Department of Finance for road construction schemes in Northern Ireland repayable over 20 years at 9 3/5 per cent per annum.
- 4. In 1979 a loan of £33.3 million was agreed and is available to the Northern Ireland Electricity Service for the Kilroot Power Station project. The loan will be repayable over 20 years and the rate of interest is to be determined fifteen days before the date on which the loan is taken up.
In addition, in 1975 a loan of £150,000 was made for the benefit of Arntz Belting Co. Londonderry by the Industrial and Commercial Finance Corporation out of a global £10 million loan made to it from the European Investment Bank.