§ Mr. Skeetasked the Secretary of State for Energy, further to parliamentary answer, 28 January, c. 449, if he will indicate the rate of interest permitted to the British Gas Corporation on surpluses deposited with the national loan fund, the amount so deposited by the corporation in the past year and the period for which deposits are made.
§ Mr. BiffenI have been asked to reply.
The British Gas Corporation made three deposits totalling £200 million for periods of 10 years between September 1979 and March 1980. Interest will be paid on these deposits in accordance with the terms of the agreement between Her Majesty's Treasury and the corporation dated 19 September 1979. The rates payable are, however, a confidential matter between the parties concerned.
§ Mr. Skeetasked the Secretary of State for Energy whether funds deposited by the British Gas Corporation with the national loan fund are in fact redeemable.
§ Mr. BiffenI have been asked to reply.
Yes. The deposits will be repaid in accordance with the terms of the agreement between Her Majesty's Treasury and the British Gas Corporation relating to the facility.