§ Mr. Teddy Taylorasked the Chancellor of the Exchequer if he will now make a statement on the 7.14 billion dollar oil facility which was agreed at the Council of Ministers meeting on 16 February; and if, in particular, he will explain how the loan finance will be raised and who will provide the cost of any difference between the interest on the loans raised and the interest charged on those nations borrowing from the oil facility.
§ Mr. Lawson[pursuant to his reply, 19 February 1981]: The Finance Council on 16 February agreed that the Community loan mechanism should be renewed subject to a limit of 6 billion ecus (approximately £3.1 billion or $7.2 billion). The mechanism was set up in 1975 to allow the Community to borrow in the markets for on-lending to member States in balance of payments difficulties as a result of oil price increases. The on-lending is on the same terms as the borrowing, and the negotiation and transaction costs are also passed on to the member State concerned, so there is no cost to the Community Budget.
§ Mr. Teddy Taylorasked the Chancellor of the Exchequer if the gross contribution of the United Kingdom to the European Economic Community in 1980 exceeded its share of the Community gross domestic product, and if he will publish a table showing the percentage share of the gross contribution and the estimated percentage share of the gross domestic product.
§ Mr. Lawson[pursuant to his reply, 19 February 1981]: Yes. According to the latest available Commission estimates the United Kingdom's share of own resources in 1980 exceeded its share of Community gross domestic product. The figures are as follows: United Kingdom percentage share of own resources: 20.8 per cent.
United Kingdom percentage share of Community GDP: 18.3 per cent.